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Economy Who will swallow the Corona virus debt? The rich or the poor?

Gnostic Bishop

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Jun 23, 2014
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Who will swallow the Corona virus debt? The rich or the poor?

Poverty is a condition imposed by governments through the tax system.

The world will have to pay dearly, not only now, but in the near future, for the hardships cause by this pandemic and the various other upcoming health crisis.

We are already handing our children a dying planet. Will we saddle them with more poverty as well?

Poverty is created by the tax system. Gandhi also said that to impose poverty was a crime.

The tax system is controlled by the rich. Demographically speaking, this fact is proven by their outrageous demographic position and control of the legislation.

Will the rich swallow the huge debt that will soon hit us, or will they place the debt as more poverty for our next extinction bound generation?

The next tax laws, everywhere, will show if more poor die, or if the rich will give up their loose change, which is all that it takes, to end poverty.

Regards
DL
 

jpgrdnr

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If you are a country, debt really doesn't mean a lot. It might affect the interest rate or something. After 2008 I realized we are in an artificially supported economy. Keynesian economics. Cash and currency is really quite meaningless at the State level.
Taxes help people in poverty. And I don't think the ultra rich, say Jeff Bezos, needs to pay more in taxes, what is that going to do? Bezos like Trump probably only pays $400 in tax.

I think we need to tax more across the board, across all classes, look at Alberta. It doesn't even have a provincial sales tax. And they can't even afford to pay for hospital food. But you can't tax people and provide nothing in return. We need accountability.
 

JessFR

Sr. Moderator: AADD, H&R, TDS
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People have this habit of treating state budgets like they were a household budget not realizing how different they are.

For one, an enormous amount of the states debt is actually owed back to itself. A little like borrowing against future taxation.

Not to mention unlike people states don't have an upper lifespan. Or that all the money the state owes is actually owed in the states currency. Meaning it's impossible to be forced into bankruptcy as its only option.
 

Gnostic Bishop

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Joined
Jun 23, 2014
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If you are a country, debt really doesn't mean a lot. It might affect the interest rate or something. After 2008 I realized we are in an artificially supported economy. Keynesian economics. Cash and currency is really quite meaningless at the State level.
Taxes help people in poverty. And I don't think the ultra rich, say Jeff Bezos, needs to pay more in taxes, what is that going to do? Bezos like Trump probably only pays $400 in tax.

I think we need to tax more across the board, across all classes, look at Alberta. It doesn't even have a provincial sales tax. And they can't even afford to pay for hospital food. But you can't tax people and provide nothing in return. We need accountability.

Good luck getting that when your military can lose, what was it, 30 billon $, without accountability?

Gotta hide those secret projects, or pay offs, somehow. Follow the money that went to 700$ toilet seats, and find the politician who approved it to know who the thief is.

Regards
DL
 

Gnostic Bishop

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Messages
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For one, an enormous amount of the states debt is actually owed back to itself. A little like borrowing against future taxation.

Yep.

Pass our debt to our children and spend their wealth without asking.

Nice parenting. Not.

Regards
DL
 

Gnostic Bishop

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Jun 23, 2014
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I think we need to tax more across the board, across all classes, look at Alberta.

Even while the rich and the poor divide grows? Seriously?

Shorten your list to the rich. They are the only ones with the loose change that can end poverty.

If Alberta would have taxed as they should have in the boon times, they would not suffer so much in the bust times.

Regards
DL
 

JessFR

Sr. Moderator: AADD, H&R, TDS
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Seems crazy to me.

Here's my solution. Find out how they're evading taxation, and stop it.

If they keep doing it, jail them for tax fraud.
 

Gnostic Bishop

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Jun 23, 2014
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Seems crazy to me.

Here's my solution. Find out how they're evading taxation, and stop it.

If they keep doing it, jail them for tax fraud.

You cannot stop it when your politician are bought and paid for by some oligarch who gets legislation he writes put into law.

That is how a good % of the tax code is written.

Regards
DL
 

birdup.snaildown

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Gnostic Bishop said:
Poverty is a condition imposed by governments through the tax system.

That's not true.

Rich people will always take the brunt of economic crashes.

They already have with COVID. I have lost about 10k from the China virus, give or take. But I know people that have already lost millions...

"In the USA in 2018, the top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent)."

"In 2017, the top 10 percent of earners bore responsibility for 70 percent of all income taxes paid – up slightly from 2016 – while half of all tax filers paid 97 percent of all income tax revenue."

"Approximately 75.5 million or 43.3% of tax-filing households don’t pay any federal income tax, according to estimates from the Tax Policy Center, a nonprofit joint venture by the Urban Institute and Brookings Institution, which are Washington, D.C.-based think tanks."

If the stories about Trump paying little income tax are true, it's because he lost more money than he made. You can't pay annual income tax if you don't have any income that year. The Tesla corporation paid practically no income tax for their first 5 years of operation. It is not unusual for large companies to pay zero tax for the first couple of years because it takes a while for them to get cash positive. If they were forced to pay tax when reporting losses, nobody would run any businesses in the US.
 
Last edited:

Gnostic Bishop

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Jun 23, 2014
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That's not true.

First.
Thanks for your information. I focus more of what can be. Not what is history or present.

Second.
Sympathies for your 10 K. I have made that an more without really doing anything.

Third.
Your judgement is not true. A failed grade here.

Let's say your 10k loss has just put you under the poverty line. Now grab your tax record for last year.

See your tax rate?

Now imagine if this year the government said that you could use whatever rate you liked to break even.

Imagine using it. Note how you popped out of the poverty line?

This proof of concept proves that the tax laws create poverty.

This next is jest.
I'm smart; you're dumb. I'm big; you're little. I'm right; you're wrong (from Matilda) - YouTube

Regards
DL
 

Gnostic Bishop

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Joined
Jun 23, 2014
Messages
2,089
The poor are going to pay, just like they are now. Starving and working front line jobs. No help from government.

upper middle class trading stocks and working remote. Rich doing the same. Without the working part.

I am optimistic in the notion that the rich will let the crumbs fall from their table if the tax payers grow balls and starts to shake it.

I used to think Americans had those but trump made everyone suck them back in.

The robber barons have won. Never mind African Americans. All American's are slaves.

Regards
DL
 
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