No one wants to talk about the debate?

[Travis Price]

"My plan is to give a $50,000 tax deduction to start-up small businesses, knowing they are part of the backbone of America's economy."

Good?
Bad?

What do you think?

Gut says: it'll be great for some who take the opportunity. Mixed with some downside... You just got $50k, you going to work as hard to build it properly?

But it'll also be abused (similar to COVID small business assistance).

Will it fuel inflation? (More $ circulating)

It's not "you got 50k."

You have to have income to claim it. Meaning you have to produce, or have a service, that creates income.

PPP was free money, period. That's just a handout.

Can it be abused? Absolutely. Any closed loophole creates another. Do I think it's in line with Conservative values?

Absolutely. MAGA pushes Republicans more and more to the far Right. It's moving Democrats to the middle to pick up all those disaffected by the Laura Loomer's, Trump's, MTG's, Gaetz, etc of MAGA Republicans.

Do I think it adds to inflation?

Not directly. With a balanced budget, less revenue for the government city spending. So it's, reallocating liquidity.

Issue is, Congress is addicted to debt like a heroin addict.

Both parties know they can't stop this debt train and both parties contributed to it. It's like living with all your credit cards maxed and having no savings in case of an emergency, any hiccup will blow it up.

Even if no one did nothing new right now, it would be impossible to pay back the debt in any of our lifetimes. We can't even manage the current interest debts.

So yes, it'll increase inflation over time, because there's no way to stop it in this system. We can barely manage it. That's just the system we live in...

Their are ways to increase productivity and slash spending, but most people wouldn't HERE wouldn't like that answer.

 

[Travis Price]

I don't like Trump as a person and has never done a good job at debating. Saying that, he can supervise, make a decision and go with it, and outwork anybody that is in Washington. But I still miss Reagan.

He couldn't even supervise his own election campaign.

He couldn't supervise the repeal of the ACA.

He can't even supervise RFK Jr acting as a surrogate to his debate performance.

He couldn't even supervise his coup attempt on J6.

Seriously, I'm not trying to be rude....

Maybe at one time Trump was a great manager... and I'm saying that with a whole shaker of salt... but today's Trump can't manage not being baited on a debate stage without falling apart.

He looked weak, and like an old man shaking his fist on his lawn. He can't even muster up a pivot to rationalize his bad performance. That's the guy you want wanting the country because he's a great manager?

Ok...

People here wanted Biden out because they thought he was mentally incompetent. Trump didn't beat Biden, he just looked slightly less bad. That changed at the debate.

Trump is the problem in this election. When you're the problem, you lose.

 

[MTC]

View attachment 14764
He couldn't even supervise his own election campaign.

He couldn't supervise the repeal of the ACA.

He can't even supervise RFK Jr acting as a surrogate to his debate performance.

He couldn't even supervise his coup attempt on J6.

Seriously, I'm not trying to be rude....

Maybe at one time Trump was a great manager... and I'm saying that with a whole shaker of salt... but today's Trump can't manage not being baited on a debate stage without falling apart.

He looked weak, and like an old man shaking his fist on his lawn. He can't even muster up a pivot to rationalize his bad performance. That's the guy you want wanting the country because he's a great manager?

Ok...

People here wanted Biden out because they thought he was mentally incompetent. Trump didn't beat Biden, he just looked slightly less bad. That changed at the debate.

Trump is the problem in this election. When you're the problem, you lose.

Did Harris tell any fibs during the debate? Don't mention the word 'Trump'. I'm just asking a question.

 

[sshafran]

It's not "you got 50k."

You have to have income to claim it. Meaning you have to produce, or have a service, that creates income.

PPP was free money, period. That's just a handout.

Can it be abused? Absolutely. Any closed loophole creates another. Do I think it's in line with Conservative values?

Absolutely. MAGA pushes Republicans more and more to the far Right. It's moving Democrats to the middle to pick up all those disaffected by the Laura Loomer's, Trump's, MTG's, Gaetz, etc of MAGA Republicans.

Do I think it adds to inflation?

Not directly. With a balanced budget, less revenue for the government city spending. So it's, reallocating liquidity.

Issue is, Congress is addicted to debt like a heroin addict.

Both parties know they can't stop this debt train and both parties contributed to it. It's like living with all your credit cards maxed and having no savings in case of an emergency, any hiccup will blow it up.

Even if no one did nothing new right now, it would be impossible to pay back the debt in any of our lifetimes. We can't even manage the current interest debts.

So yes, it'll increase inflation over time, because there's no way to stop it in this system. We can barely manage it. That's just the system we live in...

Their are ways to increase productivity and slash spending, but most people wouldn't HERE wouldn't like that answer.

Translation: Scott doesn't think straight at 11pm when he posts on the forum.

Ok, deduction. Not grant or handout or whatever.

That's interesting since businesses already get a ton of deductions - so does this mean, essentially, that about 50k of "profit" won't be taxed since it'll be deducted?

That's interesting.

Maybe a bit of a ruse since most small businesses don't make that much profit anyway. I know for me it took a few years before I had to start paying those dreaded quarterly estimates (hate those things).

 

[sshafran]

Translation: Scott doesn't think straight at 11pm when he posts on the forum.

Ok, deduction. Not grant or handout or whatever.

That's interesting since businesses already get a ton of deductions - so does this mean, essentially, that about 50k of "profit" won't be taxed since it'll be deducted?

That's interesting.

Maybe a bit of a ruse since most small businesses don't make that much profit anyway. I know for me it took a few years before I had to start paying those dreaded quarterly estimates (hate those things).

Just thinking they'd still have "normal" deductions (or phone, laptop, paper, gas, etc)... So this 50k must be new/extra

 

[sshafran]

Not debate-related but:

Both want "no tax on tips."

I hate that idea.

I'm already sick of going to the local quick service place that charges $11 for a sandwich at the counter then wants a tip (no, not serving tables or anything).

I've always been a 20% tip guy. At restaurants where they actually wait on the table.

No tax on tips will just make it even more prevalent for companies to pay employees less (because, tips!)

Get this: we had a new light put up in our dining room. The electrician's invoice asked for a tip. Electrician!! It's getting crazy!

 

[sshafran]

Also - DT now wants no tax on overtime

As an S-Corp, I could easily (and legitimately) benefit from that.

But should I? How will it help inflation, or someone making $18/hr wondering how to pay for groceries?

 

[Travis Price]

Translation: Scott doesn't think straight at 11pm when he posts on the forum.

Ok, deduction. Not grant or handout or whatever.

That's interesting since businesses already get a ton of deductions - so does this mean, essentially, that about 50k of "profit" won't be taxed since it'll be deducted?

That's interesting.

Maybe a bit of a ruse since most small businesses don't make that much profit anyway. I know for me it took a few years before I had to start paying those dreaded quarterly estimates (hate those things).

Yeah, but you can carry over for up to 5 years (as the rules are written now) which is pretty good... I suppose.

Personally, more details on how it works would be nice. That's not what debates or Presidential runs are for since Congress is ultimately the purse strings.

I do think that building out the middle class, opposed to just giving it to the wealthy and large corps, is better for long term prosperity.

But that's a policy question, and Trump isn't good at that either.

 

[Markthebroker]

I'm a little curious if Trump will even be alive come November. He just survived another assasination attempt.

 

[Travis Price]

Not debate-related but:

Both want "no tax on tips."

I hate that idea.

I'm already sick of going to the local quick service place that charges $11 for a sandwich at the counter then wants a tip (no, not serving tables or anything).

I've always been a 20% tip guy. At restaurants where they actually wait on the table.

No tax on tips will just make it even more prevalent for companies to pay employees less (because, tips!)

Get this: we had a new light put up in our dining room. The electrician's invoice asked for a tip. Electrician!! It's getting crazy!

I don't have a strong feeling about tipping..


I'd prefer that people made a wage where they didn't require tipping to live... but here we are.