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Tax Wrapped 2025

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Re: Tax Wrapped 2025

#61

Post by rainsil »

rl3 wrote: post #34
voidfunc wrote: post #27

Earlier quoted context omitted.

This is a strawman. Look up how utterly fucked social security is and tell me with a straight face it is a good system and you'll get value from it.

Sure, but what replaces it? You're talking a catastrophic level of pain and suffering if there's nothing to take its place.

Australia simply forces people to save a portion of their income into investable retirement accounts. Because the money goes towards productive investment rather than funding what is essentially a government-run Ponzi scheme, retirees on Superannuation live much better than Americans that rely on Social Security. There is a small Age Pension for those who don’t have enough Superannuation income for whatever reason.

In principle the US could phase such a system in by redirecting future Social Security payroll taxes to 401(k)s while maintaining existing commitments. But because Social Security is so deeply underfunded, workers would need to keep up solidarity payments for decades without any expectation of reciprocity once they retire.

Still, everyone would be better off in the long run.

Re: Tax Wrapped 2025

#63

Post by huhkerrf »

wyre wrote: post #55
ajross wrote: post #53

Earlier quoted context omitted.

Well, your statement was that a "meaningful population of the target audience" did not "have any meaningful amount of treasuries in their portfolio". And that's wrong. Basically everyone holds treasuries. Some people don't. Most people do.

Look it up. Half of Americans don’t own stock or investment. By any definition that is considered a “meaningful population”.

It's 62%: https://news.gallup.com/poll/266807/percentage-americans-own...

At what point does that tip to "meaningful population" for you?

Re: Tax Wrapped 2025

#64

Post by joshftw »

The UK government creates this same breakdown (albeit without the wrapped style) for UK tax payers every year. It's called the Annual Tax Summary and similarly shows a breakdown of how taxes have been, or will be spent by the government. It's interesting to see the difference as a percentage change between how two governments allocate their receipts.

Re: Tax Wrapped 2025

#65

Post by fhdkweig »

Steve6 wrote: post #59
fhdkweig wrote: post #44

Earlier quoted context omitted.

> Even if you ignore ALL other tax spending (which is a huge ask) the best possible outcome is $1 in = $1 out. That breaks even at best. The government isn't creating value it's just moving money around. It is possible to spend money that gets more money back later. Think of investing in infrastructure that creates more economic activity. Imagine how much better the economy grew once we connected the transcontinental…

I understand. And I get it. I also want the best infrastructure and economy possible. The theory is getting taxes and master planning a big project will eventually pay off more than it costs. But you have to remember, when taxes are involved you're really talking about how to spend other people's money. I would argue that the best way to help people is simply to not tax them and let them spend on the things they valu…

Maybe the best criteria would be how many financially benefit from the investment. The stadium probably only benefits the owners, but the electrified town benefits everyone who lives and works in the town.

Re: Tax Wrapped 2025

#66

Post by y0eswddl »

ajross wrote: post #45
wyre wrote: post #31

Earlier quoted context omitted.

You exist in a bubble if you think a meaningful population of the target audience of this app have any meaningful amount of treasuries in their portfolio, or any portfolio at all. I don’t think the website is lacking in describing things that we get from the government.

Uh... do you have cash in a money market account? What do you think the "money market" is, exactly?

lmao, I love the irony of this "how much could one banana cost" reply

Re: Tax Wrapped 2025

#67

Post by ajross »

wyre wrote: post #55
ajross wrote: post #53

Earlier quoted context omitted.

Well, your statement was that a "meaningful population of the target audience" did not "have any meaningful amount of treasuries in their portfolio". And that's wrong. Basically everyone holds treasuries. Some people don't. Most people do.

Look it up. Half of Americans don’t own stock or investment. By any definition that is considered a “meaningful population”.

You're goalpost-moving to the converse of your point, though. You weren't claiming that there was merely a meaningful population who wouldn't benefit, you were stating that there was NO meaningful population that would. Go check. And again, that's wrong.

Re: Tax Wrapped 2025

#68

Post by ajross »

y0eswddl wrote: post #66
ajross wrote: post #45

Earlier quoted context omitted.

Uh... do you have cash in a money market account? What do you think the "money market" is, exactly?

lmao, I love the irony of this "how much could one banana cost" reply

I repeat: almost everyone has some kind of money market instrument, the cash balance of which is stored primarily in US treasuries (along with other short term debt). Almost everyone benefits, to the extent they have that asset, by interest payments from the US government.

If you want to make a point about wealth distribution, then make a point about wealth distribution. This was a subthread about government finance policy.

Re: Tax Wrapped 2025

#69

Post by balderdash »

I feel like the more interesting one is at a state and local level - besides the people on social security and medicare/aid, and when you travel, connectivity with the federal government feels trivial for the average american. on the state and local level its huge...

Re: Tax Wrapped 2025

#70

Post by troyvit »

atonse wrote: post #7

This is a really cool way to actually educate people about taxes and government spending. It's crazy that our interest payments are so high. I remember when Clinton actually balanced the budget (no deficit), I was a teenager and couldn't care less. But I only a few years ago started to understand how much that sounds like Sci-Fi in this day and age.

Haha I was just slightly older than you (Sophomore in college maybe?) and thought, "There, that's fixed."
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