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fromcjoe123 t1_j9gb1s9 wrote

Today 14 year olds on Reddit learn that retail has paper thin margins and that taxes are paid on earnings not revenue.

I swear we need an intro to economics, finance, and accounting class mandatory in high school in the country. The financial illiteracy on Reddit is absolutely astounding given how many hot takes are about these things.

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Halfwise2 t1_j9gerax wrote

And now I'm thinking of how people pay taxes on personal "revenue" instead of on earnings.

Imagine if we didn't have to pay taxes until cost of living was taken out... rent, food, gas, car payments.... Life has operating expenses.

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MandolinSuperstar t1_j9gfyub wrote

We don't. It's called a standard deduction.

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Halfwise2 t1_j9glas9 wrote

Standard deduction for a single filer is a little under $14K... that doesn't even cover rent in a lot of places.

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cooldaniel6 t1_j9gqvux wrote

Create 2 million jobs and pay 6 billion in taxes and Uncle Sam will give you the same benefits

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Halfwise2 t1_j9h2xfo wrote

Can the 2 million jobs I create also pay only minimum wage and despite offering full time, still somehow not not be enough for food, rent, and medicine and other necessities to live?

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cooldaniel6 t1_j9idnug wrote

If people take them, yeah 🤷🏾‍♂️

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fromcjoe123 t1_j9hjrb6 wrote

I mean if you're 1099 you can literally do this.

The argument that W2 cannot benefit from this is that all other expenses are not related to generating your direct economic benefit and are discretionary or not related to your employment. If you are a business, your costs also make someone else revenue and then their earnings are taxed. Likewise, the shareholders of the business then pay their own taxes incremental to the business on any distributions or cash or their ultimate disposal of assets.

That being said, the government at the federal and state level do give you a variety of incremental deductions around costs they think have additional economic value like homeownership, children, and education.

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xXxPLUMPTATERSxXx t1_j9hie4b wrote

Let's be honest. Redditors aren't going to "learn" anything from this. Everyone reading this will be back in some other post tomorrow complaining how inflation isn't real because it's all Walmart profits.

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m199 t1_j9itglu wrote

Amen. Perhaps squeeze in a quick lesson too on where to find America on a map while you're at it

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BlissCore t1_j9gdivj wrote

What are you referring to? Who are you criticizing?

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fromcjoe123 t1_j9hizui wrote

Literally the vast majority of posts and comments regarding economic or financial concepts period outside of dedicated subs to them and even then (I'm looking at you r/Economics) people can be shocking unknowledgeable.

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BlissCore t1_j9hlwbf wrote

You're still being vague about what or who you're referring to. Which takes?

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metisdesigns t1_j9hszhm wrote

Have you read the comments on the post you're replying to?

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BlissCore t1_j9htmf3 wrote

Oh it's MY fault for not knowing what their vague references are to.

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metisdesigns t1_j9hu8u0 wrote

First day on reddit is it? Welcome.

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BlissCore t1_j9huien wrote

No actually I've dealt with stupid fucking assholes like you who can't answer a simple goddamn question for nearly 6 years.

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metisdesigns t1_j9hv9lg wrote

Well, since you're so civil and friendly, I'll explain.

If you actually took the time to read the comments from other people, and not just fixate on your entitlement to be spoon fed information, and had maybe passed even high school economics you would see that there are a lot of folks who dont understand how these things work, and are more than willing to spout innane things that make as much sense as playing chess with an asocial pigeon.

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BlissCore t1_j9hwoue wrote

I literally asked which specific takes were they talking about? How am I supposed to guess what opinions this guy judges as "uneducated"? Who exactly is misunderstanding economics and what are they misunderstanding about it? What exact opinions are you irritated by? Like you bitches just circle jerk over vague animosity toward people you can't even articulate and I'm just supposed to know who you're talking about. So enlighten me, what are the popular opinions about economics on Reddit?

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metisdesigns t1_j9hybfy wrote

You want specifics on the ~50M active daily reddit users as a breakdown of exactly which accounts seem to not understand economics? But object to generalizations, and then ask for them?

edit - Huh, that's clever and kinda sad. Ask for more info and then block the person so they can't reply.

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BlissCore t1_j9hytlz wrote

Are you fucking braindead? I asked for what exact opinions are you so irritated with? Generalizing is fine, but either choose people you're irritated with or opinions. You can't just say "I don't like how everyone on Reddit is so uneducated on this incredibly broad field of knowledge but I won't articulate how or why they're uneducated or even what opinions are actually being held."

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