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BelichicksBurner OP t1_j72rcdh wrote

Reply to comment by redeggplant01 in https://www.sentinelsource.com/news/local/statehouse/nh-bill-would-reverse-plans-to-end-dividend-and-interest-tax/article_b6c3a960-b863-5960-b0dd-0fcb8104b568.html by BelichicksBurner

I'm sorry, but you don't know what you're talking about. Let me say this for the 139373th time: TRICKLE DOWN ECONOMICS DOESN'T WORK. IT NEVER DID. Businesses aren't struggling because of the state tax code, they're struggling because they can't retain staff due to cost of housing, living and childcare in NH being out of control. This is literally a tax that doesn't impact anyone who isn't rich and currently accounts for roughly $127,000,000 of our state budget. How you think they're gonna make up that budget difference, a fucking bake sale? People can't figure out why the addiction problem is out of control in NH, can't figure out why the mental health care system is so bad, why crime and homelessness is so bad. It's because the state doesn't spend enough on those things and never have. Due to this those who provide care and are actually trying to make things better in those areas can't keep staff because they can't afford to pay them and those things just got progressively worse until it was a mess...and you think the solution is to generate LESS money? Stupid with a capital S. Rich people don't grow shit in this state.

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vexingsilence t1_j72v2xr wrote

I'll give you a B+. You forget to throw climate change in there.

People that invest in business and take the risk that the investment might never yield anything ought to be able to earn money back without the government helping itself to it first. Same goes for the tiny amount of interest you can earn by letting a bank hold your money.

The end of the article had it right, this is just identity politics, and it's wrong.

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BelichicksBurner OP t1_j72y2sl wrote

Ah yes, the magical millionaire investor needs their money because of all that "risk" they take... expect those risks are already mitigated tremendously by our already existing tax laws. This isn't some new thing that's been happening with this specific tax code. It's been in place in NH for 100 years. 100 years. Suddenly it's a big scam though, huh? Sorry, I call BS.

Remember WAAAY back in 2018 when the richest Americans got a historical level of tax breaks with the new GOP tax plan? How'd that work? Lots of new businesses pop up around the country, lots of new hires? Nope and nope. A temporary boom brought on predominantly through stock buybacks, which is what most of the richest corporations used that extra money for. The article is also pretty clear that tax breaks do not and have not in recent history had any impact on local economies. They just don't. All this will do is hurt. But hey, defund our government, send tons of money to private schools and lets all watch our property taxes go even higher. We have been working hard toward becoming Alabama north, this is just the next step. Mark my words: this will hurt us long term. Badly. Downvote all you want. We'll chat in a few years.

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vexingsilence t1_j72yz8m wrote

>A temporary boom brought on predominantly through stock buybacks, which is what most of the richest corporations used that extra money for.

What does that have to do with NH? How many of the "richest corporations" are headquartered here?

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>But hey, defund our government, send tons of money to private schools and lets all watch our property taxes go even higher.

Property taxes going higher is the opposite of defunding the government. Your own talking points contradict themselves.

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redeggplant01 t1_j72rxcz wrote

> TRICKLE DOWN ECONOMICS DOESN'T WORK.

Yes it does

Wealth is property and the amount accumulated by one person is not the business of any other person and it is only in jail that wealth fairly distributed

Nor is wealth hoarded. it does one or more of 3 things

The rich will place their wealth in the banks which is then loaned out by the banks which in turn creates new jobs

The wealthy will invest their wealth in some other industry through stocks/equities which again will create new jobs

The wealthy will spend their wealth on their own consumption which in turn also creates new jobs

That's is the trickle down theory and it works fine

THE PROBLEM THE LEFT WHINES ABOUT BUT DOES NOT UNDERSTAND, is that government has inserted itself because it thinks it knows better then the market where wealth should flow.

Through policies of theft ( taxation ), prohibition, state granted monopolies, subsdies, and regulations, it has stifled the flow of wealth and thus the poor suffer for it

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BelichicksBurner OP t1_j72svv4 wrote

https://www.businessinsider.com/history-of-tax-rates

Learn up. Unless business insider is too left leaning for you, smart guy.

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