Cancel 2020.1
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Cool. So you agree that Trump is lying about how it affects him, then?
Why does Trump feel like he has to lie about the tax plan?
- Thread starter Cancel 2020.1
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Cool. So you agree that Trump is lying about how it affects him, then?
"In 2005, Trump declared $67 million in income that appears to have come from pass-through companies, according to four tax experts who reviewed the filing on behalf of Forbes. In addition, he earned another $42 million categorized as business income, which may or may not have come from pass-through entities, experts said.
Boil it down and it works like this: Trump should save about 10% of all business income that he can push into pass-through entities
https://www.forbes.com/sites/danalexander/2017/12/18/president-trump-could-save-11-million-a-year-from-new-tax-bill/#2b6697762337"
And yet, his personal income will be taxed higher, while yours will be less. The reality: We all are taxed less, while some rich people will pay more. Exactly what the left says they want but suddenly don't want because Trump.
I'm shamelessly pro-Trump biased ; but what you say is a clearly spoken fact
Teflon Don
I'm back baby
You don’t know what a loophole is stupid prole
Teflon Don
I'm back baby
You seem very sad. Why are you so focused on Trumps taxes? Why is it any of your business?
Will your taxes go down because of this? Yes or No
Teflon Don
I'm back baby
Awww Cyphilis is clutching her pearls again.
Don’t fret, your party can run on a platform of repeal and replace in 2018
Pass throughs are small businesses which are part of his conglomerate that is the Trump Organization which itself has to pay corporate taxes. Trump is being hurt by this overall because most of Trumps holdings are in real estate and his prime residency is in NYC thanks to the elimination of the SALT deduction and the $10k cap on real estate deductions.
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A) you left out that pass through companies are small businesses, you thought republicans were going to increase taxes on small businesses?
B) the estate tax would not effect him it would effect his children, shareholders, and employees.
C) B) billionaires don't pay the estate tax, the death tax effects working farmers and small business owners who can't afford the high priced corporate accountants to find the tax havens and loopholes and whose children either have to go into debt or sell their farms/businesses in order to pay the death tax:
Real Life Effects of the Death Tax
The United States Senate Committee on Finance released a report focusing on the ineffectiveness of the death tax, specifically stating that ‘the wealthy and well connected use elaborate trusts and secretive shell companies to dodge the tax.’ Many times, wealthy individuals hire lawyers and accountants to find loopholes to avoid paying this tax.
Family businesses that lack these resources to manage their estates are the ones held accountable to pay this tax rather than the wealthy. Eliminating this tax will help prevent financial hardships imposed by this inflated tax on individuals.
According to the Tax Foundation, repeal of the death tax will result in an estimated 2.3 percentincrease in capital invested in the U.S. economy, ultimately boosting productivity 0.7 percentresulting in increased labor force participation by the equivalent of 159,000 full-time jobs. Tax reform proposals eliminating the death tax anticipate over a 10-year time span $28 billion total revenue increase for small businesses.
The death tax is double taxation. The descendant paid taxes on this income over the course of his or her lifetime, and death should not be a valid excuse to tax the same money again.
More than 99 percent of U.S. employer firms are small businesses, many of them family-owned. The death tax establishes a burden that prevents families from being able to keep their businesses running from one generation to the next, and should be put to an end.
Even businesses that do not end up owing the death tax have to spend their limited time and resources to plan to ensure their businesses can endure from one generation to the next.
The idea of looking at a single year for the estate tax does not adequately portray the impact of the tax since it is only on deceased individuals. Between 1995-2016 a total of 102,000 closely held businesses (sole proprietorships, partnerships, S-Corps, and closely held C-Corps) and 36,000 farms paid the estate tax.
On the farm side, according to USDA Agriculture Census, there were 3.2 million farmers in 2012, with a total US population of 314 million, making farmers equal to just over one percent of the population. However, 13 percent of estates subject to the estate tax included farms. The average age of farmers is also increasing, one third of all farmers are over age 65, and 62 percent are over age 55. As our farming generation grows older the number of farmers paying the estate tax will continue to dramatically rise.
https://www.tedcruz.org/press-relea...ealing-death-tax-benefits-rich-couldnt-truth/
Lol I've debunked every DNC talking point you've posted, and now you post this? You don't know how much he will benefit (or if anything) but yet you throw out a $10m then $100m figure? Spare me.
countryboy
Verified User
No, you are the liar. Or at the very least, regurgitating the issued talking points. Do you ever actually have an original thought?
Please tell us your original thoughts, I love when people make this statement, being that most thoughts have already been thought, it is very difficult to have original thoughts and I would love to hear yours. This is exciting, I can hardly wait.
j-mac
Verified User
My thoughts on it are that while it may not have been exactly what I want individually, (I prefer the flat tax with no income caps) I ran the numbers for my household, roughly $90K combined, and I should be about $1,800. lower in the taxes I owe. That's not a bad thing.
What I don't get is liberal messaging. They are sounding like they don't want anyone in the middle income levels to do better. Their class warfare rhetoric is tired, old, and stupid. Most people care about their own situations, not some faceless wealthy fat cat.
They (libs) would have done better to work with repubs to make it bi partisan so they could claim some of the credit.
I thought it was funny as hell to hear Schumer highlight AT&T, saying first that they would pocket the money, then they made him look as stupid as he is, and announced $1 billion in capital spending, and a $1000. bonus for 200,000 employees....others on that list doing the same include Comcast, Boeing, 5/3rd bank, Wells Fargo....etc....
I hope libs continue their tantrums like chikdren...they will continue to lose for decades.
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What I don't get is liberal messaging. They are sounding like they don't want anyone in the middle income levels to do better. Their class warfare rhetoric is tired, old, and stupid. Most people care about their own situations, not some faceless wealthy fat cat.
They (libs) would have done better to work with repubs to make it bi partisan so they could claim some of the credit.
I thought it was funny as hell to hear Schumer highlight AT&T, saying first that they would pocket the money, then they made him look as stupid as he is, and announced $1 billion in capital spending, and a $1000. bonus for 200,000 employees....others on that list doing the same include Comcast, Boeing, 5/3rd bank, Wells Fargo....etc....
I hope libs continue their tantrums like chikdren...they will continue to lose for decades.
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To Libs it is a bad thing. Funny part is none of them that will pay that much less will voluntarily send it to Washington despite claims they think the government needs more money.
j-mac
Verified User
Morning CFM,
While it is human nature to keep what is yours, I don't blame anyone for not paying additional to the govt. more than they are required. My problem is that liberals seem to just buy into, and parrot MSM outlets like MSNBC, CNN, etc. And when they are losing any arguments they get increasingly snarky, and use insult instead of ideas to explain their positions....
They are staring into an abyss if failure and loss going forward unless we as conservative manage to fuck ourselves up like we do well.
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Morning CFM,
While it is human nature to keep what is yours, I don't blame anyone for not paying additional to the govt. more than they are required. My problem is that liberals seem to just buy into, and parrot MSM outlets like MSNBC, CNN, etc. And when they are losing any arguments they get increasingly snarky, and use insult instead of ideas to explain their positions....
They are staring into an abyss if failure and loss going forward unless we as conservative manage to fuck ourselves up like we do well.
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I wouldn't say anything about them giving the amount back had the same ones that will keep it not said they think the government needs more money to spend. Seems to me they're OK with the government having more as long as it comes from someone else's pocket. When it comes to them doing more for what they say should be done, they fail to live up to what they say.
While hypocrisy may be the mother's milk of politics, it doesn't lessen the hypocrisy.
Argue with Forbes. The bill is a windfall for him.
Argue with Forbes.