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Post by Darcy Collins on Jun 10, 2021 14:46:23 GMT
Funny how when "the little guy" spends money taking care of their home it's not tax deductible. Hey, they spent money. They helped the economy, right?!? But, it's not for A BUSINESS. When it's for A BUSINESS suddenly the money spent is more special. We all spend money - but we don't all buy the laws to make sure our money spent on shoring up the BUSINESS of raising a good family is tax deductible. (while also paying property taxes, sales taxes, utility taxes, gas taxes, etc.) Such a f(#$*ing scam. Actually capital improvements to your home are tax deductible - they increase the cost basis and it's decreases any capital gains when you sell.
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Post by Darcy Collins on Jun 10, 2021 15:12:52 GMT
And you really can't address the wealth gap without addressing charitable giving - it's by far the biggest avenue for tax avoidance- particularly for the mega wealthy. I really am not sure there's much appetite for change on either side of the aisle. But setting up your own foundation and then paying your kids/friends/associates large salaries, paying for the private jet to zip them around the world for conferences aka vacations. I think a ton of them - even if they have noble ideas are incredibly inefficient at best and just a way to funnel money through a nonprofit instead of paying for it yourself. And they are absolutely used to avoid the estate tax. But as I said - extremely popular on both sides of the aisle and it doesn't hurt that some of those charitable funds are used for lecture fees and other money to politicians so everyone can sit around and talk about how they're making the world a better place at the latest boondoggle.
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Post by scrapcat on Jun 10, 2021 18:42:37 GMT
I read the original article from ProPublica yesterday...this is sort of in my wheelhouse, work-related and I am always trying to explain this to people who make the wrong assumptions about taxing the rich. I think it does give a decent explanation of what is happening. I am way more interested to see if they find the leak and what happens from there. But yes, it's not news, it's just scandalous how these specific returns were obtained/released. But def a good read to understand the system if you don't.
I agree that taxing the unrealized gains would just continue to hurt the middle class more. Terrible idea. So many nuances.
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Deleted
Posts: 0
Mar 28, 2024 13:57:38 GMT
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Post by Deleted on Jun 10, 2021 19:15:35 GMT
taxing the unrealized gains Is asinine. I'd be content w/TAXING THE #$(*(#$ OUT OF THE REALIZED GAINS as INCOME and especially at more and higher marginal rates for income > $20 Million, $50 Million, $100 MILLION, etc vs. taxing middle-class working people HIGHER EFFECTIVE RATES than billionaires' cap gains + loopholes.
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lindas
Pearl Clutcher
Posts: 4,139
Jun 26, 2014 5:46:37 GMT
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Post by lindas on Jun 10, 2021 20:09:33 GMT
I have no problem with the super rich paying a bit more in taxes. I do have a problem when your president sets up ‘S’ corporations for him and Jill to bypass taxes on the millions they made after he left office. He needs to practice what he so vigorously preaches.
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Deleted
Posts: 0
Mar 28, 2024 13:57:38 GMT
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Post by Deleted on Jul 14, 2021 13:57:05 GMT
In the 1950s, the corporate share of federal tax revenue was 35%. Today, it’s down to 7%.
Stop asking “but how we will pay for it?” Restore the corporate tax rate. That is how we will pay for it.
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Post by freecharlie on Jul 14, 2021 14:09:38 GMT
I have no problem with the super rich paying a bit more in taxes. I do have a problem when your president sets up ‘S’ corporations for him and Jill to bypass taxes on the millions they made after he left office. He needs to practice what he so vigorously preaches. you're right, OUR president should hold himself to the same standard, but at the time he had removed himself from public office.
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lindas
Pearl Clutcher
Posts: 4,139
Jun 26, 2014 5:46:37 GMT
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Post by lindas on Jul 14, 2021 15:02:04 GMT
I have no problem with the super rich paying a bit more in taxes. I do have a problem when your president sets up ‘S’ corporations for him and Jill to bypass taxes on the millions they made after he left office. He needs to practice what he so vigorously preaches. you're right, OUR president should hold himself to the same standard, but at the time he had removed himself from public office. No he wasn’t holding a public office at the time but we don’t know if those S corps have been dissolved. He did exactly what he’s now trying to stop other people from doing, taking advantage of the tax laws. Just raising taxes on the rich isn’t the answer. Our current tax codes will still allow them a way around paying more.
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Deleted
Posts: 0
Mar 28, 2024 13:57:38 GMT
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Post by Deleted on Jul 14, 2021 15:05:56 GMT
Our current tax codes will still allow them a way around paying more. Changing the tax laws WILL change the "ways around" if we demand it. That's the thing about buying the laws, those w/the most buy the laws and the "ways around". PS - I'm sure you're just as up-in-arms about TFG's S-corps and LLCs, right? (details here:https://www.washingtonpost.com/politics/2019/05/21/trumps-complex-web-business-interests-visualized/)
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Post by aj2hall on Jul 14, 2021 15:12:01 GMT
I have no problem with the super rich paying a bit more in taxes. I do have a problem when your president sets up ‘S’ corporations for him and Jill to bypass taxes on the millions they made after he left office. He needs to practice what he so vigorously preaches. Do you really want to get into this? Not only did former only pay $750 in taxes, his company is now being charged with tax fraud. And he never disclosed his taxes. President Biden has been very open and upfront with his taxes. He does pay taxes on his income. The S corporations are legal, many former presidents have done it. Don’t like it? Then change the tax laws. President Biden’s tax proposals on income over $400,000 will also affect him, he’s not carving out an exemption for himself. He’s not trying to stop people from taking advantage of tax laws, he’s trying to increase taxes on the wealthy. How is he not practicing what he’s preaching?
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Post by femalebusiness on Jul 14, 2021 16:16:34 GMT
No one should take anything Lindas says seriously. She is a major hypocrite.
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Post by revirdsuba99 on Jul 14, 2021 16:24:40 GMT
As much as I want to be angry/upset about this, he is using the tax code as written. He is far from the only one for sure. It needs to be fixed, which is extremely unlikely with today's Congress or anytime soon
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