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It is looking horrible for $200K S-Corp owners. Massive tax hikes for them, because this bill will force them to take 70% of income as salary, which means 15% payroll taxes will be applied to it.
Unfortunately it is likely get worse in the Senate where people try to make sure the impact on the debt is minimized. This means more taxes on certain groups, probably mid-class.
Yeah, but it is nice being at that KMA (Kiss My A**) stage of life because I am only working because I want to work and not because I have to. I could retire this very minute and be just fine.
What a lot of people fail to see is when income tax rates are lowered it always results in an increased amount of money into the US Treasury.
But don't take my word for it let's look at the historical data.
Federal tax rate dropped a huge amount for all tax payers under President Reagan, didn't it? Top rate in 1981 was 70% where the top rate for 1982 was 50%. Doesn't it make sense that revenue to the US Treasury would drop? Of course it does but let's take a look at what really happened here.
What we ended up with was a federal income tax revenue hardly moved at all while total direct revenue to the US Treasury climbed, yes I said climbed, from $599.3 billion to $627.8 billion.
What people fail to understand is if you want something to disappear all you got to do is tax it. It's really just that simple. If you want money to leave the country all you got to do is tax it and if you want less jobs for people all you have to do is tax jobs. It's simple.
Now, I don't want you to take my word for anything but using the revenue data and the federal income tax rates I would suggest you take a look at 1963, when the top rate was 91.0% and 1964 when, under President Kennedy, the top tax rate was chopped to 70%. In 1963 the total revenue to the US Treasury was $106.6 billion while in 1964 the revenue increased to $112.6 billion.
and then ask yourself this; how the heck did revenue from income taxes rise from $69.2 billion to $72.2 billion when they just had a massive income tax rate cut??? How did this this happen?
That answer is easy and it is always the same. If you want something to go away, like prosperity, all you got to do is tax it. Just that simple.
Ask yourself this question; will you work as hard if 91% of what you earn is taken from you as if 39% of what you earn is taken from you? Don't lie to yourself, just answer the question.
Yeah, but it is nice being at that KMA (Kiss My A**) stage of life because I am only working because I want to work and not because I have to. I could retire this very minute and be just fine.
What a lot of people fail to see is when income tax rates are lowered it always results in an increased amount of money into the US Treasury.
But don't take my word for it let's look at the historical data.
Federal tax rate dropped a huge amount for all tax payers under President Reagan, didn't it? Top rate in 1981 was 70% where the top rate for 1982 was 50%. Doesn't it make sense that revenue to the US Treasury would drop? Of course it does but let's take a look at what really happened here.
What we ended up with was a federal income tax revenue hardly moved at all while total direct revenue to the US Treasury climbed, yes I said climbed, from $599.3 billion to $627.8 billion.
What people fail to understand is if you want something to disappear all you got to do is tax it. It's really just that simple. If you want money to leave the country all you got to do is tax it and if you want less jobs for people all you have to do is tax jobs. It's simple.
Now, I don't want you to take my word for anything but using the revenue data and the federal income tax rates I would suggest you take a look at 1963, when the top rate was 91.0% and 1964 when, under President Kennedy, the top tax rate was chopped to 70%. In 1963 the total revenue to the US Treasury was $106.6 billion while in 1964 the revenue increased to $112.6 billion.
and then ask yourself this; how the heck did revenue from income taxes rise from $69.2 billion to $72.2 billion when they just had a massive income tax rate cut??? How did this this happen?
That answer is easy and it is always the same. If you want something to go away, like prosperity, all you got to do is tax it. Just that simple.
Ask yourself this question; will you work as hard if 91% of what you earn is taken from you as if 39% of what you earn is taken from you? Don't lie to yourself, just answer the question.
And the typical low-wage worker becomes worse off because rents necessarily skyrocket. The initial extra money in my pocket from the Reagan Tax Cuts was short-lived because I faced five rent increases in five years and was priced out and had to move three times.
Even the liberal NY Times says your wrong. Stop repeating Democratic propaganda of lies and YOU read it...
39.6 bracket moves from 480k to 1 million. Do you even read what you post, lol.
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