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View Poll Results: How do you feel about the Carried Interest tax loophole?
I am a Trump supporter, but I think it is ok that the loophole remains. 1 2.13%
I am a Trump supporter, but I see this as a broken campaign promise. 3 6.38%
I am NOT a Trump supporter, but I think it is ok that the loophole remains. 4 8.51%
I am NOT a Trump supporter, and I hate the loophole. 23 48.94%
I simply don't care about this issue at all. 16 34.04%
Voters: 47. You may not vote on this poll

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Old 01-04-2018, 11:10 PM
 
Location: San Diego
5,056 posts, read 1,381,776 times
Reputation: 3634

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Quote:
Originally Posted by TaxPhd View Post
A “loophole” is unintended. There is nothing unintended about the carried interest rules.
"Loophole" (n): A small piece of people's freedom that the government hasn't taken away yet.
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Old 01-04-2018, 11:14 PM
 
20,707 posts, read 13,720,547 times
Reputation: 14378
One, Obama or any other POTUS does not need legislation to change carried interest "loophole". Just instruct the IRS to change the *rule* or *rules* that deal with how carried interest is currently deducted.


Two, and probably the most simple thing; just get rid of taxing various income at different levels. Lower rates including marginal and just tax *all* income the same, earned, unearned, passive, etc.. the lot. That would stop all this nonsense about coming up with ways to avoid paying or doing so at a lower rate.


https://www.washingtonpost.com/news/...=.41e6d82e589a


https://www.nytimes.com/2015/06/06/b...0-billion.html


https://thinkprogress.org/why-obamas...-c628959fe11c/


Reason why Obama nor any other POTUS including his Orangeness hasn't had the balls to deal with carried interest is simple; they've all be got at by Wall Street, bankers, hedge funds, tech billionaires, and everyone else who is part of the "one percent".


Obama was very cozy with Wall Street (even the gay members of that sector) and brought many of them into his administration (remember Mr. Timothy Geithner, the man nominated and became Secretary of the Treasury despite *not* paying taxes?), and there were others as well. Most abandoned ship by Obama's second term and went back into the private sector where they continue to make big money.


So far we've had a both a democrat and GOP president both backslide on their promises to end carried interest "loophole". Don't expect much action from Congress either regardless of who is in majority. That is just how deeply the one percent own this country.


It would take a politician like Teddy Roosevelt to take on the one percent and other wealthy powerful interests (such as the Koch brothers); but as I said, few if any on the horizon have that kind of balls.
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Old 01-04-2018, 11:42 PM
 
6,089 posts, read 2,817,970 times
Reputation: 6005
Quote:
Originally Posted by Roboteer View Post
"Loophole" (n): A small piece of people's freedom that the government hasn't taken away yet.
Yeah, I saw it the first time. It’s much more profound the second time.
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Old 01-05-2018, 03:09 AM
 
Location: Texas
26,715 posts, read 11,202,975 times
Reputation: 6145
Quote:
Originally Posted by Gaylenwoof View Post
Trump himself - as a presidential candidate - said that the Carried Interest tax deduction is unfair to America workers. But the new tax plan passed by Republicans leaves the deduction in place.

Trump said that under his tax plan, "we will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers."
Trump-O-Meter: Eliminate the carried interest loophole | PolitiFact

This leaves me with some questions:

(1) Knowing full well that this will be regarded as a blatantly broken campaign promise, and given the obviously great opportunity to eliminate it as part of their "tax overhaul," why didn't the Republican get rid of the loophole?

(2) But what I'd really like to know is: How do Trump supporters feel about this broken promise? It was clearly part of his overall effort to be perceived as a friend of middle class America workers, but now it seems he has simply caved in to the super-rich (or, perhaps, was never really very serious about this promise in the first place).

Apparently this tax break only benefits about 2000 people but, of course, these are 2000 of the wealthiest people, so does this mean that these 2000 people really carry that much political clout? Or do middle-class Trump supporter actually support the Carried Interest tax deduction?

"A tax break that benefits only about 2,000 people adds up to billions in savings for them — and billions lost for the US economy."

How the Carried-Interest Loophole Makes the Super-Rich Super-Richer – BillMoyers.com

Added Note:
I see that some of you are saying you don't care. Why don't you care? The current tax cuts are likely to push the federal deficit higher than ever. Closing this loophole would save billions.


The Congressional Budget Office estimates that taxing carried interest at ordinary rates would net $18 billion over 10 years. (And many suggest that this is actually a very low estimate.)
It isn't about taxes, it's about out of control spending.

And this
"A tax break that benefits only about 2,000 people adds up to billions in savings for them — and billions lost for the US economy."

because government spends our money more wisely than the one who earns it? As if the rich just sit on their money. Quit quoting economic idiots.

But to your point, I have no idea if trump pushed to end the loophole or not. If he didn't push for it then it's a broken campaign promise and he needs to be held accountable. At a minimum for writing checks with his mouth for saying he has control or authority over something when he doesn't.
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Old 01-05-2018, 07:39 AM
 
Location: Kent, Ohio
3,424 posts, read 2,113,008 times
Reputation: 1638
Quote:
Originally Posted by Kibby View Post
...It was in the Tax Cut outline he gave to congress - I guess I'm the only one around here that is aware that it is Congess that writes the Legislation.
Quote:
Originally Posted by BugsyPal View Post
Obama or any other POTUS does not need legislation to change carried interest "loophole". Just instruct the IRS to change the *rule* or *rules* that deal with how carried interest is currently deducted.
Quote:
Originally Posted by Loveshiscountry View Post
...writing checks with his mouth for saying he has control or authority over something when he doesn't.
So could the president change the carried interest tax rate without congressional legislation, or not? I'm not sure if Bernie Sanders is a great authority on this but, according to this article, Sanders thinks the president can do this without congress:

Sen. Bernie Sanders, I-Vt., doesn’t want to wait for his colleagues to get around to reforming the tax code. Sanders, one of the most liberal lawmakers in Washington, D.C., instead is urging President Obama to use executive action to close what Sanders’ calls six corporate loopholes.
[...]
Sanders says in his letter that executive tax action is necessary because “the Republicans in Congress have made it clear that they will not address these problems.”

https://www.bankrate.com/financing/taxes/tax-laws-by-executive-order/

One of the six loopholes he wanted to close was the carried interest deduction, and Sanders offers his reason for thinking that the president can do this:

The [carried interest deduction] can be closed by the administration under specific tax provisions that give the Treasury Secretary the power to “issue regulations carrying out the purposes of our tax laws.”

The author of the article expresses some skepticism about the president's power to do this. Obviously Obama didn't do it. So far as I know, he didn't even try. In any case, I feel betrayed by both Republicans and Democrats on this issue.
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Old 01-05-2018, 07:46 AM
 
Location: Lost in Montana *recalculating*...
11,854 posts, read 15,492,091 times
Reputation: 12142
Quote:
Originally Posted by Kibby View Post
It was in the Tax Cut outline he gave to congress - I guess I'm the only one around here that is aware that it is Congess that writes the Legislation. He promised to push to get rid of it and he did that.

I don't like the carried interest loophole any better than I do the Earned Income Credit loophole.
They both cost the US Treasury needed revenue and at least the CRried Interest loophole results in Checks to the Treasury and not checks from the Treasury.

I would like to see both of them gone.
I agree.
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Old 01-05-2018, 07:52 AM
 
Location: The Republic of Texas
66,439 posts, read 33,745,283 times
Reputation: 14218
Quote:
Originally Posted by Gaylenwoof View Post
Trump himself - as a presidential candidate - said that the Carried Interest tax deduction is unfair to America workers. But the new tax plan passed by Republicans leaves the deduction in place.

Trump said that under his tax plan, "we will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers."
Trump-O-Meter: Eliminate the carried interest loophole | PolitiFact

This leaves me with some questions:

(1) Knowing full well that this will be regarded as a blatantly broken campaign promise, and given the obviously great opportunity to eliminate it as part of their "tax overhaul," why didn't the Republican get rid of the loophole?

(2) But what I'd really like to know is: How do Trump supporters feel about this broken promise? It was clearly part of his overall effort to be perceived as a friend of middle class America workers, but now it seems he has simply caved in to the super-rich (or, perhaps, was never really very serious about this promise in the first place).

Apparently this tax break only benefits about 2000 people but, of course, these are 2000 of the wealthiest people, so does this mean that these 2000 people really carry that much political clout? Or do middle-class Trump supporter actually support the Carried Interest tax deduction?

"A tax break that benefits only about 2,000 people adds up to billions in savings for them — and billions lost for the US economy."

How the Carried-Interest Loophole Makes the Super-Rich Super-Richer – BillMoyers.com

Added Note:
I see that some of you are saying you don't care. Why don't you care? The current tax cuts are likely to push the federal deficit higher than ever. Closing this loophole would save billions.


The Congressional Budget Office estimates that taxing carried interest at ordinary rates would net $18 billion over 10 years. (And many suggest that this is actually a very low estimate.)

Sounds like a job for congress. Trump cannot EO this, or he would have to keep on track.
Most of what Presidents want to happen(I would not call it a promise) is reliant on congress.
This is not a dictatorship like it was under 8 years of Obama and 8 years of Bush.
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Old 01-05-2018, 07:55 AM
 
Location: Lost in Montana *recalculating*...
11,854 posts, read 15,492,091 times
Reputation: 12142
Quote:
Originally Posted by taxphd View Post
yeah, i saw it the first time. It’s much more profound the second time.
:d
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Old 01-05-2018, 08:01 AM
 
Location: Long Island
32,942 posts, read 13,905,699 times
Reputation: 7001
Another gift of the Citizens United Decision, lobbyists win again,
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Old 01-05-2018, 08:10 AM
 
36,832 posts, read 16,072,760 times
Reputation: 8362
Quote:
Originally Posted by Gaylenwoof View Post
Trump himself - as a presidential candidate - said that the Carried Interest tax deduction is unfair to America workers. But the new tax plan passed by Republicans leaves the deduction in place.

Trump said that under his tax plan, "we will eliminate the carried interest deduction and other special interest loopholes that have been so good for Wall Street investors, and for people like me, but unfair to American workers."
Trump-O-Meter: Eliminate the carried interest loophole | PolitiFact

This leaves me with some questions:

(1) Knowing full well that this will be regarded as a blatantly broken campaign promise, and given the obviously great opportunity to eliminate it as part of their "tax overhaul," why didn't the Republican get rid of the loophole?

(2) But what I'd really like to know is: How do Trump supporters feel about this broken promise? It was clearly part of his overall effort to be perceived as a friend of middle class America workers, but now it seems he has simply caved in to the super-rich (or, perhaps, was never really very serious about this promise in the first place).

Apparently this tax break only benefits about 2000 people but, of course, these are 2000 of the wealthiest people, so does this mean that these 2000 people really carry that much political clout? Or do middle-class Trump supporter actually support the Carried Interest tax deduction?

"A tax break that benefits only about 2,000 people adds up to billions in savings for them — and billions lost for the US economy."

How the Carried-Interest Loophole Makes the Super-Rich Super-Richer – BillMoyers.com

Added Note:
I see that some of you are saying you don't care. Why don't you care? The current tax cuts are likely to push the federal deficit higher than ever. Closing this loophole would save billions.


The Congressional Budget Office estimates that taxing carried interest at ordinary rates would net $18 billion over 10 years. (And many suggest that this is actually a very low estimate.)
There is NO SUCH THING AS a tax LOOPHOLE.

Thread fail.
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