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I had lots of complaints about the tax overhaul until I sat down with my accountant and discovered nothing has changed. I'll get a little back from the feds that'll just go to NY.
And I don't give a rat's azz about a tax break that benefits 2000 people. I also don't begrudge the many millions of people who benefit from the Earned Income Tax Credit.
I do get annoyed with libs who constantly and ignorantly preach divisiveness.
carried interest does not apply to 2k people it applies to many wealthy investors from various investment classes. it allows a fund manager and partners to pay tax on their EARNED income as if it were a long term capital investment. it also allows RE investors do the same thing.
so while the average fund investors both large and small end up paying tax at their highest rate on the interests earned , the fund managers and partners with maybe zero capital invested get to pay 20% on their slice that you paid them..
the 20% rate is intended to drive investment, but with carried interest it merely reduces the tax rates for folks like... ummm gary cohn... munchkin boy.
Now one can put forth a strong argument that carried interest or "promoted interest" is fair in RE dev projects. I am not really sure what i think on that one. It is not a mom and pop RE investor thing, but more a developer partnership issue where some parties receive an incentive and to align the interests of the various parties. But it is also abused widely where "targets" are set to ensure a large portion of what should be earned income in now cap gains.
so the big issue here is once again we are seeing investors, developers etc being provided a special provision that reduces taxation on their EARNED INCOME. if it were just for providers of capital, it get it, it makes sense. But why should i get a reduced tax rate on the "promote" money? it makes no sense?
I am NOT an expert on this and i am sure there are some commercial RE folk in these threads who could paint a better and more accurate picture . but from my understanding of it we should at the very least end carried interest for funds and such like; and we should deeply review where such a tax discount should and should not be applied in the RE sector. there are lots of other areas this provision is used in too. if it were 2k poeple i would not have even commented, you could stick some zeros on that 2k.
In other words, you are perfectly ok with the fact that Trump lied and broke the promise he made to eliminate this loophole?
And it wasn't just a casual remark. He repeated it in many different ways.
"One thing I'd do is get rid of carried interest, one of the greatest provisions for people like me," Trump said at the second 2016 presidential debate. "To be honest with you, I give up a lot when I run because I knock out the tax code." https://www.cbsnews.com/news/transcr...on-university/
Trump highlighted the carried-interest tax break during his populist presidential campaign, labeling some hedge fund managers as “paper pushers†who are “getting away with murder.†https://www.bloomberg.com/news/artic...lican-tax-bill
Why? It is relevent, it is a BIG broken campaign promise, it impacts our Treasury and it enriches the very rich at the expense of average wage earners.
To add insult to his 'populist base, Trump himself is directly enriched at the expense of those who voted for him- promised to 'fight for'.
It is very relevant.
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 had lots of complaints about the tax overhaul until I sat down with my accountant and discovered nothing has changed. I'll get a little back from the feds that'll just go to NY.
And I don't give a rat's azz about a tax break that benefits 2000 people. I also don't begrudge the many millions of people who benefit from the Earned Income Tax Credit.
I do get annoyed with libs who constantly and ignorantly preach divisiveness.
So, you got nothing from the long awaited, “historicâ€, mostest bestus, unprecedented tax cuts. You don’t appear disappointed either.
I didn’t either but at least I wasn’t expecting Trump to actually do anything for the middle class
Obama and the Democrats could have repealed this appalling tax break when they had complete control of Congress in 2009 and 2010 yet left it in place.
meh OP, it's his first year and it's not as if they were able to pass it with one democrat vote. Maybe if Dems were interested in doing something constructive instead of focusing on hammering Trump they could have worked it in.
I hope he'll get it done because we know that Dems won't.
At least they tried to get it done, not one mention of getting rid of the loophole from Democrats. Trump has 3 possibly 7 years to go.
You mean on the bill that they were excluded from any involvement in and not even allowed to read until hours before the vote? That bill? You know, the kind of claims that the right loves to falsely make about the Affordable Care Act despite the fact that in that case, there were actually months and months worth of debate and hundreds of amendments offered, including well over 100 GOP amendments that were incorporated into the bill that every single republican still voted against.
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