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I watched the tax debate with great interest... I understand a lot about taxes and when Obama said high income means your rich BULL it's what actually got me interest. I knew Obama and Democrats were lying through their teeth and out there asses and there was a lot of people who bought into the lie because they don't know the first thing about taxes. All he was doing is using the ignorance of the people to funnel more of the people's money to government.
Obama wanted to raise taxes again right out the gate of raising taxes the first time so I say
Ultimately this will probably help me since they are getting rid of the AMT but we itemize more than 25k in deductions so if we are capped it will probably be a wash. I don't see how the country can afford this.
The cities/states with high property taxes are going to get screwed e.g. Jersey, California, Chicago, Texas
The irony of higher taxes is that it encouraged many business owners to question or stop re-investing in their business, many who went into cruise mode or retired early. Not reinvesting in their business led to less hiring which means less people working who would have been paying taxes.
Aren't Jersey, CA and Chicago all liberal? Maybe they need to lower their taxes and allow the people who earn the money keep more of their money instead of trying to figure out ways to take more money from the people.
They refer to the S-Corp tax cut as "Trump Loophole", so it's no mistake. Sure enough, Trump owns some 500 S-Corps, so this would funnel huge amounts of cash into his pockets.
Please tell me about S-Corps and how they funnel money?
By the way, I own a successful business that is classified as an S-corp but I want to hear what you know about them.
It sounds good for me. I think there was only one year where my itemized deductions exceeded 24K.
Listen to the liberals scream. It's amazing is that the majority of Americans save LESS than their effective tax rate! Can you imagine being taxed at a 20% effective rate when you can only save 6% of your after tax income? How absurd is that?
There are government officials who are laughing behind closed doors at the masses for saving so little and paying so much to the government.
Repeal the alternative minimum tax: Abolishing the AMT would be great for the roughly 5 million tax filers who’ve seen their itemized deductions get eliminated because the government did not include an inflation adjuster when the AMT was first introduced in 1969.
Instead of making sure only wealthier earners paid taxes, the AMT unintentionally ensnared millions of ordinary taxpayers.
And the solution to it is to raise it, not repeal it. The fact that repeal is there is a good indication of whom its meant for. Trump. Remember the one year of taxes we have seen showed that the ONLY reason he paid as much as he did was the AMT.
Quote:
Originally Posted by petch751
Listen to the liberals scream. It's amazing is that the majority of Americans save LESS than their effective tax rate! Can you imagine being taxed at a 20% effective rate when you can only save 6% of your after tax income? How absurd is that?
There are government officials who are laughing behind closed doors at the masses for saving so little and paying so much to the government.
Because we ALSO understand that higher debt has to be paid one way or another. While in a recession its a good thing, other times its not. Who knew economics was so hard right?
Quote:
Originally Posted by petch751
The irony of higher taxes is that it encouraged many business owners to question or stop re-investing in their business, many who went into cruise mode or retired early. Not reinvesting in their business led to less hiring which means less people working who would have been paying taxes.
Aren't Jersey, CA and Chicago all liberal? Maybe they need to lower their taxes and allow the people who earn the money keep more of their money instead of trying to figure out ways to take more money from the people.
True for small businesses as they need the money to survive. NOT true for larger ones, as they simply re-invest it to get higher returns eventually while they take money out for expenses.
And the solution to it is to raise it, not repeal it. The fact that repeal is there is a good indication of whom its meant for. Trump. Remember the one year of taxes we have seen showed that the ONLY reason he paid as much as he did was the AMT.
Funny, when "government" wrote the law, all those "super smart people", why didn't they include an infaltion adjustment then? They were hoping that people who are ignorant about taxes would support more people (not them) getting hit with it. AND! it almost happen too when Obama raised taxes. As if he hoped people wouldn't notice until it was too late. It was only when every day Americans who were about to get nailed with it started screaming that it was "fixes".
Never forget that the REAL TAXPAYER is the last guy in the chain who buys American labor and production.
Where else do corporations, stockholders, and employees get their money to pay their taxes?
The customer.
And if the customer is not paying enough for everyone to pay their taxes, expenses and so on, something breaks down - like industry, retail, and jobs.
. . .
Of course, as long as you only buy foreign made products, you duck a large portion of the tax bill.
But that won't work over the long term.
Frankly, I'd prefer a 93% drop in the federal budget (with all the trimming that implies).
No matter how painful, it is far better than the 100% drop caused by total collapse.
Because we ALSO understand that higher debt has to be paid one way or another. While in a recession its a good thing, other times its not. Who knew economics was so hard right?
Well when you understand support that the federal government can't pay sanctuary cities for people who shouldn't be here in the first place, then we can talk about higher debt.
True for small businesses as they need the money to survive. NOT true for larger ones, as they simply re-invest it to get higher returns eventually while they take money out for expenses.
The problem is, because people don't understand money and taxation government is able to lie to them to gain their support and government always end up hurting the little guy, that's exactly what Obama did. The big guy can always find ways around it.
Do you really believe the big money would support higher taxes if they were going t get hit with it? Naive. Besides, many people are invested in these big companies for cash flow. The left would rather worry about "climate change" or whatever they call it today than policies that help the American people.
I watched the tax debate with great interest... I understand a lot about taxes and when Obama said high income means your rich BULL it's what actually got me interest. I knew Obama and Democrats were lying through their teeth and out there asses and there was a lot of people who bought into the lie because they don't know the first thing about taxes. All he was doing is using the ignorance of the people to funnel more of the people's money to government.
Obama wanted to raise taxes again right out the gate of raising taxes the first time so I say
BULL!
Stop lying justNancy
You know, I was just ready to post a comment I wrote in answer to your other posts, since I like the idea of increasing the standard deduction. But I guess it's impossible to have a reasonable discussion here. By the way, I know a lot about taxes too. For some reason, many people on this forum think they're political and financial geniuses and everyone else is ignorant.
Calling me a liar (as you've done before) is unacceptable. Just because you have a different opinion is no reason to be rude. So I decided not to participate in this discussion.
By the way, we were talking about Corporate Tax Rates.
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