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Sure, and throw away all the favors earned while in office?
No politician of any stature is going to throw away the cushy multi-million dollar board seat, do-nothing advisory position or lobbying gig that always goes to politicians when they leave office.
These rewards are deferred bribes for what they did while in office.
The billionaire class and international corporations make sure to pay off their loyal servants because it serves as a reminder to those currently in office that they too will be rewarded if the remain faithful to their international overlords and continue ****ing working Americans in the ass.
So its not really about rich finding ways to skirt the taxes. They are being allowed to skirt them. They are getting a pass, a freebie.
Quote:
Originally Posted by TMSRetired
They are the tax laws, not "loopholes". And using them to lower your tax is something everyone should be doing.
Lowering to a certain level sure. But we have brackets for a reason. We feel certain individuals should be paying more or less than others.
Location: When you take flak it means you are on target
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It WOULD be nice if the mega rich paid at least as much taxes as the rest of us. Billionaires paying zero tax isn't going to fly anymore.
I say put a 50% levy on anyone with over 2 billion dollars and redistribute it to the poor. If you can't live a pretty nice lifestyle on a billion bucks, well... too bad.
How many 500 ft yachts and 100 million dollar jets or rockets to space does ONE man need? I'm not one of those commies but come on, it's getting ridiculous.
It WOULD be nice if the mega rich paid at least as much taxes as the rest of us. Billionaires paying zero tax isn't going to fly anymore.
I say put a 50% levy on anyone with over 2 billion dollars and redistribute it to the poor. If you can't live a pretty nice lifestyle on a billion bucks, well... too bad.
How many 500 ft yachts and 100 million dollar jets or rockets to space does ONE man need? I'm not one of those commies but come on, it's getting ridiculous.
The mega rich pay more in taxes than you will earn in a thousand life times. We don’t just get to take what belongs to someone else because we want to. And you need to do some research. Find me a single billionaire who pays no taxes. I won’t hold my breath.
They are the tax laws, not "loopholes". And using them to lower your tax is something everyone should be doing.
Exactly. The tax laws are being applied as written. The problem is that the wealthy have ways of getting the laws "tweaked" to permit an exemption or other favorable treatment.
It WOULD be nice if the mega rich paid at least as much taxes as the rest of us. Billionaires paying zero tax isn't going to fly anymore.
I say put a 50% levy on anyone with over 2 billion dollars and redistribute it to the poor. If you can't live a pretty nice lifestyle on a billion bucks, well... too bad.
How many 500 ft yachts and 100 million dollar jets or rockets to space does ONE man need? I'm not one of those commies but come on, it's getting ridiculous.
Every "500 ft yacht and 100 million dollar jet" means 1000s of jobs. It's better that they SPEND their money instead of purchasing art or land that benefits no one but themselves.
More taxes means more money for the government. How on earth can can anybody support the greedy state taking even more money?
I know, boggles my mind. I have always said I don’t want the government taking any more of anyone’s money. They’re too ignorant to see how the excessive waste and spending affects them when their attention is focused on the class warfare diatribe. Yeah, take their money, just don’t take mine! No thought goes into why, what’s going to happen to with it and how might it affect me or the country in the long run.
I know, boggles my mind. I have always said I don’t want the government taking any more of anyone’s money. They’re too ignorant to see how the excessive waste and spending affects them when their attention is focused on the class warfare diatribe. Yeah, take their money, just don’t take mine! No thought goes into why, what’s going to happen to with it and how might it affect me or the country in the long run.
Yeah they basically want the government to tax other people's income or wealth not their own.
I feel like if more people understood the tax code, they would realize, in most cases it is reasonable. I cant do anything about the socialists who feel that some people should be punished for having "too much", but the majority of people out there are reasonable, rational people.
For example, I am a real estate investor. Joe Biden wants to limit something called the 1031 exchange on properties to $500,000 or $1,000,000 if married and filing jointly, AND change the capital gains tax to an income tax.
What is a 1031 exchange? It means that if I sell a building in order to buy a different building, I can defer the taxes on the sale of the first building.
For example, if I bought an apartment building 20 years ago for $2,000,000, and now it is worth $5,000,000, I can sell it and buy another apartment building that costs $5,000,000 and defer the tax on the $3,000,000 profit.
It is only a deferral, so if I ever cash out, my cost basis is still $2,000,000. So if I ever sell the new building, let's say for $10,000,000, I owe tax on $8,000,000.
It allows me to move my investments around freely, without having to worry about paying the government a penalty, just for moving them around. Keep in mind, if I ever cash out, I will still owe the taxes on the entire amount.
That should seem fair to any reasonable, rational person.
But to the "I hate the rich" crowd, that is "the rich using loopholes to avoid paying taxes".
So, in order to placate those people, Joe Biden's tax law wants to limit the 1031 exchange to $500,000/$1,000,000, and change the rate from the capital gains rate to the income tax rate.
What does that mean?
It means if I want to sell my apartment building in exchange for another one, because, maybe I am moving to another state, or maybe the return will be better on the new building, I will sell my building for $5,000,000, but I will not be able to buy a new building that costs $5,000,000, because the government will be taking, say, $1,000,000 from me on the sale. So if I want to exchange my investment for a different one, my $5,000,000 investment becomes a $4,000,000 investment.
So now, I am not going to ever sell that property. I am stuck with it, at least until I decide to cash out and retire.
Personally, I don't think he will ever get away with this new tax law because it will destroy the rental/commercial real estate market. But who knows? These are crazy times we live in.
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