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The Presidency of Donald J. Trump: No smocking guns. The Presidency of Donald J. Trump: No smocking guns.

04-26-2017 , 02:04 PM
Tax cliffs for those labouring under different systems of monopolies of violence?
04-26-2017 , 02:06 PM
The Trumpkins are just going to eat this up aren't they? The plan makes it look like the wealthy are being targeted when in fact they get the breaks.

Trumpkins gonna Trumpkin. F'ing idiots.
04-26-2017 , 02:06 PM
Also could someone more intelligent than I in the tax-arena comment on how doubling the standard deduction will affect people of varying incomes? It seems like this actually would help low and middle income Americans somewhat but I'm not sure.
04-26-2017 , 02:07 PM
Quote:
Originally Posted by wheatrich
It doesn't take that much to get over the #, and there's no easy way for them to repay the estate tax on it. Nobody wants to have to sell part of the farm or w/e. This is what always gets cited, but the # of family farms are certainly shrinking. Corps and $$$$ is winning that race.

Ofc, the law itself will mostly be for trump and billionaires to sustain their own empires.

and it won't create jobs. Think that's been proven repeatedly over and over but hey why let facts get in the way of narratives.
Bull****.

You don't pay estate tax until $10.5 million for a married couple. And you can pay it over 10 years. And with semi-competent planning (trusts, life insurance, etc.) any liability can be minimized.

It's a massive giveaway to billionaires. Unconscionable.
04-26-2017 , 02:07 PM
Quote:
Originally Posted by shpanko
It just boggles my mind how the GOP is able to sell to the American people that the estate/death tax is some terrible thing that affects the average joe when in reality it only affects the super wealthy. How are they able to get away with this when the issue has been around for decades?
Quote:
Originally Posted by DVaut1
Expect to hear ALOT about the plight of family farms.
.
04-26-2017 , 02:07 PM
Quote:
Originally Posted by RV Life
The Trumpkins are just going to eat this up aren't they? The plan makes it look like the wealthy are being targeted when in fact they get the breaks.

Trumpkins gonna Trumpkin. F'ing idiots.
iirc the inheritance tax is zero on the first 5 million. but dumbasses in alabama collecting $700/month disability because of high blood pressure and diabetes will vote to repeal it
04-26-2017 , 02:07 PM
Quote:
Originally Posted by Riverman
Eliminating the employer health care deduction is crazy. Average people don't even know that is a deduction, they will flip their **** when their take home pay goes down by 10%+.
Too bad their solution will be to vote for someone FURTHER right next time, who will figure out a way to cut taxes deeper on the rich but will get liberals even more upset so it's all good...
04-26-2017 , 02:07 PM
Quote:
Originally Posted by Riverman
Man they aren't even trying to hide it. Repealing the estate tax? Seriously?
For some reason right-wing nutjobs really hate the $5M estate tax even if they'll be lucky to pass down 5 figures to their offspring. I think they visualize libtards taking rich white peoples' money and handing it straight to minorities.

It just doesn't seem fair to them, and you will never get anywhere trying to explain how pumping generational wealth back into the system is a lynchpin of healthy democracy. Same goes for trying to explain progressive taxation.

Last edited by suzzer99; 04-26-2017 at 02:14 PM.
04-26-2017 , 02:08 PM
Quote:
Originally Posted by shpanko
It just boggles my mind how the GOP is able to sell to the American people that the estate/death tax is some terrible thing that affects the average joe when in reality it only affects the super wealthy. How are they able to get away with this when the issue has been around for decades?
The media. They're ****ing idiots. Or spineless. Usually both.
04-26-2017 , 02:08 PM
Quote:
Originally Posted by MyrnaFTW
they want to double the standard deduction,, omg!! how are they going to pass this.

but you don't get the personal exemption anymore. (you also don't get deductions for your kids anymore either)


basically if you aren't rich, you are ****ed
04-26-2017 , 02:09 PM
Quote:
Originally Posted by Riverman
The media. They're ****ing idiots. Or spineless. Usually both.
Don't forget complicit. How many of the media all-stars are personally going to make out pretty good under Trump. Most?
04-26-2017 , 02:09 PM
Quote:
Originally Posted by wheatrich
People with lots of $, when they get more they don't go "hey let's hire people" they just stash it or buy something like houses to make them more unaffordable for avg joe.
Yea I never understood this logic. "Gosh, I'm making so much money I don't know what to do with it. I know! I'll hire people!"

And people literally think this happens when you give the wealthy a tax cut.
04-26-2017 , 02:11 PM
Quote:
Originally Posted by Riverman
If Mnuchin didn't just misspeak, Trump plans to get rid of the employer healthcare deduction and the state and local tax deduction.

That should go over well!
Here's some food for thought: If there wasn't a leak to the press, Mike Flynn would still be working...with top security clearance and all!

Some more food for thought: Trump STILL HAS top security clearance. I can't imagine what it must feel like to constantly brief him, and how tempting it must be to hold back critical intel. Sheesh.
04-26-2017 , 02:11 PM
hey, this might make 1040's simpler ,, i do like 50 returns a year, and it can get insanely complex sometimes. ill also disclose that 200% of my net worth is short HRB (and nke) , but not just because of this
04-26-2017 , 02:11 PM
Quote:
Originally Posted by 00cooler00
Can anyone just once please call out the bull**** of the "death tax" and how it's a giveaway to multimillionaires.

Also can someone please call out when these idiots confuse the debt and deficit.
But in Merica (**** ya) everyone will be a millionaire one day.
04-26-2017 , 02:13 PM
"Well, some say family farms will have to be sold..."

Took 5 minutes. On MSNBC.

I give up.
04-26-2017 , 02:13 PM
Quote:
Originally Posted by shpanko
Also could someone more intelligent than I in the tax-arena comment on how doubling the standard deduction will affect people of varying incomes? It seems like this actually would help low and middle income Americans somewhat but I'm not sure.
this will actually help lower middle income people, basically if you make 30k and under, you wont pay taxes. if you had a simplified 1040ez , you wont have a tax liability
04-26-2017 , 02:13 PM
Quote:
Originally Posted by Riverman
Bull****.

You don't pay estate tax until $10.5 million for a married couple. And you can pay it over 10 years. And with semi-competent planning (trusts, life insurance, etc.) any liability can be minimized.

It's a massive giveaway to billionaires. Unconscionable.
I'm a former family farm kid (not just land that's pricey, a combine can cost 500k these days, it all adds up quick) and I agree with you on the last line and this issue.

Don't **** with me.
04-26-2017 , 02:15 PM
Quote:
Originally Posted by shpanko
Also could someone more intelligent than I in the tax-arena comment on how doubling the standard deduction will affect people of varying incomes? It seems like this actually would help low and middle income Americans somewhat but I'm not sure.

Lets say you are a single mom with 3 kids, all 5-12 years old

You get Head of Household (instead of single) which is the standard deduction,

Then you get personal exemption + exemptions for all 3 kids


in trump world, exemptions are gone, HoH is gone, you get to claim single

In trumps world, the single deduction is doubled.



2016 HoH 9,300
2016 single 6,300

2016 personal exemptions 4,050 x 4 = 16,200


so in 2106 they would get 16,200 + 9,300 = 25,500 in deductions

2017 single x 2 = 12,600


so lets round up to 13,000 less in deductions. lets use 15% for both years, just because

thats about 2,000 extra in tax for a single mom of 3.



it basically ****s people with lots of kids, and poor people.
04-26-2017 , 02:15 PM
Quote:
Originally Posted by wheatrich
Well got to give a little kudos to the R's still holding them since mostly only D's in their districts are showing up. He and trump are right about the ACA imploding (those that disagree can feel free to pay my rising premiums (I've heard a few of lol olds ones, those are just unreal)) but the Republican solution to this problem is total bull**** obviously.
Quote:
Originally Posted by chuckleslovakian
I'm with you. I actually dislike the ACA. It is imploding. But I feel that mostly comes from the Repubs doing everything they can do destroy the ACA instead of fixing it.

Andy tried to play up the AHCA. But yeah...after the pledge of allegiance it was full on, sorry Andy, but we see through you.
If either of you were right about the ACA a simple repeal would fix everything.
04-26-2017 , 02:16 PM
Quote:
Originally Posted by TheHip41
but you don't get the personal exemption anymore. (you also don't get deductions for your kids anymore either)


basically if you aren't rich, you are ****ed
wait really? they are removing deductions for kids? thats truly unreal
04-26-2017 , 02:16 PM
Quote:
Originally Posted by DVaut1
Don't forget complicit. How many of the media all-stars are personally going to make out pretty good under Trump. Most?
Yea the one thing I really hate about the media is how they pretend to be for the little man when in reality they are all in the top 1%.
04-26-2017 , 02:16 PM
Quote:
Originally Posted by RV Life
Yea I never understood this logic. "Gosh, I'm making so much money I don't know what to do with it. I know! I'll hire people!"

And people literally think this happens when you give the wealthy a tax cut.
Mason Mallmuth apparently pays people who aren't really needed - to run twoplustwo.com. That is before Obama raised his taxes on personal income over $400k by 3.9%. Then sayonara.
04-26-2017 , 02:17 PM
Quote:
Originally Posted by markksman
If either of you were right about the ACA a simple repeal would fix everything.
If the leaning tower of pisa is about to fall, blowing it up doesn't fix the problem.
04-26-2017 , 02:17 PM
Quote:
Originally Posted by wheatrich
I'm a former family farm kid (not just land that's pricey, a combine can cost 500k, it all adds up quick) and I agree with you on the last line.

Don't **** with me.
Don't know what to tell you other than that you're wrong. Not only do you get 10 years to pay any tax, you don't even have to start paying it until five years after the death of the surviving spouse.

Sure, the industry has consolidated. That's what happens in any industry. And sure, equipment is expensive. But, like, that's what banks are for. You get to subtract debt from the asset value.

This isn't even going into some no brainer estate planning techniques that can shift large portions of net worth out of taxable estates.

      
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