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  Semper Fi
    
Location: North Texas | jbhoot - 2016-11-27 10:38 AM
foundation horse - 2016-11-27 10:07 AM
Bear - 2016-11-26 2:01 PM
SC Wrangler - 2016-11-26 12:16 PM
Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
 I wonder if how many on this forum would benefit from abolishing the death tax.  Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017.  There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death.  Then of course there is the doubling of these numbers in the case of married couples. Â
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.
 What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
As for corporate rates I agree with cutting them. Â But a hard look needs to be takens at deductible "business expenses" Â that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated. Â Â Â
You said, "I've yet to see much in Trump's plan that benefits anyone but his mega rich pals...."
Obviously, you are either blind, or you haven't even looked at his plan more than a cursory glance, so I will point out a few examples in his agenda which I believe will ultimately benefit the middle class:
1. ) Getting rid of ObamaCare and implementing the changes he has laid out as a replacement.
2. ) Child care tax credits PLUS dependent care savings accounts (two different things ) for working people. The Child Care Credit will be available to people earning below a certain amount. This INCENTIVIZES work, rather than welfare. I think it will nudge people off welfare rolls back into productive society. The dependent care savings accounts are similar to FLEX spending accounts offered by employers, except you can set these up yourself and it doesn't have to be through an employer. It also is not limited to certain income levels. The contributions are tax deductible.
3. ) Incentivizing re-patriation of up to $2 Trillion in offshore corporate capital by offering a tax amnesty or a markedly reduced one time tax rate of 10%. That is basically a huge stimulus, except those are REAL dollars, not borrowed. If you don't think that will have a positive effect on jobs and incomes, then you don't have a brain. Right now if companies like Pfizer, Apple, and Microsoft decided to bring those dollars back into the U.S., they would be facing a 40% tax hit. They will never do it under current circumstances.
4. ) Lowering personal income taxes across the board.
5. ) Lowering corporate taxes from 35% to 15% - this will also apply to small and medium businesses.
6. ) Elimnating most of the crippling regulations. Again, it doesn't take a genius to see how this negatively effects incomes.
7. ) Promoting energy independence......paving the way for things like the Keystone pipeline, etc...
8. ) Eliminating the death tax, for God's sakes.
So, you can see, you have either not done much reading, or you failed to see the benefits of these aspects of his plan. Now, this is his PLAN, not his edict. He has to get things through congress. He may have to pussify some things, so fewer people's feelings are hurt.
Lowering the Corporate Income Tax from 35% to 15% can be done with a piece of paper (Executive Order ) and the day after that happens Money will start moving again at a record pace. I.E. Businesses will spend the lower difference in expansion! Which means jobs!
No he can't. He can not change the present law only congress has the power to tax and to change the law. He could choose to not enforce the law by EO. but that has to stand a court challenge. EO. have a vary poor record of prevailing a court challenge. A prime example is that none of Obama's EO's that have been challenged in court have prevailed. All of his tax policy must go to congress for approval before coming law. Can this happen with in the next year sure. Can it happen on day one No.
Ok, I will admit to the correction, actually, reminder, that Congress controls the purse strings. Thanks for the reminder! hehehehhe
Now in regards to E.O.(s) for some reason I believe any Exec Orders that Trump would seek to implement to pass SCOTUS Muster. That is the difference between Someone who (I believe) loves America and someone (who has proven himself) to seek to change America! | |
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 Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Bear - 2016-11-27 9:05 AM Three 4 Luck - 2016-11-27 8:09 AM Bear - 2016-11-26 4:09 PM Three 4 Luck - 2016-11-26 12:11 PM Bear - 2016-11-26 11:38 AM Also, $5 million sounds like a huge amount of money, and yes it is, however, in Iowa, for example, $5 million will buy you about 500 acres of cropland. That's not huge, if you plan on farming it, particularly when you consider the costs of farming. You can't make a living farming 500 acres...that's hobby farm size. If you rent it out, you can generate $100-150 K per year up there, depending on the land.
I did the math, and you're right about land rent income in Iowa, BUT if you had to finance the land, that wouldn't cover the payment. No, of course not. Not even close. If you had to finance it, your monthly payment would be in the neighborhood of $20-25K, but what's your point? My point is exactly what so many others have been making. Imposing confiscatory death taxes on heirs to family property is immoral. We're talking about things like family farms and ranches that have been passed down for generations. These are basically family businesses that have been generating incomes and livelihoods. They have also been generating revenues to the government in property tax, income tax, sales tax on purchases of equipment, machinery and almost every expenditure related to that business. Often times, if you look back, the purchases of the property was made with after-tax dollars. A death tax imposes a double tax. In contrast, if you purchase a private disability insurance policy with after tax dollars, and you become disabled, typically the disability income from that policy is not taxable. If the disability income is from an employer benefit, that's a different story.
I was taking your comments a step further, no real point except that buying farmland isn't something most people can do, which harkens back to statements made about giving others a chance to own land. And keeping our family farmland intact is why we're incorporated. It serves 2 purposes: keeps parcels from being split off by heirs inheriting, and helps with the estate tax issue. | |
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Accident Prone
Posts: 22277
Location: 100 miles from Nowhere, AR | Y'all should know by now about how my brain goes off on tangents. I think I have ADD. | |
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 BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | SC Wrangler - 2016-11-27 9:45 AM
Bear - 2016-11-26 8:12 PM SC Wrangler - 2016-11-26 6:01 PM Bear - 2016-11-26 2:01 PM SC Wrangler - 2016-11-26 12:16 PM Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
 I wonder if how many on this forum would benefit from abolishing the death tax.  Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017.  There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death.  Then of course there is the doubling of these numbers in the case of married couples. Â
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.
 What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
As for corporate rates I agree with cutting them. Â But a hard look needs to be takens at deductible "business expenses" Â that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated. Â Â Â You said, "I've yet to see much in Trump's plan that benefits anyone but his mega rich pals...." Obviously, you are either blind, or you haven't even looked at his plan more than a cursory glance, so I will point out a few examples in his agenda which I believe will ultimately benefit the middle class: 1. ) Getting rid of ObamaCare and implementing the changes he has laid out as a replacement. 2. ) Child care tax credits PLUS dependent care savings accounts (two different things ) for working people. The Child Care Credit will be available to people earning below a certain amount. This INCENTIVIZES work, rather than welfare. I think it will nudge people off welfare rolls back into productive society. The dependent care savings accounts are similar to FLEX spending accounts offered by employers, except you can set these up yourself and it doesn't have to be through an employer. It also is not limited to certain income levels. The contributions are tax deductible. 3. ) Incentivizing re-patriation of up to $2 Trillion in offshore corporate capital by offering a tax amnesty or a markedly reduced one time tax rate of 10%. That is basically a huge stimulus, except those are REAL dollars, not borrowed. If you don't think that will have a positive effect on jobs and incomes, then you don't have a brain. Right now if companies like Pfizer, Apple, and Microsoft decided to bring those dollars back into the U.S., they would be facing a 40% tax hit. They will never do it under current circumstances. 4. ) Lowering personal income taxes across the board. 5. ) Lowering corporate taxes from 35% to 15% - this will also apply to small and medium businesses. 6. ) Elimnating most of the crippling regulations. Again, it doesn't take a genius to see how this negatively effects incomes. 7. ) Promoting energy independence......paving the way for things like the Keystone pipeline, etc... 8. ) Eliminating the death tax, for God's sakes. So, you can see, you have either not done much reading, or you failed to see the benefits of these aspects of his plan. Now, this is his PLAN, not his edict. He has to get things through congress. He may have to pussify some things, so fewer people's feelings are hurt.
By the way, you will never be accused of "pussifying" things. Â Seriously, a reply without an attempt to demean would just be too passe' in this day and age.Â
 I get it. I listed 8 specific plans where I see a great potential to benefit the middle class and I explained why, and you basically made an across-the-board, blanket condemnation of all of them. Your idea of something that would benefit the working middle class is to take steps to insure wealthier taxpayers pay more. In other words, you are of the school of thought that feels the "wealthy need to pay their fair share". That sounds familiar. Where have I heard that mantra before? It's not reality yet....it's his plan. I do hope it becomes reality. People earning over $190K are responsible for 60% of federal income tax revenues. They are also the risk takers who employ middle class earners. How much is enough for you? 80%? I asked you to list some specific actions that benefit the working middle class, and your response is to basically increase the tax burden on upper income earners by "eliminating loopholes and deductions". So, explain how that helps the middle class. For your information, your solution would hit the people who own businesses that employ many of the "working middle class". How does that work in your utopia? That was Hillary's plan, basically. I'm sorry but your candidate was rejected. The only way I see the uber wealthy paying more in income taxes is through a flat tax, something like Steve Forbes' plan. In that case, I'm all for it, but I'm afraid it's a very tall order in today's political environment. In that scenario, the uber rich will end up paying 17% income tax, and all deductions are eliminated. In other words, people will squawk because their Ox will be gored when they realize mortgage interest deductions will be eliminated. A single person earning $50K will pay 6.8% income tax, and someone earning a million will pay just a hair under 17%. Because the mortgage interest deduction is a sacred cow, and because of fears it would hit the real estate market hard, some people favor a preservation of a mortgage interest deduction, in exchange for a higher flat tax. Personally, I have always thought that buying a home for the purposes of a mortgage interest deduction is flawed anyway. So Trump has decided that the modifying the current tax code to provides added benefits to the middle class, as I outlined, and incentivizing work. It's not my preference, but I sure like it more than the status quo. One last point. While I am certainly not opposed to the $14K gift tax exemption that you mentioned, in reality many families have wealth on paper because of the value of their land and property, but they don't have the $14, 28, 42K laying around to "distribute" pre death. It sounds good, but the reality is much different in many cases. A family farm can easily be worth $10 million, but many of those farmers don't have much liquid capital sitting around to give away every year. Bottom line is I think the death tax is confiscatory, and immoral.
Â
I laid out several ways in which Trump's plan can benefit the middle class. I asked you what you would do, and you basically said nothing other than promote maneuvers that require professional accountants or tax lawyers. Now you are saying you don't disagree with all of his plan. Which ones? Why?
I say eliminate the death tax. We shouldn't need complicated circuitous maneuvers by accountants and lawyers to keep family farms in the family. You are basically illustrating various maneuvers to obviate the death tax. I say kick out the middle man and eliminate the **** tax altogether. | |
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Nut Case Expert
Posts: 9305
Location: Tulsa, Ok | Bear - 2016-11-27 11:05 AM SC Wrangler - 2016-11-27 9:45 AM Bear - 2016-11-26 8:12 PM SC Wrangler - 2016-11-26 6:01 PM Bear - 2016-11-26 2:01 PM SC Wrangler - 2016-11-26 12:16 PM Bear - 2016-11-26 11:30 AM SC Wrangler - 2016-11-26 10:29 AM BS Hauler - 2016-11-25 5:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
I wonder if how many on this forum would benefit from abolishing the death tax. Currently the exemption for 2016 stands at 5.45 million and is projected to raise to 5.5 million for 2017. There also exists an annual gift tax exemption of $14,000 which can convert to a decent way of transferring wealth pre-death. Then of course there is the doubling of these numbers in the case of married couples.
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. I will not hold my breath waiting for it to trickle down to my pocket.
What, in your opinion, should be done to benefit middle class citizens? Let's see YOUR list.
As for corporate rates I agree with cutting them. But a hard look needs to be takens at deductible "business expenses" that end up effectively being another set of untaxed benefits for executives.
I am on the fence about death taxes, mostly because of the gazillion estate planning maneuvers that can (and do) greatly mitigate the effect of the current code. I think the exemption needs to continue to escalate and the rate on the taxable portion reduced but not totally eliminated. You said, "I've yet to see much in Trump's plan that benefits anyone but his mega rich pals...." Obviously, you are either blind, or you haven't even looked at his plan more than a cursory glance, so I will point out a few examples in his agenda which I believe will ultimately benefit the middle class: 1. ) Getting rid of ObamaCare and implementing the changes he has laid out as a replacement. 2. ) Child care tax credits PLUS dependent care savings accounts (two different things ) for working people. The Child Care Credit will be available to people earning below a certain amount. This INCENTIVIZES work, rather than welfare. I think it will nudge people off welfare rolls back into productive society. The dependent care savings accounts are similar to FLEX spending accounts offered by employers, except you can set these up yourself and it doesn't have to be through an employer. It also is not limited to certain income levels. The contributions are tax deductible. 3. ) Incentivizing re-patriation of up to $2 Trillion in offshore corporate capital by offering a tax amnesty or a markedly reduced one time tax rate of 10%. That is basically a huge stimulus, except those are REAL dollars, not borrowed. If you don't think that will have a positive effect on jobs and incomes, then you don't have a brain. Right now if companies like Pfizer, Apple, and Microsoft decided to bring those dollars back into the U.S., they would be facing a 40% tax hit. They will never do it under current circumstances. 4. ) Lowering personal income taxes across the board. 5. ) Lowering corporate taxes from 35% to 15% - this will also apply to small and medium businesses. 6. ) Elimnating most of the crippling regulations. Again, it doesn't take a genius to see how this negatively effects incomes. 7. ) Promoting energy independence......paving the way for things like the Keystone pipeline, etc... 8. ) Eliminating the death tax, for God's sakes. So, you can see, you have either not done much reading, or you failed to see the benefits of these aspects of his plan. Now, this is his PLAN, not his edict. He has to get things through congress. He may have to pussify some things, so fewer people's feelings are hurt.
By the way, you will never be accused of "pussifying" things. Seriously, a reply without an attempt to demean would just be too passe' in this day and age.
I get it. I listed 8 specific plans where I see a great potential to benefit the middle class and I explained why, and you basically made an across-the-board, blanket condemnation of all of them. Your idea of something that would benefit the working middle class is to take steps to insure wealthier taxpayers pay more. In other words, you are of the school of thought that feels the "wealthy need to pay their fair share". That sounds familiar. Where have I heard that mantra before? It's not reality yet....it's his plan. I do hope it becomes reality. People earning over $190K are responsible for 60% of federal income tax revenues. They are also the risk takers who employ middle class earners. How much is enough for you? 80%? I asked you to list some specific actions that benefit the working middle class, and your response is to basically increase the tax burden on upper income earners by "eliminating loopholes and deductions". So, explain how that helps the middle class. For your information, your solution would hit the people who own businesses that employ many of the "working middle class". How does that work in your utopia? That was Hillary's plan, basically. I'm sorry but your candidate was rejected. The only way I see the uber wealthy paying more in income taxes is through a flat tax, something like Steve Forbes' plan. In that case, I'm all for it, but I'm afraid it's a very tall order in today's political environment. In that scenario, the uber rich will end up paying 17% income tax, and all deductions are eliminated. In other words, people will squawk because their Ox will be gored when they realize mortgage interest deductions will be eliminated. A single person earning $50K will pay 6.8% income tax, and someone earning a million will pay just a hair under 17%. Because the mortgage interest deduction is a sacred cow, and because of fears it would hit the real estate market hard, some people favor a preservation of a mortgage interest deduction, in exchange for a higher flat tax. Personally, I have always thought that buying a home for the purposes of a mortgage interest deduction is flawed anyway. So Trump has decided that the modifying the current tax code to provides added benefits to the middle class, as I outlined, and incentivizing work. It's not my preference, but I sure like it more than the status quo. One last point. While I am certainly not opposed to the $14K gift tax exemption that you mentioned, in reality many families have wealth on paper because of the value of their land and property, but they don't have the $14, 28, 42K laying around to "distribute" pre death. It sounds good, but the reality is much different in many cases. A family farm can easily be worth $10 million, but many of those farmers don't have much liquid capital sitting around to give away every year. Bottom line is I think the death tax is confiscatory, and immoral.
I laid out several ways in which Trump's plan can benefit the middle class. I asked you what you would do, and you basically said nothing other than promote maneuvers that require professional accountants or tax lawyers. Now you are saying you don't disagree with all of his plan. Which ones? Why? I say eliminate the death tax. We shouldn't need complicated circuitous maneuvers by accountants and lawyers to keep family farms in the family. You are basically illustrating various maneuvers to obviate the death tax. I say kick out the middle man and eliminate the **** tax altogether.
Let me see if I can make this simple and clear. While I see merit in Trump's plan I (read that me and my opinion) feel it is too heavily weighted to benefit the 20% that already own 85% of the wealth in this country. I forsee something like 5 to 7% of that benefit trickling down to some portion of the middle class. I get that you feel differently or you are OK with that result. Yeehaw for you. I (read that me and my opinion) am not so good with that result. I think working people need more relief. It is my opinion and I am entitled to it, just like you are entitled to yours.
I spent 45 years of my life making sure the ultra-rich did not spend one dime more in taxes than absolutely necessary. And while I feel they are entitled to every benefit under the current code, my heart does not bleed for their sacrifices. A few hundred thousand here or there is merely lunch money in their world.
As far as needing accountants or attorneys to maneuver thru estate planning, I am a realist. Everyone is entitled to whatever relief is afforded them under the CURRENT law. If they are betting the family farm, they would be remiss if they did not avail themselves of the best advice they can acquire. | |
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | And yet, you still haven't said what you would like to see done for the middle class. | |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | Bear - 2016-11-26 8:19 PM
Chandler's Mom - 2016-11-26 5:03 PM
Bear - 2016-11-26 4:09 PM
Three 4 Luck - 2016-11-26 12:11 PM
Bear - 2016-11-26 11:38 AM
Also, $5 million sounds like a huge amount of money, and yes it is, however, in Iowa, for example, $5 million will buy you about 500 acres of cropland. That's not huge, if you plan on farming it, particularly when you consider the costs of farming.
You can't make a living farming 500 acres...that's hobby farm size.
If you rent it out, you can generate $100-150 K per year up there, depending on the land.
That hasn't been the case very often in our area lately unfortunately. . . .
I don't doubt that. I was making a specific reference to farmland in certain areas of Iowa, as an example.
Yes sir, that I could see. And you said it perfectly about what farmers look like on paper. . . . When I saw my family's financial statements many many years ago when I was a young accounting major in college, I thought we were BEYOND rich. Guess what----we were so so not!!! | |
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My Heart Be Happy
Posts: 9159
Location: Arkansas | jd&ez - 2016-11-27 9:20 AM
All a bunch of posturing. The people that voted fro Trump bought a pig in a poke. His tax plan is designed to reward the wealthy. Not the super rich like Trump, he already doesn't pay income tax. I'm in the bracket to get a 2% federal reduction. We paid about $30K federal taxes last year so I'm in line to save $600. I guess that will soothe the soreness of having a racist bigot President? WooHoo!!
I do expect my $600 to not be the lasting windfall that it seems to be. Most of my clients are low income. If not on medicaid they are are getting extra help. They are the ones that will be hit hard by trumpinonmics. If my clients can't continue to be clients then my $600 windfall goes out the window.
As for fairness of taxes, there is only one true equalizer, a national sales tax and ditch the whole system we have now. We would all pay the same then. The low income, the middle class and the super rich. Don't want to pay taxes? Don't spend. But, the drug money would be taxed then. The under the table cash payments that slip by today would be taxed. Of course there could be exemptions like for a home that you live in.
That's pie in the sky thinking as it will never pass because the rich will never let that pass.
Trump has been anti worker for 69 years. Why did anyone believe that he changed to be pro worker in the last year?Â
May I ask what your profession is? | |
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Semper Fi
Location: North Texas | Chandler's Mom - 2016-11-27 5:43 PM
jd&ez - 2016-11-27 9:20 AM
All a bunch of posturing. The people that voted fro Trump bought a pig in a poke. His tax plan is designed to reward the wealthy. Not the super rich like Trump, he already doesn't pay income tax. I'm in the bracket to get a 2% federal reduction. We paid about $30K federal taxes last year so I'm in line to save $600. I guess that will soothe the soreness of having a racist bigot President? WooHoo!!
I do expect my $600 to not be the lasting windfall that it seems to be. Most of my clients are low income. If not on medicaid they are are getting extra help. They are the ones that will be hit hard by trumpinonmics. If my clients can't continue to be clients then my $600 windfall goes out the window.
As for fairness of taxes, there is only one true equalizer, a national sales tax and ditch the whole system we have now. We would all pay the same then. The low income, the middle class and the super rich. Don't want to pay taxes? Don't spend. But, the drug money would be taxed then. The under the table cash payments that slip by today would be taxed. Of course there could be exemptions like for a home that you live in.
That's pie in the sky thinking as it will never pass because the rich will never let that pass.
Trump has been anti worker for 69 years. Why did anyone believe that he changed to be pro worker in the last year?Â
May I ask what your profession is?
While I am NOT jd&ez, I can answer as to his profession. Insurance Salesmen. Emphasis on SALES! | |
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My Heart Be Happy
Posts: 9159
Location: Arkansas | foundation horse - 2016-11-27 6:59 PM
Chandler's Mom - 2016-11-27 5:43 PM
jd&ez - 2016-11-27 9:20 AM
All a bunch of posturing. The people that voted fro Trump bought a pig in a poke. His tax plan is designed to reward the wealthy. Not the super rich like Trump, he already doesn't pay income tax. I'm in the bracket to get a 2% federal reduction. We paid about $30K federal taxes last year so I'm in line to save $600. I guess that will soothe the soreness of having a racist bigot President? WooHoo!!
I do expect my $600 to not be the lasting windfall that it seems to be. Most of my clients are low income. If not on medicaid they are are getting extra help. They are the ones that will be hit hard by trumpinonmics. If my clients can't continue to be clients then my $600 windfall goes out the window.
As for fairness of taxes, there is only one true equalizer, a national sales tax and ditch the whole system we have now. We would all pay the same then. The low income, the middle class and the super rich. Don't want to pay taxes? Don't spend. But, the drug money would be taxed then. The under the table cash payments that slip by today would be taxed. Of course there could be exemptions like for a home that you live in.
That's pie in the sky thinking as it will never pass because the rich will never let that pass.
Trump has been anti worker for 69 years. Why did anyone believe that he changed to be pro worker in the last year?Â
May I ask what your profession is?
While I am NOT jd&ez, I can answer as to his profession. Insurance Salesmen. Emphasis on SALES!
Thank you!!!! | |
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 Firecracker Dog Lover
Posts: 3175
| rodeomom3 - 2016-11-25 5:58 PM classicpotatochip - 2016-11-25 7:47 PM 1DSoon - 2016-11-25 5:19 PM BS Hauler - 2016-11-25 6:15 PM I think that getting rid of the death tax will be a long term disaster for this country. In 20 or 30 years all property will be owned by a lot fewer people than it is now. People that don't own any property will never be able to compete with the owners and inheriter's of property for any piece of property that comes up for sale. The average person will be locked out of buying property. I own my own now and I can see the hand writing on the wall and this is not good for the country. There will be no reason for property to ever come up for sale if this gets passed.
that is very possibly the dumbest thing I have ever read on the interweb.
And I look at Huffington pretty reg Fantastically stupid.
Edited by brlraceaddict 2016-11-28 12:15 PM
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 Famous for Not Complaining
Posts: 8848
Location: Broxton, Ga | classicpotatochip - 2016-11-24 5:20 PM
I benefit from trickle down everyday.
Tax cuts allow for company expansion and profit, which allows them to retain me as a contractor. .
No profit, no worky. No worky, no money for groceries. Pretty simple illustration I think.
Right now, the bill that's kicking our ass in our household is healthcare. It's way over what a 2% increase in taxes would be. Change the healthcare and keep the 2%, I'm still keeping more money. Bring on the Trump!! I'm so ready.
Truth and allows the employer to increase wages for employees instead of paying for healthcare....I sure could do a lot with the $15k that my husbands employer pays for our healthcare......before Obamacare it was $4200.......... | |
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 Googly Goo
Posts: 7053
| jd&ez - 2016-11-27 9:20 AM ....
As for fairness of taxes, there is only one true equalizer, a national sales tax and ditch the whole system we have now. We would all pay the same then. The low income, the middle class and the super rich. Don't want to pay taxes? Don't spend. But, the drug money would be taxed then. The under the table cash payments that slip by today would be taxed. Of course there could be exemptions like for a home that you live in.
You're right, this is the best move for our economy.
It's not the rich that would kill it. It's the Democrats and all the special interests that would never support it. | |
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Googly Goo
Posts: 7053
| SC Wrangler - 2016-11-26 10:29 AM
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. I will not hold my breath waiting for it to trickle down to my pocket.
1) If you're not paying much, you can't save much from a tax cut.
2) After Japan lowered it's corporate tax rate a few years ago, we now have the highest corporate tax rate in the industrial world. If you want to see industry return to the US, corporate rate cuts are a good start.
3) Anyone who hold stocks in their 401K or other retirement plan benefits from the corporate earnings increases created by lower tax rates. It's not just the CEO.
4) To understand the benefit of tax cuts better, read up on the "Laffer Curve". It's an economic concept that Reagan and Kennedy knew very well.
Edited by TXBO 2016-11-28 4:10 PM
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BHW Resident Surgeon
Posts: 25351
Location: Bastrop, Texas | TXBO - 2016-11-28 1:58 PM
SC Wrangler - 2016-11-26 10:29 AMÂ
I have yet to see much in Trump's plan the benefits anyone but his mega-rich pals, Â It looks like tax cuts for them individually as well as bigger CEO bonuses as a result of corporate tax cuts. Â I will not hold my breath waiting for it to trickle down to my pocket.
Â
 1) If you're not paying much, you can't save much from a tax cut.
2) After Japan lowered it's corporate tax rate a few years ago, we now have the highest corporate tax rate in the industrial world. Â If you want to see industry return to the US, corporate rate cuts are a good start.
3) Anyone who hold stocks in their 401K or other retirement plan benefits from the corporate earnings increases created by lower tax rates. Â It's not just the CEO.
4) To understand the benefit of tax cuts better, read up on the "Laffer Curve". Â It's an economic concept, not theory, that Reagan and Kennedy knew very well. Â
I have a very hard time empathizing with people who loathe successful people. I love success stories and I love seeing people get filthy rich as a reward for hard work, perseverance, and risk taking.
Class warfare, and "affluenza" make my ass ache. It boils down to jealousy and envy.
I was reading an article yesterday about the two fellas who came up with the idea of shirts designed not to be tucked in. They developed the product and went through a lot of ups and downs before the "Untuckit" shirt took off like a wildfire. They had a simple concept, and developed a vision followed by a business model. While this was being developed, they both kept their "day jobs", so for a couple years they worked 16 hours a day, minimum. Now they are wealthy. I LOVE it! They are NOT greedy in my mind. They are NOT the reason why the middle class is struggling. In fact, people like them are the solution. I'm quite sure these two are not fools, and they are doing everything they can within the law to minimize their tax burden. If they end up paying a 10% effective tax rate, more power to them, as far as I'm concerned.
Just think about that.....some guy thinks a shirt designed to not be tucked in. Not rocket science. We've all had great ideas, and most of us don't act on it. They did. This is Americana.....I love it! | |
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