How will Trump’s tax INCREASE affect you?

[SoCal Deek]

2 hours ago, ALF said:

 

Not everyone would volunteer , change the code especially loop holes would be fair to all. 

Exactly! That’s why it’s called volunteering. I’m going to guess you don’t donate to the same charities that I do…but that’s perfectly fine, and I don’t require you to donate to the ones that I support. 

[ALF]

16 minutes ago, SoCal Deek said:

Exactly! That’s why it’s called volunteering. I’m going to guess you don’t donate to the same charities that I do…but that’s perfectly fine, and I don’t require you to donate to the ones that I support. 

 

I'll bet you don't believe billionaires like Trump don't abuse loop holes. The national debt is no biggy also. I know cut spending would you be ok with less Defense , less Border Patrol ?

[SoCal Deek]

9 minutes ago, ALF said:

 

I'll bet you don't believe billionaires like Trump don't abuse loop holes. The national debt is no biggy also. I know cut spending would you be ok with less Defense , less Border Patrol ?

Huh? “Billionaires like Trump” don’t write the tax code…Congress does. What you call a loop hole is slang for the law of the land, and I’m pretty sure you use ‘loop holes’ yourself. Your ire is misplaced. Whether you know it or not, you’re pushing g for a flat tax…which I would also prefer.

[ALF]

6 minutes ago, SoCal Deek said:

Huh? “Billionaires like Trump” don’t write the tax code…Congress does. What you call a loop hole is slang for the law of the land, and I’m pretty sure you use ‘loop holes’ yourself. Your ire is misplaced. Whether you know it or not, you’re pushing g for a flat tax…which I would also prefer.

Always used standard deduction 

[All_Pro_Bills]

22 minutes ago, SoCal Deek said:

Huh? “Billionaires like Trump” don’t write the tax code…Congress does. What you call a loop hole is slang for the law of the land, and I’m pretty sure you use ‘loop holes’ yourself. Your ire is misplaced. Whether you know it or not, you’re pushing g for a flat tax…which I would also prefer.

A flat tax absent lots of exemptions, deductions, exclusions, and schedules like depreciation and amortization would be much more convenient and simple but also hugely disruptive to the accounting and tax preparation professions.  

13 minutes ago, ALF said:

Always used standard deduction 

I've traditionally itemized but since Trump screwed individual payers in high tax states with SALT limitations the standard deduction has been the best option and my effective tax rate has been higher the past few years.    

[Chef Jim]

59 minutes ago, ALF said:

 

I'll bet you don't believe billionaires like Trump don't abuse loop holes. The national debt is no biggy also. I know cut spending would you be ok with less Defense , less Border Patrol ?

Abuse loopholes?  Give us an example of billionaire loophole abuse. 

39 minutes ago, ALF said:

Always used standard deduction 

And have you thanked Donald Trump for doubling your deduction?   Oh wait….he only cut taxes for the rich.  So how rich are you?  

[ALF]

9 minutes ago, Chef Jim said:

Abuse loopholes?  Give us an example of billionaire loophole abuse. 

And have you thanked Donald Trump for doubling your deduction?   Oh wait….he only cut taxes for the rich.  So how rich are you?  

 

Waiting for Trump to release all is tax returns so Rachel Maddow can audit them.

 

Yes I do thank Trump for doubling the standard deduction.

[Chef Jim]

Just now, ALF said:

 

Waiting for Trump to release all is tax returns so Rachel Maddow can audit them.

 

So your billionaire tax loophole abuse was something you just threw out there with nothing to back it up with?  Got it. 

[ALF]

4 minutes ago, Chef Jim said:

So your billionaire tax loophole abuse was something you just threw out there with nothing to back it up with?  Got it. 

 

Warren Buffett says he's still paying lower tax rate than his secretary   March 4, 2013

https://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/index.html

 

This was way before Trump cuts.

[Chef Jim]

Just now, ALF said:

 

Warren Buffett says he's still paying lower tax rate than his secretary   March 4, 2013

https://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/index.html

 

This was way before Trump cuts.

And where is the abuse?  Why has Buffer not been charged with tax evasion?  See when you use the rules in place to your advantage it’s not abuse.  Wouldn’t you agree?  

[ALF]

1 minute ago, Chef Jim said:

And where is the abuse?  Why has Buffer not been charged with tax evasion?  See when you use the rules in place to your advantage it’s not abuse.  Wouldn’t you agree?  

 

Nope , cutting taxes for the rich when they don't need even more money is unfair , per AOC 🙂

[Chef Jim]

2 minutes ago, ALF said:

 

Nope , cutting taxes for the rich when they don't need even more money is unfair , per AOC 🙂

Methinks you don’t know what the term abuse means.  How is it abuse if they are following the tax laws put in place?
 

So getting to keep more of theirs is needing more money?  🤔 

Edited May 24, 2022 by Chef Jim

[ALF]

1 minute ago, Chef Jim said:

Methinks you don’t know what the term abuse means.  How is it abuse if they are following the tax laws put in place?
 

So getting to keep more of theirs is needing more money?  🤔 

 

Pass fair tax laws and there will be a lot less abuse. Loop holes are written by lobbyists for guess who.

[Chef Jim]

4 minutes ago, ALF said:

 

Pass fair tax laws and there will be a lot less abuse. Loop holes are written by lobbyists for guess who.

Define a fair tax code. 

[Tenhigh]

31 minutes ago, ALF said:

 

Yes I do thank Trump for doubling the standard deduction.

I always knew that you were a Trumper 😁

11 minutes ago, ALF said:

 

Pass fair tax laws and there will be a lot less abuse. Loop holes are written by lobbyists for guess who.

Do you think there is a dollar limit to how much one individual should have to pay in taxes?

Edited May 24, 2022 by Tenhigh

[Chef Jim]

17 minutes ago, Tenhigh said:

Do you think there is a dollar limit to how much one individual should have to pay in taxes?

My answer is hell no. There is no limit to how much one can earn so why would there be a limit on the dollar amount they pay in taxes.  Kind of why there is an income limit on SS tax. The reason is because there is a cap on the SS income when collecting. 

[ALF]

Let Warren Buffett head a committee to recommend a fair tax code. That of course would never happen.

[Over 29 years of fanhood]

1 hour ago, All_Pro_Bills said:

A flat tax absent lots of exemptions, deductions, exclusions, and schedules like depreciation and amortization would be much more convenient and simple but also hugely disruptive to the accounting and tax preparation professions.  

I've traditionally itemized but since Trump screwed individual payers in high tax states with SALT limitations the standard deduction has been the best option and my effective tax rate has been higher the past few years.    

This!
 

Despite all the rhetoric my effective tax rate went up (and total payout too) under recently changed tax policy because we do well and are in a blue state with a relatively new mortgage. That April balance owed was quite larger than previous years and has been since.  

 

at the same the retirees or lower income earners in my family and renters saw their tax returns (whatever that is) increase by a bunch. 

so in reality that tax policy change muted the tax benefit from buying expensive mortgages in rich states.
 

any genuine democrat for the people should have embraced it as a step in the right direction. 

 

[ALF]

If the national debt is not a problem then all is well .

[Over 29 years of fanhood]

16 minutes ago, ALF said:

If the national debt is not a problem then all is well .

sort of like climate change, It’s not a problem until it is but by then you probably just learned to live with it anyway.