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Re: 2018 Tax Returns.....whos getting screwed? [Re: Uberkuque] #2908762
02/05/19 03:48 AM
02/05/19 03:48 AM
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THE TERRORIST OF TERRAMAR
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THE TERRORIST OF TERRAMAR
Originally Posted By: Uberkuque
Originally Posted By: Coat Hanger
Originally Posted By: Uberkuque
Yes this is keeping me up nights. I think my wife and I are in the bracket (and location) that will be hit among the hardest by this.

So that millionaires and billionaires can get a tax cut. Un-fvcking-real.

If there was ever a reason and time to refuse to pay taxes based on a moral objection, this would be it.


Wealthy peoples taxes have nothing to do with yours.

You need to pay your fair share.


I pay my fair share. The wealthy dont pay theirs.

For example Trump paid zero taxes, thanks to RE loopholes.

Why are capital gains taxes so much lower than income taxes? Passive income doesnt deserve to be taxed at a lower rate than regular income.


I don't know the specific on Trumps income...but I'm fairly certain it's not considered "passive"...mostly because there's no such thing according to the IRS. If I'm assuming you are using it colloquially....his income certainly isn't in the passive bucket. Also generally this type of income has very limited deductions available to it.

Capital gains are what provides much of the liquidity in the markets. This is money that is put at risk on the bet of a return. It's not this giant sum of money sitting in someones bank or investment account. It's in the economy working, and when returned it is re-invested. If you restrict this you wind up with limited equity or cash available for businesses to use to grow, expand, hire people, etc. This is similar to what happened when the mortgage backed securities took a tumble. Banks and investors hoarded what cash they had until the government stepped in with trillions of dollars to loosen things up. If you want the government to take this money away then we start looking at the economy contracting.


Originally Posted By: StuAzole
The deference given to veterans is insane. They signed up, did their job and got paid for it. Fine.
Re: 2018 Tax Returns.....whos getting screwed? [Re: Uberkuque] #2908765
02/05/19 03:51 AM
02/05/19 03:51 AM
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Originally Posted By: Uberkuque
Yes this is keeping me up nights. I think my wife and I are in the bracket (and location) that will be hit among the hardest by this.

So that millionaires and billionaires can get a tax cut. Un-fvcking-real.

If there was ever a reason and time to refuse to pay taxes based on a moral objection, this would be it.
go for it.


ideologically vacant
Re: 2018 Tax Returns.....whos getting screwed? [Re: stu dog] #2908775
02/05/19 04:23 AM
02/05/19 04:23 AM
Joined: Feb 2007
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NOC
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"But if LA keeps adding on measures to my property tax, that will start to hurt."

Taxes just keep going up across the board
Dems have no limit on raising them


Nobody surfs here anymore..........it's too crowded
Women have zero ability to self-analyze when it comes to nagging
shaka
Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908783
02/05/19 04:40 AM
02/05/19 04:40 AM
Joined: Feb 2002
Posts: 6,760
san diego, CA
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just wait until the Green New deal of some variation thereof is passed at the bottom of the next economic recession.

you best be debt free by then and making no more than $100K if you want to avoid a tax beat down the likes of which this country has not seen in many, many years.

Re: 2018 Tax Returns.....whos getting screwed? [Re: Coat Hanger] #2908826
02/05/19 10:26 AM
02/05/19 10:26 AM
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Originally Posted By: Coat Hanger
Originally Posted By: Uberkuque
Originally Posted By: Coat Hanger
Originally Posted By: Uberkuque
Yes this is keeping me up nights. I think my wife and I are in the bracket (and location) that will be hit among the hardest by this.

So that millionaires and billionaires can get a tax cut. Un-fvcking-real.

If there was ever a reason and time to refuse to pay taxes based on a moral objection, this would be it.


Wealthy peoples taxes have nothing to do with yours.

You need to pay your fair share.


I pay my fair share. The wealthy dont pay theirs.

For example Trump paid zero taxes, thanks to RE loopholes.

Why are capital gains taxes so much lower than income taxes? Passive income doesnt deserve to be taxed at a lower rate than regular income.


I don't know the specific on Trumps income...but I'm fairly certain it's not considered "passive"...mostly because there's no such thing according to the IRS. If I'm assuming you are using it colloquially....his income certainly isn't in the passive bucket. Also generally this type of income has very limited deductions available to it.

Capital gains are what provides much of the liquidity in the markets. This is money that is put at risk on the bet of a return. It's not this giant sum of money sitting in someones bank or investment account. It's in the economy working, and when returned it is re-invested. If you restrict this you wind up with limited equity or cash available for businesses to use to grow, expand, hire people, etc. This is similar to what happened when the mortgage backed securities took a tumble. Banks and investors hoarded what cash they had until the government stepped in with trillions of dollars to loosen things up. If you want the government to take this money away then we start looking at the economy contracting.


Money is quite cheap historically

If we were to reallocate partially the tax burden away from labor income to capital gains, and this were to be clearly signaled in advance so investors had a chance to adjust, I dont think its obvious that this would be negative

Most of the economy is consumer spending

Consumers have more money, spend more= more growth

Vs that same money being locked up in some PE fund

Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908828
02/05/19 10:28 AM
02/05/19 10:28 AM
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This assumes the govt would actually cut taxes for workers instead of just trying to grab additional taxes from investors, which is admittedly a big assumption

Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908838
02/05/19 01:07 PM
02/05/19 01:07 PM
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Capital Gains tax, from my understanding, is taxed at a lower rate because its money that has already been taxed before investing. Government is already getting double taxed money. Just wait until you turn 70 and the government forces you to withdraw %s each year even though you dont need or want it....

Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908839
02/05/19 01:11 PM
02/05/19 01:11 PM
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Just wait until we get our "free healthcare" and "free college"


My entire existence is a failed gotcha
Re: 2018 Tax Returns.....whos getting screwed? [Re: Barknuckle] #2908840
02/05/19 01:12 PM
02/05/19 01:12 PM
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Originally Posted By: Barknuckle
Capital Gains tax, from my understanding, is taxed at a lower rate because its money that has already been taxed before investing. Government is already getting double taxed money. Just wait until you turn 70 and the government forces you to withdraw %s each year even though you dont need or want it....


Only the profit is taxed so this is kind of BS

Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908863
02/05/19 02:26 PM
02/05/19 02:26 PM
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Vagina Point
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I love love love capital gains.

So much better than actual work.

If you inherit the money and then you make gains on the capital, even better!

I get why richie rich likes it!


A threat response is a potent trigger for motivated reasoning.

"People who are right a lot listen a lot, and they change their mind a lot. . . . . They wake up and reanalyze things and change their mind. If you don't change your mind frequently, you're going to be wrong a lot."
Re: 2018 Tax Returns.....whos getting screwed? [Re: Autoprax] #2908866
02/05/19 02:33 PM
02/05/19 02:33 PM
Joined: Jan 2016
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Urbana, Illinois
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Originally Posted By: Autoprax
I love love love capital gains.

So much better than actual work.

If you inherit the money and then you make gains on the capital, even better!

I get why richie rich likes it!


Yup.

GOP to wage earners: Drop dead.




"I'm sorry, Dave. I'm afraid I can't do that."
Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908867
02/05/19 02:33 PM
02/05/19 02:33 PM
Joined: Jan 2016
Posts: 14,126
Urbana, Illinois
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"I'm sorry, Dave. I'm afraid I can't do that."
Re: 2018 Tax Returns.....whos getting screwed? [Re: Coat Hanger] #2908890
02/05/19 04:01 PM
02/05/19 04:01 PM
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Originally Posted By: Coat Hanger
Originally Posted By: Uberkuque
Originally Posted By: Coat Hanger
Originally Posted By: Uberkuque
Yes this is keeping me up nights. I think my wife and I are in the bracket (and location) that will be hit among the hardest by this.

So that millionaires and billionaires can get a tax cut. Un-fvcking-real.

If there was ever a reason and time to refuse to pay taxes based on a moral objection, this would be it.


Wealthy peoples taxes have nothing to do with yours.

You need to pay your fair share.


I pay my fair share. The wealthy dont pay theirs.

For example Trump paid zero taxes, thanks to RE loopholes.

Why are capital gains taxes so much lower than income taxes? Passive income doesnt deserve to be taxed at a lower rate than regular income.


I don't know the specific on Trumps income...but I'm fairly certain it's not considered "passive"...mostly because there's no such thing according to the IRS. If I'm assuming you are using it colloquially....his income certainly isn't in the passive bucket. Also generally this type of income has very limited deductions available to it.

Capital gains are what provides much of the liquidity in the markets. This is money that is put at risk on the bet of a return. It's not this giant sum of money sitting in someones bank or investment account. It's in the economy working, and when returned it is re-invested. If you restrict this you wind up with limited equity or cash available for businesses to use to grow, expand, hire people, etc. This is similar to what happened when the mortgage backed securities took a tumble. Banks and investors hoarded what cash they had until the government stepped in with trillions of dollars to loosen things up. If you want the government to take this money away then we start looking at the economy contracting.


I understand what youre saying but am not convinced. Seems to me this is an offshoot of the trickle-down economic theory that has been so often assumed but never proven, especially by those with money who favor keeping capital gains taxes low (I.e., Republicans). As BO points out, a necessary condition to economic proliferation is consumer spending, and shifting higher tax burdens to those with ordinary incomes reduces that.

That said, I have philosophical and moral objections to the notion that we need to help artificially keep rich people rich (by lower taxes) because keeping them rich allows them to reinvest which is good for the economy. Thats BS.

Re: 2018 Tax Returns.....whos getting screwed? [Re: hal9000] #2908894
02/05/19 04:05 PM
02/05/19 04:05 PM
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scared to find out...

Re: 2018 Tax Returns.....whos getting screwed? [Re: ifallalot] #2908896
02/05/19 04:12 PM
02/05/19 04:12 PM
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your mom
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Originally Posted By: ifallalot
Just wait until we get our "free healthcare" and "free college"


roflmao

Please quote who ever said "free" healthcare and "free" college.

If you can't, just STFU about "free" stuff.

I don't want anything for free, I pay taxes, willingly.


Originally Posted By: ifallalot v.1.0
Makes me wonder how the people who are the most "patriotic" hate the very government and system that controls their country and are always trying to make it balkanized


Last edited by FecalFace; 02/05/19 04:21 PM. Reason: added a brilliant quote from a guy who doesn't post here anymore.

"The real enemy are the (gun) manufactures of your toys and the NRA. They play on your fear to steal your money." - ifallalot / 2014
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