The Republican tax bill got worse: now the top 1% gets 83% of the gains

[Voice of Reason 10,298]

Just now, charmander said:

There must be a reason the likelihood of getting an IRS audit is the highest among the top bracket. I believe the odds are close to 1 in 5 for people making +$10M.

The reason is that with people making less than $50K, the juice is not worth the squeeze.  Being poor does not mean one is more honest.  

 

But if someone earning $10M per year makes a mistake, the interest and penalties are much more worth the time spent ferreting them out.

[charmander 692]

Just now, IDWAF said:

The reason is that with people making less than $50K, the juice is not worth the squeeze.  Being poor does not mean one is more honest.  

 

But if someone earning $10M per year makes a mistake, the interest and penalties are much more worth the time spent ferreting them out.

Mistake?

[Voice of Reason 10,298]

4 minutes ago, charmander said:

Mistake?

Mistakes cost the same as changing the numbers intentionally, once caught.  I'm sure you've made mistakes on your returns; I know I have.

[The Nature Boy 7,659]

1 hour ago, charmander said:

Mistake?

Yes, people make mistakes all the time. I did last year.

[charmander 692]

1 hour ago, Nature Boy Flair said:

Yes, people make mistakes all the time. I did last year.

Not last November, right?

 

[Ebunoluwa 6,136]

4 hours ago, Ban Hammer said:

Sure,....doing my calculations they will increase anyway.

[Ebunoluwa 6,136]

3 hours ago, Bill & Katya said:

Are you suggesting that some people in the top brackets, or corporations do not pay the taxes they owe?  

You mean Trump ? I wouldn't know, he isn't showing his so he may have something to hide. Dunno  

[Ebunoluwa 6,136]

3 hours ago, IDWAF said:

Still upset you never got to see Trump's returns?  Still think he's one of them thar tax evaders?

Yep. Still. That and then some.

[Voice of Reason 10,298]

1 hour ago, Ebunoluwa said:

You mean Trump ? I wouldn't know, he isn't showing his so he may have something to hide. Dunno  

Do you make a habit of showing strangers your tax returns?  How... unique.   I only show mine to banks and USCIS folks, personally.

[Voice of Reason 10,298]

1 hour ago, Ebunoluwa said:

Yep. Still. That and then some.

I would imagine that if Trump was doing something wrong on his tax filing, the IRS would have been all over it already. 

 

Add to that that Trump has a team of accountants to do his filing for him.  Do you think all of them are breaking the law for him?

[Póg mo 1,749]

8 hours ago, Italian_in_NYC said:

Increased?

So basically when a wealthy person dies, the Government should confiscate everything?

I don't believe I said that. Ok, why should people who work for their money, pay more tax than people who inherited theirs? I honestly don't understand why certain people are so concerned about helping the wealthy avoid paying taxes. 

 

8 hours ago, Italian_in_NYC said:

I saw many heirs of business owners having to sell the business (at a huge discount, obviously) because they had no cash to pay the huge tax bill.

The estate tax doesn't hit just your bank account. It values the business you own (which might not be very liquid) and taxes at 40% over the exclusion.

Cry me a river. Maybe you should tell them to find a better tax advisor. Too much intergenerational wealth transfer is a bad idea. You end up with wealth being concentrated in fewer and hands, kind of like it is now.  If you don't know why that's a bad idea, then I suggest you do search for Bolshevik Revolution, French revolution, Irish famine, Chinese revolution 1911 etc, all examples of what happens when too much power is concentrated in too few hands.

[Steeleballz 7,550]

31 minutes ago, IDWAF said:

Do you make a habit of showing strangers your tax returns?  How... unique.   I only show mine to banks and USCIS folks, personally.

 

   It's not unique for someone running for president. It's actually unique for a candidate not to release them. However it's already been made obvious that Trumps followers are not going to hold him accountable for anything, so indeed why release them. As Trump said, he could shoot someone in the street and his followers wouldn't care.  It doesn't actually help Trump in any way to release his tax returns. If his supporters don't care, there really is no reason for him to do it.

[Amica Nostra 4,803]

38 minutes ago, IDWAF said:

Do you make a habit of showing strangers your tax returns?  How... unique.   I only show mine to banks and USCIS folks, personally.

No one here is running for president, thank God.

[Voice of Reason 10,298]

1 hour ago, Póg mo said:

I don't believe I said that. Ok, why should people who work for their money, pay more tax than people who inherited theirs? I honestly don't understand why certain people are so concerned about helping the wealthy avoid paying taxes. 

Why should wealthy people pay taxes on their money twice?  They were taxed throughout their whole life.  Why tax that money again?

[Voice of Reason 10,298]

50 minutes ago, Steeleballz said:

 

   It's not unique for someone running for president. It's actually unique for a candidate not to release them. However it's already been made obvious that Trumps followers are not going to hold him accountable for anything, so indeed why release them. As Trump said, he could shoot someone in the street and his followers wouldn't care.  It doesn't actually help Trump in any way to release his tax returns. If his supporters don't care, there really is no reason for him to do it.

I've never understood it.  Unless and until the US makes it a requirement to apply for the office and provide copies of past years' returns, those returns are private.  I've never cared about seeing any candidate's returns.  I'm sure the IRS has been keeping them straight for years, along with their accountants.