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

[Steeleballz 7,550]

12 minutes ago, Boiler said:

PLEASE

 

No facts

 

Confuses the MDL.

 

  Nobody actually said you could determine someones net worth from only a tax return. The MDR seems to confuse itself most of the time.

[Italian_in_NYC 259]

2 hours ago, Steeleballz said:

 

  Nobody actually said you could determine someones net worth from only a tax return. The MDR seems to confuse itself most of the time.

They might help clear up the question about the size Trump's supposed fortune. Part of the reason for Trump's appeal to many of the folks who voted for him, was the claim Trump has often repeated that he is worth in excess of $10 Billion, when others have suggested that he isn't worth anywhere close to that sum. Imagine if it came out during the election that Trump was broke, or only worth a fraction of his claimed fortune. 

 

Looks like someone did say or imply that.

That's why releasing tax returns is irrelevant and it only fuels political nonsense.

[Póg mo 1,749]

4 hours ago, Italian_in_NYC said:

There is no way to see someone's net worth from his/her tax return by the way.

 

Someone worth $100bn could have no or little income.

Wait, so you believe that someone who likes to present himself as a great business man, doesn't have an income that would show up on his tax returns? Interesting

[Póg mo 1,749]

26 minutes ago, Italian_in_NYC said:

They might help clear up the question about the size Trump's supposed fortune. Part of the reason for Trump's appeal to many of the folks who voted for him, was the claim Trump has often repeated that he is worth in excess of $10 Billion, when others have suggested that he isn't worth anywhere close to that sum. Imagine if it came out during the election that Trump was broke, or only worth a fraction of his claimed fortune. 

 

Looks like someone did say or imply that.

That's why releasing tax returns is irrelevant and it only fuels political nonsense.

Usually successful business people tend to have high incomes, or perhaps I missing something? 

[Steeleballz 7,550]

24 minutes ago, Italian_in_NYC said:

They might help clear up the question about the size Trump's supposed fortune. Part of the reason for Trump's appeal to many of the folks who voted for him, was the claim Trump has often repeated that he is worth in excess of $10 Billion, when others have suggested that he isn't worth anywhere close to that sum. Imagine if it came out during the election that Trump was broke, or only worth a fraction of his claimed fortune. 

 

Looks like someone did say or imply that.

That's why releasing tax returns is irrelevant and it only fuels political nonsense.

 

   The phrase "imagine if it came out" means releasing several years of tax returns would lead to further questions about his finances. Capital gains or losses, deductions, charitable donations. Ten years of someones tax returns would certainly give some insight on how they are doing financially.  They would for me at least. I would think as a tax guy you would be able to put something together by looking at that information.

 

  

[The Nature Boy 7,659]

9 hours ago, Póg mo said:

Usually successful business people tend to have high incomes, or perhaps I missing something? 

Yes you are 

[Italian_in_NYC 259]

On ‎12‎/‎25‎/‎2017 at 12:02 AM, Steeleballz said:

 

   The phrase "imagine if it came out" means releasing several years of tax returns would lead to further questions about his finances. Capital gains or losses, deductions, charitable donations. Ten years of someones tax returns would certainly give some insight on how they are doing financially.  They would for me at least. I would think as a tax guy you would be able to put something together by looking at that information.

 

  

No, they wouldn't give any insight on someone's net worth. It's called 'income tax return' for a simple reason, it's just about the income (of that particular year). 

[Póg mo 1,749]

On 12/25/2017 at 8:19 AM, Nature Boy Flair said:

Yes you are 

Okay what exactly am I missing? Or are you suggesting that the tax laws in this country are too lax and allow Billionaires to avoid paying taxes on their incomes? Someone should tell the Republican party, cause they seem to think Billionaires pay too much tax and deserved a cut. I don't and can understand why higher taxes are not really the job killers folks here like to pretend they are. Infact higher taxes traditionally deterred hording of wealth by the few, at the expense of the many.  

[The Nature Boy 7,659]

11 minutes ago, Póg mo said:

Okay what exactly am I missing? Or are you suggesting that the tax laws in this country are too lax and allow Billionaires to avoid paying taxes on their incomes? Someone should tell the Republican party, cause they seem to think Billionaires pay too much tax and deserved a cut. I don't and can understand why higher taxes are not really the job killers folks here like to pretend they are. Infact higher taxes traditionally deterred hording of wealth by the few, at the expense of the many.  

what do you think warren Buffet lists for salary on his income tax return every year . This is not hard

 

[Boiler 46,108]

6 minutes ago, Nature Boy Flair said:

what do you think warren Buffet lists for salary on his income tax return every year . This is not hard

 

Less than his Secretary?

[The Nature Boy 7,659]

1 minute ago, Boiler said:

Less than his Secretary?

smart guess

[Steeleballz 7,550]

17 minutes ago, Italian_in_NYC said:

No, they wouldn't give any insight on someone's net worth. It's called 'income tax return' for a simple reason, it's just about the income (of that particular year). 

 

   I said they would lead to other questions. Did you even read what I said? Besides that, they don't release a single return, they release several years worth. I find it strange as a tax guy that you couldn't look at someones returns over several years and ascertain what kind of financial situation they were in.

 

  As was the case with Nixon, there is more information than income. It's the additions and deductions to income that people were also interested in. 

[Boiler 46,108]

2 minutes ago, Nature Boy Flair said:

smart guess

Worthy of an up vote?

[Italian_in_NYC 259]

5 minutes ago, Steeleballz said:

 

   I said they would lead to other questions. Did you even read what I said? Besides that, they don't release a single return, they release several years worth. I find it strange as a tax guy that you couldn't look at someones returns over several years and ascertain what kind of financial situation they were in.

 

  As was the case with Nixon, there is more information than income. It's the additions and deductions to income that people were also interested in. 

You would need to look at all the business returns in which he has an interest, at least they have a balance sheet on schedule L.

But just looking at an individual return wouldn't give you any insight as only reportable taxable transactions are reported.

When Mitt Romney return came out I read all sort of biased and tweaked analyses. His return was extremely complex and only specialized tax attorney or niche CPAs could get a grasp on it.

Yet, the former President during a debate dared to argue that he sheltered cash overseas and the sheeps went with him. Romney told him (correctly) that if you have a 401k, you most likely have some assets invested overseas.

[Italian_in_NYC 259]

32 minutes ago, Póg mo said:

Okay what exactly am I missing? Or are you suggesting that the tax laws in this country are too lax and allow Billionaires to avoid paying taxes on their incomes? Someone should tell the Republican party, cause they seem to think Billionaires pay too much tax and deserved a cut. I don't and can understand why higher taxes are not really the job killers folks here like to pretend they are. Infact higher taxes traditionally deterred hording of wealth by the few, at the expense of the many.  

What is exactly your problem with having few very rich people?

A healthy society has some billionaires, more millionaires, a vast majority in middle class (upper and lower middle class included) and some poor people.

When everyone is at the same level it usually means everyone is poor, and likely oppressed.

I can tell you that US billionaires pay tax on all of their taxable income, that's for sure.