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

[Steeleballz 7,550]

23 minutes ago, Italian_in_NYC said:

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.

 

   Correct, and obviously the bigger issue with Trump's is he was not likely to be forthcoming with questions about any of that information when asked. I still don't think there was any value to him personally in releasing the returns;  it would not have changed many voter's positions, and historically if it did, it would have been to cost him votes. 

 

  I've said before I don't really care about seeing it. With every candidate, and especially with someone like Trump, we know the IRS has already gone over everything with a fine tooth comb. 

 

  

[Voice of Reason 10,298]

2 hours 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.  

Why, exactly, do you think rich people should pay more than poor people, or middle class people?  Why should those who have more pay a higher percentage?  They already pay more taxes than the middle class ever will.

[Steeleballz 7,550]

15 minutes ago, IDWAF said:

Why, exactly, do you think rich people should pay more than poor people, or middle class people?  Why should those who have more pay a higher percentage?  They already pay more taxes than the middle class ever will.

 

   Why do you think they should pay a lower percentage?  Why aren't all forms of income treated equally? 

[Steeleballz 7,550]

 

  This is where Gary would have chimed in with the flat tax.

[Voice of Reason 10,298]

1 hour ago, Steeleballz said:

 

   Why do you think they should pay a lower percentage?  Why aren't all forms of income treated equally? 

Show me where I said that, and we can discuss it.

[Steeleballz 7,550]

48 minutes ago, IDWAF said:

Show me where I said that, and we can discuss it.

 

  What exactly is your position then. You are against them paying higher rates, and you are against them paying lower rates? You supporting the flat tax too?

[Amica Nostra 4,803]

2 hours ago, IDWAF said:

Why, exactly, do you think rich people should pay more than poor people, or middle class people?  Why should those who have more pay a higher percentage?  They already pay more taxes than the middle class ever will.

As Warren Buffet is fond of asking "why does my admin pay a higher tax rate than I do?"

[Dashinka 24,793]

4 hours ago, Steeleballz said:

 

   Why do you think they should pay a lower percentage?  Why aren't all forms of income treated equally? 

Aren’t they?  I thought all people paid the same tax rate in the income brackets that progressed to the point of one’s final income?  

[Voice of Reason 10,298]

3 hours ago, Steeleballz said:

 

  What exactly is your position then. You are against them paying higher rates, and you are against them paying lower rates? You supporting the flat tax too?

Yes, I'd love a flat tax rate.   Pay your taxes based on income and kids, and you're done.  Doesn't matter if you make $1,000 or $100,000,000 each year.

 

But that wasn't my point.  My point was that people who are energetic and inclined to get ahead more in life, to maximize their income, shouldn't be penalized by having to take on a higher tax burden.  Our margin system is enough of a penalty towards those who earn more, IMO.

 

Unlike the person I quoted, who seems to think people who are millionaires should pay a higher rate than him/her.  Seems a tad greedy, to me, as well as unfair.

[Steeleballz 7,550]

1 hour ago, Bill & Katya said:

Aren’t they?  I thought all people paid the same tax rate in the income brackets that progressed to the point of one’s final income?  

 

  On earned income yes. Why treat earned income differently than unearned?

[Dashinka 24,793]

7 hours ago, Steeleballz said:

 

  On earned income yes. Why treat earned income differently than unearned?

How does someone unearn income?

[Steeleballz 7,550]

52 minutes ago, Bill & Katya said:

How does someone unearn income?

 

     unearned income

[Voice of Reason 10,298]

1 hour ago, Bill & Katya said:

How does someone unearn income?

Income not actively worked for (employed), such as rental properties, investments, etc.  Think 401K.  

[charmander 692]

5 hours ago, Bill & Katya said:

How does someone unearn income?

Time to buy bitcoin.

[Voice of Reason 10,298]

4 minutes ago, charmander said:

Time to buy bitcoin.

Two years ago, yes.  Not today.