Big Tax Increase coming soon.....we told ya so.

[percysunshine]

This will be a middle class tax increase.

As Willie Sutton said..."I rob banks because that is where the money is".

 

[struth]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

Leeching is when you pay little or nothing and expect other people to pay your share and more...... also known as a Democrat.

Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? | The Motley Fool

I’ve read that article many times. All the more reason why his secretary should keep more of her paycheck. Watch and see what happens.

a

The argument is that income should all be taxed as income. Earlier it was noted that everyone should be taxed the same. O.K.

The only income that's taxed differently are long term investments, that are realized. The reason for that, is that money was first taxed, and we want to encourage people to invest for their future....and that is taxed at the same rate for all levels

The money is NOT taxed. The 'profit" has NEVER been taxed. This is one of the most accepted lies of the gullible.

Even then it's hardly always true. Guy borrows $500,000, invests it and makes $700,000. None of that had been taxed. He pays a lower rate on that $200,000 than the poor guy busting his butt making $60,000.

That needs to end.

you don't know much about how borrowed money is taxed do you?

If you borrow 500K you have to pay it back. BUT the loan principal you pay back is not a tax deduction the interest is the only thing that gets treated as a write off. So the 500K you use to pay back the principal comes from the after tax profit of the business.

Which has nothing to do with what I said.

The 500K isn't taxed because it's not income it's money you pay to borrow.

And the 700K will be taxed as soon as he sells the assets.

So the profit will be taxed. So you're wrong that none of the money is taxed.

I didn't argue that. I argued ONLY the $200,000 is taxed.

it is taxed as soon as he sells his assets and realizes the gains

So? The $200,000 is taxed, not the $700,000 which means nothing was taxed twice.

OK a little clarification is needed here.

Did he make 700K or 200K

The initial 500K isn't part of what he made it was the purchase price of the stock.

So if he made 700K then his stock has to be worth 1.2 million. The 500K isn't taxed because it is not income but a loan and has to be paid back to the bank with interest. ((banks don't usually make loans for stock market speculation but we'll ignore that for now)

So if you want the 500K loan principal to be taxed then all loan principals for all loans have to be taxed. Do you really want to pay tax on your mortgage principal?

I clearly stated the scenario early on.

Then where did you get the 200K figure?

If he made 700K then 700K will be subject to capital gains taxes

Read what I wrote. I explained.

I did you said he borrowed 500K and made 700K

I want to know if he actually made 700K or did he only make 200K?

It's his net that matters

I explained. In either case it matters none. Nothing there is double taxed no matter what he made. He only pays taxes on the money made, not the 500K.

I never said anything was double taxed

My point was more that the 500K loan was not income and therefore not taxed.

Being double taxed it what the discussion was about. You came in late and got yourself off topic because you didn't read the thread.

That money is double taxed on stocks...it's tax at the corp rate, then again when it's paid as a dividend

Those are two different things. A persons income is taxed the same way. The corp pays a tax and then the employee pays a tax.

sure but we aren't talking about employees...someone that owns that stock, owns a part of the company....thus they are taxed at the corp rate, and then at dividends.....the same money is taxed twice

 

[iamwhatiseem]

All those idiots who thought everything was free....now gonna see somebody always gotta pay for the free stuff.

Biden Plans First Major Federal Tax Hike Since 1993

President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion COVID-19 stimulus act, the...

www.newsmax.com

The working class have been paying for the tax give aways to the rich for 40 years. Currently to the tune of $20 Trillion.

The same people who have been paying for the freebies in subsidies to fossil fuel, petro chemical, pharmaceutical, defense contractor, and insurance companies.

The same people that have been paying to bail out the banks, air lines, and Donald Trumps bankruptcies.

You're right. You're getting to see what' it's like to have to give up on those freebies.

That money belongs to the people. The people that actually work for a living in this country, which is the only reason those worthless fucks exist, and we want our money back.

And we're going to get it.

bullshit--the rich pay MORE than their fair share

So why are they the only ones to get much richer with each tax cut?

Because they pay most of the taxes.
How the fuck is a person who pays ZERO taxes suppose to pay less taxes???

They should pay most of the taxes. They get the vast majority of the benefits of our taxes.

They pay the vast majority of taxes - so DUH! they get most of the benefits.
You understand Math Matters right?
If you want to complain about wealth concentration, companies getting too big etc. - I am there also.
But math is math.

 

[Mac-7]

My side? I'm the only one arguing for cuts and tax increases to cover the debt.

I am with you on the cuts - across the board of course - not targeted

and if you are willing to raise everyones tax rate equally I’m with you there also

 

[iamwhatiseem]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

You realize that to "pay for things"... the IRS would have to collect 100% of every paycheck earned in America for over a year to pay what the government is spending.
No - I didn't think you did

Whatever. You want to put on future generations your irresponsible spending?

Whatever = I don't have an answer for what you say

I did answer. Why shouldn't you be responsible for your irresponsible spending as opposed to future generations?

Spending has to be cut, not taxes raised.
It is simple math. As has been repeated over and over and over - if you "taxed the rich" 100% of their earnings - it wouldn't put a dent in the Debt spending.
It is not about taxes.... it is about spending!!

 

[struth]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

Leeching is when you pay little or nothing and expect other people to pay your share and more...... also known as a Democrat.

Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? | The Motley Fool

I’ve read that article many times. All the more reason why his secretary should keep more of her paycheck. Watch and see what happens.

a

The argument is that income should all be taxed as income. Earlier it was noted that everyone should be taxed the same. O.K.

The only income that's taxed differently are long term investments, that are realized. The reason for that, is that money was first taxed, and we want to encourage people to invest for their future....and that is taxed at the same rate for all levels

The money is NOT taxed. The 'profit" has NEVER been taxed. This is one of the most accepted lies of the gullible.

Even then it's hardly always true. Guy borrows $500,000, invests it and makes $700,000. None of that had been taxed. He pays a lower rate on that $200,000 than the poor guy busting his butt making $60,000.

That needs to end.

you don't know much about how borrowed money is taxed do you?

If you borrow 500K you have to pay it back. BUT the loan principal you pay back is not a tax deduction the interest is the only thing that gets treated as a write off. So the 500K you use to pay back the principal comes from the after tax profit of the business.

Which has nothing to do with what I said.

The 500K isn't taxed because it's not income it's money you pay to borrow.

And the 700K will be taxed as soon as he sells the assets.

So the profit will be taxed. So you're wrong that none of the money is taxed.

I didn't argue that. I argued ONLY the $200,000 is taxed.

it is taxed as soon as he sells his assets and realizes the gains

So? The $200,000 is taxed, not the $700,000 which means nothing was taxed twice.

OK a little clarification is needed here.

Did he make 700K or 200K

The initial 500K isn't part of what he made it was the purchase price of the stock.

So if he made 700K then his stock has to be worth 1.2 million. The 500K isn't taxed because it is not income but a loan and has to be paid back to the bank with interest. ((banks don't usually make loans for stock market speculation but we'll ignore that for now)

So if you want the 500K loan principal to be taxed then all loan principals for all loans have to be taxed. Do you really want to pay tax on your mortgage principal?

I clearly stated the scenario early on.

Then where did you get the 200K figure?

If he made 700K then 700K will be subject to capital gains taxes

Read what I wrote. I explained.

I did you said he borrowed 500K and made 700K

I want to know if he actually made 700K or did he only make 200K?

It's his net that matters

I explained. In either case it matters none. Nothing there is double taxed no matter what he made. He only pays taxes on the money made, not the 500K.

I never said anything was double taxed

My point was more that the 500K loan was not income and therefore not taxed.

Being double taxed it what the discussion was about. You came in late and got yourself off topic because you didn't read the thread.

That money is double taxed on stocks...it's tax at the corp rate, then again when it's paid as a dividend

The double tax thing is an example used for C corp income And it really only involves the owners of the corp.

The corp will pay taxes on it's income then the person receiving dividends will get taxed on those dividends. But the year that dividends are paid they are a write off for the corporation.

That is why the S corp is used to structure most small not publicly traded businesses

yep, that's what I have been trying to inform this poster about

 

[Flash]

Dem stupid Moon Bats love their tax increases.

When it fucks up the ecnomy like it always does then they can blame the terrible economy on somebody else like they always do.

 

[BULLDOG]

All those idiots who thought everything was free....now gonna see somebody always gotta pay for the free stuff.

Biden Plans First Major Federal Tax Hike Since 1993

President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion COVID-19 stimulus act, the...

www.newsmax.com

The working class have been paying for the tax give aways to the rich for 40 years. Currently to the tune of $20 Trillion.

The same people who have been paying for the freebies in subsidies to fossil fuel, petro chemical, pharmaceutical, defense contractor, and insurance companies.

The same people that have been paying to bail out the banks, air lines, and Donald Trumps bankruptcies.

You're right. You're getting to see what' it's like to have to give up on those freebies.

That money belongs to the people. The people that actually work for a living in this country, which is the only reason those worthless fucks exist, and we want our money back.

And we're going to get it.

bullshit--the rich pay MORE than their fair share

So why are they the only ones to get much richer with each tax cut?

Because they pay most of the taxes.
How the fuck is a person who pays ZERO taxes suppose to pay less taxes???

They should pay most of the taxes. They get the vast majority of the benefits of our taxes.

They pay the vast majority of taxes - so DUH! they get most of the benefits.
You understand Math Matters right?
If you want to complain about wealth concentration, companies getting too big etc. - I am there also.
But math is math.

Got it. Some are just more equal than others, right?

 

[pknopp]

My side? I'm the only one arguing for cuts and tax increases to cover the debt.

I am with you on the cuts - across the board of course - not targeted

and if you are willing to raise everyones tax rate equally I’m with you there also

I've argued that from the beginning.

 

[pknopp]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

You realize that to "pay for things"... the IRS would have to collect 100% of every paycheck earned in America for over a year to pay what the government is spending.
No - I didn't think you did

Whatever. You want to put on future generations your irresponsible spending?

Whatever = I don't have an answer for what you say

I did answer. Why shouldn't you be responsible for your irresponsible spending as opposed to future generations?

Spending has to be cut, not taxes raised.
It is simple math. As has been repeated over and over and over - if you "taxed the rich" 100% of their earnings - it wouldn't put a dent in the Debt spending.
It is not about taxes.... it is about spending!!

Sorry, not interested. Pay for your debt.

 

[Rye Catcher]

My side? I'm the only one arguing for cuts and tax increases to cover the debt.

I am with you on the cuts - across the board of course - not targeted

and if you are willing to raise everyones tax rate equally I’m with you there also

Think about the consequences of what you posted.

 

[Mac-7]

Think about the consequences of what you posted.

I did

now tell us what you think

 

[struth]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

Leeching is when you pay little or nothing and expect other people to pay your share and more...... also known as a Democrat.

Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? | The Motley Fool

I’ve read that article many times. All the more reason why his secretary should keep more of her paycheck. Watch and see what happens.

a

The argument is that income should all be taxed as income. Earlier it was noted that everyone should be taxed the same. O.K.

The only income that's taxed differently are long term investments, that are realized. The reason for that, is that money was first taxed, and we want to encourage people to invest for their future....and that is taxed at the same rate for all levels

The money is NOT taxed. The 'profit" has NEVER been taxed. This is one of the most accepted lies of the gullible.

Even then it's hardly always true. Guy borrows $500,000, invests it and makes $700,000. None of that had been taxed. He pays a lower rate on that $200,000 than the poor guy busting his butt making $60,000.

That needs to end.

you don't know much about how borrowed money is taxed do you?

If you borrow 500K you have to pay it back. BUT the loan principal you pay back is not a tax deduction the interest is the only thing that gets treated as a write off. So the 500K you use to pay back the principal comes from the after tax profit of the business.

Which has nothing to do with what I said.

The 500K isn't taxed because it's not income it's money you pay to borrow.

And the 700K will be taxed as soon as he sells the assets.

So the profit will be taxed. So you're wrong that none of the money is taxed.

I didn't argue that. I argued ONLY the $200,000 is taxed.

it is taxed as soon as he sells his assets and realizes the gains

So? The $200,000 is taxed, not the $700,000 which means nothing was taxed twice.

OK a little clarification is needed here.

Did he make 700K or 200K

The initial 500K isn't part of what he made it was the purchase price of the stock.

So if he made 700K then his stock has to be worth 1.2 million. The 500K isn't taxed because it is not income but a loan and has to be paid back to the bank with interest. ((banks don't usually make loans for stock market speculation but we'll ignore that for now)

So if you want the 500K loan principal to be taxed then all loan principals for all loans have to be taxed. Do you really want to pay tax on your mortgage principal?

I clearly stated the scenario early on.

The hypo you put further before, the investor that took the $500K loan, invested it, and made $200K, would pay cap gains on the $200K, then still owe the lender $500K....not a great situation to be in

At near zero interest rates that's a pretty darn good place to be.

um no not at all...you owe money, you are in debt...that's not a good place to be at all, even with a low interest rate In your hypo the individual lost money...that's a horrible place to be

 

[iamwhatiseem]

All those idiots who thought everything was free....now gonna see somebody always gotta pay for the free stuff.

Biden Plans First Major Federal Tax Hike Since 1993

President Joe Biden is planning the first major federal tax hike since 1993 to help pay for the long-term economic program designed as a follow-up to his pandemic-relief bill, according to people familiar with the matter.Unlike the $1.9 trillion COVID-19 stimulus act, the...

www.newsmax.com

The working class have been paying for the tax give aways to the rich for 40 years. Currently to the tune of $20 Trillion.

The same people who have been paying for the freebies in subsidies to fossil fuel, petro chemical, pharmaceutical, defense contractor, and insurance companies.

The same people that have been paying to bail out the banks, air lines, and Donald Trumps bankruptcies.

You're right. You're getting to see what' it's like to have to give up on those freebies.

That money belongs to the people. The people that actually work for a living in this country, which is the only reason those worthless fucks exist, and we want our money back.

And we're going to get it.

bullshit--the rich pay MORE than their fair share

So why are they the only ones to get much richer with each tax cut?

Because they pay most of the taxes.
How the fuck is a person who pays ZERO taxes suppose to pay less taxes???

They should pay most of the taxes. They get the vast majority of the benefits of our taxes.

They pay the vast majority of taxes - so DUH! they get most of the benefits.
You understand Math Matters right?
If you want to complain about wealth concentration, companies getting too big etc. - I am there also.
But math is math.

Got it. Some are just more equal than others, right?

Exactly. You think people who already pay no income tax should get more of a tax break. Yuo realize that doesn't make sense right?

 

[iamwhatiseem]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

You realize that to "pay for things"... the IRS would have to collect 100% of every paycheck earned in America for over a year to pay what the government is spending.
No - I didn't think you did

Whatever. You want to put on future generations your irresponsible spending?

Whatever = I don't have an answer for what you say

I did answer. Why shouldn't you be responsible for your irresponsible spending as opposed to future generations?

Spending has to be cut, not taxes raised.
It is simple math. As has been repeated over and over and over - if you "taxed the rich" 100% of their earnings - it wouldn't put a dent in the Debt spending.
It is not about taxes.... it is about spending!!

Sorry, not interested. Pay for your debt.

Who is "your"?

 

[pknopp]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

Leeching is when you pay little or nothing and expect other people to pay your share and more...... also known as a Democrat.

Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? | The Motley Fool

I’ve read that article many times. All the more reason why his secretary should keep more of her paycheck. Watch and see what happens.

a

The argument is that income should all be taxed as income. Earlier it was noted that everyone should be taxed the same. O.K.

The only income that's taxed differently are long term investments, that are realized. The reason for that, is that money was first taxed, and we want to encourage people to invest for their future....and that is taxed at the same rate for all levels

The money is NOT taxed. The 'profit" has NEVER been taxed. This is one of the most accepted lies of the gullible.

Even then it's hardly always true. Guy borrows $500,000, invests it and makes $700,000. None of that had been taxed. He pays a lower rate on that $200,000 than the poor guy busting his butt making $60,000.

That needs to end.

you don't know much about how borrowed money is taxed do you?

If you borrow 500K you have to pay it back. BUT the loan principal you pay back is not a tax deduction the interest is the only thing that gets treated as a write off. So the 500K you use to pay back the principal comes from the after tax profit of the business.

Which has nothing to do with what I said.

The 500K isn't taxed because it's not income it's money you pay to borrow.

And the 700K will be taxed as soon as he sells the assets.

So the profit will be taxed. So you're wrong that none of the money is taxed.

I didn't argue that. I argued ONLY the $200,000 is taxed.

it is taxed as soon as he sells his assets and realizes the gains

So? The $200,000 is taxed, not the $700,000 which means nothing was taxed twice.

OK a little clarification is needed here.

Did he make 700K or 200K

The initial 500K isn't part of what he made it was the purchase price of the stock.

So if he made 700K then his stock has to be worth 1.2 million. The 500K isn't taxed because it is not income but a loan and has to be paid back to the bank with interest. ((banks don't usually make loans for stock market speculation but we'll ignore that for now)

So if you want the 500K loan principal to be taxed then all loan principals for all loans have to be taxed. Do you really want to pay tax on your mortgage principal?

I clearly stated the scenario early on.

The hypo you put further before, the investor that took the $500K loan, invested it, and made $200K, would pay cap gains on the $200K, then still owe the lender $500K....not a great situation to be in

At near zero interest rates that's a pretty darn good place to be.

um no not at all...you owe money, you are in debt...that's not a good place to be at all, even with a low interest rate In your hypo the individual lost money...that's a horrible place to be

Please don't speak to me on finance. You fully understand that the $200,000 is profit, not what he is left with.

 

[pknopp]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

You realize that to "pay for things"... the IRS would have to collect 100% of every paycheck earned in America for over a year to pay what the government is spending.
No - I didn't think you did

Whatever. You want to put on future generations your irresponsible spending?

Whatever = I don't have an answer for what you say

I did answer. Why shouldn't you be responsible for your irresponsible spending as opposed to future generations?

Spending has to be cut, not taxes raised.
It is simple math. As has been repeated over and over and over - if you "taxed the rich" 100% of their earnings - it wouldn't put a dent in the Debt spending.
It is not about taxes.... it is about spending!!

Sorry, not interested. Pay for your debt.

Who is "your"?

It's your debt whether you want to accept it or not.

 

[iamwhatiseem]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

You realize that to "pay for things"... the IRS would have to collect 100% of every paycheck earned in America for over a year to pay what the government is spending.
No - I didn't think you did

Whatever. You want to put on future generations your irresponsible spending?

Whatever = I don't have an answer for what you say

I did answer. Why shouldn't you be responsible for your irresponsible spending as opposed to future generations?

Spending has to be cut, not taxes raised.
It is simple math. As has been repeated over and over and over - if you "taxed the rich" 100% of their earnings - it wouldn't put a dent in the Debt spending.
It is not about taxes.... it is about spending!!

Sorry, not interested. Pay for your debt.

Who is "your"?

It's your debt whether you want to accept it or not.

Yuo are saying "your" as in a third person, as if you are exempt.
It is "our" debt.

 

[struth]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

Leeching is when you pay little or nothing and expect other people to pay your share and more...... also known as a Democrat.

Why Does Billionaire Warren Buffett Pay a Lower Tax Rate Than His Secretary? | The Motley Fool

I’ve read that article many times. All the more reason why his secretary should keep more of her paycheck. Watch and see what happens.

a

The argument is that income should all be taxed as income. Earlier it was noted that everyone should be taxed the same. O.K.

The only income that's taxed differently are long term investments, that are realized. The reason for that, is that money was first taxed, and we want to encourage people to invest for their future....and that is taxed at the same rate for all levels

The money is NOT taxed. The 'profit" has NEVER been taxed. This is one of the most accepted lies of the gullible.

Even then it's hardly always true. Guy borrows $500,000, invests it and makes $700,000. None of that had been taxed. He pays a lower rate on that $200,000 than the poor guy busting his butt making $60,000.

That needs to end.

you don't know much about how borrowed money is taxed do you?

If you borrow 500K you have to pay it back. BUT the loan principal you pay back is not a tax deduction the interest is the only thing that gets treated as a write off. So the 500K you use to pay back the principal comes from the after tax profit of the business.

Which has nothing to do with what I said.

The 500K isn't taxed because it's not income it's money you pay to borrow.

And the 700K will be taxed as soon as he sells the assets.

So the profit will be taxed. So you're wrong that none of the money is taxed.

I didn't argue that. I argued ONLY the $200,000 is taxed.

it is taxed as soon as he sells his assets and realizes the gains

So? The $200,000 is taxed, not the $700,000 which means nothing was taxed twice.

OK a little clarification is needed here.

Did he make 700K or 200K

The initial 500K isn't part of what he made it was the purchase price of the stock.

So if he made 700K then his stock has to be worth 1.2 million. The 500K isn't taxed because it is not income but a loan and has to be paid back to the bank with interest. ((banks don't usually make loans for stock market speculation but we'll ignore that for now)

So if you want the 500K loan principal to be taxed then all loan principals for all loans have to be taxed. Do you really want to pay tax on your mortgage principal?

I clearly stated the scenario early on.

The hypo you put further before, the investor that took the $500K loan, invested it, and made $200K, would pay cap gains on the $200K, then still owe the lender $500K....not a great situation to be in

At near zero interest rates that's a pretty darn good place to be.

um no not at all...you owe money, you are in debt...that's not a good place to be at all, even with a low interest rate In your hypo the individual lost money...that's a horrible place to be

Please don't speak to me on finance. You fully understand that the $200,000 is profit, not what he is left with.

it's not profit, when he still owes $300K....obviously you know very little about finance if you think it is....he's actually in the hole $300K, well more then that, because he had to pay taxes on that $200K, so he has even less to pay off the loan

This has to be a liberal....now they are going to ask for a bailout

 

[pknopp]

Great. It's about time we starting paying for things. You all that think everything should be free are going to have to stop your leeching.

You realize that to "pay for things"... the IRS would have to collect 100% of every paycheck earned in America for over a year to pay what the government is spending.
No - I didn't think you did

Whatever. You want to put on future generations your irresponsible spending?

Whatever = I don't have an answer for what you say

I did answer. Why shouldn't you be responsible for your irresponsible spending as opposed to future generations?

Spending has to be cut, not taxes raised.
It is simple math. As has been repeated over and over and over - if you "taxed the rich" 100% of their earnings - it wouldn't put a dent in the Debt spending.
It is not about taxes.... it is about spending!!

Sorry, not interested. Pay for your debt.

Who is "your"?

It's your debt whether you want to accept it or not.

Yuo are saying "your" as in a third person, as if you are exempt.
It is "our" debt.

I'm willing to pay. You are the one unwilling to pay "your" debt. Not me.