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By my rough calculations, a person making $10,000,000 a year in taxable income will save a little under $300,000 in tax under the new tax rules from the brackets. Sorry, I just don't see too many rich people losing out because of real estate taxes.It's right in the tax bill, you idiot.I don't need to ask you to do that, I already see you're wrong. The loss of real estate tax deductions are for personal real estate, not for business real estate. You shouldn't discuss things you don't understand.
no sir, you are the one that does not understand
it's been widely reported and acknowledged, even by news outlets that tend to lean left, that this tax bill increases the overall federal tax burden for many of the wealthiest landowners
the little guy gets a break
the super wealthy with expensive property that live off of passive income wind up paying more
sorry this upsets you...
SEC. 11042. LIMITATION ON DEDUCTION FOR STATE AND LOCAL, ETC. TAXES.
(a) In General.—Subsection (b) of section 164 is amended by adding at the end the following new paragraph:
“(B) the aggregate amount of taxes taken into account under paragraphs (1), (2), and (3) of subsection (a) and paragraph (5) of this subsection for any taxable year shall not exceed $10,000 ($5,000 in the case of a married individual filing a separate return).
If you click on the link of section 164, it leads you to this:
As you can see, the only section being limited to $10,000 that has to do with property taxes is explicitly listed as PERSONAL property taxes and has nothing to do with land investors who do it as a business, especially through business entities.(1) Personal property taxes
The term "personal property tax" means an ad valorem tax which is imposed on an annual basis in respect of personal property.
(2) State or local taxes
A State or local tax includes only a tax imposed by a State, a possession of the United States, or a political subdivision of any of the foregoing, or by the District of Columbia.
(3) Foreign taxes
A foreign tax includes only a tax imposed by the authority of a foreign country.
(5) General sales taxes
it also affects vacation (or second) homes; which you only have to use 14 days a year
eliminating state & local taxes as a deductions, especially property taxes increases the tax burden for the really wealthy, the loss of property tax deductions will raise their overall tax burden
calling me an idiot doesn't change this
yes, you are correct that it does not include investment properties; and I did get that part wrong
good catch, I have to give you that one
Oh ? The disparity between rich and middle class isn't enough for you now?? Growing larger the past 30 or so years and STILL you're not satisfied?? Trump Corker etc etc etc laughing all the way to the bank and the middle gets crumbs ? And we should bow down and kiss trumps ring?serious question:
how much more than 70% of all taxes paid by the top 10% of wealthiest Americans would be "fair"???
the problem with your take on this is that your solution stifles growth & creates more restrictive impediments on the middle class to actually make it into that elusive "wealthy class"
real wealth; like that of the Kennedy's & Soros' of the world, is untouched; but the EARNINGS of the little guy & the great unwashed middle class are assaulted
not to mention that people that make $100,000 are considered "rich"
Summary of the Latest Federal Income Tax Data, 2015 Update - Tax Foundation
The problem here is this.
1) The rich get lots of incentives. Trump was paid nearly $1 billion by New York in his time to do business. Then when he earns money from this, you say he shouldn't be paying much money in taxes. You forget the percentage of what he earns and just look at the amount, which is ridiculous.
2) said incentives prevent other businesses from competing on a level playing field. Which means the rich get richer and richer and then you point out they pay lots in tax. Sure they do, but by paying LESS as a percentage the smaller businesses are paying MORE as a percentage to make up the shortfall, and therefore they're struggling even more to compete with these companies.
Do you think it's fair that the rich should pay less taxes so they can make more money so they can put smaller businesses out of business?
Depends what fair is. Care to define it?
Why you think it's fair that rich pay higher taxes than you do?
And yes, all the laws should effect everyone equally. If I get tax break, rich should get the tax break too.
So if the government takes more from the rich, how does that help me or any other blue collar worker?
Well, if the govt takes more from the rich, it means smaller businesses will be more competitive, which means some blue collar workers might get the chance to successfully start their own business. It'll also mean that recessions won't be as strong which means there's more of a chance you'll not end up unemployed for years at a time.
BS, what a waste of time...Never said all rich heirs are Deadbeats. Are you thick or what... The laws we have now are only for extremely rich people.Many are and there is a huge number of people these days just shuffling papers to make money. Nobody said they're all dead Beats.Sorry, daddy didn't give me millions to invest.
My dad gave me nothing however I have built and sold three business
I didn't say anything about "millions." That's your statement, dumbass. I don't have to prove what you said.
Dumb ass prove to me that rich people who inherit money from their parents are deadbeats and lazy. Thank you.
I am asking him to simply back up what he said and he has refused because he can't. Look at his statement and then come back when you have someone that understands simple English explain it to you, hater dupe.
Dupe, I posted what he said. Are you not bright enough to understand what he posted? Does he call on you to protect him? Is he one of your illiterate students? Is that why you are rushing in to protect your boy? Get a life hater dupe.
They used to pay for other people's education when America was great in the 40s 50s 60s and 70s... Funny how we're now a wreck of what we used to be and it's getting worse...No it's just normal that menial jobs are going where the pay is cheapest, and the GOP refuses to invest in training our people 4 between 3 and 6 million tech jobs that are going begging... Must save the rich from paying taxes.Yep don't worry about facts and the GOP giving the store away to the rich while screwing everyone else, it's just that everyone decided to get lazy all of a sudden. Really silly stuff, dupe.Damn, you're a worse broken record than matthew, individual taxing authorities set their rates, The feds are not responsible for SALT rates and they are not responsible for subsidizing them.
Also I've had enough of your class warfare crap, people move up and down the economic ladder all the time, no one is being held down and no one is being held up. You, I and everyone else are the sum total of our own decisions, accept that fact and move on.
.
So all you got is more of your generalized poop, I've had rich folks give me a job, I've never had one steal form me. And no, everyone didn't get lazy, you commiecrats pushed regulations and noncompetitive taxes that forced our manufacturing base off shore, you own that.
.
Why should the wealthy pay for other adults education?
I know we've been through this over and over again, but you're as thick as they come for a leftist, so let me ask you this:
What is wrong with people paying for their own education to secure a trade? What's stopping them? And don't say money, because our government gives educational loans all the time.
In fall of 1980, I rented my first apartment. At the time, I was fascinated with birds, so I hung a bird feeder on my upstairs back porch.
Spring broke and summer not far behind, I finally met my elderly neighbor. After some small talk, he said "Ray, what you're doing for the birds is a nice thing, but you may be doing them more harm than good. You see, feeding the birds is a good thing in winter because there is no food for them. But if you leave that feeder up year long, the birds will get so dependent on that thing they will forget how to obtain food for themselves. If you move or otherwise become disinterested in feeding them any longer, those birds will die of hunger."
I always remembered those wise words; not because of the birds, but later in life I realized that's what our government does to it's people.
So when you talk about how the GOP doesn't want to pay for adult education, I can hear that old man talking like he was sitting right next to me.
Have you heard all the people about to lose thousands in home deductions. I understand they’ll say they will make it up in other ways but im not buying it.As has been the case for the last 30 or so yearsYou actually have to work and make enough money to pay taxes to actually benefit.
That godam Trump and the evil republicans running the government fuck the little guy at every turn...
The new method being used is expected to push more Americans into higher tax brackets more quickly. By switching to this new method, the government will bring an additional $134 billion in over the next decade.
This is from people like you, not rich people sucker.
How will that happen?
It comes down to this: The chained CPI makes inflation appear lower, and that means tax brackets will be adjusted upward but lots of workers will continue to get raises based upon the faster-rising traditional CPI. In other words, your income may rise faster than the inflation adjustments, forcing you to pay taxes at a higher rate — even though you may not feel any richer.
Compared to where taxpayers are now by 2027 most individuals will actually pay more taxes!!!!!
The difference will be slight, perhaps just a few tenths of a percentage point a year but over time, these fractions of a percentage point add up and can amount to a fair amount of money.
But the rich will be doing great in 8 years. You will be doing no better.
This new tax bill didn’t exist the last 30 years and the bush tax breaks didn’t exist the last 30 years
Since you love the truth so much how about with all his law firms keeping cases going forever no one could afford to keep the suits up ?Pick one RayTrump invested his daddy's money and that of those people who got screwed.I find that to be a very common trait in wealth haters. Outside of a house or perhaps a company paid IRA, they never invested any of their own hard earned money.
Who got screwed?
Exclusive: Trump's 3,500 lawsuits unprecedented for a presidential ...
Exclusive: Trump's 3,500 lawsuits unprecedented for a presidential nominee
Jun 1, 2016 - An exclusive USA TODAY analysis of legal filings across the U.S. finds that Donald Trumpand his businesses have been involved in at least 3500 legal actions in federal and state courts during the past three decades.
Legal affairs of Donald Trump - Wikipedia
Legal affairs of Donald Trump - Wikipedia
Jump to Lawsuit for inciting violence at March 2016 campaign rally - The lawsuit accuses DonaldTrump of inciting violence against protesters in Louisville, Kentucky. ... American 'ethno states', "spends much of his time" online writing "against Jews, gays and immigrants and urging whites to stand up for their race.
Lawsuits 1973–1999 · Lawsuits 2000–2009 · Lawsuits 2010–present
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NY AG sues Trump admin for 100th time
Yes, I posted this earlier, and you left out the most important part:
An analysis by USA Today published in June 2016 found that over the previous three decades, Trump and his businesses have been involved in 3,500 legal cases in U.S. federal courts and state court, an unprecedented number for a U.S. presidential candidate.[1] Of the 3,500 suits, Trump or one of his companies were plaintiffs in 1,900; defendants in 1,450; and bankruptcy, third party, or other in 150.[1] Trump was named in at least 169 suits in federal court.[2] A number of other cases (over 150) were in the Seventeenth Judicial Circuit Court of Florida (covering Broward County, Florida) since 1983.[3] In about 500 cases, judges dismissed plaintiffs' claims against Trump. In hundreds more, cases ended with the available public record unclear about the resolution.[1] Where there was a clear resolution, Trump won 451 times, and lost 38.[4]
So out of all these lawsuits, Trump was the plaintiff in most of them. Furthermore is the fact that you can sue anybody you want in this country. It doesn't mean a thing. It's guilt and judgment that counts. But as a leftist, you only want to tell one side of the story.
BS, what a waste of time...Never said all rich heirs are Deadbeats. Are you thick or what... The laws we have now are only for extremely rich people.Many are and there is a huge number of people these days just shuffling papers to make money. Nobody said they're all dead Beats.My dad gave me nothing however I have built and sold three business
Dumb ass prove to me that rich people who inherit money from their parents are deadbeats and lazy. Thank you.
I am asking him to simply back up what he said and he has refused because he can't. Look at his statement and then come back when you have someone that understands simple English explain it to you, hater dupe.
Dupe, I posted what he said. Are you not bright enough to understand what he posted? Does he call on you to protect him? Is he one of your illiterate students? Is that why you are rushing in to protect your boy? Get a life hater dupe.
Oh ? The disparity between rich and middle class isn't enough for you now?? Growing larger the past 30 or so years and STILL you're not satisfied?? Trump Corker etc etc etc laughing all the way to the bank and the middle gets crumbs ? And we should bow down and kiss trumps ring?The problem here is this.
1) The rich get lots of incentives. Trump was paid nearly $1 billion by New York in his time to do business. Then when he earns money from this, you say he shouldn't be paying much money in taxes. You forget the percentage of what he earns and just look at the amount, which is ridiculous.
2) said incentives prevent other businesses from competing on a level playing field. Which means the rich get richer and richer and then you point out they pay lots in tax. Sure they do, but by paying LESS as a percentage the smaller businesses are paying MORE as a percentage to make up the shortfall, and therefore they're struggling even more to compete with these companies.
Do you think it's fair that the rich should pay less taxes so they can make more money so they can put smaller businesses out of business?
Depends what fair is. Care to define it?
Why you think it's fair that rich pay higher taxes than you do?
And yes, all the laws should effect everyone equally. If I get tax break, rich should get the tax break too.
So if the government takes more from the rich, how does that help me or any other blue collar worker?
Well, if the govt takes more from the rich, it means smaller businesses will be more competitive, which means some blue collar workers might get the chance to successfully start their own business. It'll also mean that recessions won't be as strong which means there's more of a chance you'll not end up unemployed for years at a time.
I don't worry about being unemployed because I chose a career where I'm always in demand no matter what the economy.
Can you explain the dynamics of how taking more money from people will make it better for others? Because big business is not the small business killer--government is.
Ray I swear I'll never ask you what it is you do thats in such high demandOh ? The disparity between rich and middle class isn't enough for you now?? Growing larger the past 30 or so years and STILL you're not satisfied?? Trump Corker etc etc etc laughing all the way to the bank and the middle gets crumbs ? And we should bow down and kiss trumps ring?The problem here is this.
1) The rich get lots of incentives. Trump was paid nearly $1 billion by New York in his time to do business. Then when he earns money from this, you say he shouldn't be paying much money in taxes. You forget the percentage of what he earns and just look at the amount, which is ridiculous.
2) said incentives prevent other businesses from competing on a level playing field. Which means the rich get richer and richer and then you point out they pay lots in tax. Sure they do, but by paying LESS as a percentage the smaller businesses are paying MORE as a percentage to make up the shortfall, and therefore they're struggling even more to compete with these companies.
Do you think it's fair that the rich should pay less taxes so they can make more money so they can put smaller businesses out of business?
Depends what fair is. Care to define it?
Why you think it's fair that rich pay higher taxes than you do?
And yes, all the laws should effect everyone equally. If I get tax break, rich should get the tax break too.
So if the government takes more from the rich, how does that help me or any other blue collar worker?
Well, if the govt takes more from the rich, it means smaller businesses will be more competitive, which means some blue collar workers might get the chance to successfully start their own business. It'll also mean that recessions won't be as strong which means there's more of a chance you'll not end up unemployed for years at a time.
I don't worry about being unemployed because I chose a career where I'm always in demand no matter what the economy.
Can you explain the dynamics of how taking more money from people will make it better for others? Because big business is not the small business killer--government is.
Wait until the trucks drive themselves in about 5 years... Then you'll want training.Oh ? The disparity between rich and middle class isn't enough for you now?? Growing larger the past 30 or so years and STILL you're not satisfied?? Trump Corker etc etc etc laughing all the way to the bank and the middle gets crumbs ? And we should bow down and kiss trumps ring?The problem here is this.
1) The rich get lots of incentives. Trump was paid nearly $1 billion by New York in his time to do business. Then when he earns money from this, you say he shouldn't be paying much money in taxes. You forget the percentage of what he earns and just look at the amount, which is ridiculous.
2) said incentives prevent other businesses from competing on a level playing field. Which means the rich get richer and richer and then you point out they pay lots in tax. Sure they do, but by paying LESS as a percentage the smaller businesses are paying MORE as a percentage to make up the shortfall, and therefore they're struggling even more to compete with these companies.
Do you think it's fair that the rich should pay less taxes so they can make more money so they can put smaller businesses out of business?
Depends what fair is. Care to define it?
Why you think it's fair that rich pay higher taxes than you do?
And yes, all the laws should effect everyone equally. If I get tax break, rich should get the tax break too.
So if the government takes more from the rich, how does that help me or any other blue collar worker?
Well, if the govt takes more from the rich, it means smaller businesses will be more competitive, which means some blue collar workers might get the chance to successfully start their own business. It'll also mean that recessions won't be as strong which means there's more of a chance you'll not end up unemployed for years at a time.
I don't worry about being unemployed because I chose a career where I'm always in demand no matter what the economy.
Can you explain the dynamics of how taking more money from people will make it better for others? Because big business is not the small business killer--government is.
Nothing particular but it was what he didSince you love the truth so much how about with all his law firms keeping cases going forever no one could afford to keep the suits up ?Pick one RayTrump invested his daddy's money and that of those people who got screwed.
Who got screwed?
Exclusive: Trump's 3,500 lawsuits unprecedented for a presidential ...
Exclusive: Trump's 3,500 lawsuits unprecedented for a presidential nominee
Jun 1, 2016 - An exclusive USA TODAY analysis of legal filings across the U.S. finds that Donald Trumpand his businesses have been involved in at least 3500 legal actions in federal and state courts during the past three decades.
Legal affairs of Donald Trump - Wikipedia
Legal affairs of Donald Trump - Wikipedia
Jump to Lawsuit for inciting violence at March 2016 campaign rally - The lawsuit accuses DonaldTrump of inciting violence against protesters in Louisville, Kentucky. ... American 'ethno states', "spends much of his time" online writing "against Jews, gays and immigrants and urging whites to stand up for their race.
Lawsuits 1973–1999 · Lawsuits 2000–2009 · Lawsuits 2010–present
Top stories
NY AG sues Trump admin for 100th time
Yes, I posted this earlier, and you left out the most important part:
An analysis by USA Today published in June 2016 found that over the previous three decades, Trump and his businesses have been involved in 3,500 legal cases in U.S. federal courts and state court, an unprecedented number for a U.S. presidential candidate.[1] Of the 3,500 suits, Trump or one of his companies were plaintiffs in 1,900; defendants in 1,450; and bankruptcy, third party, or other in 150.[1] Trump was named in at least 169 suits in federal court.[2] A number of other cases (over 150) were in the Seventeenth Judicial Circuit Court of Florida (covering Broward County, Florida) since 1983.[3] In about 500 cases, judges dismissed plaintiffs' claims against Trump. In hundreds more, cases ended with the available public record unclear about the resolution.[1] Where there was a clear resolution, Trump won 451 times, and lost 38.[4]
So out of all these lawsuits, Trump was the plaintiff in most of them. Furthermore is the fact that you can sue anybody you want in this country. It doesn't mean a thing. It's guilt and judgment that counts. But as a leftist, you only want to tell one side of the story.
Have any particular case in mind or are you just generalizing again?
Estate taxes are good idea for the super rich anyway you look at it. The percentage of super rich heirs who are Deadbeats is irrelevant.BS, what a waste of time...Never said all rich heirs are Deadbeats. Are you thick or what... The laws we have now are only for extremely rich people.Many are and there is a huge number of people these days just shuffling papers to make money. Nobody said they're all dead Beats.
I am asking him to simply back up what he said and he has refused because he can't. Look at his statement and then come back when you have someone that understands simple English explain it to you, hater dupe.
Dupe, I posted what he said. Are you not bright enough to understand what he posted? Does he call on you to protect him? Is he one of your illiterate students? Is that why you are rushing in to protect your boy? Get a life hater dupe.
Yes it is, all the backtracking and twisting of fact that grouse has done is embarrassing for the liberals, you lefties eat it up.
Estate taxes are good idea for the super rich anyway you look at it. The percentage of super rich heirs who are Deadbeats is irrelevant.BS, what a waste of time...Never said all rich heirs are Deadbeats. Are you thick or what... The laws we have now are only for extremely rich people.I am asking him to simply back up what he said and he has refused because he can't. Look at his statement and then come back when you have someone that understands simple English explain it to you, hater dupe.
Dupe, I posted what he said. Are you not bright enough to understand what he posted? Does he call on you to protect him? Is he one of your illiterate students? Is that why you are rushing in to protect your boy? Get a life hater dupe.
Yes it is, all the backtracking and twisting of fact that grouse has done is embarrassing for the liberals, you lefties eat it up.
You actually have to work and make enough money to pay taxes to actually benefit.
That godam Trump and the evil republicans running the government fuck the little guy at every turn...
Or, you have to be screwing the govt over, in order to be making an absolute killing out of it.
We still won't know how much the rich are playing in taxes before or after, the catch must be they were paying little before, and they'll be paying fucking nothing after. In fact the govt will pay them to be rich.
where do you come up with this shit?
the rich are paying little, what does that mean numerically?do
How much do the rich pay in taxes?
How much does Trump pay in taxes? How much do the Koch family pay? How about the Mars family?
Come on, tell me how much they pay in taxes.
I can accept a round figure, I can accept a percentage of their income. Try me.
Oh ? The disparity between rich and middle class isn't enough for you now?? Growing larger the past 30 or so years and STILL you're not satisfied?? Trump Corker etc etc etc laughing all the way to the bank and the middle gets crumbs ? And we should bow down and kiss trumps ring?Depends what fair is. Care to define it?
Why you think it's fair that rich pay higher taxes than you do?
And yes, all the laws should effect everyone equally. If I get tax break, rich should get the tax break too.
So if the government takes more from the rich, how does that help me or any other blue collar worker?
Well, if the govt takes more from the rich, it means smaller businesses will be more competitive, which means some blue collar workers might get the chance to successfully start their own business. It'll also mean that recessions won't be as strong which means there's more of a chance you'll not end up unemployed for years at a time.
I don't worry about being unemployed because I chose a career where I'm always in demand no matter what the economy.
Can you explain the dynamics of how taking more money from people will make it better for others? Because big business is not the small business killer--government is.
You don't worry, what about the millions who lost their jobs the last time around?
Big business buys government, and uses it to kill smaller businesses, we've been over this a hundred times and a hundred times you've pretended you didn't know what I was talking about.
Nothing particular but it was what he didSince you love the truth so much how about with all his law firms keeping cases going forever no one could afford to keep the suits up ?Pick one RayWho got screwed?
Exclusive: Trump's 3,500 lawsuits unprecedented for a presidential ...
Exclusive: Trump's 3,500 lawsuits unprecedented for a presidential nominee
Jun 1, 2016 - An exclusive USA TODAY analysis of legal filings across the U.S. finds that Donald Trumpand his businesses have been involved in at least 3500 legal actions in federal and state courts during the past three decades.
Legal affairs of Donald Trump - Wikipedia
Legal affairs of Donald Trump - Wikipedia
Jump to Lawsuit for inciting violence at March 2016 campaign rally - The lawsuit accuses DonaldTrump of inciting violence against protesters in Louisville, Kentucky. ... American 'ethno states', "spends much of his time" online writing "against Jews, gays and immigrants and urging whites to stand up for their race.
Lawsuits 1973–1999 · Lawsuits 2000–2009 · Lawsuits 2010–present
Top stories
NY AG sues Trump admin for 100th time
Yes, I posted this earlier, and you left out the most important part:
An analysis by USA Today published in June 2016 found that over the previous three decades, Trump and his businesses have been involved in 3,500 legal cases in U.S. federal courts and state court, an unprecedented number for a U.S. presidential candidate.[1] Of the 3,500 suits, Trump or one of his companies were plaintiffs in 1,900; defendants in 1,450; and bankruptcy, third party, or other in 150.[1] Trump was named in at least 169 suits in federal court.[2] A number of other cases (over 150) were in the Seventeenth Judicial Circuit Court of Florida (covering Broward County, Florida) since 1983.[3] In about 500 cases, judges dismissed plaintiffs' claims against Trump. In hundreds more, cases ended with the available public record unclear about the resolution.[1] Where there was a clear resolution, Trump won 451 times, and lost 38.[4]
So out of all these lawsuits, Trump was the plaintiff in most of them. Furthermore is the fact that you can sue anybody you want in this country. It doesn't mean a thing. It's guilt and judgment that counts. But as a leftist, you only want to tell one side of the story.
Have any particular case in mind or are you just generalizing again?
What else could I think when you say that Donald should have used his own money to repay the debts of a bankrupt company?
That's an important point. That Trump sold his deals under the pretext that he was investing his own money, and that people could get a piece of the action. Instead Trump took out his own money and was only using his investors money, and could piss it away without losing a dime.
Damn, it only took 4 posts for you to contradict yourself, didn't you say he could have 4 billion more had he not invested in real estate? He took risks and lost, it happens all the time in business.
.
Trump used his own money, and more famously used other peoples money. His many bankruptcies and business failures lost money for both entities.
They used to pay for other people's education when America was great in the 40s 50s 60s and 70s... Funny how we're now a wreck of what we used to be and it's getting worse...No it's just normal that menial jobs are going where the pay is cheapest, and the GOP refuses to invest in training our people 4 between 3 and 6 million tech jobs that are going begging... Must save the rich from paying taxes.Yep don't worry about facts and the GOP giving the store away to the rich while screwing everyone else, it's just that everyone decided to get lazy all of a sudden. Really silly stuff, dupe.Damn, you're a worse broken record than matthew, individual taxing authorities set their rates, The feds are not responsible for SALT rates and they are not responsible for subsidizing them.
Also I've had enough of your class warfare crap, people move up and down the economic ladder all the time, no one is being held down and no one is being held up. You, I and everyone else are the sum total of our own decisions, accept that fact and move on.
.
So all you got is more of your generalized poop, I've had rich folks give me a job, I've never had one steal form me. And no, everyone didn't get lazy, you commiecrats pushed regulations and noncompetitive taxes that forced our manufacturing base off shore, you own that.
.
Why should the wealthy pay for other adults education?
I know we've been through this over and over again, but you're as thick as they come for a leftist, so let me ask you this:
What is wrong with people paying for their own education to secure a trade? What's stopping them? And don't say money, because our government gives educational loans all the time.
In fall of 1980, I rented my first apartment. At the time, I was fascinated with birds, so I hung a bird feeder on my upstairs back porch.
Spring broke and summer not far behind, I finally met my elderly neighbor. After some small talk, he said "Ray, what you're doing for the birds is a nice thing, but you may be doing them more harm than good. You see, feeding the birds is a good thing in winter because there is no food for them. But if you leave that feeder up year long, the birds will get so dependent on that thing they will forget how to obtain food for themselves. If you move or otherwise become disinterested in feeding them any longer, those birds will die of hunger."
I always remembered those wise words; not because of the birds, but later in life I realized that's what our government does to it's people.
So when you talk about how the GOP doesn't want to pay for adult education, I can hear that old man talking like he was sitting right next to me.
By my rough calculations, a person making $10,000,000 a year in taxable income will save a little under $300,000 in tax under the new tax rules from the brackets. Sorry, I just don't see too many rich people losing out because of real estate taxes.It's right in the tax bill, you idiot.I don't need to ask you to do that, I already see you're wrong. The loss of real estate tax deductions are for personal real estate, not for business real estate. You shouldn't discuss things you don't understand.
no sir, you are the one that does not understand
it's been widely reported and acknowledged, even by news outlets that tend to lean left, that this tax bill increases the overall federal tax burden for many of the wealthiest landowners
the little guy gets a break
the super wealthy with expensive property that live off of passive income wind up paying more
sorry this upsets you...
SEC. 11042. LIMITATION ON DEDUCTION FOR STATE AND LOCAL, ETC. TAXES.
(a) In General.—Subsection (b) of section 164 is amended by adding at the end the following new paragraph:
“(B) the aggregate amount of taxes taken into account under paragraphs (1), (2), and (3) of subsection (a) and paragraph (5) of this subsection for any taxable year shall not exceed $10,000 ($5,000 in the case of a married individual filing a separate return).
If you click on the link of section 164, it leads you to this:
As you can see, the only section being limited to $10,000 that has to do with property taxes is explicitly listed as PERSONAL property taxes and has nothing to do with land investors who do it as a business, especially through business entities.(1) Personal property taxes
The term "personal property tax" means an ad valorem tax which is imposed on an annual basis in respect of personal property.
(2) State or local taxes
A State or local tax includes only a tax imposed by a State, a possession of the United States, or a political subdivision of any of the foregoing, or by the District of Columbia.
(3) Foreign taxes
A foreign tax includes only a tax imposed by the authority of a foreign country.
(5) General sales taxes
it also affects vacation (or second) homes; which you only have to use 14 days a year
eliminating state & local taxes as a deductions, especially property taxes increases the tax burden for the really wealthy, the loss of property tax deductions will raise their overall tax burden
calling me an idiot doesn't change this
yes, you are correct that it does not include investment properties; and I did get that part wrong
good catch, I have to give you that one
Sorry GROUSE, it ain't that easy. if they made $10mil they would have paid state income tax 13.3% in CA for that income ($1.33mil) only $10K is deductible.
If they made that much they live in big house, big tax bill...... $100K also now not deductible.
Mortgage interest capped at $750K not much house in CA. They lose there also
Don't make me work this hard on 7" tablet!
Oh ? The disparity between rich and middle class isn't enough for you now?? Growing larger the past 30 or so years and STILL you're not satisfied?? Trump Corker etc etc etc laughing all the way to the bank and the middle gets crumbs ? And we should bow down and kiss trumps ring?
So if the government takes more from the rich, how does that help me or any other blue collar worker?
Well, if the govt takes more from the rich, it means smaller businesses will be more competitive, which means some blue collar workers might get the chance to successfully start their own business. It'll also mean that recessions won't be as strong which means there's more of a chance you'll not end up unemployed for years at a time.
I don't worry about being unemployed because I chose a career where I'm always in demand no matter what the economy.
Can you explain the dynamics of how taking more money from people will make it better for others? Because big business is not the small business killer--government is.
You don't worry, what about the millions who lost their jobs the last time around?
Big business buys government, and uses it to kill smaller businesses, we've been over this a hundred times and a hundred times you've pretended you didn't know what I was talking about.
It has nothing to do with government.
Larger businesses can out price smaller businesses because they buy products in larger quantities. The more you buy, the cheaper you can get it.
Jim at Jim's hardware store sells about 30 screwdrivers a week. Home Depot sells 30,000 screwdrivers a week because they buy in quantity, ship those screwdrivers to their warehouses, and then distributes them to all their outlets. Therefore you can buy your screwdriver at Jim's for $8.50, or get the same tool at Home Depot for $6.50.
