Only 13% of business' tax cuts are going to workers, survey says

[Winston]

Please.

If my only income is Long term capital gains, can I claim deductions against it?

Yes, you can claim all allowable deductions, such as your Exemption and your Standard Deduction (or Itemized Deductions).

If my only income is Long term capital gains, can I claim deduct... - TurboTax Support

In this case the tax would be zero. So, if they had a 401K you claim the effective tax rate on that sixty grand withdrawal would be six percent. But, if they would have had long term capital gain instead the effective tax rate would be zero. And zero is less than six percent. Capital gains are almost always taxed lower than income. That is a problem, and even Ronald Reagan was opposed to such ignorance.

and

Typical right wing behavior. Knee jerk reaction, smart ass comment, proven totally wrong, attempt to deflect, and never, ever, under any circumstances admit you were wrong. Again, long term capital gains tax rates are almost always lower. For a married couple taxes on capital gains don't even start until $77,200. Yet if that couple were out working they would have to start paying taxes after the first $13,350.

Just assume I'm right and you are wrong. For example, do you know what the new standard deduction is for a married couple? The answer is no you do not. Here this is for you

Doubling down on stupid I see. Of course I know what the new standard deduction is stupid shit. Do you know what the new personal exemption is? And your calculations on the sixty grand couple were wrong. They would have to pay $5,225.25. But if the sixty grand would have been long term capital gains they would have paid ZERO. Not only that, they could have had a hundred grand in capital gains and paid ZERO in taxes.

Think about that for a moment. You have one couple, retired in Florida, that take capital gains each year that are equivalent to $8,000 a month. They have a 401K but since they are under 70 and a half and their financial consultant sucks ass, well they just continue to let it grow.

Then you have another couple, worked hard all their life and manage to build a little 401K. They draw five grand a month, three grand less than the other couple. But they have to set aside over four hundred dollars a month to pay taxes. In what damn world does that seem appropriate?

LOL my calculations are wrong? Take it up with H&R Block you moron, you may go now I'm done with you.

Lying sack of shit. HR Block? What a fucking joke, as if you actually plugged in the numbers. MY numbers are spot on. But the fact of that matter is your ignorant ass chimed in attempting to demonstrate a situation where it would be better that your 401K money is taxed as ordinary income instead of capital gains. That is hardly ever the case, if ever. And in your described scenario it most certainly is not. And I am sure you are done with me. I destroyed your argument and showed you how you were wrong. You are not fooling anyone. You are the typical dumbass, dishonest, posing conservative who probably hasn't paid federal income taxes this century. The only people you are fooling are other dumbass conservatives.

 

[Winston]

The gains aren't taxed in a 401K. I don't know where you get that information. You never pay taxes on it unless you cash it out.

He's asking why 401k gains are not taxed at the lower capital gains rate vs federal/state income tax rate. The capital gains rate would be higher for most people this poster shouldn't look a gift horse in the mouth.

It's not just the fact that the gains are taxed as regular income it's the minimum required withdrawals that guarantee that retirees get every possible tax dollar squeezed out of them before they croak

And you have no idea what the taxes will be when you retire do you?

The theory of this whole scheme is you put money into an IRA or 401k tax deferred. Your investments grow using both your money and the government's money e.g. the deferred income taxes. Its assumed that when you retire and have to pay income tax on these savings your tax rate will be lower than when you were working. So I get to make money on my money, the governments money, my retirement savings grow faster, and when I retire I'll pay a lower tax rate vs paying those taxes when I was making more money working full time. Not true in 100% of cases but true for the vast majority of retirees.

The fact is that you don't know what you are going to need to live on in retirement an you don't know what the tax brackets will be then either,

The one thing you do know is that because of the minimum required withdrawals is that the government is going to squeeze every tax dollar it can out of you and will make sure there's not much left to leave to anyone.

Doesn't really matter I'm in the top 3% of earners and I live in a state with no state income tax

Anyone in that income bracket would know that the standard deduction applies to capital gains and they sure as hell don't use HR Block.

 

[BluesLegend]

and

Typical right wing behavior. Knee jerk reaction, smart ass comment, proven totally wrong, attempt to deflect, and never, ever, under any circumstances admit you were wrong. Again, long term capital gains tax rates are almost always lower. For a married couple taxes on capital gains don't even start until $77,200. Yet if that couple were out working they would have to start paying taxes after the first $13,350.

Just assume I'm right and you are wrong. For example, do you know what the new standard deduction is for a married couple? The answer is no you do not. Here this is for you

Doubling down on stupid I see. Of course I know what the new standard deduction is stupid shit. Do you know what the new personal exemption is? And your calculations on the sixty grand couple were wrong. They would have to pay $5,225.25. But if the sixty grand would have been long term capital gains they would have paid ZERO. Not only that, they could have had a hundred grand in capital gains and paid ZERO in taxes.

Think about that for a moment. You have one couple, retired in Florida, that take capital gains each year that are equivalent to $8,000 a month. They have a 401K but since they are under 70 and a half and their financial consultant sucks ass, well they just continue to let it grow.

Then you have another couple, worked hard all their life and manage to build a little 401K. They draw five grand a month, three grand less than the other couple. But they have to set aside over four hundred dollars a month to pay taxes. In what damn world does that seem appropriate?

LOL my calculations are wrong? Take it up with H&R Block you moron, you may go now I'm done with you.

Lying sack of shit. HR Block? What a fucking joke, as if you actually plugged in the numbers. MY numbers are spot on. But the fact of that matter is your ignorant ass chimed in attempting to demonstrate a situation where it would be better that your 401K money is taxed as ordinary income instead of capital gains. That is hardly ever the case, if ever. And in your described scenario it most certainly is not. And I am sure you are done with me. I destroyed your argument and showed you how you were wrong. You are not fooling anyone. You are the typical dumbass, dishonest, posing conservative who probably hasn't paid federal income taxes this century. The only people you are fooling are other dumbass conservatives.

LOL here's you go ahead contact H&R Block tell them their online calculator is wrong

 

[BluesLegend]

He's asking why 401k gains are not taxed at the lower capital gains rate vs federal/state income tax rate. The capital gains rate would be higher for most people this poster shouldn't look a gift horse in the mouth.

It's not just the fact that the gains are taxed as regular income it's the minimum required withdrawals that guarantee that retirees get every possible tax dollar squeezed out of them before they croak

And you have no idea what the taxes will be when you retire do you?

The theory of this whole scheme is you put money into an IRA or 401k tax deferred. Your investments grow using both your money and the government's money e.g. the deferred income taxes. Its assumed that when you retire and have to pay income tax on these savings your tax rate will be lower than when you were working. So I get to make money on my money, the governments money, my retirement savings grow faster, and when I retire I'll pay a lower tax rate vs paying those taxes when I was making more money working full time. Not true in 100% of cases but true for the vast majority of retirees.

The fact is that you don't know what you are going to need to live on in retirement an you don't know what the tax brackets will be then either,

The one thing you do know is that because of the minimum required withdrawals is that the government is going to squeeze every tax dollar it can out of you and will make sure there's not much left to leave to anyone.

Doesn't really matter I'm in the top 3% of earners and I live in a state with no state income tax

Anyone in that income bracket would know that the standard deduction applies to capital gains and they sure as hell don't use HR Block.

I use H&R Block every year have for decades. I'm a fiscal conservative I don't have mountains of debt and deductions, I hoard my money. I have been known to drive 12 miles into a neighboring state to avoid the sales tax in my state, not that I need the money I just like denying the greedy left

 

[Brain357]

13% is better than 0% as we saw for the past 8 years. This is a start.

Not worth it when it is increasing deficits.

Forgot about the Obama administration's debt or are you just ignoring it ?

Not at all. I don't like any of it. Republicans seem to only be fiscally responsible when democrats are in power...

 

[Brain357]

Only 13% of business' tax cuts are going to workers, survey says

Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion

Wow, this is one of the most expensive tax cuts in history. And at a time when corporations are doing really, really well. Why not share with the workers?

ARC: Athens County back to 'distressed' status

This is Appalachia, the center of the Republican Party. The area that has the 10 poorest counties in the United States. Those counties being more than 98% white.

Why not pass some of those tax cuts along as wage increases for whites living in the Appalachia area?

So what?

Business owners have no obligation to give their tax savings to employees

Then the economy won’t grow.

So what

Business owners have no obligation to grow the economy

But even if business owners didn't give away their money to employees the economy can still grow. Maybe the buy new equipment and expand their businesses and hire more people. May be the business owners will buy a new house or a new car or invest more

all those things still grow the economy

Paying people more than their job is worth to the marketplace isn't always the best choice

If it doesn’t grow we will continue to go deeply in debt: The tax break is dependent on growth.

So what?

The debt doesn't matter to anyone so I don't give a flying fuck about it all I care about is keeping as much of my own money as I possibly can

Then you are very foolish.

 

[deanrd]

Only 13% of business' tax cuts are going to workers, survey says

Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion

Wow, this is one of the most expensive tax cuts in history. And at a time when corporations are doing really, really well. Why not share with the workers?

ARC: Athens County back to 'distressed' status

This is Appalachia, the center of the Republican Party. The area that has the 10 poorest counties in the United States. Those counties being more than 98% white.

Why not pass some of those tax cuts along as wage increases for whites living in the Appalachia area?

So what?

Business owners have no obligation to give their tax savings to employees

Then the economy won’t grow.

So what

Business owners have no obligation to grow the economy

But even if business owners didn't give away their money to employees the economy can still grow. Maybe the buy new equipment and expand their businesses and hire more people. May be the business owners will buy a new house or a new car or invest more

all those things still grow the economy

Paying people more than their job is worth to the marketplace isn't always the best choice

How about just paying them what the job is worth?

 

[deanrd]

Well they are kind of a scam

In any other investment portfolio the gains would be taxed at capital gains rates where in a 401 the gains are taxed as regular income and the government tells you how much you have to take out every year or else they hit you with a huge penalty. The goal is to squeeze every tax dollar they can out of retirees before they croak

The gains aren't taxed in a 401K. I don't know where you get that information. You never pay taxes on it unless you cash it out.

He's asking why 401k gains are not taxed at the lower capital gains rate vs federal/state income tax rate. The capital gains rate would be higher for most people this poster shouldn't look a gift horse in the mouth.

It's not just the fact that the gains are taxed as regular income it's the minimum required withdrawals that guarantee that retirees get every possible tax dollar squeezed out of them before they croak

And you have no idea what the taxes will be when you retire do you?

The theory of this whole scheme is you put money into an IRA or 401k tax deferred. Your investments grow using both your money and the government's money e.g. the deferred income taxes. Its assumed that when you retire and have to pay income tax on these savings your tax rate will be lower than when you were working. So I get to make money on my money, the governments money, my retirement savings grow faster, and when I retire I'll pay a lower tax rate vs paying those taxes when I was making more money working full time. Not true in 100% of cases but true for the vast majority of retirees.

It isn't the government's money.

You know, you could go live in a country where you don't have to support the country.
I truly believe you would be much happier.

And I don't like the fact I gave years of my life in the military to protect your kind. I'm proud of real Americans, not your kind. You don't deserve to live here. You aren't good enough.

 

[Dont Taz Me Bro]

My 401k is doing great. Pretty happy.

I got mine, fuck everyone else... what a great American philosophy.

What's wrong with it? I wasn't put on this earth to cater to other people's needs.

And they weren't put here to cater to your needs. Perhaps you are in the wrong country?

Pretty sure you’re the one who is in the wrong country

 

[tyroneweaver]

Only 13% of business' tax cuts are going to workers, survey says

Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion

Wow, this is one of the most expensive tax cuts in history. And at a time when corporations are doing really, really well. Why not share with the workers?

ARC: Athens County back to 'distressed' status

This is Appalachia, the center of the Republican Party. The area that has the 10 poorest counties in the United States. Those counties being more than 98% white.

Why not pass some of those tax cuts along as wage increases for whites living in the Appalachia area?

I bet you pulled them stats outta ya butt

 

[Leo123]

How about just paying them what the job is worth?

What, or who, in your opinion, decides what a job is worth?

 

[Picaro]

About 50% of the people in this country don't even pay income taxes. I suspect 95% of that 50% are Moon Bats.

What are they bitching about?

More rubbish. Trying to imply those with low incomes aren't paying any taxes is yet another indication of ideologues having to lie through their teeth to sell a scam.

 

[Picaro]

LOL my calculations are wrong? Take it up with H&R Block you moron, you may go now I'm done with you.

Yes, like I said, most of you obviously can't fill out your tax returns, so you just hand them over to some service, and you have no idea what the hell you're talking about.

 

[Picaro]

No it doesn't damn you are stupid. Short term capital gains would be 12%, long term capital gains would be 0% but only up to about $70k anything over that and you have to pay tax on the gain. Neither has anything to do with the federal income tax standard deduction. If you live in liberal California well your screwed go look up their whopping 13% capital gain tax that's on top of the federal tax.

Please.

If my only income is Long term capital gains, can I claim deductions against it?

Yes, you can claim all allowable deductions, such as your Exemption and your Standard Deduction (or Itemized Deductions).

If my only income is Long term capital gains, can I claim deduct... - TurboTax Support

In this case the tax would be zero. So, if they had a 401K you claim the effective tax rate on that sixty grand withdrawal would be six percent. But, if they would have had long term capital gain instead the effective tax rate would be zero. And zero is less than six percent. Capital gains are almost always taxed lower than income. That is a problem, and even Ronald Reagan was opposed to such ignorance.

and

Typical right wing behavior. Knee jerk reaction, smart ass comment, proven totally wrong, attempt to deflect, and never, ever, under any circumstances admit you were wrong. Again, long term capital gains tax rates are almost always lower. For a married couple taxes on capital gains don't even start until $77,200. Yet if that couple were out working they would have to start paying taxes after the first $13,350.

Just assume I'm right and you are wrong. For example, do you know what the new standard deduction is for a married couple? The answer is no you do not. Here this is for you

Doubling down on stupid I see. Of course I know what the new standard deduction is stupid shit. Do you know what the new personal exemption is? And your calculations on the sixty grand couple were wrong. They would have to pay $5,225.25. But if the sixty grand would have been long term capital gains they would have paid ZERO. Not only that, they could have had a hundred grand in capital gains and paid ZERO in taxes.

Think about that for a moment. You have one couple, retired in Florida, that take capital gains each year that are equivalent to $8,000 a month. They have a 401K but since they are under 70 and a half and their financial consultant sucks ass, well they just continue to let it grow.

Then you have another couple, worked hard all their life and manage to build a little 401K. They draw five grand a month, three grand less than the other couple. But they have to set aside over four hundred dollars a month to pay taxes. In what damn world does that seem appropriate?

Well, these morons think all those Wall Street types and billionaires are going to take all those tax cut funds and start businesses with lots of high paying jobs or something, even though they never have in human history. They do what they always do, sit on it until they can weasel guaranteed profits for themselves out of Congress. and state govts.

 

[Flash]

About 50% of the people in this country don't even pay income taxes. I suspect 95% of that 50% are Moon Bats.

What are they bitching about?

More rubbish. Trying to imply those with low incomes aren't paying any taxes is yet another indication of ideologues having to lie through their teeth to sell a scam.

Lower income people don't pay much or any of the $1 trillion that is collected each year for income tax. They get a free ride because somebody else is paying a substantial amount towards the cost of this filthy ass Federal government.

However, since most of the poor people in this country are stupid Democrats they sure as hell bitch about the income tax, don't they?

 

[Skull Pilot]

So what?

Business owners have no obligation to give their tax savings to employees

Then the economy won’t grow.

So what

Business owners have no obligation to grow the economy

But even if business owners didn't give away their money to employees the economy can still grow. Maybe the buy new equipment and expand their businesses and hire more people. May be the business owners will buy a new house or a new car or invest more

all those things still grow the economy

Paying people more than their job is worth to the marketplace isn't always the best choice

If it doesn’t grow we will continue to go deeply in debt: The tax break is dependent on growth.

So what?

The debt doesn't matter to anyone so I don't give a flying fuck about it all I care about is keeping as much of my own money as I possibly can

Then you are very foolish.

Not me it's the politicians you idiots vote for

None of them care about the debt and since you vote them in you don't care about the debt.

All I care about is keeping as much of my money as I possibly can because you morons and the idiots you vote for are dumber than dirt when it comes to handling money

 

[Skull Pilot]

Only 13% of business' tax cuts are going to workers, survey says

Tax cut scoreboard: Workers $6 billion; Shareholders $171 billion

Wow, this is one of the most expensive tax cuts in history. And at a time when corporations are doing really, really well. Why not share with the workers?

ARC: Athens County back to 'distressed' status

This is Appalachia, the center of the Republican Party. The area that has the 10 poorest counties in the United States. Those counties being more than 98% white.

Why not pass some of those tax cuts along as wage increases for whites living in the Appalachia area?

So what?

Business owners have no obligation to give their tax savings to employees

Then the economy won’t grow.

So what

Business owners have no obligation to grow the economy

But even if business owners didn't give away their money to employees the economy can still grow. Maybe the buy new equipment and expand their businesses and hire more people. May be the business owners will buy a new house or a new car or invest more

all those things still grow the economy

Paying people more than their job is worth to the marketplace isn't always the best choice

How about just paying them what the job is worth?

They already are getting paid market price for their labor

 

[Toddsterpatriot]

Please.

If my only income is Long term capital gains, can I claim deductions against it?

Yes, you can claim all allowable deductions, such as your Exemption and your Standard Deduction (or Itemized Deductions).

If my only income is Long term capital gains, can I claim deduct... - TurboTax Support

In this case the tax would be zero. So, if they had a 401K you claim the effective tax rate on that sixty grand withdrawal would be six percent. But, if they would have had long term capital gain instead the effective tax rate would be zero. And zero is less than six percent. Capital gains are almost always taxed lower than income. That is a problem, and even Ronald Reagan was opposed to such ignorance.

and

Typical right wing behavior. Knee jerk reaction, smart ass comment, proven totally wrong, attempt to deflect, and never, ever, under any circumstances admit you were wrong. Again, long term capital gains tax rates are almost always lower. For a married couple taxes on capital gains don't even start until $77,200. Yet if that couple were out working they would have to start paying taxes after the first $13,350.

Just assume I'm right and you are wrong. For example, do you know what the new standard deduction is for a married couple? The answer is no you do not. Here this is for you

Doubling down on stupid I see. Of course I know what the new standard deduction is stupid shit. Do you know what the new personal exemption is? And your calculations on the sixty grand couple were wrong. They would have to pay $5,225.25. But if the sixty grand would have been long term capital gains they would have paid ZERO. Not only that, they could have had a hundred grand in capital gains and paid ZERO in taxes.

Think about that for a moment. You have one couple, retired in Florida, that take capital gains each year that are equivalent to $8,000 a month. They have a 401K but since they are under 70 and a half and their financial consultant sucks ass, well they just continue to let it grow.

Then you have another couple, worked hard all their life and manage to build a little 401K. They draw five grand a month, three grand less than the other couple. But they have to set aside over four hundred dollars a month to pay taxes. In what damn world does that seem appropriate?

Well, these morons think all those Wall Street types and billionaires are going to take all those tax cut funds and start businesses with lots of high paying jobs or something, even though they never have in human history. They do what they always do, sit on it until they can weasel guaranteed profits for themselves out of Congress. and state govts.

Oh no, people sitting on their own money! We shouldn't allow that, eh comrade? People who don't do what you want with their money should be punished. Kill the greedy kulaks, eh?

 

[Brain357]

Then the economy won’t grow.

So what

Business owners have no obligation to grow the economy

But even if business owners didn't give away their money to employees the economy can still grow. Maybe the buy new equipment and expand their businesses and hire more people. May be the business owners will buy a new house or a new car or invest more

all those things still grow the economy

Paying people more than their job is worth to the marketplace isn't always the best choice

If it doesn’t grow we will continue to go deeply in debt: The tax break is dependent on growth.

So what?

The debt doesn't matter to anyone so I don't give a flying fuck about it all I care about is keeping as much of my own money as I possibly can

Then you are very foolish.

Not me it's the politicians you idiots vote for

None of them care about the debt and since you vote them in you don't care about the debt.

All I care about is keeping as much of my money as I possibly can because you morons and the idiots you vote for are dumber than dirt when it comes to handling money

And you didn’t vote for all these big spending republicans? You didn’t vote trump?

 

[Brain357]

and

Typical right wing behavior. Knee jerk reaction, smart ass comment, proven totally wrong, attempt to deflect, and never, ever, under any circumstances admit you were wrong. Again, long term capital gains tax rates are almost always lower. For a married couple taxes on capital gains don't even start until $77,200. Yet if that couple were out working they would have to start paying taxes after the first $13,350.

Just assume I'm right and you are wrong. For example, do you know what the new standard deduction is for a married couple? The answer is no you do not. Here this is for you

Doubling down on stupid I see. Of course I know what the new standard deduction is stupid shit. Do you know what the new personal exemption is? And your calculations on the sixty grand couple were wrong. They would have to pay $5,225.25. But if the sixty grand would have been long term capital gains they would have paid ZERO. Not only that, they could have had a hundred grand in capital gains and paid ZERO in taxes.

Think about that for a moment. You have one couple, retired in Florida, that take capital gains each year that are equivalent to $8,000 a month. They have a 401K but since they are under 70 and a half and their financial consultant sucks ass, well they just continue to let it grow.

Then you have another couple, worked hard all their life and manage to build a little 401K. They draw five grand a month, three grand less than the other couple. But they have to set aside over four hundred dollars a month to pay taxes. In what damn world does that seem appropriate?

Well, these morons think all those Wall Street types and billionaires are going to take all those tax cut funds and start businesses with lots of high paying jobs or something, even though they never have in human history. They do what they always do, sit on it until they can weasel guaranteed profits for themselves out of Congress. and state govts.

Oh no, people sitting on their own money! We shouldn't allow that, eh comrade? People who don't do what you want with their money should be punished. Kill the greedy kulaks, eh?

We really didn’t need a handout for the rich and increased deficits....