Trump and his family could save more than $1 billion under House tax bill

[Admiral Rockwell Tory]

Dr. Love was told two Brazilians were killed in a plane crash, so he/she/it asked "OMG! How many zeroes are there in a Brazilian"?

Okay - I was fairly certain i knew what the word meant in general terms (commodities bartered for goods or services), but not necessarily on a financial level. But i'm still not sure I understand why taxes collected for a certain thing, can't be earmarked and directed toward another certain thing.


Definition of fungible
1:being something (such as money or a commodity) of such a nature that one part or quantity may be replaced by another equal part or quantity in paying a debt or settling an account

• Oil, wheat, and lumber are fungible commodities.

• fungible goods

2:capable of mutual substitution :interchangeable

• … the court's postulate that male and female jurors must be regarded as fungible
• —George Will

3:readily changeable to adapt to new situations :flexible

• Managers typically use more than a hundred different lineups over the course of the season. Batting orders are so fungible that few players last long in one spot.
• —Tom Verducci

Earmarking them for a certain item frees up the funds that would pay for the national debt to be used on something else frivolous.

State earmark lottery proceeds for education, and then cut the education budget by the same amount that comes from other sources and spend the money on other things.
.

 

[DrLove]

That money has already been taxed, therefore it is NOT a windfall. It is not applying additional taxes on money that has already been taxed.

You need to learn the meanings of the words you use.

My opinion remains the same. It is new INCOME for the inheritor.

 

[DrLove]

Oh, that horrific national debt that Obama doubled in only 8 years? You mean THAT horrific national debt?

Obama was racking up interest on Junior's 2 trillion dollar blunder in the middle east, Medicare D, and other things most of which were unfunded. Take that out, and his spending was on par with GWB's. Plus, he reduced Dubya's fiscal deficit by over 60%.

As a fiscal conservative, I don't hardly see how Donald John is going to be anything other than worse.. He might add another 1.5 trillion to the debt with tax cuts - 85% of which will go to corporations (who are doing quite well) and the wealthiest 2%. And his military spending and interventionist bluster is bound to cost again as much.

The corporations and wealthiest 2% pay about 85% of the taxes too! Why shouldn't they get a cut?

My proposal would be to cut corporate taxes from 35% to 25%. Fortune 1000 don't pay 35% anyway .. average is 13% and many pay absolutely nothing. Then, no penalties or taxes on repatriated dollars and eliminate all corporate welfare and loopholes.

Sorry, but the uber-wealthy should pay a far greater percentage in taxes than the family of 4 bringing in 100k.

 

[Admiral Rockwell Tory]

That money has already been taxed, therefore it is NOT a windfall. It is not applying additional taxes on money that has already been taxed.

You need to learn the meanings of the words you use.

My opinion remains the same. It is new INCOME for the inheritor.

I am inheriting money. Why should I pay taxes on money that had already been taxed?

 

[Admiral Rockwell Tory]

Oh, that horrific national debt that Obama doubled in only 8 years? You mean THAT horrific national debt?

Obama was racking up interest on Junior's 2 trillion dollar blunder in the middle east, Medicare D, and other things most of which were unfunded. Take that out, and his spending was on par with GWB's. Plus, he reduced Dubya's fiscal deficit by over 60%.

As a fiscal conservative, I don't hardly see how Donald John is going to be anything other than worse.. He might add another 1.5 trillion to the debt with tax cuts - 85% of which will go to corporations (who are doing quite well) and the wealthiest 2%. And his military spending and interventionist bluster is bound to cost again as much.

The corporations and wealthiest 2% pay about 85% of the taxes too! Why shouldn't they get a cut?

My proposal would be to cut corporate taxes from 35% to 25%. Fortune 1000 don't pay 35% anyway .. average is 13% and many pay absolutely nothing. Then, no penalties or taxes on repatriated dollars and eliminate all corporate welfare and loopholes.

Sorry, but the uber-wealthy should pay a far greater percentage in taxes than the family of 4 bringing in 100k.

All those tax dodges are going away too.

 

[EvilCat Breath]

Are liberals still trying to find a way to cutting taxes that only benefit people who don't pay taxes?


Suppose that every day, ten men go out for lunch and the bill for all ten comes to $100.

If they paid their bill the way we pay our taxes, it would go something like this:

• The first four men (the poorest) would pay nothing.
• The fifth would pay $1.
• The sixth would pay $3.
• The seventh would pay $7.
• The eighth would pay $12.
• The ninth would pay $18.
• The tenth man (the richest) would pay $59.

So, that's what they decided to do.

The ten men ate lunch in the restaurant every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve ball.

"Since you are all such good customers," he said, "I'm going to reduce the cost of your daily lunch by $20.00." So lunch for the ten men would now cost just $80.

The group still wanted to pay their bill the way we pay our taxes. So the first four men were unaffected. They would still eat for free. But what about the other six men? How could they divide the $20 windfall so that everyone would get his fair share?

They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to eat his lunch.

So the bar owner suggested that it would be fair to reduce each man's bill by a higher percentage the poorer he was, to follow the principle of the tax system they had been using, and he proceeded to work out the amounts he suggested that each should now pay.

• And so the fifth man, like the first four, now paid nothing (100% off).
• The sixth now paid $2 instead of $3 (33% off).
• The seventh now paid $5 instead of $7 (28% off).
• The eighth now paid $9 instead of $12 (25% off).
• The ninth now paid $14 instead of $18 (22% off).
• The tenth now paid $49 instead of $59 (16% off).

Each of the six was better off than before. And the first four continued to eat lunch for free. But, once outside the bar, the men began to compare the amount they got off.

The sixth man said, "I only got $1 off out of the $20 while the tenth man got $10 off!"

"Yeah, that's right," exclaimed the fifth man. "I only got $1 off, too. It's unfair that he got ten times more benefit than me!"

"That's true!" shouted the seventh man. "Why should he get $10 off, when I got only $2? The wealthy get all the breaks!"

"Wait a minute," yelled the first four men in unison, "we didn't get anything at all. This new tax system exploits the poor!"

The nine men surrounded the tenth and told him they they were angry that he got so much off while they each got very little.

The next day the tenth man didn't show up for lunch, so the nine sat down and had their lunchs without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money amongst all of them for even half of the bill!

And that is how our tax system works. The people who already pay the highest taxes will naturally get the largest benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start eating overseas, where the atmosphere is somewhat friendlier.

For those who understand, no explanation is needed.

For those who do not understand, no explanation is possible.

 

[DrLove]

[All those tax dodges are going away too.

I appreciate your belief that this is gonna happen, but I'm not what you would call convinced.

 

[Cellblock2429]

It would have saved him 20 million on his 2005 tax return (the only one we have) alone. What a damn liar Fuckface Von Clownstick is eh?

President Donald Trump has insisted, for months, that the Republican tax plan he supports won’t benefit him.

“It’s not good for me. Believe me,” he said at a Sept. 27 event in Indiana to sell the plan. “My plan is for the working people, and my plan is for jobs. I don’t benefit,” he also said that day.

And earlier this month, according to NBC News, Trump told a group of Democratic senators in a phone call, "My accountant called me and said 'you're going to get killed in this bill.’”

In fact, Trump and his heirs potentially could save more than $1 billion overall under the GOP tax proposal that the House of Representatives passed Thursday, with most of that amount coming from a repeal of the estate tax, according to an analysis NBC News commissioned of Trump’s one known 2005 tax return and his estimated net worth.​

Trump and his family could save over $1 billion under House tax bill

/——/ So? What’s wrong with saving money? Don’t Libs whine Americans don’t save enough?

 

[DrLove]

I am inheriting money. Why should I pay taxes on money that had already been taxed?

Because it represents new INCOME to you. Currently the number i believe to be free of inheritance taxes is around 5.3 million.

Let me give you an example - the Trump kids are likely to inherit collectively a few BILLION when Daddy dies.

Has nothing to do with the fact that I can't stand their guts (in particular the boys) .. but they can pay freaking taxes on that kind of INCOME over and above the 5.3m.

Just the way I feel

 

[Mr.Blonde]

Won't Trump be dead?

Yep, it benefits his family the most but himself mightily in the meantime.

This estate tax repeal crap is nonsense - nobody needs to inherit more than 5.43 million without paying taxes on amounts over that.

The money has already been taxed once already.

that doesn't make sense. The recipient of the inheritance hasn't paid tax on that money.

Exactly - A multi-million dollar windfall is income, plain & simple

The government has already taxed the money once "plain & simple".

The money isn't the government's. It is the person who earned it. Someone doesn't earn money to give it to someone just to have the government steal more of it.

 

[Admiral Rockwell Tory]

I am inheriting money. Why should I pay taxes on money that had already been taxed?

Because it represents new INCOME to you. Currently the number i believe to be free of inheritance taxes is around 5.3 million.

Let me give you an example - the Trump kids are likely to inherit collectively a few BILLION when Daddy dies.

Has nothing to do with the fact that I can't stand their guts (in particular the boys) .. but they can pay freaking taxes on that kind of INCOME over and above the 5.3m.

Just the way I feel

Just the way I feel? So do you feel like an idiot?

You are, so that's Ok!

 

[DrLove]

Just the way I feel? So do you feel like an idiot?

You are, so that's Ok!

C'mon tough guy - you are better than this ^ ^ ^

 

[Markle]

Yep, it benefits his family the most but himself mightily in the meantime.

This estate tax repeal crap is nonsense - nobody needs to inherit more than 5.43 million without paying taxes on amounts over that.

Why do you think it is up to you what someone else NEEDS?

The taxes have already been paid on that money, why do you think the money earned by that family is suddenly yours because someone dies?

 

[Markle]

That benefits everyone you freakin dork

I did my 2016 taxes using the GOP's new plan. I ended up with my taxes being 29 percent higher under the new plan.

Curious how you could accomplish such a task insofar as there is no plan.

 

[Markle]

That benefits everyone you freakin dork

I did my 2016 taxes using the GOP's new plan. I ended up with my taxes being 29 percent higher under the new plan.

Sad. Yeah i saw that people at 90k or less will get stiffed pretty good. And of course, 13 million may lose their health insurance.

Show us where you found such a statement. The source and link would be good too! Oh, you don't have one? Go figure!

 

[DrLove]

Why do you think it is up to you what someone else NEEDS?

The taxes have already been paid on that money, why do you think the money earned by that family is suddenly yours because someone dies?

Your a Howdy Gowdy Guy (based on sig) - Which immediately disqualifies you from opining about ANYTHING

 

[Admiral Rockwell Tory]

Just the way I feel? So do you feel like an idiot?

You are, so that's Ok!

C'mon tough guy - you are better than this ^ ^ ^

There is nothing tough about it.

You are just incapable of making a reason decisioned, thus you are an idiot.

 

[Markle]

Regardless - the country was very very good to these people. They can kick in a little something to reduce the horrific national debt.

So the country gave it to them? No one earn it?

It is up to the individual. If they want to give the Treasury money fine. If not that is fine too it is their money.

We're all in this together - or perhaps you could share some ideas about how we pay down the 20 trillion we owe?

We haven't tried cutting spending yet. Maybe we should try that.

Sadly, that will never happen!

 

[ScienceRocks]

And they will offshore all this money into even lower taxed heavens...

Everyone else in America will be fucked.

 

[Markle]

That's a matter of opinion. I inherited a good amount less than what at the time was a cap of a couple million. But had i inherited three million, i'd have been happy to pay taxes on that extra mil.

We're all in this together - or perhaps you could share some ideas about how we pay down the 20 trillion we owe?

Sounds like a plan, just write a check to the IRS for one million dollars and I'll say thank you!