Trump: Low Taxes are "Ridiculous"

[Synthaholic]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

 

[Zander]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

 

[The Rabbi]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

 

[mudwhistle]

Low taxes on hedge fund managers, that is.

Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes.

In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street.

"The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky," Trump said.

"They are energetic. They are very smart. But a lot of them - they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous, ok?"

Trump's comments were referring to the so-called "carried interest loophole" - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.

Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.

While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income.​

Trump says tax code is letting hedge funds 'get away with murder'

I happen to agree with Trump on this. As does Hillary Clinton. And Bernie Sanders.

But when I've discussed this with conservatives here on the board in the past, they've disagreed with me, saying hedge fund managers shouldn't pay higher taxes.

Hedge fund managers make millions. Democrats tax everyone....especially the middle-class. Their rich hedge fund friends?

Not so much.

 

[Zander]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

 

[Misty]

Low taxes on hedge fund managers, that is.

Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes.

In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street.

"The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky," Trump said.

"They are energetic. They are very smart. But a lot of them - they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous, ok?"

Trump's comments were referring to the so-called "carried interest loophole" - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.

Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.

While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income.​

Trump says tax code is letting hedge funds 'get away with murder'

I happen to agree with Trump on this. As does Hillary Clinton. And Bernie Sanders.

But when I've discussed this with conservatives here on the board in the past, they've disagreed with me, saying hedge fund managers shouldn't pay higher taxes.

Why should hedge fund managers pay higher taxes? How is that remotely fair?

Income is income.

Why should some income be taxed at a lower rate simply because it comes from a different occupation?

Should dentists have a different tax rate to electricians?

Using that logic, why should the rich pay more for their income than the poor? It's all income right?

And why is the estate tax 40%. It's just income right.

That's why a flat tax on all income is the fair thing to do. The right thing to do.

Which part of the term "occupation" do you need an adult to explain to you?

Occupation means the same thing if you are taking about jobs that make more money than other jobs therefore putting a person in a higher or lower tax bracket.

 

[The Rabbi]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

OK. so what about a building? The building doesnt get consumed when you buy it. It has value after that and is likely to get sold at a higher price later.

 

[Misty]

This is exactly why a flat tax is needed.
No more loop holes no more deductions,everyone pays.

Exactly............Scrap the current code. Simplify...........and make the system fair for everyone..............

They want the loop holes gone and so do I, but they for some strand reason want the same fucked up system we have now. Which is stupid.

They want the "rich" to pay more but don't want to pay their own fair share

Why are you tonguing the balls of the rich?

Why are thinking about them tonguing the balls of the rich?

 

[HereWeGoAgain]

This is exactly why a flat tax is needed.
No more loop holes no more deductions,everyone pays.

Exactly............Scrap the current code. Simplify...........and make the system fair for everyone..............

They want the loop holes gone and so do I, but they for some strand reason want the same fucked up system we have now. Which is stupid.

They want the "rich" to pay more but don't want to pay their own fair share

Why are you tonguing the balls of the rich?

Why are you giving a rim job to the poor....for free?

 

[Zander]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

OK. so what about a building? The building doesnt get consumed when you buy it. It has value after that and is likely to get sold at a higher price later.

You only pay a (low) tax when you realize a profit. If you own a building and sell it - you pay a tax on your actual profit. Since (under this system) you've already deducted all maintenance in the year it was done, your basis is what you paid for it. Simple and effective.

 

[Derideo_Te]

Low taxes on hedge fund managers, that is.

Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes.

In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street.

"The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky," Trump said.

"They are energetic. They are very smart. But a lot of them - they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous, ok?"

Trump's comments were referring to the so-called "carried interest loophole" - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.

Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.

While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income.​

Trump says tax code is letting hedge funds 'get away with murder'

I happen to agree with Trump on this. As does Hillary Clinton. And Bernie Sanders.

But when I've discussed this with conservatives here on the board in the past, they've disagreed with me, saying hedge fund managers shouldn't pay higher taxes.

Why should hedge fund managers pay higher taxes? How is that remotely fair?

Income is income.

Why should some income be taxed at a lower rate simply because it comes from a different occupation?

Should dentists have a different tax rate to electricians?

Using that logic, why should the rich pay more for their income than the poor? It's all income right?

And why is the estate tax 40%. It's just income right.

That's why a flat tax on all income is the fair thing to do. The right thing to do.

Which part of the term "occupation" do you need an adult to explain to you?

Occupation means the same thing if you are taking about jobs that make more money than other jobs therefore putting a person in a higher or lower tax bracket.

Thank you for disqualifying yourself from any further meaningful participation on this OP topic.

Have a nice day.

 

[The Rabbi]

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

OK. so what about a building? The building doesnt get consumed when you buy it. It has value after that and is likely to get sold at a higher price later.

You only pay a (low) tax when you realize a profit. If you own a building and sell it - you pay a tax on your actual profit. Since (under this system) you've already deducted all maintenance in the year it was done, your basis is what you paid for it. Simple and effective.

OK. Works for me.
Frankly any change is going to be for the better since the system we have now just sucks.

 

[Flopper]

Low taxes on hedge fund managers, that is.

Republican presidential front-runner Donald Trump blasted hedge fund managers on Sunday as mere "paper pushers" who he said were "getting away with murder" by not paying their fair share of taxes.

In a telephone interview on CBS's "Face the Nation," Trump vowed to reform the tax laws if elected and said the current system was harming middle class Americans who currently faced higher tax rates than traders on Wall Street.

"The hedge fund guys didn't build this country. These are guys that shift paper around and they get lucky," Trump said.

"They are energetic. They are very smart. But a lot of them - they are paper-pushers. They make a fortune. They pay no tax. It's ridiculous, ok?"

Trump's comments were referring to the so-called "carried interest loophole" - a provision in the tax code which allows private equity and hedge fund managers pay taxes at the capital gains rate instead of the ordinary income rate.

Many fund managers are in the top income bracket, but the capital gains tax bracket is only 20 percent.

While these individuals are also required to pay an additional 3.8 percent surtax on their net investment income, this total rate is still far lower than the 39.6 percent rate that top wage earners must pay on their ordinary income.​

Trump says tax code is letting hedge funds 'get away with murder'

I happen to agree with Trump on this. As does Hillary Clinton. And Bernie Sanders.

But when I've discussed this with conservatives here on the board in the past, they've disagreed with me, saying hedge fund managers shouldn't pay higher taxes.

Why should hedge fund managers pay higher taxes? How is that remotely fair?

Income is income.

Why should some income be taxed at a lower rate simply because it comes from a different occupation?

Should dentists have a different tax rate to electricians?

Congress decided to reward certain behavior, investing, saving for retirement, buying homes, having kids, etc... Create a simple flat tax and within a few year there will be deductions, exemptions, and adjustments to rates. Look at the income tax as it was created in 1913.

For individuals there was only one 2 page tax form, no schedules or additional forms. You reported all income. There was a personal exemption, deductions for business expenses and losses, interest paid, and taxes. The entire tax code was 400 pages. Today it's over 73,000 pages.

http://www.irs.gov/pub/irs-utl/1913.pdf

 

[Flopper]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

Then the income tax for businesses would not be an income tax. Income has to be calculated as the yearly revenue less that yearly expenses, otherwise it's not income. To exclude depreciation is to exclude a real expense. Capital expenditures have to be spread over the useful life the asset. You certainly should not be allowed to expense the cost a new factory that will last decades all in one year. This would make no sense at all.

 

[Derideo_Te]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

Then the income tax for businesses would not be an income tax. Income has to be calculated as the yearly revenue less that yearly expenses, otherwise it's not income. To exclude depreciation is to exclude a real expense. Capital expenditures have to be spread over the useful life the asset. You certainly should not be allowed to expense the cost a new factory that will last decades all in one year. This would make no sense at all.

It makes no sense if the profits derived from the new asset, like a factory, cannot be realized in the first year either. Depreciating it against future profits makes sense for large capital expenditures.

Smaller expenses don't have to be depreciated.

The tax code needs to be adjusted because of changes to the business environment. When the code was first drafted there weren't any expensive office machines such as mainframe computers. Since there were so expensive and lasted several years they were depreciated as such. Then along came desktop computers and the IRS treated them like mainframes even though they only a fraction of the cost. Now the IRS allows them to be written down in the first year or depreciated if they are purchased in bulk for a large corporation.

 

[ClosedCaption]

Yes. Soon the Trumpians will be telling us that "raising taxes is conservative."

You win the internet today

 

[Zander]

The entire tax code needs to be trashed. Then rewritten on a bar napkin.

No exemptions, no deductions.

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

Then the income tax for businesses would not be an income tax. Income has to be calculated as the yearly revenue less that yearly expenses, otherwise it's not income. To exclude depreciation is to exclude a real expense. Capital expenditures have to be spread over the useful life the asset. You certainly should not be allowed to expense the cost a new factory that will last decades all in one year. This would make no sense at all.

Business should not be taxed at all. They don't pay it anyway, they pass it on to their customers.

 

[Misty]

Why should hedge fund managers pay higher taxes? How is that remotely fair?

Income is income.

Why should some income be taxed at a lower rate simply because it comes from a different occupation?

Should dentists have a different tax rate to electricians?

Using that logic, why should the rich pay more for their income than the poor? It's all income right?

And why is the estate tax 40%. It's just income right.

That's why a flat tax on all income is the fair thing to do. The right thing to do.

Which part of the term "occupation" do you need an adult to explain to you?

Occupation means the same thing if you are taking about jobs that make more money than other jobs therefore putting a person in a higher or lower tax bracket.

Thank you for disqualifying yourself from any further meaningful participation on this OP topic.

Have a nice day.

Lol you can't refute my point so you run away.

 

[Derideo_Te]

Income is income.

Why should some income be taxed at a lower rate simply because it comes from a different occupation?

Should dentists have a different tax rate to electricians?

Using that logic, why should the rich pay more for their income than the poor? It's all income right?

And why is the estate tax 40%. It's just income right.

That's why a flat tax on all income is the fair thing to do. The right thing to do.

Which part of the term "occupation" do you need an adult to explain to you?

Occupation means the same thing if you are taking about jobs that make more money than other jobs therefore putting a person in a higher or lower tax bracket.

Thank you for disqualifying yourself from any further meaningful participation on this OP topic.

Have a nice day.

Lol you can't refute my point so you run away.

Get back to us when you can make a coherent point, m'kay?

 

[Misty]

That's stupid. There would be little incentive to upgrade aging equipment. Manufacturing would then take a huge hit, meaning lay-offs.

Bullshit.

OK, so what do you mean by "no deductions"? Do you mean individuals cant deduct, e.g. mortgage interest, or do you mean companies cant, e.g. depreciate machinery and equipment?

I want a simple tax code for businesses and individuals.

For businesses - No depreciation. No more capital expenditures versus expenses. If you need a new piece of equipment you buy it. It is deducted from the corporate profit. It would encourage investment, not discourage it.

Individual would take income from all sources and pay a low flat tax. No deduction. No exemptions.

A child could figure it out.

Then the income tax for businesses would not be an income tax. Income has to be calculated as the yearly revenue less that yearly expenses, otherwise it's not income. To exclude depreciation is to exclude a real expense. Capital expenditures have to be spread over the useful life the asset. You certainly should not be allowed to expense the cost a new factory that will last decades all in one year. This would make no sense at all.

It makes no sense if the profits derived from the new asset, like a factory, cannot be realized in the first year either. Depreciating it against future profits makes sense for large capital expenditures.

Smaller expenses don't have to be depreciated.

The tax code needs to be adjusted because of changes to the business environment. When the code was first drafted there weren't any expensive office machines such as mainframe computers. Since there were so expensive and lasted several years they were depreciated as such. Then along came desktop computers and the IRS treated them like mainframes even though they only a fraction of the cost. Now the IRS allows them to be written down in the first year or depreciated if they are purchased in bulk for a large corporation.

You don't have a clue what you're talking about.