The Briefing Room
General Category => Economy/Business => Topic started by: rangerrebew on April 26, 2024, 01:41:15 pm
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Biden Calls for Record-High Tax Rate, Just a Few Points Shy of 50%
Story by Michael Schwarz • 18h •
It seems a long time since we have had an old-fashioned tax debate, and no wonder.
After all, with the establishment-dominated and deep-state controlled federal government fleecing posterity to pay for endless foreign wars, mandating experimental medical treatments approved for emergency use, censoring citizens' speech online and arresting political opponents, we have had bigger fish to fry.
Thanks to President Joe Biden's proposed fiscal year 2025 budget, however, the prospect of a record-high top capital gains and qualified dividends tax rate of 44.6 percent has spawned a classic clash between a conservative- or libertarian-minded opponent who decries the proposed increase on one hand, and an academic liberal spouting nonsense about billionaires paying their fair share on the other.
Americans who grew up in the 1980s have good reason to pity those who did not. Now, it seems that Biden's budget has taken us back to that glorious decade.
https://www.msn.com/en-us/money/markets/biden-calls-for-record-high-tax-rate-just-a-few-points-shy-of-50/ar-AA1nFwun?ocid=msedgdhp&pc=HCTS&cvid=699c6be855684e03ae39c2c30c274e8f&ei=22
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He's doing everything possible to destroy the America I served in Viet Nam for. :reaper:
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It won't be a record high.
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He can call for all the taxes he wants, but it’s up to Congress to pass anything
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He's doing everything possible to destroy the America I served in Viet Nam for. :reaper:
Thank you for your service. :patriot: He's an evil heartless SOB!!!
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He's doing everything possible to destroy the America I served in Viet Nam for. :reaper:
:yowsa: Welcome home brother!
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(https://images.hive.blog/p/2gsjgna1uruvUuS7ndh9YqVwYGPLVszbFLwwpAYXYSMpCmJ34Nigvu1JPMFfZDki8vb4zWqREQ8EbQ7uqQxetZE4otgvLV8VY37YRccmcrZVPAu7cr?format=match&mode=fit)
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It won't be a record high.
Perhaps you are thinking of the income tax rate? (That was higher than 44% supposedly, but nobody paid that rate...too many loopholes/deductions).
A Cap Gains rate of 44% would be a record high...see:
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-capital-gains-rates
Plus Biden's handlers are thinking about an "Unrealized Capitol Gains" tax...your house worth more than you paid for it...you own the gubberment the Cap Gains tax. I am sure the progressives would exempt "non-rich" homeowners, but you get the idea.
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Perhaps you are thinking of the income tax rate? (That was higher than 44% supposedly, but nobody paid that rate...too many loopholes/deductions).
A Cap Gains rate of 44% would be a record high...see:
https://www.wolterskluwer.com/en/expert-insights/whole-ball-of-tax-historical-capital-gains-rates
Plus Biden's handlers are thinking about an "Unrealized Capitol Gains" tax...your house worth more than you paid for it...you own the gubberment the Cap Gains tax. I am sure the progressives would exempt "non-rich" homeowners, but you get the idea.
Oops. Sorry, I missed that. A capital gains tax rate of 44% would be a disaster. Can you imagine a retiree selling their house and settling in a retirement community rental? Just like that, 44% of that equity they worked all their life for would be confiscated.
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The progressive income tax is the greatest evil ever imposed on allegedly FREE people.
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Lets' see the details first before going off half cocked.. Like Bongino says wait 5 days until all the info comes out.
Is the 44% only on accounts or transactions worth 10 million or more and will never affect 99.999 of Americans?
Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.
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:facepalm:
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Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.
That’s because the gains are unrealized. It’s no more reasonable to tax those than the inflated value of your home.
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Lets' see the details first before going off half cocked.. Like Bongino says wait 5 days until all the info comes out.
Is the 44% only on accounts or transactions worth 10 million or more and will never affect 99.999 of Americans?
Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.
:facepalm2:
Pure libshit.
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That’s because the gains are unrealized. It’s no more reasonable to tax those than the inflated value of your home.
It's because billionaires have "invested" enough in congress to get a tax code tailored to their needs.
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Bezos pays the equivalent of 1% of taxes each year or around there.
1% of what, @banddag ?
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Lets' see the details first before going off half cocked.. Like Bongino says wait 5 days until all the info comes out.
Is the 44% only on accounts or transactions worth 10 million or more and will never affect 99.999 of Americans?
Billioniares do need to pay more. Bezos pays the equivalent of 1% of taxes each year or around there.
.0001%??????
Are you familar with the IRMAA surcharge in Medicare? As a retiree my wife and I pay $1200/mo in health insurance. With the most of those increases being under Pedo Joe. Your defense of Biden is insane.
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:facepalm2:
Pure libshit.
@banddag has made a comment to the effect that both he and his wife have good paying jobs and the price increases and inflation don't impact them. :shrug:
So be it.
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@banddag has made a comment to the effect that both he and his wife have good paying jobs and the price increases and inflation don't impact them. :shrug:
So be it.
So he's just another rich white liberal who doesn't care how badly his virtue-signaling hurts other people. That is just another aspect of his proto-fascism, just as the national socialists in the 1920s didn't care how badly their policies hurt other people (in fact, as with today's crypto- and proto- fascists, the hurt is part of the purpose behind the policy).
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It's because billionaires have "invested" enough in congress to get a tax code tailored to their needs.
Is it though? The billionaires get tax deferrals. The bottom half of households get all sorts of handouts, contribute practically nothing to the federal government, and still pretend they are getting ripped off.
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The federal government could try cutting spending instead. Just a thought
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Is it though? The billionaires get tax deferrals. The bottom half of households get all sorts of handouts, contribute practically nothing to the federal government, and still pretend they are getting ripped off.
What is the precise definition of "income"?
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What is the precise definition of "income"?
YES, Lets talk about that.
I had one year where I paid corporate tax on 160k -- A 15% surcharge - and only 20k came down to me and my wife and four kids... 20k I got to pay double withholdings on btw.
Most corporations are small businesses, and most small businesses are under fire. And have been my whole life long.
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Oh, and before anybody says something stupid, that 160k wasn't laying around in gold bricks. It was money I couldn't hide, like inventory and under-depreciation schedules. It wasn't but a couple grand of it actually money. And coming up with that 15% corporate tax was just like pulling teeth, and took food off my table.
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:silly:
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:facepalm2:
Pure libshit.
In a 2021 study the 400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%
I find this criminal and you call me a liberal So be it
Again let's see what the actual legislation details are. I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more
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What is the precise definition of "income"?
I mostly agree with the federal government's definition as of today. A salary or contract payment is final, barring lawsuits. Until capital assets are sold, you can leverage them for spending money, but their value could disappear at any time. And if unrealized gains are taxed, what would the government do in the middle of market crash? The only reasonable method is a carryback loss, but then the treasury is short on revenues and cutting checks to billionaires at the same time.
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I mostly agree with the federal government's definition as of today. A salary or contract payment is final, barring lawsuits. Until capital assets are sold, you can leverage them for spending money, but their value could disappear at any time. And if unrealized gains are taxed, what would the government do in the middle of market crash? The only reasonable method is a carryback loss, but then the treasury is short on revenues and cutting checks to billionaires at the same time.
When you become wealthy enough you can structure your finances in such a way that you have very little to no "Income". A poster here advises such people for his living. His clients live like kings while paying almost nothing for all the services the government provides them.
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When you become wealthy enough you can structure your finances in such a way that you have very little to no "Income".
Hell, even when you ain't wealthy enough... Money in the bank is money not working. The more you invest the more plates you can get up and spinning. One plate may go wobbly and come crashing down, shattered. That ain't income, that's write-off. Unless it's the only plate you have... Then it's tragedy, and hard times...
But who knows how many of the plates keep spinning long enough to win the prize? Maybe will, maybe won't... But I can tell you what - Uncle Sam never sweeps up all the shattered plates. Uncle Sam just takes his nick, whether you win or not.
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In a 2021 study the 400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%
I find this criminal and you call me a liberal So be it
Again let's see what the actual legislation details are. I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more
Yeppers like the govt gives a darn about the middle class. *****rollingeyes*****
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Yeppers like the govt gives a darn about the middle class. *****rollingeyes*****
They definitely give a darn about the middle class as they are the ones paying the freight.
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In a 2021 study the 400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%
I find this criminal and you call me a liberal So be it
Again let's see what the actual legislation details are. I do not think the middle class will be hit with this 44% and as I said above it will only be for transactions over a million dollars or higher . The govt is desperately trying to to get middle class people to save more
:silly:
Bullshit. Those studies typically fail to take into account the fact that much of that income is from foreign sources and is subject to foreign tax - generally at rates higher than U.S. rates - and therefore present false - criminally false - conclusions.
Jeff Bezos does not pay an effective rate of income tax of 8%. His effective rate of income tax is almost certainly around 40%. He pays a U.S. rate of approximately 8% on his worldwide income because (a) he has paid a substantial amount of foreign income tax on most of that income already, and (b) the U.S. foreign tax credit system is imperfect and generally fails to fully prevent double taxation. Furthermore, aspects of the U.S. tax system are intentionally designed to impose double taxation. For example, the so-called "NIIT" - net investment income tax - of 3.8% cannot be offset with credits for foreign taxes paid on the same income. As a result, even if the foreign tax rate imposed on that income is higher than the U.S. rate - for example, the German rate of tax on capital gains is generally 25%, which is five percentage points higher than the U.S. long-term rate of 20% - the income-earner still ends up paying a 3.8% U.S. income tax. Thus, on long-term capital gains that are subject to both U.S. and foreign tax - such as German income tax - the effective rate of tax is equal to the higher rate of normal tax, plus the U.S. 3.8% NIIT.
The only thing criminal here is your willful ignorance, refusal to understand the basics of the income tax system, and egregiously false claims that the "rich" of whom you are so patently envious pay less tax than you do.
Go f**k yourself, you lousy little fascist parasite.
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A little reality check.
The top 5% of income earners pay nearly 66% of all federal taxes collected. That goes up to nearly 76% for the top 10%. The other 90% pays about 24%...
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In a 2021 study the 400 top billionaires n the US paid on average just slightly over 8% in taxes. Musk Bezos and Buffett paid around 3.4%
Again, 3.4% of what? Income? Wealth? What did Bezos and Buffett pay 3.4% of? @banddag
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Never mind. I found it.
Richest Americans—Including Bezos, Musk And Buffett—Paid Federal Income Taxes Equaling Just 3.4% Of $401 Billion In New Wealth, Bombshell Report Shows (https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/)
- ProPublica found that while the median American household earning roughly $70,000 per year paid 14% in federal taxes each year, the 25 richest Americans (by Forbes’ tally) paid a “true tax rate” of just 3.4% on wealth growth of $401 billion between 2014 and 2018.
- ProPublica’s “true tax rate” is a novel and sure-to-be-controversial measure of how much taxes an individual paid each year compared to Forbes’ calculation of how much their wealth grew during the same time, meaning that ProPublica is counting unrealized capital gains, which are not taxed under the current U.S. Tax Code.
https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/
So this is based on an imaginary tax assessment that is not in effect. Basically, ProPublica believes that if someone's stock portfolio gains value in any tax year, that person should be forced to pay taxes on unrealized gains. On the flip side, let's say the market tanks and Buffet and Bezos lose a billion dollars in stock value. Does that mean they are due a massive refund on unrealized losses? I think not.
The bottom line here is that any claims that Bezos and Buffet paid only 3.4% in taxes on realized income is pure unadulterated bullshit. Lies make Jesus cry.
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I was right. Wait for the details. This 44% is only for people making $1 million or more in taxable income. Less than 1% of taxpayers will be affected
All of you jumping around panicking . As Bongino
always says wait 5 days for the correct details before making a fool of yourself
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:silly:
Bullshit. Those studies typically fail to take into account the fact that much of that income is from foreign sources and is subject to foreign tax - generally at rates higher than U.S. rates - and therefore present false - criminally false - conclusions.
Jeff Bezos does not pay an effective rate of income tax of 8%. His effective rate of income tax is almost certainly around 40%. He pays a U.S. rate of approximately 8% on his worldwide income because (a) he has paid a substantial amount of foreign income tax on most of that income already, and (b) the U.S. foreign tax credit system is imperfect and generally fails to fully prevent double taxation. Furthermore, aspects of the U.S. tax system are intentionally designed to impose double taxation. For example, the so-called "NIIT" - net investment income tax - of 3.8% cannot be offset with credits for foreign taxes paid on the same income. As a result, even if the foreign tax rate imposed on that income is higher than the U.S. rate - for example, the German rate of tax on capital gains is generally 25%, which is five percentage points higher than the U.S. long-term rate of 20% - the income-earner still ends up paying a 3.8% U.S. income tax. Thus, on long-term capital gains that are subject to both U.S. and foreign tax - such as German income tax - the effective rate of tax is equal to the higher rate of normal tax, plus the U.S. 3.8% NIIT.
The only thing criminal here is your willful ignorance, refusal to understand the basics of the income tax system, and egregiously false claims that the "rich" of whom you are so patently envious pay less tax than you do.
Go f**k yourself, you lousy little fascist parasite.
You are delusional if you think Bezos is paying 40% in taxes . Btw I am not envious of the super rich. I am very wealthy myself. Not a billionaire but near the top.
Nice language btw. I can tell I am winning the argument
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You are delusional if you think Bezos is paying 40% in taxes . Btw I am not envious of the super rich. I am very wealthy myself. Not a billionaire but near the top.
Nice language btw. I can tell I am winning the argument
You are counting unrealized capital gains in that equation. And he paid around a billion dollars in personal federal income taxes. You say you are wealthy, you should know better.
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Less than 1% of taxpayers will be affected
Uh, no. Job creators will change their behavior over changes in the tax code. There is a basic rule of life that liberals are completely oblivious of. It's called "human nature". When a person enters in to a 44% tax bracket, they are less inclined to take risks, to work more hours, to engage in new ventures. And that affects those who would have benefitted from those ventures. People who would have been hired, but now go wanting because some idiot leftist with no concept of human nature figured they would just work even harder putting in more hours so that they could make the same amount as before.
But hey, why stop at 44%? Why not make it 100%? That's what you really want. What better way to satisfy your personal envy than to take it all. The only problem with that is that with a 100% tax rate, your tax revenues would fall to zero. But again, liberals are too stupid to figure that one out until after the fact.
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I was right. Wait for the details. This 44% is only for people making $1 million or more in taxable income. Less than 1% of taxpayers will be affected
All of you jumping around panicking . As Bongino
always says wait 5 days for the correct details before making a fool of yourself
That's 90 % of small business corporations too, I bet.
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I was right. Wait for the details. This 44% is only for people making $1 million or more in taxable income. Less than 1% of taxpayers will be affected
All of you jumping around panicking . As Bongino
always says wait 5 days for the correct details before making a fool of yourself
So how do you know that no one here falls in that 1%? Why is the federal government entitled to 44% of it? And yes, the people who tend to fall in that category employ other people because they tend to operate businesses where that "profit" is tied up in capital to operate the business. You said you are pretty wealthy, did you actually work for it or did you inherit it? Because if you worked for it you should already know all this.
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So how do you know that no one here falls in that 1%? Why is the federal government entitled to 44% of it? And yes, the people who tend to fall in that category employ other people because they tend to operate businesses where that "profit" is tied up in capital to operate the business. You said you are pretty wealthy, did you actually work for it or did you inherit it? Because if you worked for it you should already know all this.
LOL! Are you kidding me @DB this guy is either a teen with a computer and/or a big time TROLL.
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LOL! Are you kidding me @DB this guy is either a teen with a computer and/or a big time TROLL.
Ya, that's becoming apparent...
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Why would O'Biden do this only a few months before the election.
Democrats are Socialist Communists so I understand the why part.
But the why now? part I cannot figure out?
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Why would O'Biden do this only a few months before the election.
Democrats are Socialist Communists so I understand the why part.
But the why now? part I cannot figure out?
There's someone on this very thread that says its a-okay. That the "rich" aren't taxed enough. And that it doesn't affect him so what's the big deal...
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There's someone on this very thread that says its a-okay. That the "rich" aren't taxed enough. And that it doesn't affect him so what's the big deal...
If this is a "TAX THE RICH!" play (like AOC's $50,000 dollar dress said) by Biden's controllers, I think it is a mistake. I saw all the tax law wrestling on this thread, but I don't think that is going to play out nationally. Most of the American people do not understand tax brackets, capital gains, or anything at all about American taxation.
However, the headline "Biden calls for massive tax hike" will hit them between the eyes. That, they understand.
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The question is if he is a teachable troll.
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Why would O'Biden do this only a few months before the election.
Democrats are Socialist Communists so I understand the why part.
But the why now? part I cannot figure out?
Because the liberal mental midgets see it as taxing the 'evil rich white man'; propaganda that has been instilled in them. They don't have a clue.
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You are delusional if you think Bezos is paying 40% in taxes . Btw I am not envious of the super rich. I am very wealthy myself. Not a billionaire but near the top.
Nice language btw. I can tell I am winning the argument
:silly:
No, actually, you’re not. You’re simply delusional and, as Lenin himself put it, a “useful idiot”.
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That's 90 % of small business corporations too, I bet.
It is not based upon gross receipts but IRA taxable income/take home pay of $1 million or more. Forbes came out with an article today and there are so many asterisks and caveats-get out of jail conditions. in the bill it will only affect a small amount of people.
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LOL! Are you kidding me @DB this guy is either a teen with a computer and/or a big time TROLL.
I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.
I remember listening to Rush early 90's and all the doom and gloom about Clinton-going to turn the country communist, create another depression on an on. The 90's was incredible for both individuals and companies and some of the best economic times in out nations history.
Trump not once but twice warned under biden the stock market would collapse. It was at record levels not once but twice and is hovering around the top right now.
Trump said biden would destroy the economy. In 2023 a record amount of new business were started. the greatest amount in our nations history. 5.5 million. A record amount of countries are investing in the US right now. Yes we have some challenges, inflation, housing shortages etc but they will not last forever,
Record oil and gas production but wait I thought biden was going to kill the oil and gas sector. Oil co's making record profits. I wish biden would put his boot on my companies neck.
Forbes came out today and said the bidens 44% tax has all kinds of asterisks, caveats and loopholes to enable people to get out of paying it. Very few people will pay it probably less than 1%. It starts at 1 million dollars or more of IRS take home pay but also investment account limits.
Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes. These people are smart. They know if the class inequality continues to get worse they might end up on a lampost.
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I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.
I remember listening to Rush early 90's and all the doom and gloom about Clinton-going to turn the country communist, create another depression on an on. The 90's was incredible for both individuals and companies and some of the best economic times in out nations history.
Trump not once but twice warned under biden the stock market would collapse. It was at record levels not once but twice and is hovering around the top right now.
Trump said biden would destroy the economy. In 2023 a record amount of new business were started. the greatest amount in our nations history. 5.5 million. A record amount of countries are investing in the US right now. Yes we have some challenges, inflation, housing shortages etc but they will not last forever,
Record oil and gas production but wait I thought biden was going to kill the oil and gas sector. Oil co's making record profits. I wish biden would put his boot on my companies neck.
Forbes came out today and said the bidens 44% tax has all kinds of asterisks, caveats and loopholes to enable people to get out of paying it. Very few people will pay it probably less than 1%. It starts at 1 million dollars or more of IRS take home pay but also investment account limits.
Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes. These people are smart. They know if the class inequality continues to get worse they might end up on a lampost.
You are IMHO foolish to believe anything coming from the Brandon administration. He hasn't left office yet and there's no way that under his regime things are going to get any better.
Bidenomics and liberalism aren't working now and sure as heck aren't going to work in the future.
Wake up. Take a deep breath, open your eyes and really take a look around you and see what is happening. Inflation and spending are absolutely out of control!
You say that housing shortages, inflation won't last forever. As long as the DEMS/liberals/marxists have a stranglehold on this country they will and things will get even worse.
Connect the dots .... Brandon is going to attend a U.N. summit where basically the UN is asking for emergency powers. What do you think he's going to do other than sell this country down the river.
FJB!!!!!
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I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.
I remember listening to Rush early 90's and all the doom and gloom about Clinton-going to turn the country communist, create another depression on an on. The 90's was incredible for both individuals and companies and some of the best economic times in out nations history.
Trump not once but twice warned under biden the stock market would collapse. It was at record levels not once but twice and is hovering around the top right now.
Trump said biden would destroy the economy. In 2023 a record amount of new business were started. the greatest amount in our nations history. 5.5 million. A record amount of countries are investing in the US right now. Yes we have some challenges, inflation, housing shortages etc but they will not last forever,
Record oil and gas production but wait I thought biden was going to kill the oil and gas sector. Oil co's making record profits. I wish biden would put his boot on my companies neck.
Forbes came out today and said the bidens 44% tax has all kinds of asterisks, caveats and loopholes to enable people to get out of paying it. Very few people will pay it probably less than 1%. It starts at 1 million dollars or more of IRS take home pay but also investment account limits.
Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes. These people are smart. They know if the class inequality continues to get worse they might end up on a lampost.
Yep, a troll. A foolish one at that.
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Connect the dots .... Brandon is going to attend a U.N. summit where basically the UN is asking for emergency powers. What do you think he's going to do other than sell this country down the river.
FJB!!!!!
Total garbage. Will never happen. How do you folks believe this crap?
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Buffet, Gates, Musk and many others have said the billionaire class needs to pay more taxes.
Then they should give their money away instead of making unwanted financial decisions for others. When normal people do that, we call it theft.
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I am an independent conservative. Sorry if I don't panic over all the rw doom and gloom and misinformation spread on every internet site.
No self proclaimed conservative would buy into the climate change scam, the way you have.
Try another angle or prove me wrong. I've gone 30 years on the subject without anyone doing it.
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Yep, a troll. A foolish one at that.
:yowsa: :beer:
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..........In September 2024, less than two months before the next U.S. presidential election, the United Nations will host a landmark “Summit of the Future,” where member nations will adopt a Pact for the Future. The agreement will solidify numerous policy reforms offered by the U.N. over the past two years as part of its sweeping Our Common Agenda platform.
Although there are numerous radical proposals included in the agenda, perhaps none are more important than the U.N. plan for a new “emergency platform,” a stunning proposal to give the U.N. significant powers in the event of future “global shocks,” such as another worldwide pandemic.
Many of the details of the U.N. emergency platform were laid out in a March 2023 policy paper titled “Strengthening the International Response to Complex Global Shocks — An Emergency Platform.” In the paper, the U.N. secretary-general writes, “I propose that the General Assembly provide the Secretary-General and the United Nations system with a standing authority to convene and operationalize automatically an Emergency Platform in the event of a future complex global shock of sufficient scale, severity and reach.”
Once triggered, the emergency platform would give the U.N. the ability to “actively promote and drive an international response that places the principles of equity and solidarity at the centre of its work.” The U.N. would bring together the “stakeholders” of the world, including academics, governments, private sector actors, and “international financial institutions” to ensure there is a unified, global response to the crisis.
The emergency platform would also give the United Nations the power to “Ensure that all participating actors make commitments that can contribute meaningfully to the response and that they are held to account for delivery on those commitments.”.........
............Biden Admin Supports the Proposal
The emergency platform proposal might be the biggest attempted power grab in the history of the United Nations, but as shocking as it is, it pales in comparison to the Biden administration’s treatment of this extremist proposal.
Rather than assert America’s independence and sovereignty, the White House has expressed its support for the emergency platform. U.S. Ambassador Chris Lu noted in at least two March 2022 speeches that the Biden administration backs the emergency platform, along with numerous other proposals included in “Our Common Agenda.”
The emergency platform would centralize an immense amount of power and influence, giving the United Nations greater control over the lives of Americans than it has ever had before. And rather than stand up for Americans’ rights, President Biden has already agreed to sell us out.
If the emergency platform is approved, the United States as we know it could cease to exist. That sounds dire, but it’s true. We either stand for freedom now or risk everything come September 2024.
https://thefederalist.com/2023/07/04/the-u-n-is-planning-to-seize-global-emergency-powers-with-bidens-support/
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It is not based upon gross receipts but IRA taxable income/take home pay of $1 million or more.
Ah, so the goal posts have now been shifted. Before this, you were talking of unrealized (i.e. imaginary) capital gains. But now you switched to take home pay? In that regard, I can guaran-damn-tee you that Bezos paid more than 40%.
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:troll:
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Ah, so the goal posts have now been shifted. Before this, you were talking of unrealized (i.e. imaginary) capital gains. But now you switched to take home pay? In that regard, I can guaran-damn-tee you that Bezos paid more than 40%.
No, I said the 44% only pertains to capital gains of people making 1 million dollars or more of taxable income. Someone else said many small business bring in this amount and I reclarified it was not gross receipts of a small business but based upon actual take home taxable pay for an individual.
I never mentioned capital gains. I said all along this 44% will turn out to be a nothing burger-and wait until all the details come out...and I was right. Forbes article today said there are so many asterisks and caveats/exemptions on the proposal very few will be subject to it.
More doom and gloom by rw bloggers and such making money off of gullible people...Michelle Malkin warned of these false people. Many not even conservative but they know maga will fork over their dollars .
Show me a link where Bezos is paying 40% because there are plenty showing these top billionaires are not paying anything close.
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It is not based upon gross receipts but IRA taxable income/take home pay of $1 million or more. Forbes came out with an article today and there are so many asterisks and caveats-get out of jail conditions. in the bill it will only affect a small amount of people.
Here is your post again:
Jeff Bezos does not pay an effective rate of income tax of 8%. His effective rate of income tax is almost certainly around 40%.
You are delusional if you think Bezos is paying 40% in taxes .
Federal Income Tax - 37%
Medicare Tax - 3.8%
Total - 40.8%
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Here is your post again:
You are delusional if you think Bezos is paying 40% in taxes .
Federal Income Tax - 37%
Medicare Tax - 3.8%
Total - 40.8%
He's counting unrealized capital gains because the value of his stock went up. Not actual income.
He's a big government conservative - which is an oxymoron...
I'm not going to waste any more time on him.
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He's counting unrealized capital gains because the value of his stock went up. Not actual income.
Well that's rather dishonest.
I'll ask the question again: If stocks go down in a given year, and Jeff Bezos balance sheet falls by $1 billion, would the federal government then owe him 44% on that? Imagine the government sending Jeff Bezos a refund check of $440 million because he had unrealized losses. Guess those dumb-ass liberals didn't think that one through. Idiots.
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Well that's rather dishonest.
I'll ask the question again: If stocks go down in a given year, and Jeff Bezos balance sheet falls by $1 billion, would the federal government then owe him 44% on that? Imagine the government sending Jeff Bezos a refund check of $440 million because he had unrealized losses. Guess those dumb-ass liberals didn't think that one through. Idiots.
He makes assertions and then dances around the questions in response to those assertions without addressing them. He's burnt his good will with me.
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He makes assertions and then dances around the questions in response to those assertions without addressing them.
Gee, that is EXACTLY what liberals do.
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Federal Income Tax - 37%
Medicare Tax - 3.8%
Total - 40.8%
Show me a link where Bezos is paying 40%. Billionaires have so many tricks and loopholes to hide money. Bill Gates admitted his average annual tax rate is 10.7% sometimes higher, sometimes lower.
Here is what Musk is doing.:
However, ProPublica pointed out that his “true tax rate” for the five-year period between 2014 and 2018 is much lower than the national average household at 3.27 percent. How does Musk avoid paying taxes? The answer is that he borrows money from Tesla without taking a salary from his own company.Jun 13, 2021
Elon Musk explains his extremely low tax rate - The Hill
Story at a glance:
Elon Musk paid less than $70,000 in federal income taxes between 2015 and 2017, and he did not pay anything in 2018, according to recent reports.
He did pay his taxes in 2016 by exercising more than $1 billion in stock options.
He lives off loans made from his stock options, meaning he doesn’t take a salary from his company.
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Show me a link where Bezos is paying 40%.
Show me a link where he's not. Because the tax code is quite clear. 37% on adjusted gross income over $578k. 2.9% Medicare tax on all adj. gross income. And 0.9% Medicare tax on all adj. gross income over $200k. That's the law.
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Show me a link where he's not. Because the tax code is quite clear. 37% on adjusted gross income over $578k. 2.9% Medicare tax on all adj. gross income. And 0.9% Medicare tax on all adj. gross income over $200k. That's the law.
I posted multiple links what he is paying. The top 400 richest families in the US pay on average just over 8%.
Business Insider on Bezos
If you account for the $127 billion increase to his net worth that came from stocks appreciating in value over time, that $1.4 billion Bezos paid in federal income taxes accounts for just over 1%.
Moreover, Bezos and other stock-holding billionaires are able to turn those stocks into usable cash without having to sell: By borrowing money against their stock holdings, they're able to lock in a lower loan interest rate than what they would pay through capital gains taxes that are applied after a stock is sold.
How billionaires like Jeff Bezos and Elon Musk avoid paying federal income tax while increasing their net worth by billions
https://www.businessinsider.com/how-billionaires-avoid-paying-federal-income-tax-2021-6#:~:text=Bezos%20can%20skip%20paying%20taxes,value%20tremendously%2C%20like%20those%20of
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Here is what Musk is doing.:[/b]
However, ProPublica pointed out that his “true tax rate” for the five-year period . . .
Yeah, we covered this already. Did you not read my posts? ProPublica has invented its own tax rate on imaginary income that is not founded in reality. This was pointed out to you by several posters here. Are you capable of thinking for yourself?
Let's review again. ProPublica is saying that people should pay tax on any rise in the value of capital investment from year to year. For example, let's say you pay $100k for a house. Next year, the government appraises the value of your house at $110k. So according to ProPublica, you should have to pay taxes on that $10k increase even though you did not see a dime of it. The same goes for stock (except of course stocks owned by big liberal universities with massive endowments). So if you have $100k tucked away in your 401(k) and the value of that stock goes up 10% in a given year, then you would be expected to stroke a check to the federal government for that increase that you never saw. Think about that. Isn't that the dumbest idea you've ever heard?
And of course what happens if that value goes down instead? Wouldn't the government then be on the hook for paying out tax refunds on those losses? Are you down with that, too?
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I posted multiple links what he is paying. The top 400 richest families in the US pay on average just over 8%.
Business Insider on Bezos
If you account for the $127 billion increase to his net worth that came from stocks appreciating in value over time, that $1.4 billion Bezos paid in federal income taxes accounts for just over 1%.
Again, unrealized gains are not taxable. Why do you continue pretending they are? Do you really not understand how taxes work? Because each time you cling to this false premise, you end up looking like an even bigger fool. Let's limit this discussion to reality, ok?
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Are you capable of thinking for yourself?
For example, let's say you pay $100k for a house. Next year, the government appraises the value of your house at $110k. So according to ProPublica, you should have to pay taxes on that $10k increase even though you did not see a dime of it.
Show me in the tax code where you have to pay capital gains on a house that goes up in value that you are living in and not selling. I own apartments and office buildings. Never had to pay capital gains of course never sold them either..yet. .
Yeah, I have a great tax accountant and might not know everything but I know Billionaires are not paying 40%. I showed how Musk and Bezos are doing it through borrowing from stock as one example.
You only pay the capital gains tax after you sell an asset. Let's say you bought your home 2 years ago and it's increased in value by $10,000. You don't need to pay the tax until you sell the home.
Capital Gains Tax On Real Estate And Home Sales: A Guide
Yes, I think for myself. I figured out .long ago listening from the doom and gloom from the rw fear porn mongers most of it is 99% utter bullshit. Forbes today said the 44% biden tax proposal is a nothing burger.
BTW met with my CFP today. Our investments are at record levels. But wait I thought the RW fear porn dipshits said Biden was going to cause a depression and the stock market would be another 1929. Guess not
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Show me in the tax code where you have to pay capital gains on a house that goes up in value that you are living in and not selling. I own apartments and office buildings. Never had to pay capital gains of course never sold them either..yet. .
Exactly. So why are you pretending otherwise by buying into that ProPublica bullshit?
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Exactly. So why are you pretending otherwise by buying into that ProPublica bullshit?
Link please to what Pro Publica said regarding this-capital gains on a house that increases 10% in value.
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@banddag
Here is what YOU posted:
To capture the financial reality of the richest Americans, ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.
We’re going to call this their true tax rate.
https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax
An analysis that has never been done before? Their true [sic] tax rate? Again, let's stick with reality, shall we?
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The word "unrealized" appears 18 times in this thread. How is it that you have yet to see it?
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The word "unrealized" appears 18 times in this thread. How is it that you have yet to see it?
So your example of paying capital gains on a 10% increase in your home is not true. You was the one who made that up.
And I posted multiple places how the billionaires pay very low taxes through loopholes and you have yet to show an actual link where Bezos is paying a 40% tax even though the ACTUAL taxes Bezos paid from 2010 to 2018 is on the net and not close to 40% but between 1.8% and 3.5% give or take a few percentage points and I believe he paid zero taxes for a few of those years and even got back child tax credits
I am done you can have the last word
I can't wait to tell my CPA accountant who deals with high end clients that Bezos is paying 40% tax rate. Maybe I will not tell her. She might die from laughter
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So your example of paying capital gains on a 10% increase in your home is not true. You was the one who made that up.
So now you're intentionally being obtuse. The example given was based on the ProPublica premise. It was a hypothetical. But then you knew that already.
And I posted multiple places how the billionaires pay very low taxes through loopholes
Based on an imaginary tax law that is not based in reality.
and you have yet to show an actual link where Bezos is paying a 40% tax
And you have yet to show an actual link where he is not. Let's keep in mind that YOU are the one offering that premise, not me. I already showed you what the law says. Anyone in the top tax bracket is paying over 40%. That's the law. To suggest otherwise is delusional.
even though the taxes Bezos paid from 2010 to 2018 is on the net and not close to 40% but between 1.8% and 3.5%
Based on an imaginary tax invented by ProPublica. But don't take my word for it. Read the damn articles you posted yourself. I know someone at DU supplied you with those links. But at least have the integrity to read them yourself before you start parroting incomplete nonsense from them. Again, this came from YOUR article.
I am done you can have the last word
Yeah, it sucks when 'truth' gets in the way of your emotional needs.
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I lied.
Buffet in an interview says he pays on average 17.4% in taxes while his staff pays between on average 32-35%. This is not proPublica but Buffet actual words out of his mouth.
https://www.youtube.com/watch?v=zB1FXvYvcaI
Bill Gates said he pays on average 18% a year in taxes (gates said he paid 10 billion in taxes over the years-I thought it was 10% tax rate but it was 10 billion when I went back to look at it. Sue me. ) and said he would be ok with paying more even 20 billion.
Bezos accountant should be fired lol
40% LMAO
Show a link where he is paying 40%. Still Waiting.....
I also find it amazing, Forbes, Business Insider, WSJ, Motley fool, Bloomberg CNBC, State Street, Mornngstar , Chrles Schwab on and on believe the propublica figures and have used them for articles but you do not.
40% . Where is the Tom Cruise laughing gif?
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I lied.
Buffet in an interview says he pays on average 17.4% in taxes while his staff pays between on average 32-35%.
Like I said before, you are being intentionally obtuse. Buffet is including capital gains which are not included in his adjusted gross income. I can only tolerate 'stupid' so far. Even less when a poster is doing it on purpose.
40% LMAO
Show a link where he is paying 40%. Still Waiting.....
https://www.irs.gov/filing/federal-income-tax-rates-and-brackets
https://www.irs.gov/taxtopics/tc751
I also find it amazing, Forbes, Business Insider, WSJ, Motley fool, Bloomberg CNBC, State Street, Mornngstar , Chrles Schwab on and on believe the propublica figures and have used them for articles but you do not.
The articles clearly state that the assessment is based on a hypothetical outside of the current tax code. But you knew that already. Yet here you are intentionally playing 'stupid', because your emotional well-being can't handle accepting the truth of you being dead wrong. Not to mention that you lack the humility as well. But hey, keep playing that class-envy card while at the same time bragging about how well-off you are. But your bullshit won't fly here.
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Let's say a person bought a house 30 years ago for $50k. They paid their notes on time and have that house paid off. They now sell that house for ten times that - $500,000. They realized a capital gain of $450K. But instead of pocketing that money, they buy a new house for $600. So even though they realized that gain, they are able to offset it against their taxes with their new purchase (and loan).
That's what people like Buffett and Gates do. They sell stocks, but turn right around and re-invest that money, putting off their tax liability to a later date when they cash out for good. This isn't rocket surgery. Everyone knows this. Yet we have a poster in here pushing a false narrative as if we don't know better.
Personally, I don't give a damn how much Buffett pays. I am not him. I have my own tax liability to deal with without having to worry about other people. But then I'm not some fascist liberal hell bent on controlling other people's lives.
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You can keep showing that tax table all you want. Does not mean they pay that amount.
We own 3 companies and we play the game. Need 20 hours continuing education each year, spend ,2 days in class and the other 6 days vacation and write it off as a business expense , hire gras cutting crew to cut grass at our office and they stop at our house and cut it and bill it out to my corporation. need a new hot water heyer for the house. Bill it out under apt expense. They don't give a crap- the companies doi ng the work. 100% of things we need around the house from garden hose to a new stove goes on the Lowe's business cc. We ownany aptsm the IRS would never figure it outI could go on an on. We are country bumpkins and of we can hide money the billionaires with their $1000 an hour accountants are dou g all the loopholes
Find me a link where the top billionaire are paying 40%
Gates, Musk, Bezos, Buffet.
If they were paying 40% they would say so.
Be shouting it from the rooftops to show the little people they are paying a high tax rate.. The fact most are quiet means they are paying a lie tax rate and do not want the public to know what they are really paying
Why Trump never wanted to show his taxes
You are the obtuse one and do not live in the real world
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Good grief, man. Do you really expect the United States to tax investment income at ordinary rates while the vast majority of countries do not? Do you understand why sane leaders want to encourage risk taking where it leads to economic growth? I bet you want to jack up the corporate tax also. Nothing but the best for the good ol USA.
And this idea of taxing unrealized gains is unconstitutional, not to mention self destructive.
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You can keep showing that tax table all you want. Does not mean they pay that amount.
We own 3 companies and we play the game. Need 20 hours continuing education each year, spend ,2 days in class and the other 6 days vacation and write it off as a business expense , hire gras cutting crew to cut grass at our office and they stop at our house and cut it and bill it out to my corporation. need a new hot water heyer for the house. Bill it out under apt expense. They don't give a crap- the companies doi ng the work. 100% of things we need around the house from garden hose to a new stove goes on the Lowe's business cc. We ownany aptsm the IRS would never figure it outI could go on an on. We are country bumpkins and of we can hide money the billionaires with their $1000 an hour accountants are dou g all the loopholes
Find me a link where the top billionaire are paying 40%
Gates, Musk, Bezos, Buffet.
If they were paying 40% they would say so.
Be shouting it from the rooftops to show the little people they are paying a high tax rate.. The fact most are quiet means they are paying a lie tax rate and do not want the public to know what they are really paying
Why Trump never wanted to show his taxes
You are the obtuse one and do not live in the real world
What you just described isn't "playing the game". It is outright cheating on your taxes and expenses and is illegal.
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What you just described isn't "playing the game". It is outright cheating on your taxes and expenses and is illegal.
Thought the same thing. Some of us play by the rules (Hell I don't even itemize), and I pay my fair share, at my upper bracket. in fact I've paid the IRS close to $2M in my lifetime.
I find it ironic that the same TBR member bitching about Billionaires (legally) getting tax breaks, might be looking at some IRS infractions for his own dirty deeds if he got caught
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Thought the same thing. Some of us play by the rules (Hell I don't even itemize), and I pay my fair share, at my upper bracket. in fact I've paid the IRS close to $2M in my lifetime.
I find it ironic that the same TBR member bitching about Billionaires (legally) getting tax breaks, might be looking a some IRS infractions for his own dirty deeds if he got caught
He's completely outed himself. He "identifies" as conservative and is nothing of the sort. He's a leftist doing what leftist do. They demand government take more from someone else while outright cheating on what they owe themselves. Their ethics are entirely situational, the ends justify the means.
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He's completely outed himself. He "identifies" as conservative and is nothing of the sort. He's a leftist doing what leftist do. They demand government take more from someone else while outright cheating on what they owe themselves. Their ethics are entirely situational, the ends justify the means.
Yep, left leaning troll plant, who gets an IMDB acting rating of 3.... Or a Romney/Cheney republican trying to pry away a few votes.
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This is probably appropriate for this thread
https://m.youtube.com/watch?v=b0KwifvrU_8&pp=ygUvV2h5IHRoZSB3b3JsZCBuZWVkcyBtb3JlIEVsb24gTXVzayBKb2huIFN0b3NzZWw%3D
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This is probably appropriate for this thread
https://m.youtube.com/watch?v=b0KwifvrU_8&pp=ygUvV2h5IHRoZSB3b3JsZCBuZWVkcyBtb3JlIEVsb24gTXVzayBKb2huIFN0b3NzZWw%3D
As I watch this video, what immediately comes to mind is how valuable people like Elon Musk are to society and what a waste of space someone like Elizabeth Warren is
I’d rather see more money remain in the hands of people like Elon Musk who are creating new technologies and jobs versus going to DC in the hands of people like Elizabeth Warren who only squander it
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As I watch this video, what immediately comes to mind is how valuable people like Elon Musk are to society and what a waste of space someone like Elizabeth Warren is
I’d rather see more money remain in the hands of people like Elon Musk who are creating new technologies and jobs versus going to DC in the hands of people like Elizabeth Warren who only squander it
Spot on,