Tax deal

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

BleachedAnusDawg said:

2001400ex said:

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

It's actually a few thousand. And will be more when the first kid arrives next year.

I highly doubt is a few thousand. And the kid will wash. You lose the $4,050 personal exemption you had for the additional child.

Still, explain how the wealthy and corporations will flow the money to the middle class.

BleachedAnusDawg said:

I don't get hung up on penalizing people for being successful. The amount of taxes paid by high-wage earners that flow to low-income earners, combined with the taxes that low-income earners never pay...I would be more interested in closing loopholes in the tax code. As a principle I don't believe that some rich person should have their income redistributed to me for no reason other than they've accumulated wealth.

Agree with that, but that's how this bill is sold. That the wealthy and corporations will share the tax cut with the middle class. Which of course is a lie.

As to your other point. That's the other fallacy, the tax cut will grow the economy. If you give most of the tax cut to the middle class, then yes the economy will grow. But most of the tax cut is going to the wealthy and corporations (which are owned by the wealthy, with the middle class ownership a small fraction and mostly in retirement plans). If the point of the tax cut was there is to much money coming into the government, then I'm all for cutting taxes on the wealthy because they pay the most.

Either way, Republicans get to own this.

salemcoog said:

2001400ex said:

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

You should probably start a Boycott of Apple products then. I'm sure you'll make a yuge impression with your curly fry customers.

I'm thinking about it. The iPhone X is essentially my first Apple product. And I'm about to throw it out the window. Not because of taxes. Maybe I can throw it in the deep fryer. Throw that up on YouTube and profit.

PurpleThrobber said:

2001400ex said:

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

There is no middle class anymore.

While the middle class is a little smaller than 40 years ago. More people moved to the upper class than to poverty. But I'm not surprised you don't know that.

creepycoug said:

2001400ex said:

creepycoug said:

RaceBannon said:

PurpleThrobber said:

2001400ex said:

BleachedAnusDawg said:

2001400ex said:

Sledog said:

Hondo likes taxes, the more the better. It's odd he doesn't fill in the donation line on the tax form though.

Please to be explaining how this tax cut will benefit the middle class.

I have done the math on this tax cut via about 12 different online sources and all show me benefiting. I am middle class.

Ok cool. You get a $40 tax cut. I will be about a wash (I have $20k in deductions, but lose the $12k in personal exemptions, taxable income will be higher but at a lower rate). But the dude making $600k a year gets $5,000. And apple gets billions.

Explain how the wealthy and corporations getting tax cuts will benefit the middle class. That's the point I'm getting at.

There is no middle class anymore.

Thanks Obama

I care about two things when it comes to tax policy: (1) my marginal tax rate goes down, not up; and (2) I want to be able to transfer my vast empire to my creepy progeny TAX FREE - cuz dyin' ain't much of a livin' boy.

I basically don't care about anything else.

Someone can read the bill and tell me if I should be happy or sad.

I would be more concerned about the effective rate, not the marginal rate. And unless you have more than $5 million in net worth, I wouldn't worry about the death tax.

Yeah, that one too. But the marginal rate matters when you have a lot of control on timing your income, which I can pretty much do since it's all pretend anyway.

Re the $5 million threshhold, as I've told you Kaye: don't ever ask me about my business.

Generally you want to push income into the next year regardless, just a time value of money thing. And if the law passes, generally the marginal rate will be lower, but I haven't seen the new table yet.

I don't think I asked about your net worth. I think the estate tax should stay, but only on capital gains and generally exempt farms from that. On the basis that capital gains aren't taxed until you cash them out, which doesn't happen when you die. So that transfer of capital gains would be taxed over a threshold. Last I saw the exemption was $10,000,000 now.