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Joined: Sep 2006
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Legend
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Legend
Joined: Sep 2006
Posts: 42,995 |
This is why I think Trump is just a puppet. IF you wanna stop this, you gotta stop the Puppet masters. #FederalistSociety Exactly! Don't forget Stephen Miller. Man that guy is pure evil!
#GMSTRONG
“Everyone is entitled to his own opinion, but not to his own facts.”
Daniel Patrick Moynahan
"Alternative facts hurt us all. Think before you blindly believe."
Damanshot
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Joined: Sep 2006
Posts: 7,290
Hall of Famer
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Hall of Famer
Joined: Sep 2006
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...simplify and reduce the abusive loop hole usage that means the wealthiest can legally pay less proportionally than the poor or middle class. That is the largest of the many enormous lies the left has trumpeted for years regarding our tax system. I've been a tax preparer for almost 40 years, I think you'd be astonished at the tax paid - and the tax rate of - the so-called wealthy
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Joined: Sep 2006
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Legend
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Legend
Joined: Sep 2006
Posts: 75,385 |
Since when are many of you now worried about the debt? LOL What we're showing is that those of you who always say they care about the debt were lying all along. As the country prospers, we will be in a better position to pay down the debt, but yes, it won't be tomorrow. Reagan said the same thing. Please tell us how you think this will work? For people such as you. Not for those who count on food assistance and medicaid. But it wouldn't be the first time that people such as yourself have celebrated when the least of us have helped pay for your betterment. That's what some of us are worried about.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
#gmstrong
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Joined: Mar 2013
Posts: 13,602
Legend
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Legend
Joined: Mar 2013
Posts: 13,602 |
...simplify and reduce the abusive loop hole usage that means the wealthiest can legally pay less proportionally than the poor or middle class. That is the largest of the many enormous lies the left has trumpeted for years regarding our tax system. I've been a tax preparer for almost 40 years, I think you'd be astonished at the tax paid - and the tax rate of - the so-called wealthy No - it's not a lie. It's fact. No matter what circumstancial evidence you think you see ... the uber wealthy absolutely have ways to legally reduce their tax burden in ways that others don't. Trump admitted to that when Buffet called him out on it when he ran term 1, claimed he was smart for taking all the legal tax breaks he could - I guess he meant in addition to him his illegal acivities. https://budgetlab.yale.edu/research...-taxes-new-analysis-and-interactive-tool4. “Live, laugh, love” or “Buy, borrow, die”?
Wealth provides a lot of options to limit what you owe come Tax Day, and it can be as simple as this three-step process. First, buy something that’s going to appreciate, be it stocks, a third home, or the Ferrari you’ve wanted since you were 12. (If your annual compensation is in stock options, you can skip this step.) Second, borrow against that asset, which doesn’t count as taxable income or towards capital gains. Finally, die. Your heirs can settle your debts with the assets you leave in your estate – and won’t have to pay capital gains taxes when you die because of the “step-up” provision in the tax code. It’s important to enjoy your tax-free money in between steps two and three, but you can do that however you see fit. If you are already rich or can take deferred compensation in stock options, then this is a great way to make sure you pay little in income taxes. If you’re lucky, your children won’t have to, either.
As Zachary Liscow and Edward Fox detail, billionaires like Larry Ellison get to use this quirk of tax law to spend their unrealize assets as if they were cash. Rather than sell the asset and face capital gains, their appreciating stock funds everything from yachts to islands in Hawaii. The richer they get on paper, the more they can borrow tax-free.
Last edited by mgh888; 07/04/25 11:27 AM.
The more things change the more they stay the same.
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Joined: Mar 2013
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Legend
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Legend
Joined: Mar 2013
Posts: 13,602 |
Quotes from Trump on his tax minimization:
"That makes me smart."
“I have a write-off, a lot of it’s depreciation, which is a wonderful charge. I love depreciation.”
(Presidential debate, September 26, 2016)
"I fight very hard to pay as little tax as possible."
(Interview with George Stephanopoulos, ABC News, May 2016)
The more things change the more they stay the same.
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Joined: Mar 2013
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Legend
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Legend
Joined: Mar 2013
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One more extreme example: Very low "true tax rate": Based on IRS data obtained by ProPublica, between 2014–2018, Bezos’s wealth rose by roughly $99 billion, while he reported just $4.22 billion in taxable income and paid about $973 million in federal income taxes—yielding a “true tax rate” of approximately 0.98 % Zero-income years: In 2007 and 2011, Bezos paid no federal income tax, despite dramatic increases in his net worth. In those years, deductions and reported losses effectively reduced his taxable income to zero—even allowing him to claim a child tax credit Long-term average (2006–2018): Over this 12-year span, his net worth grew by about $127 billion, he reported $6.5 billion in income, and paid around $1.4 billion in federal taxes—averaging a true tax rate of just 1.1 % Some others here: https://americansfortaxfairness.org...Sheet-Updated.pdf?utm_source=chatgpt.comSo sure .... the uber wealthy pay thier fair share because $973 million is a LOT of money !!! Riiiiggghhhtttt ... between 1% and 3% .... seems fair right huh.
Last edited by mgh888; 07/04/25 11:40 AM.
The more things change the more they stay the same.
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Legend
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Legend
Joined: Mar 2013
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Taking a child tax credit tells me everything I need to know about these billionaires. Geez. Talk about ripping off US taxpayers that pay a much higher percentage on our expediency lower income. That’s robbery.
"The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." Thomas Jefferson.
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Joined: Sep 2006
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Legend
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Legend
Joined: Sep 2006
Posts: 75,385 |
I don't think he quite understands what some of mean by the word "the wealthiest". "The wealthiest" don't take their taxes to be done by standard tax preparers. They have their own people for that. For some reason he said "the so called wealthy". I don' think he means the same thing you do.
Intoducing for The Cleveland Browns, Quarterback Deshawn "The Predator" Watson. He will also be the one to choose your next head coach.
#gmstrong
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