Billionaires and the 1% pay most of the taxes.
Top 1% pay nearly half of federal income taxes - CNBC.com
Still want the country to be run like a corporation?
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Trump to cut corporate tax rate to 15%
- Thread starter Cuddles
- Start date
Billionaires and the 1% pay most of the taxes.
Top 1% pay nearly half of federal income taxes - CNBC.com
Still want the country to be run like a corporation?
Billionaires and the 1% pay most of the taxes.
Top 1% pay nearly half of federal income taxes - CNBC.com
Still want the country to be run like a corporation?
That's going to change soon. I bet a lot of those taxes are done through AMT. I'm not a billionaire, but the 15% corp tax and the removal of AMT will easily push my effective tax rate into the single digits.
I didn't vote for the businessman.
That's going to change soon. I bet a lot of those taxes are done through AMT. I'm not a billionaire, but the 15% corp tax and the removal of AMT will easily push my effective tax rate into the single digits.
I didn't vote for the businessman.
The amt added back deductions so taxable income would be higher.
So does the current tax proposal which eliminate deductions.
Same thing.
i understand your point... but I would argue its not really income if it goes to the state especially if it comes out of peoples pay checks before it nets out to them.
but... why the hell should we have any income taxes at all.. is the much better question. Taxes should only go lower.
I am against the individual income tax til we find out how much of our inflation is caused by the FED banking system creating dollars.
My theory is that govt borrowing does not cause sytemic inflation... Fed dollar creation does. So what if capped the budget... eliminated income taxes and told the fed to cease creating new money until the budget balances.
Within a few years the budget would be balanced and we would have a booming economy.
The income tax is there to prevent competitors for assets and politicians.
Its completely unnecessary if we just cap the budget til it balances.
but... why the hell should we have any income taxes at all.. is the much better question. Taxes should only go lower.
I am against the individual income tax til we find out how much of our inflation is caused by the FED banking system creating dollars.
My theory is that govt borrowing does not cause sytemic inflation... Fed dollar creation does. So what if capped the budget... eliminated income taxes and told the fed to cease creating new money until the budget balances.
Within a few years the budget would be balanced and we would have a booming economy.
The income tax is there to prevent competitors for assets and politicians.
Its completely unnecessary if we just cap the budget til it balances.
People in Texas have no state income tax and they voted for Trump.
People in California have sky high income taxes and they voted for Hillary.
Why should the people of Texas have higher federal income tax rates so that the people of California can deduct their state income taxes?
This time he's doing exactly what he ought to be doing as a true conservative republican.
The country has been making everyone else pay higher taxes in republican states so that liberal states can get a tax break for their high state income taxes.
If ted cruz has a better idea of what a conservative should do, i'm all ears. The only thing better would be to do away with the irs but that will never happen.
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I agree, the Real Estate Market in North County needs a good shave.i understand your point... but I would argue its not really income if it goes to the state especially if it comes out of peoples pay checks before it nets out to them.
but... why the hell should we have any income taxes at all.. is the much better question. Taxes should only go lower.
I am against the individual income tax til we find out how much of our inflation is caused by the FED banking system creating dollars.
My theory is that govt borrowing does not cause sytemic inflation... Fed dollar creation does. So what if capped the budget... eliminated income taxes and told the fed to cease creating new money until the budget balances.
Within a few years the budget would be balanced and we would have a booming economy.
The income tax is there to prevent competitors for assets and politicians.
Its completely unnecessary if we just cap the budget til it balances.
The amt added back deductions so taxable income would be higher.
So does the current tax proposal which eliminate deductions.
Same thing.
His corporate tax proposal structure doesn't eliminate deductions and tax credits.
Most billionaires (and rich business owners and entreprenuers) earn their money through their businesses which pay 35% rates but enjoy significant deductions and tax credits. Those tax credits and deductions for businesses aren't going away, but the rate is dropping.
You only need to look at Trump's 2005 tax return that was leaked. 150MM income. Like 3MM in regular taxes and 30MM in AMT tax. no AMT and a lower tax rate and his income tax will be zero.
If you read his proposal, it looks like he literally wrote it for a 70 year old billionaire looking to pass his company to his kids.
I am not sure this is what follows from your post... but, I don't think eliminating the income deduction by eliminating income taxes would cause the housing market to go down. It would be difficult to correctly model. I would suspect a lot of the money saved in taxes would go into assets... but I don't know. The Fed might jack interest rates.
I agree, the Real Estate Market in North County needs a good shave.
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His corporate tax proposal structure doesn't eliminate deductions and tax credits.
Most billionaires (and rich business owners and entreprenuers) earn their money through their businesses which pay 35% rates but enjoy significant deductions and tax credits. Those tax credits and deductions for businesses aren't going away, but the rate is dropping.
You only need to look at Trump's 2005 tax return that was leaked. 150MM income. Like 3MM in regular taxes and 30MM in AMT tax. no AMT and a lower tax rate and his income tax will be zero.
If you read his proposal, it looks like he literally wrote it for a 70 year old billionaire looking to pass his company to his kids.
I don't know what you're talking about. I don't think you do, either. That was his personal tax return, not a corp tax return. And if it needed an amt to get to 30mm from 3mm, that's prima facie evidence that there were tons of deductions.
You're just continuing to dig, dig, dig hoping you'll find something to complain about, but you keep coming up empty.
I don't know what you're talking about. I don't think you do, either. That was his personal tax return, not a corp tax return. And if it needed an amt to get to 30mm from 3mm, that's prima facie evidence that there were tons of deductions.
You're just continuing to dig, dig, dig hoping you'll find something to complain about, but you keep coming up empty.
His business income flowed through his personal taxes as well as those business deductions. I bet DJT is an s-corp. Many privately held companies are.
I am surprised you didn't read about it. It was widely reported when it came out.
https://www.google.com/amp/www.nbcn...n-2005-federal-taxes-2005-white-house-n733611
His business income flowed through his personal taxes as well as those business deductions. I bet DJT is an s-corp. Many privately held companies are.
I am surprised you didn't read about it. It was widely reported when it came out.
https://www.google.com/amp/www.nbcn...n-2005-federal-taxes-2005-white-house-n733611
It's a personal return. Any business income that flowed through from an s corp is taxed at personal rates. Deductions also flow through from an s corp and are taxed via the tax code for personal returns.
If it's a c corp, it doesn't flow through to his tax return.
You're just making things up. It's impossible to look at that tax return and tell what would happen. Whether you're making these accusations or you're reading them somewhere, it's just baloney that's being made up. You've stated that he made this tax proposal to save himself all this money and you have zero evidence at all that he would save a dime on his personal return.
Your post can be categorized under fake news.