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Thread: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax plan

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by Media_Truth View Post
    I was responding to this statement - "However, when we had high tax rates our deductions were far more liberal and numerous."

    Historically, raising the top tier of taxation also raises the effective tax rate (an individual's overall tax liability). Regarding revenues, that's another matter on the tax receiving end, and it depends on a lot of other external factors.

    Explained here --->
    https://www.fool.com/taxes/2017/04/0...t-what-yo.aspx
    Meaningless economic semantics. All that matters is collected revenues. There's good reasons smart investors ignore Motley Fool. No one ever paid the high tax rates of the mid 20th century.

    During a recent hospital stay as I walked the hallways to aid my recovery, I noticed a series of prints by Roy Lichtenstein decorating the walls, and a plaque thanking the donor. I own two of those prints, purchased almost 50 years ago for $200 each directly from Roy when he was teaching at a state college in upstate NY. My insurer values them at greater $250k each. I have no doubt the donor used them for a charatible write off on his taxes, and I know the donor is worth 10's of millions. I also know the donor purchased those prints when I bought mine. No doubt he took a charitable deduction at the maximum value, tho on the open market they would be unlikely to return more than $75-100k each, and he avoided any capital gains tax. You were saying....?
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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by Nap View Post
    You are comparing manual labor with skilled labor. Anyone can wash dishes thus the value of the labor they perform is worth less. Not everyone can successfully manage a hedge fund which is why they get paid the way they do.

    I agree with you about wage stagnation after being taken off the gold standard in the 70s. Having a fiat currency that the country can manipulate is a bad idea as the government has a habit of ruining everything it gets involved with (See: Healthcare, Housing, Education, etc)
    Blaming going off the gold standard for wage stagnation is nonsense. All other modern nations use fiat currency, yet they don't have the stagnation of income inequality of the U.S. The difference is redistribution.



    Moreover, the number of people that can run a hedge fund isn't rare and doesn't explain why one needs to be rewarded with nine digit salaries while receiving a special low tax rate.
    "I never meant to say that the Conservatives are generally stupid. I meant to say that stupid people are generally Conservative. I believe that is so obviously and universally admitted a principle that I hardly think any gentleman will deny it." --J.S. Mill

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by Phys251 View Post
    Too bad. If you don't support reasonable tax rates on the ultrarich then you are saying that Nixon, Ford, and especially Eisenhower were too liberal.
    LOL, reasonable? defined by who? Is it reasonable that approximately 50% of all income earners pay ZERO in Federal Income Taxes? Why isn't that unreasonable?

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by pamak View Post
    Unions do not control half of the seats in the corporate board of directors.
    Such seats are controlled by the stockholders. And since people with more stocks can cast more votes, it means that a very small minority of stockholders (thanks to the big inequality in the US) has actually control of the majority of the stocks and controls the board of directors! There is a reason why there is a disconnect between Wall Street and Main Street...

    And let's not talk about the "right to work" states and the anti-union laws....
    Do you have any problem with what union leadership makes in salaries? Unions have outlived their usefulness IMO. Let's talk about citizens of the states deciding on right to work states not some justice or someone from some other state

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by pamak View Post
    Florida?

    See Florida

    https://www.theatlantic.com/business...takers/361668/

    Attachment 67249968

    Florida receives more than 4 dollars for each dollar of federal taxes

    A big part of this picture is that Florida has an older population and many retirees.
    Still, retirees do not have to pay taxes to educate their kids. They do not have to pay for public transportation in big urban centers to go to work. They do not have to go to college to remain competitive in an economy that creates greater demand for high-skilled workers. When these retires went to colleges tuitions were more affordable, and those who opted out of higher education at that time did it when the economy gave more opportunities to high school graduates. The same retirees lived their life on debt at the state and federal level which they pass now to the new generations. Not to mention that during their life as active workers the income taxes were higher.

    So, their argument that now states with younger and a thriving acting population a their lifestyle of "low taxation" is not convincing.
    This is where you failed. florida doesn't have an income tax which is the response i was actually referring too.
    also if you don't know FLorida also has one of the oldest population demographics out there. Many
    people come to FLorida to retire because of the cost of living, taxes, and the weather is decent unless it is summer time.

    so please just spare us your meme when you actually look at facts.

    Retiree's pay sales tax and property taxes which make up the bulk of taxes collected in this state.

    we know your argument isn't convincing.

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by rocket88 View Post
    https://www.rawstory.com/2019/02/tru..._notifications

    Remember how we said this wasn't good for middle class taxpayers. All the conservatives here were like "No, your taxes went down. Hail Trump!"

    Hmmm.....maybe you guys were wrong.
    Hmm.....Maybe people on twitter are dumb. Every single tax bracket went down. The standard deduction doubled. There is almost no one who should be paying more taxes on the same amount of income as before. Only a few fringe cases. Why would we treat a few people on twitter like they are representative of the entire middle class?

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by pamak View Post
    Actually, as I said in another thread, when Democrats come to power they should create a tax change in which taxpayers can deduct twice the amount they get from SALT. So, if your overall SALT taxes are 20,000 you can deduct 40,000. Then if republicans in low tax states complain, we can tell them that they can increase their state tax and get similar benefits!
    I am sarcastic, of course, but in essence, it is what you said, The tax changes are like a big F*** U to middle-class residents of specific states. They were not designed to target the wealthiest in every state.
    Or just take the standard deduction. That was one of the point of the law. To simplify taxes. The average itemized deduction for the middle class is far less than the $24,000 standard deduction for married couples. SALT is evern still theres, its just capped at $10,000.

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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by MTAtech View Post
    Blaming going off the gold standard for wage stagnation is nonsense. All other modern nations use fiat currency, yet they don't have the stagnation of income inequality of the U.S. The difference is redistribution.

    Moreover, the number of people that can run a hedge fund isn't rare and doesn't explain why one needs to be rewarded with nine digit salaries while receiving a special low tax rate.
    Income inequality is meaningless when you can add to the money supply on demand.
    which is the job of the federal reserve.

    it doesn't matter how much redistribution you have you will have just more inequality.
    why? soak the rich taxes don't work and have proven not to work. They also have proven
    to drive the rich to other places and they take their money with them.



    actually it is rare the number of people that can run a hedge fund. there is a difference in running a hedge fund and being successful doing it.
    getting licensed to run a hedge fund is no easy task.

    People are rewarded based on their performance on the fund. the people that run them all have standard contracts.

    they don't get special low tax rates.

    also it depends on when and where they sale their investments.

    anything sold < 1 year is considered normal income.
    anything sold > 1 is considered capital gains.

    Hedge fund managers earn 2% on the amount of their fund.
    they then can get a 20% profit fee if the fund earns more than 8% or so.

    The 2% is considered income
    while the 20% profit is considered carried interest which is capital gains.

    as it is a risk/reward measure.

  9. #209
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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by Winston View Post
    Conservatives.. come on! We told ya!
    I really don't know what all ya'll are talking about. I make about 33,000 a year, and I got more money back than I ever did under obama. You all are just upset over the SALT tax, which is supposed to an incentive to get rid of state income taxes, like my state did, instead of blaming trump.

    He was very good for us.

    As your state why they keep taking your taxes. Maybe then, you won't have to move here to escape them.

  10. #210
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    Re: ‘I trusted you!’ Trump voters seethe after realizing they’re getting screwed by the GOP’s tax pl

    Quote Originally Posted by DarkWizard12 View Post
    I really don't know what all ya'll are talking about. I make about 33,000 a year, and I got more money back than I ever did under obama. You all are just upset over the SALT tax, which is supposed to an incentive to get rid of state income taxes, like my state did, instead of blaming trump.

    He was very good for us.

    As your state why they keep taking your taxes. Maybe then, you won't have to move here to escape them.
    Well it's not me. It's these Trump supporters:

    Multiple supporters of President Donald Trump over the past couple of weeks have taken to Twitter to air their grievances about the president’s signature tax cut plan.

    Even though the 2017 GOP tax cut is leading to spiking federal deficits thanks to its generous benefits to corporations, many middle-class Americans are winding up having to pay more because the bill eliminated multiple deductions used by middle-class families to lower their annual tax payments.

    Among other things, the tax bill capped deductions for taxes paid to state and local governments, while massively increasing the amount of money you must donate to qualify for a charitable giving deduction.

    Several Trump voters who have done their taxes are not happy about this and they’re letting both the president and the Republican Party hear it — check out some of their tweets below.


    Dennis Jordan
    @DennisMJordan
    Replying to @GOPChairwoman @GOP
    I am a Republican voter. I just did our taxes.

    The @GOP tax bill cost my family THOUSANDS of dollars this year on our return due to changes, thereby hitting us with the LARGEST tax increase of our lives.

    We are middle-class homeowners, and you raised our taxes.

    Infuriating!

    3,784
    5:57 AM - Feb 5, 2019
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    Iamnewatthis
    @sandynewtothis
    Replying to @realDonaldTrump
    I have to pay $2000 MORE in taxes this year! What happened?? I voted for you and thought you were fixing this, not making it worse!? I thought I would get money back this year!?

    3,109
    11:56 AM - Feb 1, 2019
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    Nycgirl
    @nlnp99
    Replying to @WhiteHouse @POTUS
    Voted for you . Family of
    2 hard working N.Y. cops. Did taxes for years we would pay more and get a refund at the end of the year to help pay debt . First time in 30 years We had to pay more in Federal
    Taxes. I’m disgusted

    274
    6:13 PM - Feb 4, 2019
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    Joel Serbin
    @JoelSerbin
    @POTUS thank you for screwing the middle class with your tax reform. I have never in my life, I’m 49 years old, had to pay into the IRS until this year. We have a combined income of 150,000. The middle class voted for you. I will not make the same mistake twice.

    300
    9:15 PM - Feb 3, 2019
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    Jay Wright
    @nochcknstrps12r
    @RepDonBacon I just finished my taxes and we're paying an extra 4k this year since exemptions are gone. With a High D HC plan, this has not been a good year. I voted for you twice now. What's the plan?

    106
    6:02 AM - Feb 3, 2019
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    Thomas DeLucca
    @TDeLucca7728
    @realDonaldTrump I voted for you, and believe in the things you are doing, but you screwed us middle class with taxes. I can’t itemize or anything. How about a flat tax and get rid of earned income credit. Some don’t earn income but get more back in taxes for having baby’s.

    71
    5:55 PM - Feb 2, 2019
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    Shelby Kuh
    @ShelbyKuh
    Replying to @realDonaldTrump
    I voted for you the first time but after you screwed me on my get tax break I won’t vote for you again especially after I started on my 2018 return it’s a joke the taxes you are keeping from a working person good luck in 2020

    169
    5:23 AM - Feb 2, 2019
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    Joshua Curtis
    @dcjchris
    Replying to @juliobailon @realDerekUtley
    I voted for @realdonaldtrump, but that unfortunately that means I have to pay higher taxes.

    44
    10:03 PM - Jan 25, 2019
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    A9N7G3
    @973angie
    Worse tax return I had in a decade! I admit I voted for @realDonaldTrump but he has officially lost my vote for 2020.

    305
    11:06 AM - Jan 23, 2019
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    Speziale-Matheny
    @Speciale3886
    Replying to @realDonaldTrump
    Wait til you file your taxes. Middle class just lost half their return. Lowest refund I have ever had and I am 50yrs old. No wall and now this tax reform sucks too!! Starting to doubt Trump. I voted for him and trusted him too.

    181
    12:53 PM - Jan 27, 2019
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