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Who wins and loses in Trump's tax plan?

Wait you should be happy to pay more in taxes. Why are you moving to lower tax state?

Because this new tax law encourages it. After my kids are done with school. Like my retired NYC policemen neighbors who have moved down to South Carolina after earning a nice living and a union pension here in the north. I am also closer to retirement and would like someplace a bit warmer. After all its a free country right?
 
As a single man living in one of the highest taxed blue states in the country I'll take any cut I can get. No dependents, renter, only deduction I can really take is state income tax. The government steals roughly ~35% of my paycheck.
 
I think it’s also important to remember that, with careful estate planning, which the wealthy can easily afford, most, if not all inheritance tax can be avoided anyway. It’s done through annuities, trusts, life insurance and, I’m sure, many other vehicles of which I’m not aware.

Family farms are something else again. A farm that’s been in a family for, quite literally, many generations suddenly finds the farmland valued at highest and best use estimates generating an inheritance tax bill so enormous that the property itself must be sold to pay Uncle Sam. Not like ANOTHER farmer buys it... it’s bought up by the food conglomerates. Is that a good thing in and of itself? I’m not at all sure.

The double taxation that inheritance tax represents is, in my opinion, simply a gvmt confiscation of wealth.

The first 5.5 million isnt taxed. So a family farm (or any other small business) would have to be huge to have any estate tax due, and would likely make a million a year in profit or more. On a farm making a million or more in net revenue, and worth many millions, it shouldn't be a problem to borrow enough on the farm from a bank to pay any taxes due, and it shouldn't be a problem paying that debt off fairly quickly. Plus, if the farm itself is worth more than 5.5 million, and generating a million a year or more in net profit, then most likely the estate includes value other than the farm, maybe very liquid value such as cash or securities, which could be sold to pay the taxes.

And when we are talking about a business of any sort that large, most of the time the owner is wealthy enough that he isn't exactly personally "slopping the pigs" for a subsistent income.
 
The first 5.5 million isnt taxed. So a family farm (or any other small business) would have to be huge to have any estate tax due, and would likely make a million a year in profit or more. On a farm making a million or more in net revenue, and worth many millions, it shouldn't be a problem to borrow enough on the farm from a bank to pay any taxes due, and it shouldn't be a problem paying that debt off fairly quickly. Plus, if the farm itself is worth more than 5.5 million, and generating a million a year or more in net profit, then most likely the estate includes value other than the farm, maybe very liquid value such as cash or securities, which could be sold to pay the taxes.

And when we are talking about a business of any sort that large, most of the time the owner is wealthy enough that he isn't exactly personally "slopping the pigs" for a subsistent income.

Love your last line.
 
Because this new tax law encourages it. After my kids are done with school. Like my retired NYC policemen neighbors who have moved down to South Carolina after earning a nice living and a union pension here in the north. I am also closer to retirement and would like someplace a bit warmer. After all its a free country right?

wait wait. what about paying your fair share and all that other nonsense? you should be happy that you get to give more of your money to the federal government not less.
ol wait that is just other peoples money you think should go to the federal government.
 
wait wait. what about paying your fair share and all that other nonsense? you should be happy that you get to give more of your money to the federal government not less.
ol wait that is just other peoples money you think should go to the federal government.

You are quite wrong. I have worked since I was 16 and have helped subsidized those in other states that contribute far less but take far more than we do here in NY. Apparently that is okay with you. In fact you seek to make it even more imbalanced. Good for you, greed is good or something like that.
 
You are quite wrong. I have worked since I was 16 and have helped subsidized those in other states that contribute far less but take far more than we do here in NY. Apparently that is okay with you. In fact you seek to make it even more imbalanced. Good for you, greed is good or something like that.

so you don't like paying more in taxes but expect others too. i am kinda confused. as to where you stand.
unless you really aren't liberal and frankly want to pay as little in tax as possible.

just like every other working american out there who wants to keep more of what they earn.
 
From the Guardian: Who wins and loses in Trump's tax plan?

Excerpt:


My Point: There is no need whatsoever to lower upper-income taxation. This "tax deal" is just a Replicant KMA for Donald Dork. And given the Replicant ambivalence in the House & Senate towards Mr PotUS, it is impossible to conceive why it is being done.

Except this is what Replicants habitually do in knee-jerk fashion ... ?!?

Same as it ever was, but look, if you still think that "other" party is an opposition party? You're dilusional.
 
so you don't like paying more in taxes but expect others too. i am kinda confused. as to where you stand.
unless you really aren't liberal and frankly want to pay as little in tax as possible.

just like every other working american out there who wants to keep more of what they earn.

You apparently lack reading comprehension skills. Here in NY we contribute MORE to the Federal Government than we get in services. Read slow, use a dictionary and a thesaurus if necessary. I will continue to be part of the state that contributes MORE than it gets back for at least 3 more years until my youngest is done with college. I know you and the repukes in congress wish us to increase our subsidizing many other states. Again read slow or take an English course if you are confused.
 
The first 5.5 million isnt taxed. So a family farm (or any other small business) would have to be huge to have any estate tax due, and would likely make a million a year in profit or more. On a farm making a million or more in net revenue, and worth many millions, it shouldn't be a problem to borrow enough on the farm from a bank to pay any taxes due, and it shouldn't be a problem paying that debt off fairly quickly. Plus, if the farm itself is worth more than 5.5 million, and generating a million a year or more in net profit, then most likely the estate includes value other than the farm, maybe very liquid value such as cash or securities, which could be sold to pay the taxes.

And when we are talking about a business of any sort that large, most of the time the owner is wealthy enough that he isn't exactly personally "slopping the pigs" for a subsistent income.

Your family farm value to likely profit is so, so far off is not even funny at least as it relates to livestock and grain operations. Right now there are two kinds of owner/operators. Those who inherited the land and those who are wealthy beyond most people's wildest imaginations and buy the land. The later group is what is driving the land values through the roof and making it impossible and I do mean that literally for young farmers/ranchers to borrow in order to buy a place as it will never cash flow with debt.
 
You apparently lack reading comprehension skills. Here in NY we contribute MORE to the Federal Government than we get in services. Read slow, use a dictionary and a thesaurus if necessary. I will continue to be part of the state that contributes MORE than it gets back for at least 3 more years until my youngest is done with college. I know you and the repukes in congress wish us to increase our subsidizing many other states. Again read slow or take an English course if you are confused.

no you lack argumentative skills. you people are constantly arguing that people should pay more in taxes. now you are getting your wish to pay more in taxes and you are complaining about it.
evidently it only applies to certain people but when it comes to your money hands off.

the liberal hypocrisy exposed once again.
 
no you lack argumentative skills. you people are constantly arguing that people should pay more in taxes. now you are getting your wish to pay more in taxes and you are complaining about it.
evidently it only applies to certain people but when it comes to your money hands off.

the liberal hypocrisy exposed once again.

No YOU lack reading comprehension skills. We ALREADY pay more in taxes and get less from the Federal Government. Apparently that is not good enough. Let me reiterate WE CURRENTLY PAY MORE and GET LESS. Those assholes now in charge want us to pay EVEN more. I hope this clears things up. If not I suggest your local community college.
 
You would be taken far more seriously if you could find a way to not call the POTUS Donald Dork. Bet you aced debate at Harvard, yes?

Short fingered vulgarian or C grabber/bragger more truthful?
To the man who insults everyone in sight.?
That's rich!!
 
No YOU lack reading comprehension skills. We ALREADY pay more in taxes and get less from the Federal Government. Apparently that is not good enough. Let me reiterate WE CURRENTLY PAY MORE and GET LESS. Those assholes now in charge want us to pay EVEN more. I hope this clears things up. If not I suggest your local community college.

Nope I do not lack reading comprehension skills. Your arguments are always more taxes more taxes.
Now you get your wish you get more taxes so now can stop complaining.

Ol wait you don't want to pay more tax you want those other people to do it.
 
Nope I do not lack reading comprehension skills. Your arguments are always more taxes more taxes.
Now you get your wish you get more taxes so now can stop complaining.

Ol wait you don't want to pay more tax you want those other people to do it.
I can't help your extreme lack of reading comprehension. I really suggest a good English course at your local community college.

What is really funny is the only way for the repukes to pass the tax disaster is to make the personal income tax changes temporary. The are effectively evading their own law to balance the budget. It really is hysterical in a train wreck kind of way. Good luck with that English course.

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I can't help your extreme lack of reading comprehension. I really suggest a good English course at your local community college.

What is really funny is the only way for the repukes to pass the tax disaster is to make the personal income tax changes temporary. The are effectively evading their own law to balance the budget. It really is hysterical in a train wreck kind of way. Good luck with that English course.

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Nope I am reading just fine.
You guys complain that taxes aren't high enough.
Now you get the chance to do what you like and that is pay more tax.

Your still complaining. At least be consistent.

You should take an argument course. To learn the basics of an argument.

The fact is that liberals constantly push more taxes. Now you are getting what you want and you are still complaining.
You should be happy. More of your money will go to the federal government just like you keep asking.
 
DUPES

Same as it ever was, but look, if you still think that "other" party is an opposition party? You're dilusional.

I don't think it is the opposition party because it has had to play by the same warped game-rules as ALL PARTIES.

People like you blather-in-a-blog because you have no understanding whatsoever of the political manipulation that is occurring in American governance - prominently the role of electoral-money and then the machinations of gerrymandering and a wholly unfair distribution of votes in the Electoral College to elect a PotUS.

Those are not the attributes of any real democracy. Far from it.

And we, the sheeple, are dupes to put up with it ...
 
Other than that, your chart neglects to footnote the effects of open borders, "H" visas, the rise of Amazon, and off shoring of manufacturing.

Blah, blah, blah. Piffle 'n drivel, drivel 'n piffle.

The statisical facts speak for themselves - but are irrelevant to the RIGHTeous deaf, dumb and blind ...
 
HERE'S WHAT

What is it that 'incarcerates' them there? Certainly not other people keeping what they earn. Tens of trillions of dollars have been transferred from rich to poor over the last couple of generations and poverty remains the same. Perhaps it is you who needs to look for another solution rather than expanding a practice that has not worked.

Maybe you need to "be one" to understand what incarcerates them there. It's damn easy, with a nation transiting from the Industrial Age into the Information Age, that a higher level of smarts is necessary in order to obtain jobs that have higher qualification-requirements.

What? you ask. Herefollows what!

Why do you think, for example, all those top-notch Computer People - mostly from India - are flocking into America to take the jobs that Americans cannot fill. Because it's too damn expensive for Americans to get the same education that they got free, gratis and for nothing back in India!

When 8% of high-school students do not get a high-school degree and then another 40% do not get a post-secondary degree, what do YOU THINK is happening to them? They shuttle from low-paid-jobs to low-paid-jobs that come and go with regularity.

America is responding to external competition by automating its production-lines. It is the ONLY ALTERNATIVE AVAILABLE in the Manufacturing Industries in order to compete. (Especially as the Japanese open up their production lines in India and China.) So, all those jobs that were once filled by local-yokels are gone, gone, gone.

Lord knows what they are doing with their time, but gainful employment is not one of them.

Which is the key-reason we as a nation are unable to lower the 14% of our population incarcerated below the Poverty Threshold into gainful employment. It would also help if the Minimum Wage, which has not changed in a donkey's age were doubled in order that those working at that level would "earn a decent living". (Not to worry, it would cost you only 30-cents more on your next BigMac.)

The Real Value of the Minimum Wage in an infographic (from here):
min_wage_real_value_graph.jpg


Read the rest of that linked article (from the UofCal in Davis "Poverty Research Center) to understand how poverty is self-perpetuating ...

Furthermore, from the above linked article on poverty:
Do workers at the minimum wage still need government assistance?

With a minimum wage income, even working full time, many workers will qualify for most federal safety net programs in the United States. Eligibility guidelines for government assistance are based on the Census Bureau thresholds, but are developed and updated annually by the U.S. Department of Health and Human Services. Those with incomes below a certain percentage of their poverty guideline will qualify.

Federal assistance programs all have eligibility requirements that are in part based on the proportion of household income to the federal poverty guideline. For example, the SNAP nutritional assistance program is available to those with a gross household income of up to about 130 percent of their federal poverty guideline.

For a family of three, this means an annual income of $26,124 or less will qualify them for SNAP benefits. A full-time worker supporting this household alone will have to earn $12.56 hourly working 40 hours each week—or about 70 hours each week at the current $7.25 minimum wage—before the household loses eligibility for benefits.

Wakey, wakey ...
 
Unless you did some work or something you did Nothing to generate anything.
The people that did do the work were compensated for it.

You have 0 claim to someone else's property.

If ignorance were bliss, you'd be in heaven.

More one-liner nonsense from the Rabid Right ...
 
Are those workers willing to lose everything if the company goes bust? And what happens when an employee leaves, does the company owe him more than a final paycheck?

What happens happens.

The point is that we need to do everything we can to prevent that sad fact from happening. And what's THAT then?

High post-secondary qualifications that gives the worker the opportunity to go after jobs in their category. But that aint-gonna-happin for as long as even at public-schools of advance-learning (vocational, 2 & 4-year) the cost of education is (from here):
x1421450523640.png.pagespeed.ic.6l7RhhCa92.png


Where is any child living below the poverty-threshold going to obtain $20K a year to obtain a post-secondary education!?! Where?

Do you understand why (here in Europe where I live) since WW2, the tuition-fee of a post-secondary education costs less than $1000 a year (or $80 a month).

Do you ... ?
 
Nothing complicated about the "tax deal." The .01% win and everybody else loses. What the .01% don't pay in taxes will have to be made up from the rest of the taxpayers because the bills/debts/deficits continue to require some service.
/

The tax plan doubles the amount of the personal exemption. Explain how "everyone else losses" when it is people with lowers incomes who benefit proportionally with said benefit. Let me guess...you haven't thought this through correct?
 
However what I don't support is attacking the principles of the United States as a democratic republic. We fought against and ended the aristocratic state 200+ years ago, which the estate tax is one of the core protections that keeps our democratic state a democracy.

I'd love for you to explain how the estate tax protects our "democratic state a democracy".
 
There is no reason to tax assets again after they have already been taxed or will be taxed when sold.

Yes, there is a good reason - but it must be done in moderation.

Frankly, I don't see why the US does not adopt the European-system of Value-added-tax (VAT) on goods/services. Which would avoid the taxation-competition amongst states that has no good reason to exist. One collected tax on all sales countrywide would require minimal upkeep, and the states could share in the tax-bounty with no expense.

Then the states could each decide what taxes (property, liquor, etc.) apply uniquely to transactions internal to each state.

The EU collects a VAT of between 20/24%, and it works like this:
A percentage of Value Added Tax (VAT) revenue, calculated on a unified basis, is allocated to finance the EU budget. VAT is imposed on the added value at each stage of the production chain of any product or service, levied on final consumption and collected fractionally:
*On all commercial activities, namely: supplies of goods and services, imports and intra-Community transactions (goods brought into a EU country from another EU country)
*At each stage of the production and distribution of a good or service by charging a percentage on the price of every transaction.
*However, VAT is ultimately borne by the final consumer through a scheme where certain taxable persons (those VAT-registered) charge VAT on their sales (output tax) and reclaim the VAT charged on their purchases of goods or services used in their business activity (input tax). The difference between output tax and input tax is the VAT finally collected.

There is no real competition amongst EU-states because a minimum VAT-rate is applied to all of Europe, and all taxation is uniform in its application. There is no real interstate-competition on Taxation, since it applies inevitably to only consumers who buy the final product/service.
 
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