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Thread: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Slavister View Post
    That's because most Liberals do NOT claim that Trump tax plan benefits ONLY the rich. It benefits MOST people. But 99% of people get crumbs. And Trump circle gets the MOST and DISPROPORTIONATE benefit.

    As for HOW, I posted it before in a 2-part post: Here are at least 11 ways Trump cuts either INTRODUCED new loopholes for his primary businesses or PRESERVED loopholes that benefited HIS businesses while cutting out others. (Why Trump is hiding his tax returns)

    Commercial real estate developers and pass through entities made out like bandits with Trump cuts. Noone is surprised.
    So you made 11 post about real estate but nothing in there is exclusive for the rich. Businesses are getting better tax breaks which in turn drives job numbers and economic numbers. You can't raise taxes on businesses and expect an economic benefit. Why is it everyone only bitches about businesses getting better tax plans but decides to overlook the benefits.

    Oh, thats right, they would rather mislead everyone to make claims like Trump is only interested in helping big business.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Condor060 View Post
    15-20% would make the middle class go away? So I would gather that this medicare for all would wipe them out completely. What you don't get is corporations are paying (X) amount of taxes after deductions. 20% of pre tax profit would be a huge increase over what corporations pay now.
    I didn't say the middle class would go away. If you'd like to respond to what I did say, I'd love to discuss it.

    FWIW, I don't know what you mean by "20% of pre-tax profit." That's what we have NOW basically, and I assume you mean something different than current law.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    Flat tax is still an income tax. It may be a better version than our current tax but i have a fundamental disagreement with taxing a persons income.

    I like the idea of taxing a persons spending. The more you spend the more in taxes you pay. If your rich and you have to have the latest model car every year you pay a tax on that purchase. If your poor and cant afford that car you buy a used vehicle and avoid the tax all together because the tax is only applied to new purchases. The system rewards people who lives within thier means.

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    That's fine, but you need to acknowledge that a consumption tax is a dream come true for the plutocrats, the top 1/10th of 1%. It would be a massive tax cut for them, which means to raise similar revenue a tax increase on...someone. Maybe it's only a huge tax increase on the near rich, the top 20% or so, but I don't know why we'd put in place a new tax regime that provides massive benefits to the $billionaire class, and a consumption tax WOULD do that, no question.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Oborosen View Post
    So let me get this straight. Your only issue is with the TCJA?

    Not the whole tax reform?
    What "tax reform" are you referring to there?

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Oborosen View Post
    I have no issue here as the current tax systems stands. We have the top earners still paying their own taxes, with some reduction action the last decade and even the middle earners are getting their piece of the pie this time around. On the case of college loans, that's been a problem that been around for a good while now and not many ways exist to deal with it reasonably. Though I don't like the last few suggestion that I've seen.

    Honestly I'd like it if less people actually went to college at this point. Oversaturation and people just partying their time away, without actually paying back into it have been a steadily rising problem. Some of this not only needs to be handle on the governments end, but culturally as well.
    OK, but we're running $trillion deficits at full employment. If deficits don't matter, then you won't object to deficit financed spending plans when a Democrat is in the WH, right? If we can borrow more to finance tax cuts, then surely we can borrow more to finance college or expand the ACA, or fund MFA, or more roads, or a few new fighter jets. Just add it to the debt, no problem.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    I've heard that argument before but i dont see how its true. A sales tax taxes disposable income and the rich have far more dispoable income than the poor.

    Sent from my SM-G965U using Tapatalk
    It's simple. The wealthy save a great deal of their income. Here's one calculation.



    So the top 1% save 40% of their income on average. The top 1/10th of 1% might save 80-90% or higher. So do the math. If the consumption tax is 20%, and the bottom 90% spend all their income on average, they'll pay a tax equal to 20% of income. The top 1% will pay only 12% of income in taxes (60% of income is consumed X 20% = 12% of income). The top 1/10th of 1% perhaps only 2%-4% of income.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    This is one reason that i think we should abolish the income tax system and replace it with a consumption tax. It eliminates tax loopholes.
    I have an even better idea.

    Abolish the income tax and replace it with NOTHING.

    This would completely eliminate ALL tax loopholes,

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Lutherf View Post
    I didn't ask for a dictionary definition. I asked for an explanation of what it is and how it works. Your concern seems to be that it creates a loss for real estate developers. I'd appreciate an explanation of how that loss is generated and how it saves the real estate investor from paying tax.
    It may not generate a loss, but real estate does tend to increase in value over time, not depreciate. So if your rental building goes up in value by 3% per year but for tax purposes you assume it declines in value by 3% a year, that is a good deal. And for the actual depreciation in value - the wear and tear, you get further deductions for maintenance and repairs, the costs of that new roof, or repainting it, or fixing the plumbing, or the HVAC, which you've already deducted in reality through depreciation deductions.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by apdst View Post
    No, it's real property. Real estate is the dirt it sits on.
    That's not true. Real estate refers to the land and the building that sits on it. The land isn't depreciable but the building is.

    real estate noun
    Definition of real estate
    1: property in buildings and land

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    How funny is it that Trump voters who make between $50,000 - $80,000 are the people funding things like our military.

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