Official LRC President Donald J Trump Thread

agip wrote:

Pluser of 1s wrote:

+1

The bottom third of earners in this country are bearing the largest tax burden while the wealthy pay virtually zero taxes.

The US has one of the most graduated income tax systems in the world.

...and a tax system that greatly benefits the wealthy disproportionately.

Ummm....ever heard of triple taxation? If a "wealthy" person owns stock in a company (many stockholders are not wealthy) he earned income and paid taxes on that income. What is left over after having paid taxes he might invest a little in a public company. If that company pays out dividends to its shareholders that stockholder must pay taxes on that dividend. When that shareholder decides to sell that stock he must pay capital gains taxes IF that stock appreciated. If that company tanks he is out all of his investment. So, that stockholder is taxed three times if that stock is profitable plus he is risking his investment.

The Mueller report spells it out; Putin's Russian hack delivered America to Donald Trump

Besides the interesting finding in the article below, know that fired Kirstjen Nielsen was ordered to not tell Trump about her work to prevent Russian meddling in the 2020 election because Trump would blow his top. In other words, Trump knows Russia helped him and he wants it to happen again.

https://www.salon.com/2019/04/23/putins-russian-hack-delivered-2016-election-for-donald-trump-the-mueller-report-spells-it-out/

https://www.nytimes.com/2019/04/24/us/politics/russia-2020-election-trump.html

Tax policy has everything to do with it. Those successful giant companies are now owned by the wealthy. Those companies are getting huge tax breaks that increase their wealth. And much of the wealth we are talking about is generational wealth. It's not wealth that was created by immigrants. It's wealth that was passed down and then invested in the companies you are talking about.

The founders may have become wealthy. But most of those businesses you named are now owned by the people who already had money and had very little to do with the success of those businesses. They just bought in. Those people are the ones who benefit from tax breaks given to the companies they own.

1100 wrote:

agip wrote:

There is is: "Mussolini might be a little hard on the Ethiopians and the Jews, but he made the trains run on time."

There it is. You did it, Sally, You rationalized authoritarians by saying how good they run the country.

You are barely American unless you retract.

Trumpettes are NOT Americans!

I am not even sure what I am retracting but I retract! If I said authoritarians did a good job running the country I said it tongue-in-cheek. I recall saying this a while back but don't even recall in which context. But, I retract anyway!

graduated wrote:

agip wrote:

This is so wrong and so unfounded by any facts that I can't even get my head around it. Ok, I can. it's factually, morally, ethically, spiritually incorrect.

The US has one of the most graduated income tax systems in the world.

What you are not taking into account is the vast amount of income the rich hide through other assets--generally businesses and trusts. That answers the question about how Trump can have no taxable income yet live like a millionaire.

trump and other real estate people do have a trick - it's called depreciation - if they make $10 million in salary and say one of their buildings went down $10 million in value, they have no income.

It's regrettable and phony and abused, but it's not because of trusts.

Look there is certainly tax fraud among the rich. No doubt, and it should be ended and prosecuted. But claiming rich people pay no taxes is just wrong.

"The top 1 percent paid a greater share of individual income taxes (37.3 percent) than the bottom 90 percent combined (30.5 percent).

The top 1 percent of taxpayers paid a 26.9 percent individual income tax rate, which is more than seven times higher than taxpayers in the bottom 50 percent (3.7 percent)."

Middle Class Joe wrote:

agip wrote:

If you can't afford to buy a house you are most likely paying zero federal income tax or very little federal income tax. So yeah, you are getting a lot of free stuff the rest of us are paying for. You're welcome. Glad to do it for you.

If the wealthy aren't paying their fair share and the lower 1/3 are paying zero or very little in federal income taxes, who is paying for everything? That's right. Middle Class.

It is not the lower 1/3 paying squat, the bottom 45% pay NEGATIVE federal income taxes. Meaning they pay NO federal income taxes and even get money distributed to them. How crazy is that?

agip wrote:

Rental Rick wrote:

No offense, but you "ginormous mortgage interest deduction" is given to those who can afford to buy a home. in other words, it is one more (ginormous) tax break that excludes the bottom third of the population.

If you can't afford to buy a house you are most likely paying zero federal income tax or very little federal income tax. So yeah, you are getting a lot of free stuff the rest of us are paying for. You're welcome. Glad to do it for you.

Out of touch much? Do you know how expensive home prices are right now? Combine that with that fact that every lender has been tightening standards (even FHA said they were tightening standards. FHA!!!) and you get plenty of people paying their share in taxes who can't buy a home.

Unless we're talking like, millions of dollars in taxes.

This "triple taxation" is a myth.

As long as you hold for more than a year, capital gains are taxed at a lower rate than ordinary income. So a wealthy person who makes money from capital gains pays a lower rate than someone like me who gets most of his income from working.

When the tax code is used to artificially inflate the value of a company, the wealthy person gets even more income, which again, is taxed at a lower rate than my income. And ordinary taxpayers like you and me are footing the bill for the wealthy person to make even more money by owning stock.

In the case that a stock lost value, the wealthy person can just use that loss to offset his capital gains. So that reduces his tax burden even more.

Trusts . . . . look again.

graduated wrote:

agip wrote:

It's regrettable and phony and abused, but it's not because of trusts.

Trusts . . . . look again.

Here--

Sally Vix wrote:

Middle Class Joe wrote:

If the wealthy aren't paying their fair share and the lower 1/3 are paying zero or very little in federal income taxes, who is paying for everything? That's right. Middle Class.

It is not the lower 1/3 paying squat, the bottom 45% pay NEGATIVE federal income taxes. Meaning they pay NO federal income taxes and even get money distributed to them. How crazy is that?

It's not crazy at all because they have such a high overall tax burden.

The poorest 20% pay 11% of their income in state and local taxes.

The richest 1% pay only 5.6% of their income in state and local taxes.

You can't discuss tax fairness without considering everything.

Fat hurts wrote:

This "triple taxation" is a myth.

As long as you hold for more than a year, capital gains are taxed at a lower rate than ordinary income. So a wealthy person who makes money from capital gains pays a lower rate than someone like me who gets most of his income from working.

When the tax code is used to artificially inflate the value of a company, the wealthy person gets even more income, which again, is taxed at a lower rate than my income. And ordinary taxpayers like you and me are footing the bill for the wealthy person to make even more money by owning stock.

In the case that a stock lost value, the wealthy person can just use that loss to offset his capital gains. So that reduces his tax burden even more.

Here's a novel idea : if you think owning stock is such a lucrative get rich quick deal then why don't you go out and buy some.

Why should capital gains not be taxed at a lower rate than earned income? That money invested was already taxed! Sam the stockholder earned 50k one year and paid taxes on that 50K. After taxes and everything he decides he wants to invest 5k in the stock market. Sam the stockholder is risking that the 5K invested in company A could tank and Sam would be out of an investment. Sam ALREADY paid taxes on the money he is investing in company A. You want Sam to pay the same tax rate on capital gains he may make in company A after he already paid taxes on that 5K and is risking a complete loss of that 5K? Come on, how much taxation are you going to put on Stockholder Sam? And that offset stuff is limited.

Sally Vix wrote:

Why should capital gains not be taxed at a lower rate than earned income? That money invested was already taxed! Sam the stockholder earned 50k one year and paid taxes on that 50K. After taxes and everything he decides he wants to invest 5k in the stock market. Sam the stockholder is risking that the 5K invested in company A could tank and Sam would be out of an investment. Sam ALREADY paid taxes on the money he is investing in company A. You want Sam to pay the same tax rate on capital gains he may make in company A after he already paid taxes on that 5K and is risking a complete loss of that 5K? Come on, how much taxation are you going to put on Stockholder Sam? And that offset stuff is limited.

Even though you're generally a repulsive troll, I'll hope on board this train with you. People rail against the stock market like they aren't invited and free to dump their money in and ride the wave. Yeah, you won't get as much as the "super rich" but you get to be on the same team as them. Pretty good deal if you ask me

Racket wrote:

agip wrote:

If you can't afford to buy a house you are most likely paying zero federal income tax or very little federal income tax. So yeah, you are getting a lot of free stuff the rest of us are paying for. You're welcome. Glad to do it for you.

Out of touch much? Do you know how expensive home prices are right now? Combine that with that fact that every lender has been tightening standards (even FHA said they were tightening standards. FHA!!!) and you get plenty of people paying their share in taxes who can't buy a home.

Unless we're talking like, millions of dollars in taxes.

Probably should have gotten a job in the real world instead of getting a PhD.

At least you can hand that sheepskin in your apartment. lol

When someone gets a paycheck their income is taxed.

Then when they use that net pay to buy stuff they pay sales tax and the business also pays income tax on that sale.

That's crazy!

Not many people are in the stock market.

the real world calling wrote:

Racket wrote:

Out of touch much? Do you know how expensive home prices are right now? Combine that with that fact that every lender has been tightening standards (even FHA said they were tightening standards. FHA!!!) and you get plenty of people paying their share in taxes who can't buy a home.

Unless we're talking like, millions of dollars in taxes.

Probably should have gotten a job in the real world instead of getting a PhD.

At least you can hand that sheepskin in your apartment. lol

Yeah OK stay in high school there buddy