Biden Proposes 44.6% capital gains tax???

bigkat said:
remember the debate between Trump and Clinton? when Trump said he uses every loophole that he is allowed to use.... and then looks at the OLD HAG and says, i do what YOUR DONORS do!!!! and that she was responsible for getting those LOOP HOLES approved!!!
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Yes, I also remember him saying something about fixing it … he didn’t do what he said … as usual.
 
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joesports said:
It much more complicated … but I will give you the short version …. One of his companies (real-estate business) owns the house … he rents the house from the company at a lower rate than what you would expect … thus they can write off all repairs, utilities, and even the insurance … which nearly makes up for the mortgage payment … it is perfectly legal … they have been audited several times … if he owned the home himself he would not get to write off any of the three things I listed.

That is just one example of how you can game the system … there are plenty others … that is why IMO … the loopholes need to be taken away.
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But it all still come around to you thinking that people need to give the government more of the money they have earned. How much do you think your buddy should pay?
 
Hammerdrill said:
But it all still come around to you thinking that people need to give the government more of the money they have earned. How much do you think your buddy should pay?
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His fair share … he shouldn’t get to write off things the joe average person does not … like utilities, repairs, and his insurance … he games the system … and he knows it and even agrees with me … it is perfectly legal … if they change the rules he would happily adjust … it’s not his fault it’s our politicians … but they don’t want to change the rules because they and their major donors take full advantage of it … as I said before I favor a semi flat tax … with few deductions

For example: at tax set at let’s say 20% and a personal deduction of $25,000
Person 1 … makes $60,000 pays 20% on $35,000 … or $7,000 … 11.7% of his gross income
Person 2 … makes $300,000 pays 20% on $275,000 … $55,000 … 18.3% of his gross income
Person 3 … makes $1,000,000 pays 20% on $975,000 … or $195,000 … 19.5% of his gross income

This is not the exact plan … just easy to show as an example … I just don’t feel the government should not be the business of influencing society … for example, … I am opposed to tax breaks for electric vehicles … EVs should become popular based off of being the best or better option period … true free market capitalism … business should succeed or fail based on their own competence … bending over backwards and giving them every tax break possible goes against this belief.
 
joesports said:
His fair share … he shouldn’t get to write off things the joe average person does not … like utilities, repairs, and his insurance … he games the system … and he knows it and even agrees with me … it is perfectly legal … if they change the rules he would happily adjust … it’s not his fault it’s our politicians … but they don’t want to change the rules because they and their major donors take full advantage of it … as I said before I favor a semi flat tax … with few deductions

For example: at tax set at let’s say 20% and a personal deduction of $25,000
Person 1 … makes $60,000 pays 20% on $35,000 … or $7,000 … 11.7% of his gross income
Person 2 … makes $300,000 pays 20% on $275,000 … $55,000 … 18.3% of his gross income
Person 3 … makes $1,000,000 pays 20% on $975,000 … or $195,000 … 19.5% of his gross income

This is not the exact plan … just easy to show as an example … I just don’t feel the government should not be the business of influencing society … for example, … I am opposed to tax breaks for electric vehicles … EVs should become popular based off of being the best or better option period … true free market capitalism … business should succeed or fail based on their own competence … bending over backwards and giving them every tax break possible goes against this belief.
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It actually is his fault. No one is making him do what he is doing. I agree that government shouldn’t be influencing society. What is stunning is that you hold that view yet vote Democrat. That is a very conservative view. Yes, products and services should be able to survive on their own without government interference.
 
Hammerdrill said:
It actually is his fault. No one is making him do what he is doing. I agree that government shouldn’t be influencing society. What is stunning is that you hold that view yet vote Democrat. That is a very conservative view. Yes, products and services should be able to survive on their own without government interference.
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So it is Trump’s fault as well that he didn’t pay taxes for something like 18 years?

I don’t always vote Democrat … I just vote not Trump … I am much more a moderate … but you guys pigeonholed all anti-Trumpers as RINOs or liberals … not always true … and I don’t let party make my mind on the issues
 
joesports said:
So it is Trump’s fault as well that he didn’t pay taxes for something like 18 years?
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I guess you can look at it that way, but you are assuming that Trump was doing the same things as your buddy. Trump likely has taken some big risks that have failed, so that is a bit different than scheming to have your company pay your rent. Trump likely has very little to say to the many accountants who are managing the financial side of his businesses. They are doing standard things. Your buddy has certainly taken it to an extreme. But as long as he votes for Trump this fall.....
 
Hammerdrill said:
I guess you can look at it that way, but you are assuming that Trump was doing the same things as your buddy. Trump likely has taken some big risks that have failed, so that is a bit different than scheming to have your company pay your rent. Trump likely has very little to say to the many accountants who are managing the financial side of his businesses. They are doing standard things. Your buddy has certainly taken it to an extreme. But as long as he votes for Trump this fall.....
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Of course it always someone else’s fault … standard MAGA concept … and yes, my friend is a Trump supporter … but unlike Trump he still paid taxes during this time … even if he took “it to an extreme”
 
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