What will the filthy 1% rich do with their TAX Cuts??

Discussion in 'Politics' started by healthmyths, Aug 13, 2012.

  1. healthmyths
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    healthmyths Gold Member Supporting Member

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    Given that Romney is as liberal/progressives/idiots complain, giving the wealthy tax breaks much like Obama enjoys.. (Obama deducted the $48k he gave his daughters.."gift deduction)...what will those filthy 1% rich do with the tax savings?

    1) Will they spend it on yachts,planes, more houses?
    2) Even after spending more will they
    a) bury this excess money in the backyard?
    b) hide under the mattresses?

    What happens?

    Would you liberals/progressives tell me what happens with these tax savings?


    President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.

    The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.

    There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes.
     
  2. WillowTree
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    WillowTree Diamond Member

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    Personally I think the rich are much cleaner than the "filthy" poor.





    why are the rich seen as "filthy"? it's unfair. they always look clean and well coifed to me.
     
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  3. initforme
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    initforme VIP Member

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    I frankly dont care what they do with their money its no business of mine. What I care about is if taxes and some tax deductions that middle class people depend on are going to be taken away from them cold turkey all this while their wages and benefits slowly but surely go down. Hence the middle class somehow gets stuck with the bill.
     
  4. Moonglow
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    Moonglow Diamond Member

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    Which deductions will be taken away?
     
  5. initforme
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    initforme VIP Member

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    Mortgage interest has been discussed. This would provide a huge blow to the middle class. I thought we wanted more people to be able to afford and keep homes. This would do the contrary.
     
  6. healthmyths
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    healthmyths Gold Member Supporting Member

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    YOU call them "deductions" but it is a wrong term according to the Federal government.
    They are called "expenditures" because the government considers what we earn in our jobs as the Government's money BEFORE we deduct the costs i.e. "Expenditures".

    Here is a list of the "expenditures" that the Government allows US to keep i.e. not report on on our taxes i.e. deductions from what the government OWNS!
    (Substitute Tax deductions with "Tax Expenditures" in other words all money is the government and we are allowed the following "expenditures"..

    Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes; for example, the value of the tax breaks for homeownership exceeds total spending by the Department of Housing and Urban Development.

    What are the largest tax expenditures?
    2008 expenditures (tax deductions allowed

    Type of deduction that government ALLOWS tax payer to subtract from taxes AMOUNT
    1) Exclusion of employer medical insurance premiums and medical care $131 billion
    2) Net exclusion of pension contributions and earnings $117.7
    3) Deductibility of mortgage interest on owner-occupied homes $88.5
    4) Accelerated depreciation of machinery and equipment $55.9
    5) Deductibility of non-business state and local taxes $49.1
    6) Deductibility of charitable contributions $46.8
    7) Deferral of income from controlled foreign corporations $31.5
    8) Capital gains exclusion on home sales $30.0
    9) Deductibility of State and local property tax on owner-occupied homes $29.1
    10) Child credit $28.4
    11) Capital gains (except agriculture,timber, and coal) $24.2
    12) Step-up basis of capital gains at death $21.5
     
    Last edited: Aug 13, 2012
  7. OohPooPahDoo
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    OohPooPahDoo Gold Member

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    They'll deposit the money into a banking system which is already overloaded with cash - i.e. it goes into a bank vault or a federal reserve deposit account and sits there and does absolutely nothing to help anyone. In many cases it will even get deposited in foreign bank accounts. Sorry, but the wealthy have plenty of cash to invest. They aren't investing it because demand is low.




    Sorry but the Obama's already paid taxes on that 48k, you entirely misunderstand the law.
    But of course, you didn't bother to even check out that law yourself, because you're not an independent thinker and never question what the right wing media tells you.

    The exemption is for an additional tax the IRS levies on the giver of a gift. This tax is meant (in part) to prevent the uber-wealthy from avoiding the estate tax by transferring their wealth to their heirs while they are still alive. There is an exempt amount because obviously, it would be absurd if you couldn't give your kid a gift without paying a tax. This exemption is the same exemption that allows every parent, aunt, grandpa, etc. to give a child a birthday present without having to pay an additional tax to the IRS on that gift. The Obamas already paid taxes on their income. The exemption just allows them to give their children a cash gift without being subject to an additional tax.
     
    Last edited: Aug 13, 2012
  8. Luddly Neddite
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    Luddly Neddite Diamond Member

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    Well, I don't know what comes after 1,2,a,b, but Mittens put his money into Luxembourg and other foreign banks and foreign companies.

    Why does Mittens hate his own country?

    But hey, that won't matter a bit if he's elected because then he won't have to pay even 1%. Maybe then, he'll like his own country.
     
  9. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    Ann Romney has a horse.... perhaps you could dwell on that too.

    :lol:

    You fuckers are toast.
     
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  10. healthmyths
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    healthmyths Gold Member Supporting Member

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    Obama still took a tax loophole! No matter what you say! Tax loopholes!
     

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