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

[healthmyths]

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.

 

[WillowTree]

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.

 

[initforme]

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.

 

[Moonglow]

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.

Which deductions will be taken away?

 

[initforme]

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.

 

[healthmyths]

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.

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

 

[OohPooPahDoo]

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?

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.

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.

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.

 

[Luddly Neddite]

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?

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.

 

[Soggy in NOLA]

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?

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.

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



You fuckers are toast.

 

[healthmyths]

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

 

[OohPooPahDoo]

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.

Only because they have someone to wash their clothes for them.

 

[OohPooPahDoo]

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

Everyone with children takes advantage of that so-called "tax loophole" every year. You honestly believe I should have to pay an additional federal tax on my kid's birthday present?

 

[healthmyths]

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?

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.

Well Romney may not take a salary as he did ..
During the 2008 primary campaign, Romney said he would donate his salary to charity. In Massachusetts he declined his $135,000 a year salary.

At the Olympics, which he headed for two years, he said he would only accept the $250,000 pay check if the games made a profit. When the Olympics were financially successfully [sic] he turned that money over to charity.

Will Mitt Romney Save the Country for Free? -- Daily Intel

 

[healthmyths]

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

Everyone with children takes advantage of that so-called "tax loophole" every year. You honestly believe I should have to pay an additional federal tax on my kid's birthday present?

It's not your money! Do you understand? Obama and the government calls what you call "deductions" Expenditures... which means the government considers what you earn as the government's money first and then they let "expend" or birthday presents as a "deduction"!

 

[beretta304]

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.

Perhaps create a business and give a job to a dope that calls them filthy...and there is nothing wrong with being rich!

 

[OohPooPahDoo]

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?

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.

Well Romney may not take a salary as he did ..
During the 2008 primary campaign, Romney said he would donate his salary to charity. In Massachusetts he declined his $135,000 a year salary.

That would be like you or me declining to take $5 in gas money from a fellow car pooler or hitch-hiker.

At the Olympics, which he headed for two years, he said he would only accept the $250,000 pay check if the games made a profit. When the Olympics were financially successfully [sic] he turned that money over to charity.

Of course he said that - he had 400 million dollars in taxpayer money to help him ensure the olympics were profitable.

 

[Jackson]

If the business owners were confident the tax structure would remain the same, they could invest in more employees.

 

[Katzndogz]

The rich will buy houses, yachts and planes. Then they will invest in businesses, build factories and expand product lines. They will hire more people who need more houses and stores to buy all the things available in the expanded product lines.

The way it has always worked.

 

[LogikAndReazon]

Its the bottom 1% who should be in charge and legislating policy.............

The occuturds, unemployable, anarchists, malcontents, homeless, illiterates, worthless, anti-american, welfare dependent, druids, felons, illegals, homosexuals, drug addicts, alcoholics, marxists, wife beaters, child abusers and urban gangstas who should be in charge........

In other words, Liberals........

 

[Truthmatters]

They will put it in offshore accounts just like robmoney does