2017 Trump Tax Cuts did not go to the wealthiest 1%

[colfax_m]

Hey Stupid, Trump doubled the standard deduction permanently

It’s hilarious that you call me stupid for not knowing something which is a lie.

His increase in standard deduction expires after 2025. Trump could have made it permanent, but he hates the middle class, according to your logic.

You are very stupid.

An Ugly Sunset: What Will Happen if the Tax Cuts and Jobs Act Expires — Presidential Wealth Management

 

[Nostra]

Hey Stupid, Trump doubled the standard deduction permanently

It’s hilarious that you call me stupid for not knowing something which is a lie.

His increase in standard deduction expires after 2025. Trump could have made it permanent, but he hates the middle class, according to your logic.

You are very stupid.

An Ugly Sunset: What Will Happen if the Tax Cuts and Jobs Act Expires — Presidential Wealth Management

It will reduce their standard deduction to $18,700 but they will pick up $10,000 in personal exemptions.

 

[colfax_m]

It will reduce their standard deduction to $18,700 but they will pick up $10,000 in personal exemptions.

As you’re now realizing (at least you would if you weren’t an idiot) is that the increase in the standard deduction was basically a wash for most families given it eliminated personal exemptions.

So dumb ass, are you ready to admit Trump didn’t double the standard deduction permanently?

Or is your brain too diseased by your worship or Trump to admit plain obvious facts?

 

[task0778]

There is risk leaving our retirement contributions in our businesses ... if the business goes insolvent, we lose our retirement savings ... but the benefit is retirement income effectively tax-free ... the choice depends on our business skills ...

If you're doing retirement contributions then aren't you merely delaying the payment of taxes on that income until you begin to withdraw (realize) it? Not unlike an IRA or 401k, you don't pay taxes now but you will later.

I do know this: when you sell your house, whatever equity you realized is tax deductible up to a point. X is what you sold it for and Y is what you bought it for, and X - Y is a capital gain. And up to a certain amount it's tax free if the house was your home for at least a few years, whatever the number is.

 

[Nostra]

It will reduce their standard deduction to $18,700 but they will pick up $10,000 in personal exemptions.

As you’re now realizing (at least you would if you weren’t an idiot) is that the increase in the standard deduction was basically a wash for most families given it eliminated personal exemptions.

So dumb ass, are you ready to admit Trump didn’t double the standard deduction permanently?

Or is your brain too diseased by your worship or Trump to admit plain obvious facts?

Yep, some of the increase in the standard deduction goes away. But at the same time $10,000 in personal exemptions kicks in.

Now, WTF is Pedo Joe gonna do about helping working folks? He is in office now, Dumbass.

 

[colfax_m]

Yep, some of the increase in the standard deduction goes away. But at the same time $10,000 in personal exemptions kicks in.

Ah, so when you called me stupid it was actually you who didn’t know what you were talking about.

You’re a dumb ass.

 

[Toddsterpatriot]

Just looked at my 2020 tax returns ... the first $441,450 in capital gains is tax free* ... $0 ... my entire tax liability was 1.3% of my AGI ... thievin' bastards ... thank you all for paying my fair share of the tax load ... seven come eleven baby, Las Vegas wouldn't be the same without y'all's generosity ...

* = Qualified Dividend and Capital Gains Worksheet, Instructions for IRS Form 1040 (2020), page 35, line 13 ...

Just looked at my 2020 tax returns ... the first $441,450 in capital gains is tax free*

You're confused.

Section 1231 property ... look it up ...

"the first $441,450 in capital gains is tax free* ... $0"

Bullshit, that is a lie. The only way you can get out of paying CG tax of that magnitude is if you offset it with CG losses of a equal amount, or you had some other write-off.

Here's the reality.............

View attachment 497143

Okay, I stand corrected, apologies to ReinyDays.

Just looked at my 2020 tax returns ... the first $441,450 in capital gains is tax free* ... $0 ... my entire tax liability was 1.3% of my AGI ... thievin' bastards ... thank you all for paying my fair share of the tax load ... seven come eleven baby, Las Vegas wouldn't be the same without y'all's generosity ...

* = Qualified Dividend and Capital Gains Worksheet, Instructions for IRS Form 1040 (2020), page 35, line 13 ...

Just looked at my 2020 tax returns ... the first $441,450 in capital gains is tax free*

You're confused.

Section 1231 property ... look it up ...

"the first $441,450 in capital gains is tax free* ... $0"

Bullshit, that is a lie. The only way you can get out of paying CG tax of that magnitude is if you offset it with CG losses of a equal amount, or you had some other write-off.

Here's the reality.............

View attachment 497143

Okay, I stand corrected, apologies to ReinyDays.

Don't apologize, he was wrong.

"the first $441,450 in capital gains is tax free* ... $0"

Wrong. Below $40,000 in taxable income, capital gains is untaxed.
Between $40,001 and $451,450 in taxable income, capital gains is taxed at 15%.

Todd doesn't understand how businesses are taxed ... I did pay a CPA for a hour's time for her to explain to me how this is done under TCJA ... and a call into the IRS helpline confirmed that what I'm doing is completely lawful and normal ... IRS Publication 544 - Sales and Other Dispositions of Assets goes into all the details, sorry about it's length but it requires careful study if we want to take advantage of these tax breaks for the Rich ... and the publication needs careful study every year, as conditions tend to change fairly often ...

There is risk leaving our retirement contributions in our businesses ... if the business goes insolvent, we lose our retirement savings ... but the benefit is retirement income effectively tax-free ... the choice depends on our business skills ...

I don't know if this is true or not, but (very) generally speaking, only about 200 pages of tax code apply to the 99%ers ... the other 20,000 pages only apply to the 1%ers ... and each page is a tax break ... we elect rich people to write tax laws, so what did you expect? ...

Todd doesn't understand how businesses are taxed ...

* = Qualified Dividend and Capital Gains Worksheet, Instructions for IRS Form 1040 (2020), page 35, line 13 ...

DURR.

I did pay a CPA for a hour's time for her to explain to me how this is done under TCJA

Did she tell you that the first $441,450 in capital gains is NOT tax free?

 

[Nostra]

Yep, some of the increase in the standard deduction goes away. But at the same time $10,000 in personal exemptions kicks in.

Ah, so when you called me stupid it was actually you who didn’t know what you were talking about.

You’re a dumb ass.

No, you ARE stupid. Beyond belief.

 

[Toddsterpatriot]

A company has paid taxes on net income. By law must distribute a portion of net profit as dividends.

They don't have to distribute a portion.

 

[colfax_m]

Yep, some of the increase in the standard deduction goes away. But at the same time $10,000 in personal exemptions kicks in.

Ah, so when you called me stupid it was actually you who didn’t know what you were talking about.

You’re a dumb ass.

No, you ARE stupid. Beyond belief.

Well; stupid old me is correcting your false statements so that’s not really saying much for yourself.

 

[Nostra]

Yep, some of the increase in the standard deduction goes away. But at the same time $10,000 in personal exemptions kicks in.

Ah, so when you called me stupid it was actually you who didn’t know what you were talking about.

You’re a dumb ass.

No, you ARE stupid. Beyond belief.

Well; stupid old me is correcting your false statements so that’s not really saying much for yourself.

Keep dreaming.

 

[colfax_m]

Keep dreaming.

I know. Your brain is too warped to acknowledge it.

It’s sad really. Seeing someone so abused as to detach themselves from reality. I hope you get help someday.

 

[Nostra]

Keep dreaming.

I know. Your brain is too warped to acknowledge it.

It’s sad really. Seeing someone so abused as to detach themselves from reality. I hope you get help someday.

Abused? You are still dreaming.

 

[colfax_m]

Keep dreaming.

I know. Your brain is too warped to acknowledge it.

It’s sad really. Seeing someone so abused as to detach themselves from reality. I hope you get help someday.

Abused? You are still dreaming.

Trump has mentally abused you to the point that you can’t recognize basic reality.

 

[Nostra]

Keep dreaming.

I know. Your brain is too warped to acknowledge it.

It’s sad really. Seeing someone so abused as to detach themselves from reality. I hope you get help someday.

Abused? You are still dreaming.

Trump has mentally abused you to the point that you can’t recognize basic reality.

Your obsession with Trump is unhealthy.

When will Pedo Joe, Nazi Pelousy, and Cryin' Chucky give the working folks some help?

I predict you will once again evade this question.

 

[healthmyths]

A company has paid taxes on net income. By law must distribute a portion of net profit as dividends.

They don't have to distribute a portion.

WRONG!!!
The accumulated earnings tax imposed by section 531 shall apply to every corporation (other than those described in subsection (b)) formed or availed of for the purpose of avoiding the income tax with respect to its shareholders or the shareholders of any other corporation,
by permitting earnings and profits to accumulate instead of being divided or distributed.
(b)Exceptions
The accumulated earnings tax imposed by section 531shall not apply to—
(1) a personal holding company (as defined in section 542),
(2) a corporation exempt from tax under subchapter F (section 501 and following), or
(3) a passive foreign investment company (as defined in section 1297).

26 U.S. Code § 532 - Corporations subject to accumulated earnings tax

www.law.cornell.edu

 

[colfax_m]

Your obsession with Trump is unhealthy.

Who is obsessed? I’m merely pointing out your mental abuse to you, which is I admit fruitless given the abused often have a hard time admitting their problem.

When will Pedo Joe, Nazi Pelousy, and Cryin' Chucky give the working folks some help?

Don’t know when the tax reform will happen. It’s just one item on a long list of problems Trump never addressed. But one thing is for sure, it doesn’t have to be addressed anytime soon.

 

[Nostra]

Your obsession with Trump is unhealthy.

Who is obsessed? I’m merely pointing out your mental abuse to you, which is I admit fruitless given the abused often have a hard time admitting their problem.

When will Pedo Joe, Nazi Pelousy, and Cryin' Chucky give the working folks some help?

Don’t know when the tax reform will happen. It’s just one item on a long list of problems Trump never addressed. But one thing is for sure, it doesn’t have to be addressed anytime soon.

So you don't know if your Dimwinger leaders will ever give the working folks some help.

At least you admit it.

 

[Nostra]

Your obsession with Trump is unhealthy.

Who is obsessed? I’m merely pointing out your mental abuse to you, which is I admit fruitless given the abused often have a hard time admitting their problem.

When will Pedo Joe, Nazi Pelousy, and Cryin' Chucky give the working folks some help?

Don’t know when the tax reform will happen. It’s just one item on a long list of problems Trump never addressed. But one thing is for sure, it doesn’t have to be addressed anytime soon.

Trump hasn't done a damn thing to me...............you, however, are brainwashed into having to whine and cry about him in every single post.

Seek help soon.

 

[colfax_m]

Your obsession with Trump is unhealthy.

Who is obsessed? I’m merely pointing out your mental abuse to you, which is I admit fruitless given the abused often have a hard time admitting their problem.

When will Pedo Joe, Nazi Pelousy, and Cryin' Chucky give the working folks some help?

Don’t know when the tax reform will happen. It’s just one item on a long list of problems Trump never addressed. But one thing is for sure, it doesn’t have to be addressed anytime soon.

So you don't know if your Dimwinger leaders will ever give the working folks some help.

At least you admit it.

They already did with the stimulus bill.

Too bad Trump didn’t care enough about working folks to make them permanent.