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

[Nostra]

the reconciliation process which they had to use because the dems were blocking it via the filibuster

only allows for a 10 years window in any rise to the deficient

They used reconciliation because they didn't want to negotiate with Democrats to gain 60 votes. That's their problem, not mine. They didn't even try.

The second sentence is getting to the point but isn't very clear.

Did you realize that they made the corporate tax cuts permanent? They did that by baking in tax increases after 2025 which means that the bill doesn't increase the deficit after 10 years. Of course, they could have sunset the corporate tax cuts, and bake in tax increases for other people to make the middle class tax cut permanent, but they decided not to do that. Corporate tax cuts were more important than average Americans. They sold you out.

the dems made clear they were going to block it at all cost

they could wirh corp taxes because it didn’t violate the 10 year rule

and as we can see the “permanent” thing is meaningless since the next congress can change the law. As the dems are doing with corp taxes and are refusing to extend the working class cuts

no real surprise and no surprise you continue to deflect and ignore that

The Dems weren’t even asked to participate and there was no attempt to negotiate. Show me where every dem said they’d block any attempt at tax reform at all costs. You can’t. It’s a lie.

If they could make the corporate tax permanent, they could have made the middle class tax permanent.

Dems are not refusing to extend the middle class tax cut. That’s another lie.

When will Dims extend it?

 

[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?

You haven't read the citation from the IRS I posted, have you? ... no, the CPA put her license on the line and said the first $441,450 of my capital gains wasn't taxed ... like you, I thought it was taxable and had already sent in a check (you do know income tax is due when the income is realized, right?) ... that's the first thing she said, "You'll be getting a BIG refund when you file" ... and I did, every penny of the capital gains tax I thought I owed ...

There was a small math error on that return, and the IRS sent me a bill for an additional $26 because of that math error ... but the IRS was fine with my 4797 reporting, and the $0 taxes I filed based on the 4797 ... do you think the IRS is too stupid to notice a sky-high AGI and next to nothing tax liability? ...

Look on your own 1040, line 16 ... it says "Tax (see instructions)" ... that begins on page 31 of the instructions, follow the rat warren of forms and publications until you reach "Net long-term capital gains (or loss)" on schedule D ... or did you file a 1040A? ... in which case I can't help you, it was 1982 last time I filed the short form ... paying taxes is for losers ...

You haven't read the citation from the IRS I posted, have you?

The one that didn't support your claim? LOL!

the CPA put her license on the line and said the first $441,450 of my capital gains wasn't taxed .

Sure she did.

15% for $40,000 to $441,450

20% above $441,450

Darn !

 

[colfax_m]

When will Dims extend it?

They shouldn’t have to, but they will.

 

[struth]

incorrect about corp and income as i highlighted

You didn’t highlight anything. You just made an unsupported assertion.

The only reason the corporate income tax rate cut could be made permanent was because they built in a tax hike on income tax that took effect after 8 years. They could have made the income tax rate cuts permanent by building in a tax hike on corporations after 8 years.

You’re not being truthful about what Republicans did.

i highlighted the 10 year rule

i am they cut taxes on all working americans and the dems are raising them and creating new ones

that’s the bottom line

 

[Nostra]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

 

[Nostra]

At least with all of Colfucks whining and crying about the middle class tax cuts he admits all the Dimwingers are lying sacks of shit when they claim it was for the top 1%.

Can't wait for the spin.....................

 

[colfax_m]

incorrect about corp and income as i highlighted

You didn’t highlight anything. You just made an unsupported assertion.

The only reason the corporate income tax rate cut could be made permanent was because they built in a tax hike on income tax that took effect after 8 years. They could have made the income tax rate cuts permanent by building in a tax hike on corporations after 8 years.

You’re not being truthful about what Republicans did.

i highlighted the 10 year rule

i am they cut taxes on all working americans and the dems are raising them and creating new ones

that’s the bottom line

The 10 year rule didn’t stop them from making corporate tax cuts permanent because they offset it by raising taxes on working Americans.

The bill Republicans passed in 2016 raises taxes on working Americans. Why doesn’t that bother you?

 

[colfax_m]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

They shouldn’t have to. Why did Republicans pass a bill that raises taxes on the middle class?

 

[Nostra]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

They shouldn’t have to. Why did Republicans pass a bill that raises taxes on the middle class?

Link?

 

[colfax_m]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

They shouldn’t have to. Why did Republicans pass a bill that raises taxes on the middle class?

Link?

Obviously you’re aware of the sunset clauses.

 

[struth]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

They shouldn’t have to. Why did Republicans pass a bill that raises taxes on the middle class?

Link?

Obviously you’re aware of the sunset clauses.

so why aren’t the dems extending it?

 

[colfax_m]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

They shouldn’t have to. Why did Republicans pass a bill that raises taxes on the middle class?

Link?

Obviously you’re aware of the sunset clauses.

so why aren’t the dems extending it?

Why do Republicans always expect Dems to clean up their messes?

 

[struth]

When will Dims extend it?

They shouldn’t have to, but they will.

Your crystal ball doesn't count.

Why have they not even mentioned it?

They shouldn’t have to. Why did Republicans pass a bill that raises taxes on the middle class?

Link?

Obviously you’re aware of the sunset clauses.

so why aren’t the dems extending it?

Why do Republicans always expect Dems to clean up their messes?

only a dem would think lower tax rates is a mess

thanks for answering my question...dems hate the working class

 

[colfax_m]

only a dem would think lower tax rates is a mess

If it isn’t a mess, why are you demanding that Dems fix it?

 

[struth]

only a dem would think lower tax rates is a mess

If it isn’t a mess, why are you demanding that Dems fix it?

i am not demanding they fix it.

i am not at all surprised they are raising taxes on the working class...it’s what they do

i am laughing at fools like you that keep voting for them and believing their lies that they do care

 

[colfax_m]

i am not at all surprised they are raising taxes on the working class...it’s what they do

They’re not. Trump is. It’s in the bill they passed.

 

[struth]

i am not at all surprised they are raising taxes on the working class...it’s what they do

They’re not. Trump is. It’s in the bill they passed.

hahaa

no they passed a bill lowering the tax rate. The dems are the ones that voted against it, and are not extending it...thus raising taxes

why aren’t they? why can’t you answer that simple question?

 

[colfax_m]

no they passed a bill lowering the tax rate.

The rate goes up according to the bill Trump signed. He is the one responsible for rates going up. Not Dems.

 

[struth]

no they passed a bill lowering the tax rate.

Why do the Dems need to extend it then?

answering a question with a question? i’ll just note that as a white flag.

with that said, the simple answer is not to hurt the working class with more of a tax burden...but we know they don’t care about that

why do the dems want to raise the taxes on the working class?

 

[colfax_m]

why do the dems want to raise the taxes on the working class?

Dems aren’t rising taxes on working class. That’s part of the bill that Trump signed.

You don’t seem to want to acknowledge this point.