Biden's proposed taxes will crush small business owners

[Crepitus]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

 

[Blues Man]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

he has plenty in retirement accounts but doesn't want to touch those until 70.

The sale of the business is supposed to cover the next 17 years until he's 70

 

[Mac1958]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

My apologies. I didn't realize you had examined Trump's tax documents and determined, based on your knowledge and expertise on the topic, that all of his tax dealings are solid, defenseable and perfectly legal.

I'll be sure to contact you when I have more advanced tax planning questions for my clients.

All those details were in the NYTs article where they distorted what he actually paid.

Your ignorance is glaring.

I didn't read it. I don't care.

You didn't read it? Hmmmm.................

You certainly had a lot of stuff to say about that article in a thread about it. Here you are quoting the post with the link to the article, claiming there was fraud, and concluding Deutsch was involved and in hot water.

You have been caught in a blatant lie.

Here you go with Part 2 from the NYT and Raw Story.

The Times promised it's not done informing readers.

Tax Records Reveal How Fame Gave Trump a $427 Million Lifeline (Published 2020)

“The Apprentice” rescued Donald J. Trump, bringing him new sources of cash and a myth that would propel him to the White House.

www.nytimes.com

‘It was all a hoax’: NYT destroys Trump’s claims of business success — in second blockbuster on his taxes

“But while the story of “The Apprentice” is by now well known, the president’s tax returns reveal another grand twist that has never been truly told — how the popularity of that fictional alter ego rescued him, providing a financial lifeline to reinvent himself yet again. And then how, in an echo of the boom-and-bust cycle that has defined his business career, he led himself toward the financial shoals he must navigate today. Mr. Trump’s genius, it turned out, wasn’t running a company. It was making himself famous — Trump-scale famous — and monetizing that fame,” the newspaper reported."

‘It was all a hoax’: NYT destroys Donald Trump’s claims of business success in second blockbuster on his taxes

President Donald Trump’s tax returns have resulted in a second bombshell story by The New York Times. “From the back seat of a stretch limousine heading to meet the first contestants for his new TV show “The Apprentice,” Donald J. Trump bragged that he was a billionaire who had overcome...

www.rawstory.com

The saddest part of this is that no one is surprised.

A known, longtime con man pulls the biggest fraud in American history, and half the freaking country saw it coming.

I'm looking forward to learning the part Deutsche played in this. They're in hot water in other stories, too. This could have quite a ripple effect.

Neat.

 

[Nostra]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

My apologies. I didn't realize you had examined Trump's tax documents and determined, based on your knowledge and expertise on the topic, that all of his tax dealings are solid, defenseable and perfectly legal.

I'll be sure to contact you when I have more advanced tax planning questions for my clients.

All those details were in the NYTs article where they distorted what he actually paid.

Your ignorance is glaring.

I didn't read it. I don't care.

You didn't read it? Hmmmm.................

You certainly had a lot of stuff to say about that article in a thread about it. Here you are quoting the post with the link to the article, claiming there was fraud, and concluding Deutsch was involved and in hot water.

You have been caught in a blatant lie.

Here you go with Part 2 from the NYT and Raw Story.

The Times promised it's not done informing readers.

Tax Records Reveal How Fame Gave Trump a $427 Million Lifeline (Published 2020)

“The Apprentice” rescued Donald J. Trump, bringing him new sources of cash and a myth that would propel him to the White House.

www.nytimes.com

‘It was all a hoax’: NYT destroys Trump’s claims of business success — in second blockbuster on his taxes

“But while the story of “The Apprentice” is by now well known, the president’s tax returns reveal another grand twist that has never been truly told — how the popularity of that fictional alter ego rescued him, providing a financial lifeline to reinvent himself yet again. And then how, in an echo of the boom-and-bust cycle that has defined his business career, he led himself toward the financial shoals he must navigate today. Mr. Trump’s genius, it turned out, wasn’t running a company. It was making himself famous — Trump-scale famous — and monetizing that fame,” the newspaper reported."

‘It was all a hoax’: NYT destroys Donald Trump’s claims of business success in second blockbuster on his taxes

President Donald Trump’s tax returns have resulted in a second bombshell story by The New York Times. “From the back seat of a stretch limousine heading to meet the first contestants for his new TV show “The Apprentice,” Donald J. Trump bragged that he was a billionaire who had overcome...

www.rawstory.com

The saddest part of this is that no one is surprised.

A known, longtime con man pulls the biggest fraud in American history, and half the freaking country saw it coming.

I'm looking forward to learning the part Deutsche played in this. They're in hot water in other stories, too. This could have quite a ripple effect.

Neat.

You have been exposed as a liar and a hypocrite. You claimed you knew nothing about the NYTs article..............and claimed you don't comment without knowing all the facts.

 

[Mac1958]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

My apologies. I didn't realize you had examined Trump's tax documents and determined, based on your knowledge and expertise on the topic, that all of his tax dealings are solid, defenseable and perfectly legal.

I'll be sure to contact you when I have more advanced tax planning questions for my clients.

All those details were in the NYTs article where they distorted what he actually paid.

Your ignorance is glaring.

I didn't read it. I don't care.

You didn't read it? Hmmmm.................

You certainly had a lot of stuff to say about that article in a thread about it. Here you are quoting the post with the link to the article, claiming there was fraud, and concluding Deutsch was involved and in hot water.

You have been caught in a blatant lie.

Here you go with Part 2 from the NYT and Raw Story.

The Times promised it's not done informing readers.

Tax Records Reveal How Fame Gave Trump a $427 Million Lifeline (Published 2020)

“The Apprentice” rescued Donald J. Trump, bringing him new sources of cash and a myth that would propel him to the White House.

www.nytimes.com

‘It was all a hoax’: NYT destroys Trump’s claims of business success — in second blockbuster on his taxes

“But while the story of “The Apprentice” is by now well known, the president’s tax returns reveal another grand twist that has never been truly told — how the popularity of that fictional alter ego rescued him, providing a financial lifeline to reinvent himself yet again. And then how, in an echo of the boom-and-bust cycle that has defined his business career, he led himself toward the financial shoals he must navigate today. Mr. Trump’s genius, it turned out, wasn’t running a company. It was making himself famous — Trump-scale famous — and monetizing that fame,” the newspaper reported."

‘It was all a hoax’: NYT destroys Donald Trump’s claims of business success in second blockbuster on his taxes

President Donald Trump’s tax returns have resulted in a second bombshell story by The New York Times. “From the back seat of a stretch limousine heading to meet the first contestants for his new TV show “The Apprentice,” Donald J. Trump bragged that he was a billionaire who had overcome...

www.rawstory.com

The saddest part of this is that no one is surprised.

A known, longtime con man pulls the biggest fraud in American history, and half the freaking country saw it coming.

I'm looking forward to learning the part Deutsche played in this. They're in hot water in other stories, too. This could have quite a ripple effect.

Neat.

You have been exposed as a liar and a hypocrite. You claimed you knew nothing about the NYTs article..............and claimed you don't comment without knowing all the facts.

Sure, whatever you'd like.

 

[Crepitus]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

he has plenty in retirement accounts but doesn't want to touch those until 70.

The sale of the business is supposed to cover the next 17 years until he's 70

Then he's selling it too early. He knows what the taxes are.

 

[Blues Man]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

he has plenty in retirement accounts but doesn't want to touch those until 70.

The sale of the business is supposed to cover the next 17 years until he's 70

Then he's selling it too early. He knows what the taxes are.

That's the point he doesn't.

Didn't you even read the first post?

He is prepared to pay the capital gains rate as it stands today. The uncertainty comes from what Biden will get passed.

Biden wants to raise the capital gains rate for anything 1 million and up to 39.6%

And if he gets it enacted retroactively like he wants to then even if he sells on Jan 31 under the current tax laws he could be liable for another 200 K plus in taxes.

 

[Richard-H]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

The way tax brackets work is that they will pay 20% on the first million, and 39.5% on any amount above that.

 

[Blues Man]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

The way tax brackets work is that they will pay 20% on the first million, and 39.5% any amount above that.

That's not what Joe's proposal was.

He said for households earning over 1 million the capital gains rate will be 39.6%

Capital gains taxes are not subject to tax brackets but are a flat tax

 

[WTH_Progs?]

If you all will pay attention the Demonicrats aim to destroy small business anyway, what do you think COVID is for?

Demonics desire one world order in the hands of a few, that's what Gates, Bezos and the like come into play, they're just part of the package.

Did you know it was the Demonic administrations who allowed for trade with China, they pushed the internet too and no tax on internet goods? WTF do you believe they did that? 2+2=4, they picked winners and losers out of the gate, what's left is Amazon and Dominos.

All so PROGS can complain about wages what fucking dumbfucks right. First you fuck it up in PROG, and then you complain about it in PROG.

 

[Nostra]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Many business are sold for cash via SBA loans or bank loans.

I sold 5 commercial properties this year and will not get whacked with a 40% tax

Spreading a sale over many years can adversely affect a persons investment strategy all because for a one time transaction.

Like I said the little guy gets crushed again

Proper planning can mitigate a good portion of taxes to which the owner is exposed.

The owner is responsible for that.

You mean like what Trump did with his taxes that got all you lignut loser's panties in a twist?

No.

You're consumed by partisan politics. That's your problem, not mine.

Gotcha. When Trump does it it is cheating on his taxes.............when anyone else does it it is "planning".

I didn't say that, nor did I come close to saying it.

So, you're a liar. Dismissed.

So Trump didn't cheat on his taxes.........he planned.

I don't know yet.

If someone over pays their taxes, and instead of taking a refund lets the govt hold his money and uses that refund to offset taxes in a subsequent year, is that cheating on taxes?

That's exactly what Trump did, and libnuts howled that he cheated because once he applied his overpayment he owed just $750.

Now, you can either admit he didn't cheat on his taxes........or continue to claim ignorance.

That's your highly biased take on what happened.

Since I'm not obsessed with proving that Trump did something wrong, I haven't looked at the details. And I don't form opinions until then. So I'm not like you.

Those are the facts. You just want to ignore them because you just can't admit there is no evidence he cheated on his taxes.

My apologies. I didn't realize you had examined Trump's tax documents and determined, based on your knowledge and expertise on the topic, that all of his tax dealings are solid, defenseable and perfectly legal.

I'll be sure to contact you when I have more advanced tax planning questions for my clients.

All those details were in the NYTs article where they distorted what he actually paid.

Your ignorance is glaring.

I didn't read it. I don't care.

You didn't read it? Hmmmm.................

You certainly had a lot of stuff to say about that article in a thread about it. Here you are quoting the post with the link to the article, claiming there was fraud, and concluding Deutsch was involved and in hot water.

You have been caught in a blatant lie.

Here you go with Part 2 from the NYT and Raw Story.

The Times promised it's not done informing readers.

Tax Records Reveal How Fame Gave Trump a $427 Million Lifeline (Published 2020)

“The Apprentice” rescued Donald J. Trump, bringing him new sources of cash and a myth that would propel him to the White House.

www.nytimes.com

‘It was all a hoax’: NYT destroys Trump’s claims of business success — in second blockbuster on his taxes

“But while the story of “The Apprentice” is by now well known, the president’s tax returns reveal another grand twist that has never been truly told — how the popularity of that fictional alter ego rescued him, providing a financial lifeline to reinvent himself yet again. And then how, in an echo of the boom-and-bust cycle that has defined his business career, he led himself toward the financial shoals he must navigate today. Mr. Trump’s genius, it turned out, wasn’t running a company. It was making himself famous — Trump-scale famous — and monetizing that fame,” the newspaper reported."

‘It was all a hoax’: NYT destroys Donald Trump’s claims of business success in second blockbuster on his taxes

President Donald Trump’s tax returns have resulted in a second bombshell story by The New York Times. “From the back seat of a stretch limousine heading to meet the first contestants for his new TV show “The Apprentice,” Donald J. Trump bragged that he was a billionaire who had overcome...

www.rawstory.com

The saddest part of this is that no one is surprised.

A known, longtime con man pulls the biggest fraud in American history, and half the freaking country saw it coming.

I'm looking forward to learning the part Deutsche played in this. They're in hot water in other stories, too. This could have quite a ripple effect.

Neat.

You have been exposed as a liar and a hypocrite. You claimed you knew nothing about the NYTs article..............and claimed you don't comment without knowing all the facts.

Sure, whatever you'd like.

I kinda like exposing libtard liars.

 

[Richard-H]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

The way tax brackets work is that they will pay 20% on the first million, and 39.5% any amount above that.

That's not what Joe's proposal was.

He said for households earning over 1 million the capital gains rate will be 39.6%

Capital gains taxes are not subject to tax brackets but are a flat tax

I stand corrected..

Still my heart doesn't bleed for those who have to live on a mire $600,000.

For people selling businesses for > $mil, If you want to avoid the 39.5% rate, couldn't you shift the money to an IRA?

 

[Blues Man]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

The way tax brackets work is that they will pay 20% on the first million, and 39.5% any amount above that.

That's not what Joe's proposal was.

He said for households earning over 1 million the capital gains rate will be 39.6%

Capital gains taxes are not subject to tax brackets but are a flat tax

I stand corrected..

Still my heart doesn't bleed for those who have to live on a mire $600,000.

For people selling businesses for > $mil, If you want to avoid the 39.5% rate, couldn't you shift the money to an IRA?

It actually works out to 42.3% because there is an Obama surtax of 3.8%

And IRA limits are 5000 a year and if your income is over 185K or something like that you are ineligible to deposit anything into an IRA.

Don't you think there is a difference between some trust fund baby with tens of millions in stocks and some middle class business owner who after starting a business and running it for decades employing people and serving his community not making any exorbitant salaries and putting in long hours year after year?

Why should that business owner have to forfeit 42.3% of the value of his business when he's not one of those uberwealthy people that you all hate so much?

 

[Crepitus]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

he has plenty in retirement accounts but doesn't want to touch those until 70.

The sale of the business is supposed to cover the next 17 years until he's 70

Then he's selling it too early. He knows what the taxes are.

That's the point he doesn't.

Didn't you even read the first post?

He is prepared to pay the capital gains rate as it stands today. The uncertainty comes from what Biden will get passed.

Biden wants to raise the capital gains rate for anything 1 million and up to 39.6%

And if he gets it enacted retroactively like he wants to then even if he sells on Jan 31 under the current tax laws he could be liable for another 200 K plus in taxes.

Retroactively applied taxes.

You're fear-mongering.

Stop it.

 

[Blues Man]

And guess what folks Biden wants to tax dividends at regular income rates too.

So your granny who is getting her monthly dividend checks to supplement her puny Social Security check will get a tax hike too.

How's that for sticking it to the rich ?

 

[Blues Man]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

he has plenty in retirement accounts but doesn't want to touch those until 70.

The sale of the business is supposed to cover the next 17 years until he's 70

Then he's selling it too early. He knows what the taxes are.

That's the point he doesn't.

Didn't you even read the first post?

He is prepared to pay the capital gains rate as it stands today. The uncertainty comes from what Biden will get passed.

Biden wants to raise the capital gains rate for anything 1 million and up to 39.6%

And if he gets it enacted retroactively like he wants to then even if he sells on Jan 31 under the current tax laws he could be liable for another 200 K plus in taxes.

Retroactively applied taxes.

You're fear-mongering.

Stop it.

No I'm not

The Constitutionality of Retroactive Tax Legislation | Castro & Co.

It has long be declared that the power of Congress to enact income tax laws with retroactive effect is clear. Nothing could be further from the truth.

www.castroandco.com

“The Court consistently has held that the application of an income tax statute to the entire calendar year in which enactment took place does not per se violate the Due Process Clause of the Fifth Amendment.”[4]

In other words, tax laws passed late in the year that relate back to the start of the year are always valid as a matter of law.

The Likelihood and Enforceability of a Retroactive Tax – Asset Protection Society

assetprotectionsociety.org

Despite the many possible arguments that could be advanced by a taxpayer, it is unlikely that the enactment of retroactive estate and GST taxes would be defeated on a constitutional challenge

 

[Nostra]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

If all he's got is a business that's worth over a million dollars and no actual retirement, he's stupid. This whole hypothetical is stupid and highly unlikely because of this.

he has plenty in retirement accounts but doesn't want to touch those until 70.

The sale of the business is supposed to cover the next 17 years until he's 70

Then he's selling it too early. He knows what the taxes are.

That's the point he doesn't.

Didn't you even read the first post?

He is prepared to pay the capital gains rate as it stands today. The uncertainty comes from what Biden will get passed.

Biden wants to raise the capital gains rate for anything 1 million and up to 39.6%

And if he gets it enacted retroactively like he wants to then even if he sells on Jan 31 under the current tax laws he could be liable for another 200 K plus in taxes.

Retroactively applied taxes.

You're fear-mongering.

Stop it.

Bill Clinton did it..............after promising tax cuts during the campaign. Only POTUS in history to raise taxes before taking office.

 

[LordBrownTrout]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales, stock sales, sinking funds, ESOPs.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Small business shouldn't have to resort to extraordinary measures to manipulate and negotiate their livelihood over excessive taxes.

 

[Blues Man]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales, stock sales, sinking funds, ESOPs.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Small business shouldn't have to resort to extraordinary measures to manipulate and negotiate their livelihood over excessive taxes.

Isn't that kind of success the American Dream?

Start a business work hard obey the law and then you get to reap the fruits of your labor.

The guy who comes from an average background who does this is not some evil rich guy. He's the guy who lives in your neighborhood not some mansion on the ocean.

As always the attempts to soak the rich end up bleeding the middle class dry.

 

[LordBrownTrout]

So Senile Joe in his desire to tax "rich" people has proposed a capital gains tax change that will crush small business owners.

Here's how the little guy gets crushed again.

Doddering Joe wants to change the capital gains tax so that anyone with 1 million in income is no longer eligible for the 20% tax rate that has been the standard for years. So that means any small business owner who sells his business when he retires and if that one time sale puts his income over 1 million dollars he must pay 39.6% on that one time sale which was most likely his retirement nest egg.

Do you people really think that a guy who built an ran a business and probably make less than 100K a year and who sells his business so he can retire should lose 40% of his nest egg to the fucking government

Few businesses are sold for cash. Most are sold via other methods, such as multi-year buyouts/installment sales, stock sales, sinking funds, ESOPs.

And proper planning can mitigate a good portion of taxes to which the owner is exposed.

Small business shouldn't have to resort to extraordinary measures to manipulate and negotiate their livelihood over excessive taxes.

Isn't that kind of success the American Dream?

Start a business work hard obey the law and then you get to reap the fruits of your labor.

The guy who comes from an average background who does this is not some evil rich guy. He's the guy who lives in your neighborhood not some mansion on the ocean.

As always the attempts to soak the rich end up bleeding the middle class dry.

I've started three companies and sold them. I hired a good accountant to wade through the 3000 page tax law. It's completely antiquated and unnecessary to work within such a system. Taxes should lowered for everyone. The government needs to do without.