Double taxes are actually BS

[egp320i]

Trump or anybody should have the IRS redo their code

if you invest your money already taxed and make money on it it should be tax FREE.....period

Why You’re Taxed Again and Is It Double Taxation?
Short Answer
Yes, it feels like double taxation—your income is taxed once as wages (e.g., income tax), then again as investment gains (e.g., capital gains tax)—but legally, it’s not considered double taxation in tax policy terms. The IRS taxes different events: first your earnings, then the new income those earnings generate. It’s justified as taxing distinct economic activities, not the same dollar twice—though fairness debates persist.

 

[MarathonMike]

Trump or anybody should have the IRS redo their code

if you invest your money already taxed and make money on it it should be tax FREE.....period

Why You’re Taxed Again and Is It Double Taxation?
Short Answer
Yes, it feels like double taxation—your income is taxed once as wages (e.g., income tax), then again as investment gains (e.g., capital gains tax)—but legally, it’s not considered double taxation in tax policy terms. The IRS taxes different events: first your earnings, then the new income those earnings generate. It’s justified as taxing distinct economic activities, not the same dollar twice—though fairness debates persist.

I remember my friends and I having this exact same discussion. We were new engineers fresh out of college and the year was 1982. Tax reform will never happen because Congress is full of lawyers who will protect the tax system INCLUDING very highly paid tax lawyers.

 

[egp320i]

I remember my friends and I having this exact same discussion. We were new engineers fresh out of college and the year was 1982. Tax reform will never happen because Congress is full of lawyers who will protect the tax system INCLUDING very highly paid tax lawyers.

wow 1982, I was still a kid!

my uncle graduated around that time from MIT with a PHD in engineering, he went on to work for a company that designed pratt and whitney engines and he was part of it, he also has around 7 patents, one with working on a project for carrier and another for elevators
his teacher was amir bose who he later became friends with and helped him with his acoustics

he's beyond smart.....it's almost hard to comprehend

 

[Foxfyre]

Trump or anybody should have the IRS redo their code

if you invest your money already taxed and make money on it it should be tax FREE.....period

Why You’re Taxed Again and Is It Double Taxation?
Short Answer
Yes, it feels like double taxation—your income is taxed once as wages (e.g., income tax), then again as investment gains (e.g., capital gains tax)—but legally, it’s not considered double taxation in tax policy terms. The IRS taxes different events: first your earnings, then the new income those earnings generate. It’s justified as taxing distinct economic activities, not the same dollar twice—though fairness debates persist.

Taxing us on our social security is definitely double taxation as we pay income tax on all our taxable income, pay social security taxes, and, if we are above an income threshhold, we pay taxes again on some or all of the social security we draw.

Capital gains on our investments is a bit different. We should never be taxed on our wealth as the Democrats want to do, but I don't have all that much problem with a low tax on our investment income that is actual income so long as we can write off the losses while reporting the gains.

 

[egp320i]

Taxing us on our social security is definitely double taxation as we pay income tax on all our taxable income, pay social security taxes, and, if we are above an income threshhold, we pay taxes again on some or all of the social security we draw.

Capital gains on our investments is a bit different. We should never be taxed on our wealth as the Democrats want to do, but I don't have all that much problem with a low tax on our investment income that is actual income so long as we can write off the losses while reporting the gains.

I am not there yet but I do my mom's taxes, her SS is not taxed on a federal or state level at all
She did work for the government so maybe that is the reason? I really am not sure but I highly doubt that that is any factor
for who you worked for

 

[MarathonMike]

wow 1982, I was still a kid!

my uncle graduated around that time from MIT with a PHD in engineering, he went on to work for a company that designed pratt and whitney engines and he was part of it, he also has around 7 patents, one with working on a project for carrier and another for elevators
his teacher was amir bose who he later became friends with and helped him with his acoustics

he's beyond smart.....it's almost hard to comprehend

Interesting, we need the geniuses for sure. They drive progress. But the point is the tax code, just like the government is a bloated, convoluted mess. And will probably not be fixed because of the industry built around taxes.

 

[Foxfyre]

I am not there yet but I do my mom's taxes, her SS is not taxed on a federal or state level at all
She did work for the government so maybe that is the reason? I really am not sure but I highly doubt that that is any factor
for who you worked for

You have to be at a certain income level for your social security to be taxed. Somewhere in the back of my head I think income of $25,000 for an individual, $32,000 for a joint return above and beyond social security payments makes 85% of social security taxable. President Trump wants to eliminate making social security taxable.

 

[Oddball]

Trump or anybody should have the IRS redo their code

if you invest your money already taxed and make money on it it should be tax FREE.....period

Why You’re Taxed Again and Is It Double Taxation?
Short Answer
Yes, it feels like double taxation—your income is taxed once as wages (e.g., income tax), then again as investment gains (e.g., capital gains tax)—but legally, it’s not considered double taxation in tax policy terms. The IRS taxes different events: first your earnings, then the new income those earnings generate. It’s justified as taxing distinct economic activities, not the same dollar twice—though fairness debates persist.

Death tax is the ultimate in double taxation.

 

[Foxfyre]

Interesting, we need the geniuses for sure. They drive progress. But the point is the tax code, just like the government is a bloated, convoluted mess. And will probably not be fixed because of the industry built around taxes.

It may not be fixed right away because President Trump has an awful lot on his plate to get done in four years. But I bet they are looking at it and it could happen. A flat tax above and beyond a reasonable general exemption would be the most fair way to assess income taxes. A lot of people would be able to do their taxes on a postcard.

There has to be some provisions in the tax codes for businesses as to what is deductible from revenues and what constitutes income to determine what is taxable, but it doesn't have to be as complicated as it is now. Of course they could do away with business taxes completely and just focus on individuals, but not sure that would fly at least now. And that would also make opportunity for those running businesses to hide their income inside the business to shield it from the tax man. All that has to be taken into consideration.

So for now, I doubt many accountants will go out of business.

 

[MarathonMike]

It may not be fixed right away because President Trump has an awful lot on his plate to get done in four years. But I bet they are looking at it and it could happen. A flat tax above and beyond a reasonable general exemption would be the most fair way to assess income taxes. A lot of people would be able to do their taxes on a postcard.

There has to be some provisions in the tax codes for businesses as to what is deductible from revenues and what constitutes income to determine what is taxable, but it doesn't have to be as complicated as it is now. Of course they could do away with business taxes completely and just focus on individuals, but not sure that would fly at least now. And that would also make opportunity for those running businesses to hide their income inside the business to shield it from the tax man. All that has to be taken into consideration.

So for now, I doubt many accountants will go out of business.

A flat tax or even a national sales tax would be far more efficient and would probably INCREASE the total revenues to the treasury. But the tax code like I said is a sacred cow. Trump wants to change it, but as you say he's got bigger fish to fry.

 

[S.S.]

Corporate tax is double tax, but libtards love it.

 

[egp320i]

Corporate tax is double tax, but libtards love it.

how is corporate tax double tax? they pay once a year and what they pay does not effect my taxes at all
my money already taxed and invested should not be taxed again when I make money from it

 

[S.S.]

how is corporate tax double tax? they pay once a year and what they pay does not effect my taxes at all
my money already taxed and invested should not be taxed again when I make money from it

The people connected with corporate are already taxed.

 

[S.S.]

my money already taxed and invested should not be taxed again when I make money from it

You don't make money from anything, chief.

 

[egp320i]

You don't make money from anything, chief.

haha, you apparently never heard of funds?

"The people connected with corporate are already taxed."

who are these people connected to corporate? if you work for any business you pay your taxes and so does the company on THEIR profit