How did the Trump presidency negatively affect you/your life or quality of life personally?

[Marener]

And many of them were helped by the increased standard deduction.

No one was "Stopped" from itemizing, certain deductions were capped to prevent the extremely wealthy from claiming excessive SALT deductions.

The extremely wealthy don't use SALT deductions to eliminate their taxable income. That's what I've been trying to tell you. Don't you pay attention?

 

[martybegan]

The extremely wealthy don't use SALT deductions to eliminate their taxable income. That's what I've been trying to tell you. Don't you pay attention?

They use it to reduce their taxable income, that's the whole purpose of a deduction, dipshit.

They were capped at $10k.

 

[Marener]

/----/ "It made middle class people in blue states pay more because they couldn't claim SALT deductions."
Are you lying or just clueless? I live in the People's Republic of New York. The SALT deduction wasn't eliminated, it was limited to $10,000. NY eagerly raised property taxes over the years with the excuse that you could deduct them from your federal income tax. Now the RICH HAVE TO PAY THEIR FAIR SHARE.

New York Property Taxes By County - 2024 - Tax-Rates.org​

The exact property tax levied depends on the county in New York the property is located in. Westchester County collects the highest property tax in New York, levying an average of $9,003.00 (1.62% of median home value) yearly in property

What taxes do you pay in your home state? Are they more than $10,000 a year?

Businesses get to deduct state and local taxes. Normal people are SOL.

 

[sparky]

Shed some light on this for me…PLEASE!

Trump's 1st term emulated his mentor

~S~

 

[Marener]

They use it to reduce their taxable income, that's the whole purpose of a deduction, dipshit.

They were capped at $10k.

They don't, they use other things like property depreciation, uncapped loan interest and other shit to reduce their taxable income. That's why the wealthy still itemize and middle class people can't.

 

[Cellblock2429]

Businesses get to deduct state and local taxes. Normal people are SOL.

/---/ Are the cities and the state completely blameless for how much they charge homeowners and businesses in taxes? They are just hapless bystanders?

 

[Marener]

/---/ Are the cities and the state completely blameless for how much they charge homeowners and businesses in taxes? They are just hapless bystanders?

Just seems like you're obsessed with making people "pay their fair share" but businesses don't have to.

 

[sealybobo]

/-----/ "He caused inflation with his tax breaks, spending and stimulus checks (with his name on them)"
OK, I stopped reading at your first gross distortion and idiotic response. How does letting people keep more of their own money cause inflation? (This ought to be funny, Folks.) BTW, Congress authorized those stimulus checks that democRATs cheered on.

If you give everyone more money of course the prices are going to go up. Did covid stimulus checks teach you nothing?

Ever notice after they raise min wage prices go up? More money in EVERYONE's pockets sort of lessens the value of the dollar no?

See this is why I hated Econ 101. It should be clear cut but it never is. Like supply and demand. Right now we need 10 million or 9 million more workers yet wages are stuck where they are. And that's on purpose. The Feds raised interest to cool wages down. Slow hiring and all that.

 

[martybegan]

They don't, they use other things like property depreciation, uncapped loan interest and other shit to reduce their taxable income. That's why the wealthy still itemize and middle class people can't.

They also used a shit ton on their local taxes.

 

[Marener]

They also used a shit ton on their local taxes.

The real wealthy people don't pay state and local taxes, dipshit.

The real wealthy people always manage to look like they make no money. Trump knows this. He just won't say it because his tax law preserved every little tool they use and in some cases augmented them.

Paying taxes is for the dopes like you and me. Not for the elites. That's how they think of you.

 

[BrokeLoser]

They don't, they use other things like property depreciation, uncapped loan interest and other shit to reduce their taxable income. That's why the wealthy still itemize and middle class people can't.

Just seems like you're obsessed with making people "pay their fair share" but businesses don't have to.

“Businesses” don’t pay income taxes….they are pass through entities. The shareholders harbor the tax liability.

Question…What does my wealthier neighbor and his tax bracket have to do with me…and why should I care about what he earns or what he pays in income taxes?

How does Elon Musk’s wealth or tax rate play a role in the life decisions that others are making?

 

[Marener]

Question…What does my wealthier neighbor and his tax bracket have to do with me…and why should I care about what he earns or what he pays in income taxes?

Because the things the government sends money on need to be paid for. If wealthy people are getting away with avoiding taxes, then the burden falls on the rest of us.

Obviously.

 

[BrokeLoser]

The real wealthy people don't pay state and local taxes, dipshit.

The real wealthy people always manage to look like they make no money. Trump knows this. He just won't say it because his tax law preserved every little tool they use and in some cases augmented them.

Paying taxes is for the dopes like you and me. Not for the elites. That's how they think of you.

What about that pesky truth that CNN didn’t tell you?

IRS data proves Trump tax cuts benefited middle, working-class Americans most

Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups.

thehill.com

 

[BrokeLoser]

Because the things the government sends money on need to be paid for. If wealthy people are getting away with avoiding taxes, then the burden falls on the rest of us.

Obviously.

You mean like the 10 million illegals you just begged to invade?
Why wouldn’t you just stop creating problems and expense?

 

[martybegan]

The real wealthy people don't pay state and local taxes, dipshit.

The real wealthy people always manage to look like they make no money. Trump knows this. He just won't say it because his tax law preserved every little tool they use and in some cases augmented them.

Paying taxes is for the dopes like you and me. Not for the elites. That's how they think of you.

Sure they do. They own property, and if they live in NYC an NY State they pay local and state income taxes.

SALT is mostly about property taxes.

 

[Marener]

What about that pesky truth that CNN didn’t tell you?

IRS data proves Trump tax cuts benefited middle, working-class Americans most

Republicans’ 2017 tax reform law did exactly what was promised: It lowered taxes for all income groups.

thehill.com

Opinion | The Rich Really Do Pay Lower Taxes Than You (Published 2019)

The 400 wealthiest Americans now pay a lower rate than the middle class.

www.nytimes.com

 

[martybegan]

Opinion | The Rich Really Do Pay Lower Taxes Than You (Published 2019)

The 400 wealthiest Americans now pay a lower rate than the middle class.

www.nytimes.com

And yet they still pay more. What is this obsession with rates?

 

[Unkotare]

We all know we all vote on our personal interests ...

Speak for yourself.

 

[Marener]

Sure they do. They own property, and if they live in NYC an NY State they pay local and state income taxes.

SALT is mostly about property taxes.

They don't have incomes so they don't pay local income tax.

As we see with Trump, they avoid local property taxes by lowering the value of their property with easements. Then you claim that it's an investment property which means you still get to deduct the property tax levied against it.

 

[BrokeLoser]

Opinion | The Rich Really Do Pay Lower Taxes Than You (Published 2019)

The 400 wealthiest Americans now pay a lower rate than the middle class.

www.nytimes.com

Here’s more pesky truth for you.
What is your idea of ”fair share”?
It looks like top earners should be on here bitching about that non-contributing bottom feeding underclass you insist on forever expanding.
Are wealthy contributors using more taxpayer funded services?

• In 2020, taxpayers filed 157.5 million tax returns, reported earning nearly $12.5 trillion in adjusted gross income (AGI), and paid $1.7 trillion in individual income taxes.
• The average income tax rate in 2020 was 13.6 percent. The top 1 percent of taxpayers paid a 25.99 percent average rate, more than eight times higher than the 3.1 percent average rate paid by the bottom half of taxpayers.
• The top 1 percent’s income share rose from 20.1 percent in 2019 to 22.2 percent in 2020 and its share of federal income taxes paid rose from 38.8 percent to 42.3 percent.
• The top 50 percent of all taxpayers paid 97.7 percent of all federal individual income taxes, while the bottom 50 percent paid the remaining 2.3 percent.
• The 2020 figures include pandemic-related tax items such as the non-refundable part of the first two rounds of Recovery Rebates and the $10,200 unemployment compensation exclusion.

Summary of the Latest Federal Income Tax Data, 2023 Update

The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.

taxfoundation.org