Uncovered: MASSIVE Tax give away in Stimulus Bill

[Natural Citizen]

When it doesn't look good for asswipePINO you skank and call both bad.

Heh heh. I'm likely the very last person on this board that you want hangin out in this thread. Tread lightly.

 

[Toddsterpatriot]

The NY Times has SPUN this shocker and the OP's post is full of mistakes and omissions. Lets start with the $170 billion shall we, that's over 10 years yet this tax break is TEMPORARY and only good for 3 years. So the NY Times puffs the thing up 300% for SPIN and FAKE NEWS effect.

Your tax break is temporary. Mine is permanent.

Your tax break is temporary.

You're right, Pelosi is an a-hole.

Another skank post. The issue was the 2017 tax reform.

Pelosi can't write a bill to make the middle class tax cuts permanent?

Why is she such a skank?

 

[BrokeLoser]

I don't want to hear any idiot republicans crying about welfare or give aways when they gladly support this kind of non-sense.

Do you understand what Depreciation Recapture means? I'm guessing you don't.

Yes it means that instead of paying the standard higher rate of income tax you get to defer your massive (now uncapped) deduction and only pay long term capital gains when you pay the recapture, giving a huge tax break for ultra wealthy people. That is why they have estimated that this will cost $180 billion... Such a huge waste and stupid give away to put in a stimulus bill that was supposed to help people, but it is the GOP way, give handouts to the ultra wealthy anytime possible.

You beggars really need to change your approach...you need new figureheads.
You have this guy telling us how terrible tax cuts are.

You need this guy to tell us how horrible it is for our most productive to keep more of what they generate/earn. Good luck beggars.

 

[ReinyDays]

Yea exactly!! Great advice!! I agree with you

The whole point of this thread was to show that the stimulus bill contained a give away in it. BUT all the Trumpers just couldn't admit that because they can't criticize any republican ever. Not like that is so hard to do!!

The mistake in your OP is that depreciation is the problem ... but that's been around forever, it's not new ... there's major injustices in the tax code but depreciation isn't one of them ...

My math says $1,200 per per times 350 million is $420 billion ... leaving a tiny $1.8 trillion for someone to write the checks ... where's the room for graft and payola? ...

 

[Staidhup]

Take a look at the add ons and explain how a emergency relief bill has anything to do with any thing other than immediate care for all Americans. What a farce. Oink oink.

 

[BluesLegend]

The OP's thread has been debunked. Has he issued a retraction yet? 3 years not 10 and 2 of those are retroactive. The deduction is temporary not permanent. Keep in mind the 'rich' have to actually LOSE MONEY e.g. TAKE A LOSS to get the deduction.

Debunked??? What are you nuts... The bill removes the $500k cap and gives these ultra wealthy people a huge tax break... You can't see that... You don't understand that....

And they're not taking a loss, they are claiming a depreciation deduction, clearly you don't understand what that means...

I ask you are you smart enough to understand what everyone else seems to understand, that this loophole give the rich a huge tax break estimated to be $180 billion...

LMAO I don't think you know what depreciation is, or why deducting it is allowed. Now stop lying you hack its temporary not 10 year, its not a loophole, its work sifting through all your lies to get at the facts.

 

[Mikeoxenormous]

It is sad this loophole got snuck into the bill. It is a real stinker.

But of course there is no doubt that much more disgraceful stuff is going on behind the closed doors of the Federal Reserve, where unlimited trillions are being created and dispensed as bailouts to favored financial institutions and to these institutions’ favored private capital Hedge Fund “counterparties.” Leveraged speculative highly profitable investments encouraged by unlimited Fed revolving credit swaps, along with stock buybacks by corporations, is what drove the market in recent years. Common investors have mostly been quite conservative since 2008-2009. Living inside a casino world where outside suckers get happily (then angrily) swindled can be fun for a time, but in the end societies run this way weaken and fall.

Too bad this wasn’t widely pointed out earlier! All industry bailouts should have been separated out and discussed more fully. Probably many more genuinely progressive democrats (certainly Bernie Sanders and Elizabeth Warren) would have screamed about this had they more time to examine the bill, and maybe even a few Republican libertarians would have too. It is clear our President knew about it. Or do Trump supporters think it wasn’t put in precisely to make him and his many big real estate cronies happy? To show him “gratitude” and “respect”?Our “transactional” president at work again?

Bailout? This disaster was created by China, who the brown turd Oblummer and Sleepy Joe the groper Biden were all chumming up to, so China could really fuck US good. Now we see what those 2 did back in the day, when the swine flu caused over 30,000 US deaths, many children, while the turd and groper were partying. This bill is to save the country from a disaster created by the last admin.

 

[Mikeoxenormous]

Wealthy real estate developers like Trump score a huge tax break in the stimulus bill

The $2 trillion coronavirus stimulus bill passed by the Senate provides aid for average consumers and small businesses -- but there's also a lucrative tax break for wealthy real estate developers.

edition.cnn.com

Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package (Published 2020)

A small change to tax policy could hand $170 billion in tax savings to real estate tycoons.

www.nytimes.com.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748eas.pdf

Currently if you own real estate and other businesses, you get to use depreciation AND improvement/upgrade expenses to write off the profits on your other businesses/income. Meaning If I make $1 million or $1 billion trading stocks or any other business, and I own real estate I can make tax deductions on that $1 million/billion profit by claiming depreciation on real estate or upgrade expenses. This is already a pretty big scam and windfall for real estate investors.

BUTTTTTT
This is capped at $500k, so you could only deduct $500k of that $1 million/billion or whatever the income is... BUTTTTT in this stimulus bill, republicans quietly slipped a provision in that removes the cap completely!!!!

Meaning now you can deduct any amount that you can come up with (even Billions)!!! So basically you can make millions/billions on non-real estate income and pay no taxes on it, by claiming depreciation and upgrades of your real estate investments!!!!

BUTTTT it gets even worse!!! They also made the removal of the cap retroactive for the past 3 years!!! So that means you can deduct the depreciation etc etc from 2018 and the government will send them a massive refund check!!!!

This is estimated to cost the government $180 Billion!! That $180 billion could go to hard working Americans, but it is going to the ultra wealthy. This is indefensible, but we know that Trumpers will somehow defend it, because they are sheep!! Stop crying about being over taxed, because you gladly support policy that lets the ultra wealthy pay no taxes on their millions/billions...

This is estimated to cost the government $180 billion? Where does that money come from you fucking retard? From the people who "actually" work. So dumbasses like you who sit on your ass all day collecting welfare, bitching and moaning how fucked your life is, just cant come to grips that maybe some people would like to keep more of their earned income. Cry me a fucking river, you worthless liberal scum.

Why should people not have to pay taxes just because they’re wealthy?

Meanwhile, outside of that fucked up twisted, miserable, pathetic place of LibTardia...
America’s most productive continue to pay the way for degenerate, shameless, begging bottom feeders also known as disgusting, fucked in the head LefTards.
Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016

Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016

Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the Congressional Budget Office.

www.bloomberg.com

It would be a false assumption to believe that every wealthy person pays taxes. As we see above; they have nice ways of writing themselves loopholes to avoid doing so.

One of the many reasons Trump has been reluctant to release his taxes.

If I have to pay taxes, so should those wealthier than me.

Stop trying to be confused...I just provided you with a link that cites data from treasury.
Those evil rich whiteys pay your way....haha

Top 3% of U.S. Taxpayers Paid Majority of Income Tax in 2016

Individual income taxes are the federal government’s single biggest revenue source. In fiscal year 2018, which ended Sept. 30, the individual income tax is expected to bring in roughly $1.7 trillion, or about half of all federal revenues, according to the Congressional Budget Office.

www.bloomberg.com

You’re link is aggregate data. It does not reflect the tax rate of every individual in that category.

Are you confused about what that means?

Haha...you’re trying real hard to justify your shameless begging.
Help me out with this data would you please.

More than 44% of Americans pay no federal income tax

The Tax Policy Center estimates how many people paid no federal individual income taxes in 2018.

www.marketwatch.com

What begging are you referring to? Tell me, in your opinion, should the ultra wealthy pay taxes?

I’m guessing you want Father Government to rape our most productive for more so you can either be given more free shit or pay less yourself...no?
I keep showing you the “ultra wealthy” are paying your way and not using more public services. Why aren’t you contributing EQUALLY? Put the bong down and do better.

The 1% Pay 37% of Federal Income Taxes

The IRS has released new tax data that demonstrate how much we’ve been fooled by claims that the rich aren’t paying their fair share. Those claims are based on statistical errors and incomplete data. Now that we have the complete data, we gain more perspective. We’ve written a piece in the Wall...

www.aier.org

No. I’m in the 1% and my marginal tax rate is about 45%. I want to be sure that so long as I’m paying taxes, that every individual in the 0.1% is doing so too.

As I said before, you are posting aggregate data. Your data does not mean every individual in that category pays taxes. The article in the OP demonstrates a way the tax code was written that can give a tremendous advantage to property owners to reduce their tax rates to zero. I have a problem with that as someone who pays a lot of taxes.

Sorry bud...you’ve already exposed yourself...you have no credibility, you won’t be able to sell that bullshit. NOBODY here believes you’re productive...NOBODY productive begs to pay a higher tax rate...NOBODY.

Im not begging to pay a higher rate. I’m pissed that the ultra-wealthy can write the law to get out of paying any taxes.

How do you feel about that?

I paid last year over 60,000 in taxes. I bet that isnt even close to your welfare salary.

 

[Redfish]

Wealthy real estate developers like Trump score a huge tax break in the stimulus bill

The $2 trillion coronavirus stimulus bill passed by the Senate provides aid for average consumers and small businesses -- but there's also a lucrative tax break for wealthy real estate developers.

edition.cnn.com

Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package (Published 2020)

A small change to tax policy could hand $170 billion in tax savings to real estate tycoons.

www.nytimes.com.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748eas.pdf

Currently if you own real estate and other businesses, you get to use depreciation AND improvement/upgrade expenses to write off the profits on your other businesses/income. Meaning If I make $1 million or $1 billion trading stocks or any other business, and I own real estate I can make tax deductions on that $1 million/billion profit by claiming depreciation on real estate or upgrade expenses. This is already a pretty big scam and windfall for real estate investors.

BUTTTTTT
This is capped at $500k, so you could only deduct $500k of that $1 million/billion or whatever the income is... BUTTTTT in this stimulus bill, republicans quietly slipped a provision in that removes the cap completely!!!!

Meaning now you can deduct any amount that you can come up with (even Billions)!!! So basically you can make millions/billions on non-real estate income and pay no taxes on it, by claiming depreciation and upgrades of your real estate investments!!!!

BUTTTT it gets even worse!!! They also made the removal of the cap retroactive for the past 3 years!!! So that means you can deduct the depreciation etc etc from 2018 and the government will send them a massive refund check!!!!

This is estimated to cost the government $180 Billion!! That $180 billion could go to hard working Americans, but it is going to the ultra wealthy. This is indefensible, but we know that Trumpers will somehow defend it, because they are sheep!! Stop crying about being over taxed, because you gladly support policy that lets the ultra wealthy pay no taxes on their millions/billions...

the depreciation write off provision is not new to this bill. It helps businesses of all sizes and allows them some relief that can be used to keep people on the payroll.

BTW, Trump did not write the bill. Do you think there are no democrats who have large real estate holdings? Ever looked into where Pelosi got her money?

 

[toobfreak]

Wealthy real estate developers like Trump score a huge tax break in the stimulus bill

The $2 trillion coronavirus stimulus bill passed by the Senate provides aid for average consumers and small businesses -- but there's also a lucrative tax break for wealthy real estate developers.

edition.cnn.com

Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package (Published 2020)

A small change to tax policy could hand $170 billion in tax savings to real estate tycoons.

www.nytimes.com.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748eas.pdf

Currently if you own real estate and other businesses, you get to use depreciation AND improvement/upgrade expenses to write off the profits on your other businesses/income. Meaning If I make $1 million or $1 billion trading stocks or any other business, and I own real estate I can make tax deductions on that $1 million/billion profit by claiming depreciation on real estate or upgrade expenses. This is already a pretty big scam and windfall for real estate investors.

BUTTTTTT
This is capped at $500k, so you could only deduct $500k of that $1 million/billion or whatever the income is... BUTTTTT in this stimulus bill, republicans quietly slipped a provision in that removes the cap completely!!!!

Meaning now you can deduct any amount that you can come up with (even Billions)!!! So basically you can make millions/billions on non-real estate income and pay no taxes on it, by claiming depreciation and upgrades of your real estate investments!!!!

BUTTTT it gets even worse!!! They also made the removal of the cap retroactive for the past 3 years!!! So that means you can deduct the depreciation etc etc from 2018 and the government will send them a massive refund check!!!!

This is estimated to cost the government $180 Billion!! That $180 billion could go to hard working Americans, but it is going to the ultra wealthy. This is indefensible, but we know that Trumpers will somehow defend it, because they are sheep!! Stop crying about being over taxed, because you gladly support policy that lets the ultra wealthy pay no taxes on their millions/billions...

SWEEET! Thanks for the GOOD NEWS.

 

[Nostra]

 

[Tom Paine 1949]

Wealthy real estate developers like Trump score a huge tax break in the stimulus bill

The $2 trillion coronavirus stimulus bill passed by the Senate provides aid for average consumers and small businesses -- but there's also a lucrative tax break for wealthy real estate developers.

edition.cnn.com

Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package (Published 2020)

A small change to tax policy could hand $170 billion in tax savings to real estate tycoons.

www.nytimes.com.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748eas.pdf

Currently if you own real estate and other businesses, you get to use depreciation AND improvement/upgrade expenses to write off the profits on your other businesses/income. Meaning If I make $1 million or $1 billion trading stocks or any other business, and I own real estate I can make tax deductions on that $1 million/billion profit by claiming depreciation on real estate or upgrade expenses. This is already a pretty big scam and windfall for real estate investors.

BUTTTTTT
This is capped at $500k, so you could only deduct $500k of that $1 million/billion or whatever the income is... BUTTTTT in this stimulus bill, republicans quietly slipped a provision in that removes the cap completely!!!!

Meaning now you can deduct any amount that you can come up with (even Billions)!!! So basically you can make millions/billions on non-real estate income and pay no taxes on it, by claiming depreciation and upgrades of your real estate investments!!!!

BUTTTT it gets even worse!!! They also made the removal of the cap retroactive for the past 3 years!!! So that means you can deduct the depreciation etc etc from 2018 and the government will send them a massive refund check!!!!

This is estimated to cost the government $180 Billion!! That $180 billion could go to hard working Americans, but it is going to the ultra wealthy. This is indefensible, but we know that Trumpers will somehow defend it, because they are sheep!! Stop crying about being over taxed, because you gladly support policy that lets the ultra wealthy pay no taxes on their millions/billions...

the depreciation write off provision is not new to this bill. It helps businesses of all sizes and allows them some relief that can be used to keep people on the payroll.

BTW, Trump did not write the bill. Do you think there are no democrats who have large real estate holdings? Ever looked into where Pelosi got her money?

Wealthy real estate developers like Trump score a huge tax break in the stimulus bill

The $2 trillion coronavirus stimulus bill passed by the Senate provides aid for average consumers and small businesses -- but there's also a lucrative tax break for wealthy real estate developers.

edition.cnn.com

Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package (Published 2020)

A small change to tax policy could hand $170 billion in tax savings to real estate tycoons.

www.nytimes.com.

https://www.congress.gov/116/bills/hr748/BILLS-116hr748eas.pdf

Currently if you own real estate and other businesses, you get to use depreciation AND improvement/upgrade expenses to write off the profits on your other businesses/income. Meaning If I make $1 million or $1 billion trading stocks or any other business, and I own real estate I can make tax deductions on that $1 million/billion profit by claiming depreciation on real estate or upgrade expenses. This is already a pretty big scam and windfall for real estate investors.

BUTTTTTT
This is capped at $500k, so you could only deduct $500k of that $1 million/billion or whatever the income is... BUTTTTT in this stimulus bill, republicans quietly slipped a provision in that removes the cap completely!!!!

Meaning now you can deduct any amount that you can come up with (even Billions)!!! So basically you can make millions/billions on non-real estate income and pay no taxes on it, by claiming depreciation and upgrades of your real estate investments!!!!

BUTTTT it gets even worse!!! They also made the removal of the cap retroactive for the past 3 years!!! So that means you can deduct the depreciation etc etc from 2018 and the government will send them a massive refund check!!!!

This is estimated to cost the government $180 Billion!! That $180 billion could go to hard working Americans, but it is going to the ultra wealthy. This is indefensible, but we know that Trumpers will somehow defend it, because they are sheep!! Stop crying about being over taxed, because you gladly support policy that lets the ultra wealthy pay no taxes on their millions/billions...

the depreciation write off provision is not new to this bill. It helps businesses of all sizes and allows them some relief that can be used to keep people on the payroll.

BTW, Trump did not write the bill. Do you think there are no democrats who have large real estate holdings? Ever looked into where Pelosi got her money?

“Do you think there are no democrats who have large real estate holdings?”

Of course there are! Tax loophole credits benefitting rich special interests are not new and mostly pass by bi-partisan votes! So too did the earlier Trump-initiated “tax cut” legislation that overwhelmingly benefitted the super-rich, and put the nation deeper in debt even before Covid-19!

Why was this outrageous giveaway hidden and snuck into this emergency legislation? Because openly debating it in Congress might have been too embarrassing, especially at this time, and it just might not have passed!

This is why we need to pay attention to revealing and exposing what happened, because it hints at the broader corruption in politics that is turning our country into an oligarchy of corrupt, politically connected, extremely powerful and wealthy special interests. That this is in fact happening ought to be as obvious as “two + two = four” to all who really want to “drain the swamp.”

As for your other points, I think The Banker already addressed them in his many other comments.