Uncovered: MASSIVE Tax give away in Stimulus Bill

[Toddsterpatriot]

Yup. You have one building with a 10 year old elevator, one with a new elevator.
Does the older elevator have the same value? What about a 20 year old elevator?

You’re still comparing different buildings. Depreciation doesn’t reflect the difference value between different buildings, it reflects the different value of one building over time.

You’re still comparing different buildings

Right now I'm comparing different elevators.

Depreciation doesn’t reflect the difference value between different buildings,

If you have 2 identical buildings, one built in 2010, one built last month, do they have the identical value or not?

Irrelevant.

Kind of the entire idea behind depreciation...…...

 

[Nostra]

 

[colfax_m]

Yup. You have one building with a 10 year old elevator, one with a new elevator.
Does the older elevator have the same value? What about a 20 year old elevator?

You’re still comparing different buildings. Depreciation doesn’t reflect the difference value between different buildings, it reflects the different value of one building over time.

You’re still comparing different buildings

Right now I'm comparing different elevators.

Depreciation doesn’t reflect the difference value between different buildings,

If you have 2 identical buildings, one built in 2010, one built last month, do they have the identical value or not?

Irrelevant.

Kind of the entire idea behind depreciation...…...

I disagree.

Depreciation reflects change in value of an item over time. Not the difference in value between two separate items at the same time.

I feel like I’ve said this already.

 

[Nostra]

For one to claim any kind of a tax cut is a "tax giveaway", one must first believe all money belongs to the govt.

Idiot.

SO wait you support a tax loop hole give away that lets millionaires and billionaires pay substantially less than their fair share in taxes? Why don't we just say that all billionaires pay 1% in taxes then???

You are a pathetic partisan sheep. You don't care about America, you only care about the GOP and will never criticize anything they do. This is indefensible...


Just admit it, this is a terrible tax loop hole and give away to ultra wealthy people that don't need it in anyway... You can't do that... sheep.

Define "fair share". Be specific. Give a number.

And thanks for confirming you think all money belongs to the Federal govt.

The Banker have you figured out what a “fair share” is yet?

 

[Toddsterpatriot]

Yup. You have one building with a 10 year old elevator, one with a new elevator.
Does the older elevator have the same value? What about a 20 year old elevator?

You’re still comparing different buildings. Depreciation doesn’t reflect the difference value between different buildings, it reflects the different value of one building over time.

You’re still comparing different buildings

Right now I'm comparing different elevators.

Depreciation doesn’t reflect the difference value between different buildings,

If you have 2 identical buildings, one built in 2010, one built last month, do they have the identical value or not?

Irrelevant.

Kind of the entire idea behind depreciation...…...

I disagree.

Depreciation reflects change in value of an item over time. Not the difference in value between two separate items at the same time.

I feel like I’ve said this already.

Depreciation reflects change in value of an item over time.

Is your elevator worth more today or in 10 years? In 20 years?

 

[Nostra]

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...

By "MASSIVE tax give away" you mean.....THEY GET TO KEEP MONEY THEY EARNED???

IT'S NOT YOUR FUCKING MONEY, YOU COCKSUCKING COMMUNIST PIECE OF SHIT!!!

.

AHAHAHA so you think it is fair and smart policy to have millionaires and billionaires pay a much smaller percentage in taxes than the middle class. This excuse is so pathetic and does not age well.

I have posted a half dozen fact filled charts proving you to be a liar.

 

[The Banker]

Still waiting for Meister to tell us who Banker's "masters" are who have him down on his knees.
I know the Republicans who support Trump aren't down on their knees.
They are up in Trump's colon.

.

The 3 amigos of stupidity Meister, Toddster, and Nostra. These people are literally too stupid for words.

Nostra doesn't even understand that Buffet pays a lower tax percentage than his secretary, this is public info, he's released it...

Buffet pays a lower tax percentage than his secretary, this is public info, he's released it...

Cool story, bro.
How much does his secretary earn? What are her capital gains?
How much does he earn? What are his capital gains?

Nice diversion dumb ass, and a pointless one. You were too stupid to understand what the real estate depreciation is, and you have been schooled yet again... son

I have told you this repeatedly, anytime you want to go up against me you better know what the fuck you are talking about or you are going to get schooled...

You were too stupid to understand what the real estate depreciation is,

View attachment 316799

This sounds like an ok explanation. Is it wrong?

and you have been schooled yet again... son

Is that when you call it when I laugh at your stupidity?

OK so then using that explanation can you then comprehend that somebody can earn millions in profits from trading stocks or another business yet pay no taxes on those millions, AND still have the real-estate that they own appreciate in value and earn passive rental income, all at the same time using the depreciation loophole to pay no taxes for the year...

Or are you still too stupid to comprehend this??? Because look what you posted it says it in the second paragraph, which is why it is a loop hole.

WHAT YOU DIDN"T COMPREHEND BEFORE: You can claim on your taxes that the real-estate is depreciating, the law allows this, but really it is appreciating, that is why it is a loop hole... Dumbass...

And can you finally admit that Buffet pays a lower total tax rate than his secretary, something that is preposterous... A billionaire pays a lower tax rate than their secretary...

Wow that was enough schooling for one day... Again, next time you go up against me you better have some form of a clue what you are talking about or you will look stupid yet again...

OK so then using that explanation can you then comprehend that somebody can earn millions in profits from trading stocks or another business yet pay no taxes on those millions,

Abso-fuckin-lutely. $1,000,000 in profits minus $1,000,000 in depreciation equals zero.

AND still have the real-estate that they own appreciate in value

Wait.....are you saying that an unrealized capital gain is untaxed? Well.......DUH!

You can claim on your taxes that the real-estate is depreciating

Why don't you explain what depreciation means?

And then you understand that by using the loop hole they can legally claim depreciation on their taxes, when in fact the asset is appreciating, as explained in the forbes article, Hence making it a loop hole that allows them to pay no taxes, yet take no losses (actually they make gains)... which doesn't really make sense... because you didn't seem to understand this fact 15 minutes ago

Council Post: Why Depreciation Is The Biggest Perk Of Real Estate Investing

There's one characteristic of real estate that makes it an asset worth considering over all others.

www.forbes.com

The value of a real estate investment such as an apartment complex, for example, can appreciate in value over time, thus creating more equity for the owner, while the value of the building depreciates, thus reducing its tax basis.
Making it an appreciable asset that is allowed a depreciation for tax purposes

And then you understand that by using the loop hole they can legally claim depreciation on their taxes,

I understand that depreciation is a valid expense.
I understand that nothing has an infinite useful life, not even an apartment complex.

Do you understand?

You never explained what happens to the depreciation when you sell.

So then you understand that the depreciation, which generally is 3.66% per year, is greatly overstated as the actual depreciation is minimal and generally real-estate assets appreciate in value... Allowing them to take a huge tax deduction that is much larger than any actuall depreciation, hence the loophole/scam..

You do realize that generally speaking real-estate appreciates every year, not depreciates...

I can buy a building for $1 million dollars, and only put up 200k, then I can claim a tax write off of ~$36k per year, then I can making a lot of money on the rents, then I can sell the building typically for much more than I paid...

Why the fuck to I get such a large deduction... hence the loophole/scam...

is greatly overstated as the actual depreciation is minimal

What should it be?

You do realize that generally speaking real-estate appreciates every year, not depreciates...

You do realize that useful life is not infinite......

I can buy a building for $1 million dollars, and only put up 200k, then I can claim a tax write off of ~$36k per year, then I can making a lot of money on the rents, then I can sell the building typically for much more than I paid...

And what happens to the depreciation when you sell?

You claim 1031 and pay no taxes... And if you don't claim 1031, the taxes you pay from the appreciation of the asset are a fraction of the gain you get from the write off... hence the loophole/scam.

I have friends that invest heavily in real-estate. They all brag and tout how this is a loophole, they constantly tell me about it... Clearly you don't know anybody that invests in real-estate because if you did you would know this is a scam... The whole reason I knew about this free give away in this bill was because they told me.

Basically like everything with you defend the GOP at all costs, you just don't want to admit that this is a huge loop hole. The same way you didn't realize that Buffet pays a lower tax rate than his secretary... Typical toddster partisan politics over common knowledge.

You claim 1031 and pay no taxes...

It's added back to your basis.

And if you don't claim 1031, the taxes you pay from the appreciation of the asset are a fraction of the gain you get from the write off.

You wrote off $1,000,000 and now you add back $1,000,000.

The same way you didn't realize that Buffet pays a lower tax rate than his secretary...

Still waiting for you to post the secretary's tax return to check Warren's claim.

WOW
Dumbass you write off your income, taxed at a high rate, then when you sell you pay long term capital gains, taxed at a much lower rate. That gives you a financial gain... You can't understand this...

PLUS because of the tax write offs/deferment you get to keep more cash on hand so you can buy more assets- similar concept to an IRA...

Like I said i have friends that are real-estate investors, they all tell me about how great the tax savings are, the Forbes article re-iterates this...

Find us somebody that is a real-estate investor that says they don't get a big advantage from these tax loopholes... You aren't smart enough to see the tax advantage???

What are you even arguing here, that these loopholes don't give people a tax advantage??? that is sheer stupidity, proving how dumb you are... Why do you always do this? You always take the wrong, and partisan, side of an argument and keep trying to argue it despite overwhelming evidence clearly demonstarting you are wrong. Do you realize how ridiculous you look?

Warren Buffet himself, and many other people have come out and said he pays a lower tax rate than his secretary. You are saying that is not true because I don't have their tax returns????????????????????????????????????????????????????? Are you stupid or something????????

 

[The Banker]

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...

By "MASSIVE tax give away" you mean.....THEY GET TO KEEP MONEY THEY EARNED???

IT'S NOT YOUR FUCKING MONEY, YOU COCKSUCKING COMMUNIST PIECE OF SHIT!!!

.

AHAHAHA so you think it is fair and smart policy to have millionaires and billionaires pay a much smaller percentage in taxes than the middle class. This excuse is so pathetic and does not age well.

I have posted a half dozen fact filled charts proving you to be a liar.

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people (which took you forever to admit), you are now saying he is the only person in America that does this and there aren't many more millionaires and billionaire that also do the same thing as buffet????

Buffet is the only one??? Are you stupid or something... All this because you are a partisan hack that can't just admit the GOP put a huge massive pork tax loophole in the stimulus bill... Talk about going down with a sinking ship...pathetic...
a true partisan hack on display...

 

[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.

 

[Nostra]

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...

By "MASSIVE tax give away" you mean.....THEY GET TO KEEP MONEY THEY EARNED???

IT'S NOT YOUR FUCKING MONEY, YOU COCKSUCKING COMMUNIST PIECE OF SHIT!!!

.

AHAHAHA so you think it is fair and smart policy to have millionaires and billionaires pay a much smaller percentage in taxes than the middle class. This excuse is so pathetic and does not age well.

I have posted a half dozen fact filled charts proving you to be a liar.

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people (which took you forever to admit), you are now saying he is the only person in America that does this and there aren't many more millionaires and billionaire that also do the same thing as buffet????

Buffet is the only one??? Are you stupid or something... All this because you are a partisan hack that can't just admit the GOP put a huge massive pork tax loophole in the stimulus bill... Talk about going down with a sinking ship...pathetic...
a true partisan hack on display...

You have evidence of one.

I posted a half dozen charts that include all tax data proving you are full of shit.

What color crayon is your favorite flavor? Can’t answer the questions?

Keep digging.

 

[BluesLegend]

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people

What's your point, Buffet pays more in taxes in a month than you will earn in your entire life. The top 10% pay 70% of all the income taxes. How much more do you greedy moochers want the 'rich' to pay???

 

[Nostra]

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people

What's your point, Buffet pays more in taxes in a month than you will earn in your entire life. The top 10% pay 70% of all the income taxes. How much more do you greedy moochers want the 'rich' to pay???

He says they need to pay their “fair share”. I have asked him twice for a figure, and he is running and hiding.

 

[BluesLegend]

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people

What's your point, Buffet pays more in taxes in a month than you will earn in your entire life. The top 10% pay 70% of all the income taxes. How much more do you greedy moochers want the 'rich' to pay???

He says they need to pay their “fair share”. I have asked him twice for a figure, and he is running and hiding.

Ask the left what a 'fair share' is and they squeal like stuck pigs.

 

[Nostra]

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people

What's your point, Buffet pays more in taxes in a month than you will earn in your entire life. The top 10% pay 70% of all the income taxes. How much more do you greedy moochers want the 'rich' to pay???

He says they need to pay their “fair share”. I have asked him twice for a figure, and he is running and hiding.

Ask the left what a 'fair share' is and they squeal like stuck pigs.

Same with a “living wage”.

 

[The Banker]

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...

By "MASSIVE tax give away" you mean.....THEY GET TO KEEP MONEY THEY EARNED???

IT'S NOT YOUR FUCKING MONEY, YOU COCKSUCKING COMMUNIST PIECE OF SHIT!!!

.

AHAHAHA so you think it is fair and smart policy to have millionaires and billionaires pay a much smaller percentage in taxes than the middle class. This excuse is so pathetic and does not age well.

I have posted a half dozen fact filled charts proving you to be a liar.

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people (which took you forever to admit), you are now saying he is the only person in America that does this and there aren't many more millionaires and billionaire that also do the same thing as buffet????

Buffet is the only one??? Are you stupid or something... All this because you are a partisan hack that can't just admit the GOP put a huge massive pork tax loophole in the stimulus bill... Talk about going down with a sinking ship...pathetic...
a true partisan hack on display...

You have evidence of one.

I posted a half dozen charts that include all tax data proving you are full of shit.

What color crayon is your favorite flavor? Can’t answer the questions.

Keep digging.

OK so you are now saying that Warren Buffet is the only millionaire/billionaire that uses tax loopholes to pay a lower rate than his secretary (at first you couldn't even admit this, it took you a long time to admit this... remember) Buffet is the only one.... AHAHAH!!!

You can make this false claim all you want, do you realize how stupid you look??

So i now ask you is Warren Buffet the only millionaire/billionaire in the US that pays a lower tax rate than lower income people??????? Orrrrr are there many more just like Buffet... SMH
jeopardy music play...

 

[Nostra]

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.

It’s clear he is comfortable lying thru his teeth, even after his moronic lies have been exposed for all to see.

 

[Nostra]

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...

By "MASSIVE tax give away" you mean.....THEY GET TO KEEP MONEY THEY EARNED???

IT'S NOT YOUR FUCKING MONEY, YOU COCKSUCKING COMMUNIST PIECE OF SHIT!!!

.

AHAHAHA so you think it is fair and smart policy to have millionaires and billionaires pay a much smaller percentage in taxes than the middle class. This excuse is so pathetic and does not age well.

I have posted a half dozen fact filled charts proving you to be a liar.

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people (which took you forever to admit), you are now saying he is the only person in America that does this and there aren't many more millionaires and billionaire that also do the same thing as buffet????

Buffet is the only one??? Are you stupid or something... All this because you are a partisan hack that can't just admit the GOP put a huge massive pork tax loophole in the stimulus bill... Talk about going down with a sinking ship...pathetic...
a true partisan hack on display...

You have evidence of one.

I posted a half dozen charts that include all tax data proving you are full of shit.

What color crayon is your favorite flavor? Can’t answer the questions.

Keep digging.

OK so you are now saying that Warren Buffet is the only millionaire/billionaire that uses tax loopholes to pay a lower rate than his secretary (at first you couldn't even admit this, it took you a long time to admit this... remember) Buffet is the only one.... AHAHAH!!!

You can make this false claim all you want, do you realize how stupid you look??

So i now ask you is Warren Buffet the only millionaire/billionaire in the US that pays a lower tax rate than lower income people??????? SMH
jeopardy music play...

Keep digging.

 

[colfax_m]

So now that you have finally admitted that Warren Buffet pays a lower tax rate than lower income people

What's your point, Buffet pays more in taxes in a month than you will earn in your entire life. The top 10% pay 70% of all the income taxes. How much more do you greedy moochers want the 'rich' to pay???

I disagree with differentiating how earned income and unearned income is taxed.

Tax them both at the same rate.

 

[ReinyDays]

I disagree.
Depreciation reflects change in value of an item over time. Not the difference in value between two separate items at the same time.
I feel like I’ve said this already.

I'm not exactly sure what this comment is in response to ... but I agree with colfax_m, and I have stacks of depreciation tables for an ungodly number of deprecating assets I've own at any single time ...

A carpenter will blow through a power saw in 5 years flat, easy peasy ... then it's junk and he has to pay another $200 ... like clockwork, 5 years, buy a power saw ... if we look at the graph, it shows a big spike every 5 years and then just zero the other four years ...

Accountants hate that ...

So we divide that $200 over the 5 years and say it's a $40 annual expense ... and our nice flat accountant friendly graph ... never mind taxes, depreciation is an accounting concept, the way businesses keep track of these types of expenses over time in a meaningful way ... instead of a graph all up-and-down all the time, we have a nice smooth graph trending upwards ...

Depreciation is something businesses will be doing anyway ... it's a thing with full cycle double entry accounting ... generally speaking, tax code will work with the numbers already generated by the business for the tax forms and calculations ... it usually took me a good three or four days to cycle my books and print out my annual Income Statement and Balance Sheet ... for my own business needs ... then from these two documents I could fill out the half dozen tax forms within a couple of hours is all ... just transcribing numbers or at most having to add some together first ... all easy compared to filling out an accountant's worksheet ...

Every single cent of depreciation I wrote off was then added to my taxable capital gains (ETA: because I sold for far more than I originally paid)...

 

[The Banker]

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...