Biden gonna tax us to death

#452
#452
BigOrangeMojo said:
There's the potential for some really bad scenarios if the stepped up basis is removed and the lifetime exemption is reduced to $1M.

Let's say my estate is stocks worth $10M. I have a basis of $500K so I have an unrealized gain of $9.5M. My estate return would be ($10M - $1M lifetime exemption) * Estate Tax Rate. At a 50% fed and state rate, that would be a $4.5M tax bill.

Let's say my heirs inherit the stock. Without a step up basis (I've already paid a 50% tax on the value of the stock at my death), they will have a $9.5MM capital gain. At a 40% ordinary rate (since its over $1MM), there would be a $3.8M tax bill on that.

My $10M is now reduced to $1.7M.
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Now run that scenario ahead 25 years and tell me how it soaks the 'rich'.

Politicians are scum.
 
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#454
#454
So I heard a blurb this morning that reinstituting the SALT deduction might be back on the agenda for the socialists. Congratulations to those of us that live in low tax states... more subsidizing of the libtard states.

Wealth redistribution.
 
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#457
#457
UT_VOLS13 said:
Biden’s $2T infrastructure plan to be funded by corporate tax hike proposal
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They want to increase corporate taxes, which is currently only 8 percent of tax revenue, enough to cover an increase of 50% of total expenditures. In a budget that is already a trillion (about 25%) over budget without the extra 50%.

They would have to increase total corporate tax revenue (not just the rate) by at least 10x to cover it the weight of this bill alone.

Its laughable these idiots try to claim their increases pay for anything.
 
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#458
#458
LouderVol said:
They want to increase corporate taxes, which is currently only 8 percent of tax revenue, enough to cover an increase of 50% of total expenditures. In a budget that is already a trillion (about 25%) over budget without the extra 50%.

They would have to increase total corporate tax revenue (not just the rate) by at least 10x to cover it the weight of this bill alone.

Its laughable these idiots try to claim their increases pay for anything.
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Math is racist, you... racist.
 
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#459
#459
LouderVol said:
They want to increase corporate taxes, which is currently only 8 percent of tax revenue, enough to cover an increase of 50% of total expenditures. In a budget that is already a trillion (about 25%) over budget without the extra 50%.

They would have to increase total corporate tax revenue (not just the rate) by at least 10x to cover it the weight of this bill alone.

Its laughable these idiots try to claim their increases pay for anything.
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Plus it's obvious they don't realize anytime a corporation has to pay more in taxes it is passed on to the consumer. This idiocy is never ending.
 
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#460
#460
UT_Dutchman said:
Plus it's obvious they don't realize anytime a corporation has to pay more in taxes it is passed on to the consumer. This idiocy is never ending.
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I did some additional math in another thread on the tax to the wealthy and it was another ridiculous increase for revenue. And pointed out that tax rate increases never increase revenue equally
 
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#464
#464
luthervol said:
I agree. But I think the funniest thing is the contradiction in the two headlines.
If the kid was ranked 62 out of 120, then he could not be above the 50th percentile. I wonder where the person writing the headlines ranked in his class.
Tiffany France's son still ranked at No. 62 in his class of 120 total students.
This kid passed three courses in four years of HS, and ranked above the 50th percentile in his class with a .13 GPA.
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OK, so you nitpick at the headline instead of the meat and bones of the story.
 
#466
#466
UT_Dutchman said:
Plus it's obvious they don't realize anytime a corporation has to pay more in taxes it is passed on to the consumer. This idiocy is never ending.
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They don’t realize that. Corporate taxes are taxes on consumers. You libs claim to hate regressive taxes on the poor but this corporate tax is a de facto regressive tax because all of us, no matter the income level, will be paying more for a loaf of bread. People who voted for this administration are some dumb mo-fo’s.
 
#467
#467
Godfatha said:
They don’t realize that. Corporate taxes are taxes on consumers. You libs claim to hate regressive taxes on the poor but this corporate tax is a de facto regressive tax because all of us, no matter the income level, will be paying more for a loaf of bread. People who voted for this administration are some dumb mo-fo’s.
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Sorry, should have toned it down.
 
#468
#468
Godfatha said:
Sorry, should have toned it down.
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How so? You spoke the complete truth. Maybe the silver lining is that it will finally have the takers actually paying some taxes as well. Enjoy watching the left twist in the wind on all this taxation when prices start trending up for essential living items.
 
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#469
#469
Godfatha said:
They don’t realize that. Corporate taxes are taxes on consumers. You libs claim to hate regressive taxes on the poor but this corporate tax is a de facto regressive tax because all of us, no matter the income level, will be paying more for a loaf of bread. People who voted for this administration are some dumb mo-fo’s.
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They will just put more $$ on the EBT cards for them.
 
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#472
#472
SpaceCoastVol said:
How so? You spoke the complete truth. Maybe the silver lining is that it will finally have the takers actually paying some taxes as well. Enjoy watching the left twist in the wind on all this taxation when prices start trending up for essential living items.
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It has already started. Prices trending up, like a hockey stick.
 
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#474
#474
McDad said:
- Corporate rate 21->28% consumer pays
- Global min tax to 21% global makes it sound like everyone pays that amount and there's no way that happens
- Top income rate to 39.6% this income bracket will do their utmost to defer, shelter, and avoid tax
- End fossil fuel subsidies consumer pays more
- Tax investment gains > $1M as wage income increased cap gains, again this income bracket will play the game
- Tax assets passed on at death will dis proportionally hit those who are unprepared.
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I was told today that they are targeting a 44% cap gains rate for the top 1%. Okay... Let er rip! I’m dying to see that s*** show in action. Selling stoopid by the pound!
 
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