Fox News and 50 Cent
- Thread starter Cog
- Start date
Im not so sure about that. Old pedifile joe is a big favorite on all my betting sites
Yes but Trump was a heavy favorite to lose against Hillary.... a lot of polls only gave him 6-8% chance to win in 2016.
Left owns the media... that influences the polls.
I will be shocked if he loses.
That being said, I've been wrong before.... once or twice... lol
Kirstie Alley responds to attacks over her Trump support: 'I honestly don't take it too personally'
Emmy-winning actress Kirstie Alley has shrugged off the vitriol that came her way after she announced over the weekend that she planned to vote for President Trump, she told "Hannity" Monday.
Did you read his post that set this all off in regard to Bidens tax plan? LOL!
"WHAT THE FUCK! (VOTE ForTRUMP) IM OUT,FUCK NEW YORK The KNICKS never win anyway.
I don’t care Trump doesn’t like black people 62% are you out of ya fucking mind.
"
All these athletes and entertainers making big money are realizing the hard facts.
It's high time the wealthy pay their share. Why should the middle class carry a heavier burden than those who make far more? In 2017 the corporate tax rate was reduced 14%! Who does this benefit? Shareholders and their upper management.
The above doesn't even begin to tell the full story. It's pretty sad that wealthy people don't realize how many tools they have at their disposal to reduce their tax obligations.
"few if any taxpayers pay the full statutory rates, which don’t include deductions, credits, offsets, loopholes and lower tax rates on other sources of income. Even though the top U.S. statutory tax rate is currently 37%, the effective rate (what taxpayers actually pay with help from their accountants) for top earners is 26.8%, according to the Tax Foundation."
There is also a motion that would allow the removal of caps on state and local tax deductions. "If the Democrats win the Senate and can pass legislation removing the $10,000 cap on state and local tax deductions, the combined state and local tax rates for top earners could be even lower."
If any of these outspoken halfwits read the fine print they would realize that they will face a slight increase at best.
What's more, wealthy individuals who have children will take advantage of trusts and current inheritance taxation loops and place assets in their children's names. Here's an example of how the wealthy avoid paying billions in taxes,
"Under the 2017 tax cuts, wealthy parents can leave up to $11.58 million each, or $23.2 million per couple, during their lifetime without paying an estate or gift tax. Biden would cut that limit to $7 million and increase the current estate tax rate from 40% to 45%. Biden is also getting rid of what’s known as step-up basis, which currently allows families to avoid paying capital gains on appreciated assets that are passed down or given at death.
A couple leaving $20 million to their kids would currently pay no estate tax, since up to $23.2 million is exempt. If Biden gets his tax plan, the same couple would pay $5.9 million in taxes on a $20 million gift."
I have no sympathy, and I were an American I would resent that someone can gift tens of millions to their kids and not pay any taxes on that money. Not paying capital gains on appreciated assets which are passed down at death is criminal. If you earn capital gains, that is, assets appreciate, be it an investment or property, you should pay taxes on those earnings. To allow make investment in property, have that property appreciate over a lifetime, then pass that along without any tax implications is horrible.
The amount of tax dollars that need to generated off the back of the middle class to equal $5.9m (in the above example) is enormous. Even the ability to leave 7 million without paying an estate or gift tax doesn't make sense.
People with that sort of wealth live in a whole other world.
For black athletes making big money this represents a boost to start businesses and help their families enter the mainstream.
BTW,did Biden pay his taxes on these deals his crackhead kid arranged?
Not sure if this was in response to my post, but I never mentioned wealth distribution. It's about tax laws which unfairly favour wealth preservation. Canada is not immune to this issue.
In Canada, as is the case in most countries, the estate pays any taxes on capital gains, but currently in the U.S. there isn't even a tax on that. Not only does someone benefit from growth of investments, appreciation of property, etc, but at the time of their death those assets are transferred tax free as inheritance. "what’s known as step-up basis, which currently allows families to avoid paying capital gains on appreciated assets that are passed down or given at death."
It's also not about giving fair share of anything, it's called paying taxes on income earned, something every person does who works for a living. If you own a home, and it has appreciated 50% when you sell it you pay capital gains tax. Why should there be any loophole for those wealthy enough to pass it along as inheritance?
50 Cent jumped on this b/c he's squandered his wealth, made poor choices, ending in claiming bankruptcy. He's a great example of favouring gov't policies that serve his self interest.
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I’m not sure if you are thinking this all thru.
So my dad owns a business, it appreciated, now I need to pay tax, but there is no money for tax, what do I do, go in debt to make back the tax money over a decade or let the business go and now a few hundred people lose employment.
As Cog mentioned, this could be devastating to farmers.
Anyhow the rich will leave, move their money to a country that is charging less taxes, so then all the taxes will be lost.
If you think they won’t, once it passes the threshold, they will leave.
Just like when all the self checkout tills started to appear after they drastically increased student minimum wage. Crossed the threshold.
You know, no matter how rich someone is, I never get jealous. I only get sad because I havnt been lucky enough to come up with a great idea at the right time.
My point was broad-based. But, to use your example you inherit a business from your father. That's a disposition of an asset. Any time the original holder/owner of an asset disposes said asset one must pay taxes on any capital gains. To simplify, if your father left you 100 shares of company xyz in his will you have two choices, you collapse the investment and pay the capital gains on that investment from the proceeds of the sale, or you retain those 100 shares and pay the capital gains tax out of pocket.
You can't transfer an asset from one person to another without paying taxes on the gains (appreciation) of an the asset. If your father left you a viable and successful business, then you take out a loan to pay the capital gains tax and retain the business. If you choose not to then you sell the business, the capital gains are taken from the sale of estate and the remaining balance goes to you. If it is a successful business you won't have an issue. I'm not sure what the argument is as this is standard and nothing new. The business your father leaves you is going to be assessed based on its material assets. It's no different than him leaving you his house, you pay taxes on the appreciation of the physical asset. Anyone who is intending on gifting a business or any assets should have some estate planning, which will outline the taxes required at the time of transfer. Most likely this would be done well before one's death as few step into a business not having any experience.
This is basic taxation and accounting. Allowing someone to forego capital gains tax is allowing someone to make money without any paying tax on the money they earned. It's how transfer of assets, farms included, is done. I'm not sure why anyone would think this is anything new?
The rich may leave, but if they own property, investments, etc, you cannot dispose of an asset without paying taxes on the sale of that asset, unless the asset has lost value. If they have money stored in accounts offshore that is a totally different discussion.
It's not about jealousy, it's about paying tax on money earned. That principle is applied to everyone, but in this instance you have wealthy people who do not want to pay taxes on the money they have earned, rather they want to cheat the taxman via loopholes made possible by a government that catered to the wealthy and privileged.
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It’s not cheating if it is legal. It would be stupid and irresponsible to not shelter every possible dollar you can from taxes.
Here is another thing to consider.
Like you said the rich may leave. Several people I follow have been suggesting leaving for some time. My question is this.... If they do start leaving in droves. Will we be any farther ahead taxing the ones who stayed much harder than before, or would we be better off just leaving things the way they are? I’m certain no one has probably done any research on this.
The original comment was based on revisions to some policies regarding U.S. taxation. I agree that it's not illegal, but I fail to understand why there should be provisions which allow for large transfer of assets without paying for capital gains. Again, a comment on proposed changes to U.S. taxation. lol