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if you believe what they wrote
Donny T is as lost in Repug fantasy world, is nothing but con man, as any of the other assholes
Trump's tax cuts could cost U.S. trillions of dollars
Trump’s tax cuts appear to be substantially larger than those recently proposed by his Republican rivals Jeb Bush and Marco Rubio, experts said. The plan also hews closely to standard Republican fiscal policy despite Trump campaign rhetoric that has hinted he might challenge party orthodoxy on taxes.
Kyle Pomerleau, an economist at the nonpartisan Tax Foundation in Washington, said it was highly unlikely that the overall plan would cost the government nothing, as Trump asserted.
“Even accounting for additional economic growth from the plan,” he said, “it still wouldn’t be able to claw back the revenue losses.”
For months, Trump hinted that he would break with his party and crack down on tax breaks for Wall Street. His plan does include elimination of the so-called carried interest break that has enabled hedge fund ans and private equity investors like Mitt Romney to pay lower tax rates than the middle class.
But it’s not clear that Trump’s plan would actually raise taxes on the group. Most of their investment income is now taxed at the top 23.8% rate for capital gains. Under Trump’s plan, it would be taxed as ordinary income at the new top rate of 25%, down from 39.6%.
Because much of the other earnings of Wall Street’s richest bankers is already taxed as ordinary income, the net result could be a substantial drop in their overall income taxes.
http://www.latimes.com/politics/la-n...928-story.html
So, like dubya2, Donny T is proposing to save himself $10Ms in taxes.
Last edited by boutons_deux; 09-28-2015 at 07:07 PM.
if you believe what they wrote
Only $570K is subject to any taxes at all... So we're looking at about $300K or so in taxes on a $6 million estate.
If you own a large $6M property and KNOW you want to keep it in the family, then it's YOUR responsibility to think ahead and plan for taxes. There are ways they probably could have gotten around this without selling anything. For example, below indicates they could have given an annual gift to reduce their estate by $168K ($28K in FMV of property to each of the 6 kids) last year. If they had done that each of the last 4 years, they would owe NOTHING.
IRS FAQ:http://www.irs.gov/Businesses/Small-...yed/Estate-TaxWhat if my spouse and I want to give away property that we own together? You are each en led to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013 (including 2014 and 2015).
And if you own $6M in personal property and just want to keep 100% because it looks pretty, you're not a charity case. What a load of .
I'm all over the place on this. It's theirs. They've paid taxes when it was purchased, and continue to pay taxes on the property. How many additional times does this need to be taxed?
Just because they have land valued at 6 million doesn't mean they're liquid. Might not be so easy to dole out 30k per kid each year.
the kids paid , it's taxable income to them, of which first $5M or $10M is already tax free.
Why would Trump propose a tax on investment from life insurances? That's re ed and basically stealing since people are already putting money into that every year.
Doesn't have to be liquid. It would most likely be the FMV of the property given.
Why does the left have such a hard-on for taxing the uber rich? There's not enough of them, tbh.
Still got to be liquid enough to peel off 30 bones per kid....or am I misunderstanding this?
It's really a tax on the kids who inherit it. The rich person who owns the estate is dead and gone before a cent is ever owed.
STFU.. the grownups are talking.
A gift doesn't have to be in cash. I'm sure they could get creative with an advisor. So they could probably get the land appraised, carve it up , and "gift" areas (by square feet or something) with approximate FMVs of $28K each to each of the kids.
Ah... that makes sense. Thx.
Donald lied about his tax plan.
There has to be some pressure on landowners to make their property valuable. Otherwise, the strongest player will buy up all the land and lock compe ion out like that. It goes back to feudal times, you can be a hard worker but if you dont your own land to work you'll always be a class below. Estate taxes are necessary to curtail the power of landlords. It tilts the entire social structure. Even now most places the primary cost and primary driver of inflation is how land prices continue to climb worldwide. In my opinion, true capitalism requires further restrictions. Most of the mega rich people I know, on 3 different continents, all make substantial income off rent. They arent contributing jack to society, they arent working or competing or thinking or doing anything at all but renting old family properties, most of which are office/retail space they didnt have any hand in building, its just an investment- but it cant pay off forever IMO. They have a tendency to become leaches, a lot of that money that goes to paying them rent could be going to improving everyone elses salaries, that produces inequality, and then the government needs more tax money to subsidize the costs and it becomes even worse. For small businesses (like me) the cost of rent is easily over 50% of my costs, until you buy your own property you are just bleeding money. The point of the estate tax is to encourage them to behave responsibly and develop and value that property in some capacity, so at least someone else can get something from it. You are essentially paying a mega discounted price in order to legally transfer the property to your name, at least here to do that you'd have to do ent a sale for the fiscal tax value of the property between the father and son- that can be loopholed but you at least have to fake itIf it goes as inheritance you pay 30% tax.
I recently sold a property for nearly twice what I bought it for 2 years before. Great for me, but really, it just shows how easy it is to make money from money, and its plain unfair. Im sure there are guys out there more adept than me at doing that but they just dont have even the small beans money I do, much of which is thanks to my family (sure I get some credit but I got a lot of opportunities a lot of people dont). And as medicine gets more sophisticated, the landlords grip will only get tighter, be it for people, businesses, renters and buyers. The real estate market distorts capitalism, and is the reason that a lot of people think it doesnt work- some people start at the top of the playingfield, most have to pay just to be on the fringe. How can you have free trade if big old money is dealing the cards? Gotta at least make them work like everyone else. If anything the exemption should be much lower than 5 million.
Donald Trump's tax plan, which he announced on Monday, would be good for the country, Americans for Tax Reform President Grover Norquist tells "Newsmax TV."
http://www.newsmax.com/t/newsmax/article/693774
Of course Norquist loves it.
Norquist!
Yeah!
Ah, so you want to over the kids of the uber riich? I'm pretty sure they don't have many kids.
How are they being " ed over"? A lot of poor kids would love to get ed over like that...LMAO
If they were your kids would you saw the kids
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