Drain th swamp--Tax Cut Edition

transporter

Well-Known Member
Dozens of lawmakers stand to reap a tax windfall thanks to a loophole inserted in the sweeping GOP tax overhaul bill, according to a review of federal financial disclosures.

The provision, which gives favorable tax treatment to a common form of real estate income, would also create generous tax saving for President Donald Trump, who derives much of his personal fortune from real estate.

The measure — added late Friday to the $1.5 trillion package of tax cuts — reduces the tax rate on "pass-through" income derived from real estate.




Trump will also enjoy a windfall from the new pass-through rules on his large holdings of real estate and other businesses held in a trust for his benefit. Though the overall impact on his tax liability is impossible to estimate independently without reviewing his tax returns, Trump's assets include hundreds of properties held in limited liability corporations that typically report pass-through income.


https://sc.cnbcfm.com/applications/cnbc.com/resources/files/2017/12/20/TRUMP HOLDINGS.PNG

Yeah...this is bill made for the average American middle class family...

https://www.cnbc.com/2017/12/20/doz...x-windfall-from-last-minute-gop-loophole.html
 

Sapidus

Well-Known Member
Don't forget about the doubling of the inheritance Tax that directly effects him, his family and a bunch of this other congress critters.

But idiots still will support him despite this being rammed through in the middle of the night with no review or hearings.

The good thing is this is the most unpopular major legislation in the last 30 years and the midterms are getting closer every day.
 

Clem72

Well-Known Member
To the extent they pay any taxes at all, yes it is. :yay:

I pay (in my opinion) a significant amount of taxes. And while my taxes may be lower under this plan (won't really know until we run the numbers, but it will be close) I do know that once the breaks to the income-taxes expire in 2025 they will go up significantly. But hey, at least all of those poor real estate investment trust owners will finally catch a break and will be able to afford to hire more....what do they hire, accountants to count their money?
 

Grumpy

Well-Known Member
Don't forget about the doubling of the inheritance Tax that directly effects him, his family and a bunch of this other congress critters.

But idiots still will support him despite this being rammed through in the middle of the night with no review or hearings.

The good thing is this is the most unpopular major legislation in the last 30 years and the midterms are getting closer every day.

:lol: Ya know, if Trump had a (D) after his name, you would be singing the praises of this tax cut, and crowing about how edgy and cool it is that he uses twitter to slice up any conservative opposition.
 

vraiblonde

Board Mommy
PREMO Member
Patron
The Left is all about the zero-sum game. They think anything anyone gets means someone else loses something, and that's quite simply not the way things work.

Rich people pay the vast majority of the tax freight in this country. It stands to reason - yeah, I used the word "reason", look it up in the dictionary if you need to - that tax reductions will benefit them the most. I understand that you little Robin Hoods always want to take from the rich and give to the poor, but that has proven to be a loser strategy for everyone. So too bad, deal with it, you had eight years and what you did wasn't working, so now it's time to try something else.

:loser:

And let me remind you: you do not have to take your tax break. If you really believed the nonsense you spew, you would write a check for the amount of your tax cut and send it to the US Treasury. If you don't do that, shut your gaping maw because nobody likes a hypocrite.
 

Sapidus

Well-Known Member
:lol: Ya know, if Trump had a (D) after his name, you would be singing the praises of this tax cut, and crowing about how edgy and cool it is that he uses twitter to slice up any conservative opposition.

Wrong again. I base my decision on policy. Unlike his blind devotees who don't even understand the implications of this bill.
 

vraiblonde

Board Mommy
PREMO Member
Patron
I do know that once the breaks to the income-taxes expire in 2025

By then we will have a whole new president and s/he will have a whole new tax plan. Or maybe not. Maybe this new plan will be so successful they'll keep it.

Do you really want to kvetch and whine about something that may or may not happen 8 years from now?
 

Sapidus

Well-Known Member
The Left is all about the zero-sum game. They think anything anyone gets means someone else loses something, and that's quite simply not the way things work.

Rich people pay the vast majority of the tax freight in this country. It stands to reason - yeah, I used the word "reason", look it up in the dictionary if you need to - that tax reductions will benefit them the most. I understand that you little Robin Hoods always want to take from the rich and give to the poor, but that has proven to be a loser strategy for everyone. So too bad, deal with it, you had eight years and what you did wasn't working, so now it's time to try something else.

:loser:

And let me remind you: you do not have to take your tax break. If you really believed the nonsense you spew, you would write a check for the amount of your tax cut and send it to the US Treasury. If you don't do that, shut your gaping maw because nobody likes a hypocrite.



So why do the tax adjustments for the poor and middle class expire after 10 years yet those for the rich don't?

Why do you think it is ok for the president and congress to pass bills that personally enrich themselves and their families?

Why do you think this is the most unpopular piece of legislation in the last 30 years?

why do you think they didn't hold hearings on it and rammed it through?
 

Sapidus

Well-Known Member
By then we will have a whole new president and s/he will have a whole new tax plan. Or maybe not. Maybe this new plan will be so successful they'll keep it.

Do you really want to kvetch and whine about something that may or may not happen 8 years from now?

With that logic why bother doing anything at all ever?
 

Sapidus

Well-Known Member
You're an effing liar.

Good one. Way to disprove what I said.

You and Gillian always just call people lairs when you can't refute the truth and are out of ideas as to how you could be so dumb as to support this junk bill
 

This_person

Well-Known Member
The good thing is this is the most unpopular major legislation in the last 30 years and the midterms are getting closer every day.

Pretty sure the ACA was far more unpopular. Had less hearings. Passed with less support. You know - all the things you are saying that make this bad.


However, Dems lost HUGE right after that. Maybe Rs will too after this. We will see.
 

vraiblonde

Board Mommy
PREMO Member
Patron
You're an effing liar.

I still have Sap on ignore, but if I wanted to respond to him, I'd tell him what I used to tell my kids:

teenagers.jpg

Because of course Sap is the expert on everything. Just ask him, he'll tell you.

:lol:
 

This_person

Well-Known Member
With that logic why bother doing anything at all ever?

Probably because this makes things less bad in terms of taxes for the vast majority of people for a decade at least (assuming it is unchanged by the next four Congresses), and doing nothing maintains everyone in a worse state? :shrug:
 

Sapidus

Well-Known Member
Pretty sure the ACA was far more unpopular. Had less hearings. Passed with less support. You know - all the things you are saying that make this bad.


However, Dems lost HUGE right after that. Maybe Rs will too after this. We will see.

Wrong again. But that just shows your bias

A new USA TODAY/Suffolk University Poll finds just 32% support the GOP tax plan; 48% oppose it. That's the lowest level of public support for any major piece of legislation enacted in the past three decades, including the Affordable Care Act in 2009.

https://www.usatoday.com/story/news...bill-cut-their-taxes-boost-economy/938355001/


There where multiple hearing on the ACA


In contrast, the ACA was debated in three House committees and two Senate committees, and subject to hours of bipartisan debate that allowed for the introduction of amendments. Peterson told us in an e-mail that he “can’t recall any major piece of legislation that was completely devoid of public forums of any kind, and that were crafted outside of the normal committee and subcommittee structure to this extent”.

https://www.snopes.com/aca-versus-ahca/
 

Sapidus

Well-Known Member
Wrong again. But that just shows your bias

A new USA TODAY/Suffolk University Poll finds just 32% support the GOP tax plan; 48% oppose it. That's the lowest level of public support for any major piece of legislation enacted in the past three decades, including the Affordable Care Act in 2009.

https://www.usatoday.com/story/news...bill-cut-their-taxes-boost-economy/938355001/


There where multiple hearing on the ACA


In contrast, the ACA was debated in three House committees and two Senate committees, and subject to hours of bipartisan debate that allowed for the introduction of amendments. Peterson told us in an e-mail that he “can’t recall any major piece of legislation that was completely devoid of public forums of any kind, and that were crafted outside of the normal committee and subcommittee structure to this extent”.

https://www.snopes.com/aca-versus-ahca/




So who is the liar?
 
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