Thank you Sinema and Manchin
- Thread starter FreedomWins
- Start date
As an individual, you cannot "write-off" a Learjet. Just like if you buy a car, that has little to no impact on your taxable income other than maybe a small deduction if it's an electric car or something.
What are you referencing? Example: Jeff Bezos' individual tax return (Form 1040) has nothing to do with Amazon's corporate tax filings. There is no "creativity".
If Amazon buys a Learjet it can deduct the cost of the of the capital asset via depreciation. These rules change frequently and different rules apply based on the corporations asset base.
If Jeff Bezos buys a Learjet, then he buys a Learjet, there is no deduction for him.
So, what are you referencing about "loopholes" and "creativity" other than media talking points?
So, how does people like Warren Buffet less taxes than his secretary? He admits that himself.
Because his income is almost nonexistent. He is worth, what, $100b? He doesn't MAKE $100b.
Almost all of his assets are tied to the valuation of stocks/companies. If he sells his Berkshire A stock, now almost $500k per share, he would pay taxes on whatever gains he incurred.
For example, you buy $1000 of Amazon stock at their IPO date back in 1997. Today that same stock you bought for $1000 is now worth about $1.1m. You don't pay taxes on the million dollar gains until you sell the stock. And the long term capital gains tax rate, any investment held for 366+ days, is maxed at 20% (for high income earners which WB is purposely not one). The highest income tax marginal rate is 37% or so.
He has structured his income to come from assets like municipal bonds (tax-exempt interest and available to anyone).
Sure he has people working for him to figure this out that normal people like us can't afford to pay, but what he is doing isn't anything we couldn't.
So, you take advantage of legal means of lowering your tax obligation but someone else can't?
Seems sort of hypocritical, don't you think?
Why would anyone, regardless of their level of wealth, pay more than they're legally obligated to? Why wouldn't a wealthy person use whatever legal means necessary to pay the govt less in taxes?
You do know that the top 1% of earners pay 40% of all income taxes, right?
This is an amazing good example of BNI talking about stuff he doesn't know or understand but spouts it off because it's what the talking heads on MSNBC and CNN said.
He's the classic "Low information voter"
You guys I know believe in the fallacy of Reaganonmics, or trickle down economics who Bush the Elder called voodoo economics in 1980. Where if you give the rich tax breaks that the money will some how "trickle down the middle and lower classes with more money and jobs. Every repub since then tried to put that in place and in 40 years I have yet to see it work.
You're sidestepping the question.
If YOU, BNI, use legal means of paying less in taxes, why shouldn't a wealthy person?
If you happen to be smart (which most wealthy people are, except for some athletes and entertainers) and you're able to hire tax people who can legally help limit your tax exposure or obligations, give me one single reason why they shouldn't do so?
Because they have the means to pay more.
I’ll ask you a question. Why should wealthy people pay less taxes?
Serious question, do you think it's fair for one group of people to be taxed at ~ 40% while another pays 10% or 0%? The rich not paying their fair share is an oxymoron statement. Not talking about illegal tax evasion, but taxing a group deemed "rich" because there are fewer of them seems like discrimination if you ask me. And yes I pay may fair share but take advantage of every legal means available
The money never “trickled” down. No jobs were created from this. They pocketed the money as profit. Which is their right. But it never translated to the middle and lower classes like advertised.
Do they get faster police or fire protection, better public school access for their kids, drive on better roads, get special service at the library? If they don’t get any better service or other things, why pay more? I bet you can afford to pay more for milk and eggs at the grocery store. Pay more so the store can cut the price for those that can’t.
If it used for a corporation sure? Why couldn't you? I really thought you had reached a low point of intelligence with all of your crazy racist sh#t but you have outdone yourself.
So, because someone can afford good tax preparers, they shouldn’t do so? Interesting logic.
Wealthy people don’t pay less taxes. You just don’t understand taxation.
In your simple mind, you hear that someone is worth a billion $, that they should pay taxes on a billion $ annually. That’s not how it works
I guarantee, that all your lib/dem heros (Obama, Pelosi, Schumer, Sanders, Waters) have an army of tax attorneys that make sure their boss doesn’t pay a penny more than they’re legally obligated to.
The only trickle down BNI understands is when the govt gives money directly to an individual ( in the form of vote buying “stimulus” checks).
