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Thread: The Tax Thread

  1. #183
    BamaNation Hall of Fame 92tide's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by crimsonaudio View Post
    Aye, we missed the mark badly. Could have been worse, could have owed that much. BTDT, though.
    we had a year like this a couple of year's back. caught us totally by surprise. we were able to get everything set up to where the last couple of years have been pretty close to "breaking even" on tax day. no idea what we have in store this year with all of the changes. we are sending everything out next week to the accountant to see.
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  2. #184
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    I admit to not having known about this particular loophole. It's clear that the Republican party's central legislative priority seems to be ensuring that the superwealthy do not have to pay taxes like the rest of the peasantry.

    If it weren’t for the estate tax, the majority of the superwealthy’s money would never be taxed

    [The Center on Budget and Policy Priorities claims that] 55 percent of the assets held by households worth $100 million or more haven’t actually been taxed before being subject to the estate tax.

    Let’s repeat that for emphasis: If it weren’t for the estate tax, the majority of the super-rich’s money would never be taxed at all.

    How is this possible? The answer has to do with how we do — and don’t — tax capital gains. Now, the first thing to understand is that any increase in the value of your stocks, bonds or real estate is only taxed when you sell them. But what if you don’t? What if you just hold on to them, and eventually pass them on to your kids instead? Well, in that case, you — or, more accurately, they — stand to benefit from one of the biggest loopholes in the entire tax code. The way it works is that it’s not your gains that are taxed, but rather theirs. So let’s say, for example, that you had stock that went from being worth $10 million when you bought it to $100 million by the time you left it to your children. Your heirs wouldn’t owe any capital gains tax on that original $90 million increase — which you also didn’t pay any on — but only on any subsequent increases. This is what’s known as “stepped-up basis,” and, as you could probably guess, it overwhelmingly benefits the rich. The nonpartisan Congressional Budget Office, for its part, estimates that the top 1 percent receive 21 percent of its total money from it, with the next 9 percent getting 34 percent themselves.

  3. #185
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    I admit to not having known about this particular loophole. It's clear that the Republican party's central legislative priority seems to be ensuring that the superwealthy do not have to pay taxes like the rest of the peasantry.

    If it weren’t for the estate tax, the majority of the superwealthy’s money would never be taxed

    but the fact that they have so much wealth to begin with shows that they are just smarter than everyone else. why should they be punished.
    The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.

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  4. #186
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    If only we'd known.

    1/11/2018: IRS rolls out new tax withholding tables to align paychecks with tax law

    Workers should soon see changes in their paychecks after the government on Thursday released so-called withholding tables explaining to employers how to align people’s paychecks with the new tax law... The administration is asking employers to implement the new tables by Feb. 15 [2018] so that workers will begin seeing the effects of the Tax Cuts and Jobs Act by next month.

    The release comes amid warnings from Democrats that the administration could use the obscure tables to juice people’s paychecks this year, by withholding less from their pay, ahead of this year’s midterm elections. That could endanger the refunds people expect to get next year.

    Treasury Secretary Steven Mnuchin called the charges “ridiculous” on Thursday and said the share of people receiving refunds should remain unchanged.

  5. #187
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    I admit to not having known about this particular loophole. It's clear that the Republican party's central legislative priority seems to be ensuring that the superwealthy do not have to pay taxes like the rest of the peasantry.

    If it weren’t for the estate tax, the majority of the superwealthy’s money would never be taxed

    Yup. We do this all the time whenever a client dies.

  6. #188
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by RollTide_HTTR View Post
    Yup. We do this all the time whenever a client dies.
    That's completely absurd.

    Senate Republicans reintroduce bill to repeal the estate tax

  7. #189
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    I was caught off guard and questioned it when I first started but its such a regular occurrence I honestly don't even think about it now.

  8. #190
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    they have adopted the growth mindset unleashing the power of excellence and achievement
    The Party told you to reject the evidence of your eyes and ears. It was their final, most essential command.

    - George Orwell

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  9. #191
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    Interesting.

    Bernie Sanders wants to save Social Security by raising taxes on people making more than $250,000


    Sen. Bernie Sanders has a plan to add more than 50 years of sustainability to Social Security, the New Deal-era program that's facing a looming cash crunch...

    To pay for it, Sanders would subject all income above $250,000 to the existing 12.4% Social Security payroll tax, which is split between workers and employers. Currently, the payroll tax is only applied to wages up to $132,900.

    Plus, the senator would levy a new 6.2% tax on single people with investment income above $200,000 and couples above $250,000.
    The article is terribly written. I haven't seen the actual proposal text, but I read this as eliminating the current SS tax on income up to 133k and re-applying it exclusively to income above 250k.

  10. #192
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    Interesting.

    Bernie Sanders wants to save Social Security by raising taxes on people making more than $250,000




    The article is terribly written. I haven't seen the actual proposal text, but I read this as eliminating the current SS tax on income up to 133k and re-applying it exclusively to income above 250k.
    So the first 249,999.99 of wages would be exempt from SS tax? Or is the proposal to increase the limit on wages subject to SS tax from 133K to 250K?



    Edit: I found my answer in the article

    To pay for it, Sanders would subject all income above $250,000 to the existing 12.4% Social Security payroll tax, which is split between workers and employers. Currently, the payroll tax is only applied to wages up to $132,900.
    Plus, the senator would levy a new 6.2% tax on single people with investment income above $200,000 and couples above $250,000.
    Last edited by Bamabuzzard; February 13th, 2019 at 11:56 AM.
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  11. #193
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by Bamabuzzard View Post
    So the first 249,999.99 of wages would be exempt from SS tax? Or is the proposal to increase the limit on wages subject to SS tax from 133K to 250K?
    Eh, I'm still not sure. Even Sanders' website isn't clear to me:

    https://berniesanders.com/issues/str...cial-security/

    It talks about the current cap, then "lifting the cap" to include anyone making over 250k (which makes me think people still pay the current SS tax), but he just never acknowledges any plan for the large income gap between those two numbers. But maybe there isn't one. It could be that he didn't want to be seen as adding any "new" taxes to middle class families and simply picked 250k as a politically expedient threshold for new taxation.

    It's still poorly worded.

  12. #194
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    Re: The Tax Thread

    Quote Originally Posted by CharminTide View Post
    Eh, I'm still not sure. Even Sanders' website isn't clear to me:

    https://berniesanders.com/issues/str...cial-security/

    It talks about the current cap, then "lifting the cap" to include anyone making over 250k (which makes me think people still pay the current SS tax), but he just never acknowledges any plan for the large income gap between those two numbers. But maybe there isn't one. It could be that he didn't want to be seen as adding any "new" taxes to middle class families and simply picked 250k as a politically expedient threshold for new taxation.

    It's still poorly worded.
    The bill simply raises the cap and levies an additional tax of 6.2% (which is coincidentally the same amount as the employee portion of SS payroll tax) on single people with investment income over $200,000, married $250,000.



    To pay for it, Sanders would subject all income above $250,000 to the existing 12.4% Social Security payroll tax, which is split between workers and employers. Currently, the payroll tax is only applied to wages up to $132,900.
    Plus, the senator would levy a new 6.2% tax on single people with investment income above $200,000 and couples above $250,000.
    Last edited by Bamabuzzard; February 13th, 2019 at 12:14 PM.
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  13. #195
    BamaNation Hall of Fame CharminTide's Avatar
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    Re: The Tax Thread

    Quote Originally Posted by Bamabuzzard View Post
    The bill simply raises the cap and levies an additional tax of 6.2% (which is coincidentally the same amount as the employee portion of SS payroll tax) on single people with investment income over $200,000, married $250,000.
    No, I don't think so. "All income over 250k" means there is no cap on the tax, only a base.

    The investment income tax is more straightforward.

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