Twitter Truth Social launch date

[Toe]

Laffer curve... It is one of the reasons why Reagan and Trump tax cuts raised tax revenue

Well, the 'laff' part is right at least...

 

[God is a Husker]

After a little research on the interwebs this apparently is the source of the Elon Musk and others not paying taxes or paying very little taxes originates from. I not saying it's right or wrong I'm just saying this is what they are referring to. Someone with more knowledge than me on taxes can take a look to see if there is any truth to it or not if they want (warning long).

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.

www.propublica.org

The article is literal propaganda and so stupid it made me sad reading it.

The author clearly has no idea how taxes work. Furthermore the article does not cite or publish the “secret” IRS files. I’m calling bullshit because if they actually had them they would publish them with the article.



The article stupidly tries to make the argument for taxing unrealized gains, the article demonizes deductions. (something literally not exclusive to billionaires)

The only factual argument that the article puts forth is that these billionaires pay a low true tax rate (% of their overall income) compared to average Americans.


However, NONE of that is what Warren said. She didn’t say “yeah Bezos and musk pay billions in taxes but they are worth hundreds of billions vs. a teacher paying $1,000 in taxes on a $50,000 income”. That’s not at all what Warren said.



Democrats control the House, the Senate and the White House. Why are they blaming Bezos, Musk, etc. instead of passing a new Tax Code?

Ex: raise the Corporate tax rate from insanely low TCJA, have additional brackets above 37% cuz there is no reason to stop at $523/628k.

Personally I’d love to see the corporate rate at Obama era 35% or 25% with way less deductions allowed. (Would actually bring in more tax rev than a 35% rate)

I’d also love to see more income brackets cuz all the celebs and athletes and others who make millions per year in income are usually the social justice warriors anyways so they can finally do something about it by paying more taxes. 😘

 

[Faux Sean Callahan]

That didn't take long

 

[jaihawk]

The article is literal propaganda and so stupid it made me sad reading it.

The author clearly has no idea how taxes work. Furthermore the article does not cite or publish the “secret” IRS files. I’m calling bullshit because if they actually had them they would publish them with the article.



The article stupidly tries to make the argument for taxing unrealized gains, the article demonizes deductions. (something literally not exclusive to billionaires)

The only factual argument that the article puts forth is that these billionaires pay a low true tax rate (% of their overall income) compared to average Americans.


However, NONE of that is what Warren said. She didn’t say “yeah Bezos and musk pay billions in taxes but they are worth hundreds of billions vs. a teacher paying $1,000 in taxes on a $50,000 income”. That’s not at all what Warren said.



Democrats control the House, the Senate and the White House. Why are they blaming Bezos, Musk, etc. instead of passing a new Tax Code?

Ex: raise the Corporate tax rate from insanely low TCJA, have additional brackets above 37% cuz there is no reason to stop at $523/628k.

Personally I’d love to see the corporate rate at Obama era 35% or 25% with way less deductions allowed. (Would actually bring in more tax rev than a 35% rate)

I’d also love to see more income brackets cuz all the celebs and athletes and others who make millions per year in income are usually the social justice warriors anyways so they can finally do something about it by paying more taxes. 😘

Wait, did Mr. Fact Check end up posting an article that was "Blatantly False" or "Misleading"?

 

[MtnHusker]

Wouldn't surprise me. I don't think they'll have the best and brightest working on this thing.

Trump hires the best. I use to talk with Bill Rancic who was on The Apprentice and ran Trump Towers in Chicago. Bill said Trump stressed hiring the best experts, no matter what the cost was. Much of what Bill told me about Donald doesn't match the persona painted by the media. Keep in mind this was back when Trump was still just a Billionaire Developer/Businessman. Bill had quit working for Trump and was doing his own Consulting & Businesses in Chicago. Bill might have been one of the most White Bread people I have ever met. Really nice guy but boy did he lead a structured life also to the extent of extremely boring. Very very conservative person.

 

[doublewing]

So they have a "waitlist" to join? It's an app. Is this 2001 where the IT guy needs to run around the office and install Windows XP on everyone's desktop?

 

[dsbigred1]

It's the popular outlook when the stock market is having good years. Even if it isn't you'll still have success stories during those years you could point to. You don't pay tax on unrealized gains just like you don't deduct unrealized losses.

It's mostly timing in the end. Bezos and Musk weren't making money in 2018 and 2019 if you look at their income statement but you knew both of them were going to blow up well before they did.

The rich have advantages yes. They can absorb cash losses that are reducing taxable income while their net worth is increasing.

You want to tax unrealized gains that would be a fantastic way to completely destroy the economy quickly imo. At the very least destroy small business owners which in the long run would destroy the economy. Take those taxes and redistribute to the bottom half if you want to see some real inflation.

I'm good with the top 1% having years where they don't pay any taxes. In the long run they still pay the lions share. Everybody in the bottom 50% that don't pay dick ever and more than likely have a negative tax rate can lick my taint.

Exactly! The tax code is essentially written to encourage people to invest in different things that promote economic growth, that’s why they give deductions for those things. You know that probably better than anyone on here.
Looking at the tax codes as opportunities rather than hindrances or burdens is one reason why these big companies and rich individuals are where they are. It’s not that they get exclusive rights to handle their money that way, they are just far better at it, and use very smart people to do it.
I want my taxable income to be as low as legally allowed, but that doesn’t mean I don’t want to make a fuck-ton of money.

 

[Huskerbuck85]

This tax talk that we’ll never gain ground on is boring. Someone want to go ahead and share some tits please?

 

[Ext. 55]

Agreed. But this is as bad as it gets.

It’s like Bernie Sanders or AOC starting their on social media platform. Nothing good will come of it. It will only keep dividing people further. The media is going to eat this up. Everything that is posted on that platform will just be posted and discussed on Twitter. When really, it should be ignored.

They call that one Twitter.

 

[huskerj12]

Trump hires the best. I use to talk with Bill Rancic who was on The Apprentice and ran Trump Towers in Chicago. Bill said Trump stressed hiring the best experts, no matter what the cost was. Much of what Bill told me about Donald doesn't match the persona painted by the media. Keep in mind this was back when Trump was still just a Billionaire Developer/Businessman.

Did this post come through a time machine from 2015? We all have plenty of experience seeing Donald and his "experts" in action by now.

 

[vailhusker]

Wait, did Mr. Fact Check end up posting an article that was "Blatantly False" or "Misleading"?

Obviously, you didn't read what I posted I said that this was the article that they were referring to. I also said that I wasn't claiming it was right or wrong and that if someone that had more knowledge on taxes than me they could take a look at it and see if there was any truth to it or not.

 

[vailhusker]

The article is literal propaganda and so stupid it made me sad reading it.

The author clearly has no idea how taxes work. Furthermore the article does not cite or publish the “secret” IRS files. I’m calling bullshit because if they actually had them they would publish them with the article.



The article stupidly tries to make the argument for taxing unrealized gains, the article demonizes deductions. (something literally not exclusive to billionaires)

The only factual argument that the article puts forth is that these billionaires pay a low true tax rate (% of their overall income) compared to average Americans.


However, NONE of that is what Warren said. She didn’t say “yeah Bezos and musk pay billions in taxes but they are worth hundreds of billions vs. a teacher paying $1,000 in taxes on a $50,000 income”. That’s not at all what Warren said.



Democrats control the House, the Senate and the White House. Why are they blaming Bezos, Musk, etc. instead of passing a new Tax Code?

Ex: raise the Corporate tax rate from insanely low TCJA, have additional brackets above 37% cuz there is no reason to stop at $523/628k.

Personally I’d love to see the corporate rate at Obama era 35% or 25% with way less deductions allowed. (Would actually bring in more tax rev than a 35% rate)

I’d also love to see more income brackets cuz all the celebs and athletes and others who make millions per year in income are usually the social justice warriors anyways so they can finally do something about it by paying more taxes. 😘

Thanks, appreciate your time.

 

[God is a Husker]

Wait, did Mr. Fact Check end up posting an article that was "Blatantly False" or "Misleading"?

Idk who that is but I hope my posts don’t come off as argumentative.

I just friends with everybody on the board. (even the Cockeye dorks)



As far as my politics go regarding Taxation, Ive always found that my “ideas” or “wishes” for what my dream Tax Code would be usually is met with approval by both the right and the left.


Let’s call it Nebraska pragmatic attitude meets Nebraska nice. Realistic about how things/life actually work (unlike Warren/Bernie/AOC) but also my Dad grew up on welfare and 1/2 my family is still white trash poors so I understand the need for some (maybe even most) Government assistance.


Like @Jim14510 said earlier about Germany’s healthcare system, there are other ways to do it and the current US model could use a massive enema. (maybe a lobotomy if you catch me after a few drinks)



Example: I wish the Standard Deduction was $50k single/ $100k MFJ.

I wish we had a 38% bracket from 523/628 -to- 1 million and a 39% bracket for every dollar over 1 million. The Tax revenue lost from the lower quartile having the deduction would not even come close to the amount of MORE tax revenue that would be generated from the 1% and 2% increases on the income from the top quartile.


As mentioned earlier, I wish we would raise the Corp. tax rate to 25% and absolutely gut the allowable deductions BUT to balance out hurting domestic corps I’d slap the foreign corps with enough fees/tariffs to offset the bullshit we have seen the past 30 years from foreign corps.

I wish we would either A) end the Mortgage Interest Deduction; or B) allow for taxpayers who take a standard deduction to also use the MID, not just itemized filers. (The goal of MID was to help make housing more affordable but only people who itemize can take the deduction… that’s only 5% of US taxpayers and newsflash very very few of them need “help” or they wouldn’t be able to purchase any home. Might not be the same home but they could easily purchase “a” home without MID.)


I could go on and on but I know nobody cares and alas… most people will just agree with whatever tax theories their political party is selling them at that current time. 🙁

 

[vailhusker]

Idk who that is but I hope my posts don’t come off as argumentative.

I just friends with everybody on the board. (even the Cockeyes dorks)



As far as my politics go regarding Taxation, Ive always found that my “ideas” or “wishes” for what my dream Tax Code would be usually is met with approval by both the right and the left.


Let’s call it Nebraska pragmatic attitude meets Nebraska nice. Realistic about how things/life actually work (unlike Warren/Bernie/AOC) but also my Dad grew up on welfare and 1/2 my family is still white trash poors so I understand the need for some (maybe even most) Government assistance.


Like @Jim14510 said earlier about Germany’s healthcare system, there are other ways to do it and the current US model could use a massive enema. (maybe a lobotomy if you catch me after a few drinks)



Example: I wish the Standard Deduction was $50k single/ $100k MFJ.

I wish we had a 38% bracket from 523/628 -to- 1 million and a 39% bracket for every dollar over 1 million. The Tax revenue lost from the lower quartile having the deduction would not even come close to the amount of MORE tax revenue that would be generated from the 1% and 2% increases on the income from the top quartile.


As mentioned earlier, I wish we would raise the Corp. tax rate to 25% and absolutely gut the allowable deductions BUT to balance out hurting domestic corps I’d slap the foreign corps with enough fees/tariffs to offset the bullshit we have seen the past 30 years from foreign corps.

I wish we would either A) end the Mortgage Interest Deduction; or B) allow for taxpayers who take a standard deduction to also use the MID, not just itemized filers. (The goal of MID was to help make housing more affordable but only people who itemize can take the deduction… that’s only 5% of US taxpayers and newsflash very very few of them need “help” or they wouldn’t be able to purchase any home. Might not be the same home but they could easily purchase “a” home without MID.)


I could go on and on but I know nobody cares and alas… most people will just agree with whatever tax theories their political party is selling them at that current time. 🙁

I guess I'm Mr. Fact Check now because I've been posting the Daily - Media Bais/Fact Check thread on the Hyvee board. I appreciate you and @Jim14510 response to the article I posted when I was looking around for the Elon Musk not paying any taxes all the articles that I found used that article as their reference, so I was curious if there was any truth to it or not. Thanks again for you and Jims response.

 

[MtnHusker]

Did this post come through a time machine from 2015? We all have plenty of experience seeing Donald and his "experts" in action by now.

How did I just know you would be the one criticizing my post? I was guessing you would be the first since Trump was being defended to an extent.

Bottom line is I don't know the Trump or what Donald does behind the scenes. But Bill Rancic certainly does after years of working for him. I was actually trying to dig up shit on Trump when I would talk to Bill but basically besides some shady business deals where he contested paying people I couldn't get much dirt. Bill literally said that they were instructed to find the best experts they could no matter what the cost was. This was before Trump announced he was running for President and I couldn't stand him. I kept trying to get dirt on him being racist, sexist, xenophobic.... and he said all Trump cared about was winning and the color Green, meaning money. He hired some of the first African American and Female Fortune 500 CEO's.

Also said he was quite generous to so many charities ranging from doing construction work for free to financial help to actually reading an article about a person or business that was struggling so he would bail them out. My talks with Bill opened my eyes as I had been one of the uneducated Sheep that was believing everything the news said. I know Trump's an Asshole but he has done some good that isn't publicized.

Now as president I don't think he always used the best judgements in who he hired but the same can be said for all of our current and past presidents. Trump is an asshat at times and his Mean Tweets hurt the feelings of the Snowflakes but he had our economy running at record levels. Definitely good for all of my friends and families plus myself who owned businesses.

 

[God is a Husker]

I guess I'm Mr. Fact Check now because I've been posting the Daily - Media Bais/Fact Check thread on the Hyvee board. I appreciate you and @Jim14510 response to the article I posted when I was looking around for the Elon Musk not paying any taxes all the articles that I found used that article as their reference, so I was curious if there was any truth to it or not. Thanks again for you and Jims response.

 

[Jim14510]

Idk who that is but I hope my posts don’t come off as argumentative.

I just friends with everybody on the board. (even the Cockeyes dorks)



As far as my politics go regarding Taxation, Ive always found that my “ideas” or “wishes” for what my dream Tax Code would be usually is met with approval by both the right and the left.


Let’s call it Nebraska pragmatic attitude meets Nebraska nice. Realistic about how things/life actually work (unlike Warren/Bernie/AOC) but also my Dad grew up on welfare and 1/2 my family is still white trash poors so I understand the need for some (maybe even most) Government assistance.


Like @Jim14510 said earlier about Germany’s healthcare system, there are other ways to do it and the current US model could use a massive enema. (maybe a lobotomy if you catch me after a few drinks)



Example: I wish the Standard Deduction was $50k single/ $100k MFJ.

I wish we had a 38% bracket from 523/628 -to- 1 million and a 39% bracket for every dollar over 1 million. The Tax revenue lost from the lower quartile having the deduction would not even come close to the amount of MORE tax revenue that would be generated from the 1% and 2% increases on the income from the top quartile.


As mentioned earlier, I wish we would raise the Corp. tax rate to 25% and absolutely gut the allowable deductions BUT to balance out hurting domestic corps I’d slap the foreign corps with enough fees/tariffs to offset the bullshit we have seen the past 30 years from foreign corps.

I wish we would either A) end the Mortgage Interest Deduction; or B) allow for taxpayers who take a standard deduction to also use the MID, not just itemized filers. (The goal of MID was to help make housing more affordable but only people who itemize can take the deduction… that’s only 5% of US taxpayers and newsflash very very few of them need “help” or they wouldn’t be able to purchase any home. Might not be the same home but they could easily purchase “a” home without MID.)


I could go on and on but I know nobody cares and alas… most people will just agree with whatever tax theories their political party is selling them at that current time. 🙁

I think we should get drunk and rewrite the tax code. They really need to revamp the tax code for international corps. I appreciate that they looked at the OECD for average corporate tax rates but they failed to take into consideration the multitude of credits available here compared to other places.

I could talk taxes all day but I'm not real consistent with my opinions.

 

[Faux Sean Callahan]

Idk who that is but I hope my posts don’t come off as argumentative.

I just friends with everybody on the board. (even the Cockeyes dorks)



As far as my politics go regarding Taxation, Ive always found that my “ideas” or “wishes” for what my dream Tax Code would be usually is met with approval by both the right and the left.


Let’s call it Nebraska pragmatic attitude meets Nebraska nice. Realistic about how things/life actually work (unlike Warren/Bernie/AOC) but also my Dad grew up on welfare and 1/2 my family is still white trash poors so I understand the need for some (maybe even most) Government assistance.


Like @Jim14510 said earlier about Germany’s healthcare system, there are other ways to do it and the current US model could use a massive enema. (maybe a lobotomy if you catch me after a few drinks)



Example: I wish the Standard Deduction was $50k single/ $100k MFJ.

I wish we had a 38% bracket from 523/628 -to- 1 million and a 39% bracket for every dollar over 1 million. The Tax revenue lost from the lower quartile having the deduction would not even come close to the amount of MORE tax revenue that would be generated from the 1% and 2% increases on the income from the top quartile.


As mentioned earlier, I wish we would raise the Corp. tax rate to 25% and absolutely gut the allowable deductions BUT to balance out hurting domestic corps I’d slap the foreign corps with enough fees/tariffs to offset the bullshit we have seen the past 30 years from foreign corps.

I wish we would either A) end the Mortgage Interest Deduction; or B) allow for taxpayers who take a standard deduction to also use the MID, not just itemized filers. (The goal of MID was to help make housing more affordable but only people who itemize can take the deduction… that’s only 5% of US taxpayers and newsflash very very few of them need “help” or they wouldn’t be able to purchase any home. Might not be the same home but they could easily purchase “a” home without MID.)


I could go on and on but I know nobody cares and alas… most people will just agree with whatever tax theories their political party is selling them at that current time. 🙁

I would agree with a lot of this...

I wish conceptually we had more taxation at the state level vs federal level and that was related to how spending worked.

I also don't understand the need for a corporate tax rate at all. Why do you need to tax it once at the corporate level then again on the backside? Shit I buy a stock I had to pay taxes on my income, my money gets taxed by the corporate rate inside the stock slowing the growth of my money, my money also gets taxed when the company pays dividends and then again if I sell the company for a gain.

I also think the need to tackle Social Security, medicare and the taxation around that has some room to be improved, but that is another fun filled can of worms.

 

[huskerj12]

How did I just know you would be the one criticizing my post? I was guessing you would be the first since Trump was being defended to an extent.

Honestly I'm very surprised about this part! Haha I usually stay out of political threads here or on RSS (The Open Scrolls is a nightmare zone) but this thread was posted in the main section so I waded in... I guess it must be pretty easy to remember who the non-conservative posters are though, there aren't nearly as many on these sites.

 

[Baron Winnebago]

I would agree with a lot of this...

I wish conceptually we had more taxation at the state level vs federal level and that was related to how spending worked.

I also don't understand the need for a corporate tax rate at all. Why do you need to tax it once at the corporate level then again on the backside? Shit I buy a stock I had to pay taxes on my income, my money gets taxed by the corporate rate inside the stock slowing the growth of my money, my money also gets taxed when the company pays dividends and then again if I sell the company for a gain.

I also think the need to tackle Social Security, medicare and the taxation around that has some room to be improved, but that is another fun filled can of worms.

We need to get more young professionals to have unprotected sex or reform ain't gonna matter for social security and medicare