Name:	MartiniMan -	Reply
Subject:	Dementia Joe's tax plan screws the middle class
Date:	4/28/2021 9:26:51 AM

We know not just from the math, from even a rudimentary understanding of the history of taxation and the reality about who pays corporate taxes that the only way to pay for the left wing big government spending is through the middle class and below......the 95%ers.  So when Dementia Joe claims he is only taxing the wealthy be advised that this is bald faced lie, a brazen, cold-hearted lie that matters to us a lot.  

On the math front, if you take all the income and wealth of the upper 5%...ya know, the evil "wealthy", it can't run the government for even a year let alone make a dent in the debt.  And even if you just taxed 100% of their income it would only run the Federal government for a few months.  That's the math. 

But on the historical front we know that the "wealthy" also have the best tax accountants and attorneys and will do everything they can to avoid paying taxes, including the ones who claim they don't pay enough in taxes.....I'm looking at you Warren Bufffet who have been fighting with the IRS for a decade about $9B in taxes they claim you owed.  And you Bill Gates that hid all your wealth in tax advantaged trusts.  And well pretty much every wealthy liberal on the planet all of whom are hypocrites who know they won't really be paying for these tax increases.

And then there is the ever popular myth about taxing corporations.  It is a fundamental reality that corporations do not pay taxes, they collect them from their customers.  All revenue and income from a corporation comes from one ultimate source....the consumer.  That's me and you.....wealthy, upper middle class, middle class, lower middle class, working poor and even those that fall below the poverty line.  We pay those taxes in the form of the cost of goods and services.  Our food, our transportation, our housing, our medical care....all of it.  If a corporations taxes go up they are going to raise the cost of their goods and services to pay those taxes because they have obligations to their shareholders to provide an adequate return on their investment.  That is the cold, hard reality of how this works and middle classes and below bear the brunt of the tax increases because they purchase most of the goods and services in this country and are the least able to absorb additional costs due to tax increases on corporations.

As bad as that is, this is how Dementia Joe's going to directly screw the middle class.  See the quote below for the answer.

Meet stepped-up basis. Here’s how that works. Say you’re a 60-year-old almost-retiree whose 90-year-old parent just passed away. You are bequeathed their Florida home acquired in 1980 for $100,000. Its value is now $500,000.  You sell it for $500,000. Thanks to “stepped-up basis,” you should owe no federal capital gains tax on the sale.

But what happens if all this happens after Democrats eliminate this so-called “loophole?” You’ll owe capital gains taxes on the gain in value since the property was purchased 41 years ago, most of which is probably inflation. That’s a likely 20 percent tax hit on the “gain” of $400,000 – some $80,000 to Uncle Sam. For people with incomes over $1 million, Biden may raise Capital Gains taxes to match the highest personal income tax rate of 39.5 percent.

The Biden plan may exempt the first $1 million of “unrealized” gains, but that’s a shallow threshold for many family businesses and farms. And it is not just homes or beach property. It includes stocks and family businesses.

Being allowed to keep your or your family’s own money is now a “tax loophole.”

Name:	Talullahhound -	Reply
Subject:	Dementia Joe's tax plan screws the middle class
Date:	4/28/2021 7:09:26 PM

Of course it does.  Did you ever think it would be otherwise?  

Name:	GoneFishin -	Reply
Subject:	Someone Has To Do It
Date:	4/28/2021 8:59:16 PM

Trump reduced corpoarate taxes but there was no widespread reduction in reducing prices to the consumer. They did stock buy backs, increased salaries for top management, incresed options, and increased dividends. However, if taxes go up the comsumer will pay for it according to the Right. Trump put a tariff on Chinese products which raised some prices to the consumer. He then used tax money to bail out farmers large and larger because they lost their Chinese market. The deficit under Trump rose during his 4 years in office 4 trillion and the Right was silent.

One of the problems of raising capital gains on the wealthy is they will just sit on the stock and pass it on to their heirs. The loss of the step up would screw them cause their heirs would pay the tax eventually when they sell based on the original cost. Imagine going back 60-70 years to find original cost of. 

The Right suddenly cares about deficits but loved the Stimulus bailout for businesses. Food stamps are bad, title 8 is bad, but welfare money for the Right and their business was good government. The Right is the party of social issues and guns except when the Dems are in office. Now, it is higher taxes. Biden is proposing alot of spending....I don't buy into all of it....but he is trying to finance it...which will cost me...but it is good government to pay as you go.

Name:	Lifer -	Reply
Subject:	Someone Has To Do It
Date:	4/29/2021 5:56:35 AM

Any capitol gains I have ever paid were based on the value of the thing of value when I received it and any increase in that till the time I sold it.  I have never had to pay the tax on the gain when someone else owned it.  That is jsut rediculous.  The way you calculate it in this post would be impossible.  According to you if parents leave a child a house and the child sells it they would have to pay capital gains on the difference on the value of the house when the parents built it and when the child sold it.  You know better.  You just post lies like MSM broadcast them, because you can.

Name:	MartiniMan -	Reply
Subject:	Dementia Joe's tax plan screws the middle class
Date:	4/29/2021 12:18:17 PM

Nope.....just pointing out the abject lie by Joe himself and his lapdogs in the media that he is not going to raise taxes on the middle class and is only going to screw the wealthy so he can rely on class envy and the concept of robbing a few Peter's to pay a gazillion Pauls.  Paul is going to be very disappointed.

Name:	MartiniMan -	Reply
Subject:	Someone Has To Do It
Date:	4/29/2021 1:19:04 PM

Yeah, corporations never bought back their own stock before the Trump tax cuts.   Wages went up and inflation was held in check, unemployment, especially in the black and Hispanic communities reached record lows.  I know, bad news for Democrats that love the dependant classes and class envy to remain in power.  God forbid they can stand on their own and not rely on government.

Name:	GoneFishin -	Reply
Subject:	Dementia Joe's tax plan screws the middle class
Date:	4/29/2021 1:33:05 PM

Of course, they used buybacks in the past. From Forbes,  it really accelerated after the tax cut.... 

The underlying logic for the TCJA was that allowing companies to keep a greater share of profits, would stimulate investments in long term growth. Instead, the dominant company response to the TCJA was stock buybacks. For the first three quarters of 2018, buybacks were $583.4 billion (up up 52.6% from 2017)

Name:	GoneFishin -	Reply
Subject:	LIFER....
Date:	4/29/2021 1:37:09 PM

That is what is being discussed dude.....got it???? Tax based on original purchase price not step up upon death. If it becomes law, doubt it will effect most. Assume only those with large estates...

Name:	MartiniMan -	Reply
Subject:	Dementia Joe's tax plan screws the middle class
Date:	4/29/2021 1:50:46 PM

Spare me the post hoc logical fallacy.

Name:	MartiniMan -	Reply
Subject:	Dementia Joe's tax plan screws the middle class
Date:	5/1/2021 3:36:15 PM

Oh and by the way, unless you don't know what a post hoc fallacy is let me help you understand.  When you look at the history of stock buy backs by corporations you will see quite clearly that these occur when the index rises and drops when it falls.  Has zip, zero, nada to do with corporate tax rates unless of course the lower rates cause the indexes to rise.  Since that has only happened rarely I think we can assume that in this correlation is not causation with the Trump tax cuts for corporations.  Learn from history Goofy.  I am sure the leftists on the board were all excited with your false correlation but for those of us that have a modicum of economic intelligence we were decidedly unimpressed to say the least.  See the chart below.