It's also the standard view on the left. Again, who thinks that they just want to tax rich people because they have money? This is a clownish view of the left.
Baby boomers complaining about paying capital gains tax......
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Being around poor people isn’t a fault and doesn’t count against whether you are dependent or not. The US government spent north of six trillion in 2022. That’s somewhere south of $19,000 per person. So if you bear more than $19,000 of federal taxes per person in your household (net of transfers) you are more than paying your fair share. And you aren’t dependent just because somebody you aren’t related to lives near you and is dependent.
in reality, the number is much less than that because half that $6 trillion is just transfer payments. And there are revenue sources other than taxes.
would adjustments have to be made if spending was changed? Of course but you don’t get to penalize people for operating in the system foist upon them. One of the many reasons Mississippi is so poor now is because of federal policy that either prevented or discouraged Mississippi from improving when it would have been easier.
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also the mortgage interest deduction isn’t any more of a give away to homeowners than deducting interest for investment properties is a give away to renters.
The phrase you’re looking for is we don’t tax imputed income.
Being around poor people isn’t a fault and doesn’t count against whether you are dependent or not. The US government spent north of six trillion in 2022. That’s somewhere south of $19,000 per person. So if you bear more than $19,000 of federal taxes per person in your household (net of transfers) you are more than paying your fair share. And you aren’t dependent just because somebody you aren’t related to lives near you and is dependent.
in reality, the number is much less than that because half that $6 trillion is just transfer payments. And there are revenue sources other than taxes.
would adjustments have to be made if spending was changed? Of course but you don’t get to penalize people for operating in the system foist upon them. One of the many reasons Mississippi is so poor now is because of federal policy that either prevented or discouraged Mississippi from improving when it would have been easier.
ETA:
also the mortgage interest deduction isn’t any more of a give away to homeowners than deducting interest for investment properties is a give away to renters.
The phrase you’re looking for is we don’t tax imputed income.
Fair. And we could likely go back and forth over the proper size entity to assess what is a net drain. Is it just me? My community? My state?
When I think about large federal subsidies, I think about things handed out at the state level like federal DOT money, which makes me very much dependent on the federal government to subsidize my state, despite my contributions, or I'd be forced to live somewhere that has enough money to build/maintain its own roads. Federal subsidies keep me in a state that would otherwise be untenable to live in for me. I have the means to move and likely find a job elsewhere, so it's less foreboding for me, but it is still a reality.
He actually eliminated several write offs in his legislation.
He’s on record with reducing the IRS. We should.
He’s on record to simplify the tax code. We should.
simplifying the tax code would require less IRS workers and less need to use an accountant.
It’s insane that you need an accountant to pay your taxes as a normal W2 employee. INSANE!
If you have a tax cut to people making up to 400,000 or even 500,000 or 600,000 I bet they’d spend more money which would benefit society.
I've used TurboTax as both a business owner getting a schedule K and as a W2 employee. I would say "successfully" as in it seems to work and no three letter federal entities call me. Am I missing the boat on not having an accountant?
I don't think that people in the $400k+ range correlate their spending to their tax burden, but I could be wrong. I've previously admitted I may be too dumb to use an accountant...
Home ownership has always been promoted by both sides of the aisle as positive and contributory to a more stable and vibrant society. Interest deduction promotes home ownership through the tax savings. It's not an absolute or a flex against non homeowners but kids who grow up in a single family home outperform those who do not. I happened to grow up in a 900 sq. ft. Home and my parents did all they could to keep us in it.
I'll say this too....college may be more affordable to those in poverty than anybody except the wealthy. Of course it requires awareness of Financial aide programs and qualifying grades; this is where our public schools fail us in certain areas.
Lastly, I'm sure we have some mortgage people on here. If you have good credit and you are within a certain income range you automatically qualify for a FHA loan which is virtually no down payment.
Despite what a large group of people want you to believe, and God only knows why, if you have a Will in this country there is a way. It may be harder for some than others and we can argue over the reasons for that but there is absolutely a way. I think it's offensive to program people that there isn't. Sorry for the rant****
Fiscal responsibility for either side no longer exists. If it was a tough sale to GenX and millennials it stands no chance with the current generation.
Tax attorneys and accountants love the complexity which is the real reason consumption tax will never gain traction. People with money love to spend it but people with money don't like to pay more in taxes than they THINK they should pay. Just follow the money.
Most Schedule C, Schedule E, LLCs and S-corps get it, with some exceptions. It’s the Qualified Business Income deduction. C corps don’t get it because they already have a low 21% tax rate.
He's "on record" with just about every side of every issue.
We absolutely should simplify the tax code, but should not reduce the IRS. That's one of those "feel good" measures that causes way more harm than good. Unless you like tax cheats. It's "defund the police" for tax law, except they're already defunded instead of massively over-funded.
The fact that the top tax bracket is under $1M so everyone down to $600k or whatever it is gets lumped in with multi millionaires and billionaires tells you all you need to know about how F'd up our so called progressive tax brackets are.
Personally, I could be wrong as S, I think the middle class has grown but the way we define it has not. This would be similar to the earlier discussion in this thread about not adjusting the capital gains exemption amount when selling your house.
It will happen, or there will be a revolution. I am not laying bets on whether the rich are wise enough to head off the latter by a tiny taxation of themselves. Historically, they often are not.
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I’m not exactly sure what all you guys are arguing about but in regards to social security, it would be a disaster to just stop that.
There is really no debate that the quality of life in this country is better post social security. I didn’t realize there were people out there that just wanted to get rid of social security.
Libertarianism is a fantasy. There's no libertarian paradise anywhere on the planet. I used to be a libertarian at State, man did it make sense to me at the time but I think it was really because I didn't want to go to jail for smoking weed. Freedom. It's natural, you fascist.
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I work with business owners all day long and have for years. Large to small businesses. I’ve never once heard a business owner say he’s not investing in his business and growing profits because he does not want to pay more taxes. Same for individuals. No one would turn down a raise because it means more taxes.
The businesses I work with have the same growth goals pre and post the tax trump cuts. Our tax code gives businesses incredible tax advantages to invest in the future of their business. No doubt anyone paying taxes would prefer less taxes but I have seen no evidence that a business will invest more or less in different tax situations… it’s simply a business expense.
Why should we reduce the IRS? As it stands, there are too few to handle all the improper tax claims. Reducing the IRS would just increase the number of people who get away with rax fraud.
Sure- simplify the tax code.
Simplifying the tax code could mean a reduction in IRS agents, or it could mean the current number is finally closer to what is needed.
As for needing an accountant to file taxes if you are just a w2 worker...that doesn't require an accountant. You can certainly CHOOSE to use one, but it's not necessary.
No need for over the top and clearly BS claims.
Instead, we complicate the tax code even more and defund the IRS to the point they can't even process routine returns and amended returns in a timely manner or answer their own phones.
As “they” say: if we keep doing what we’ve been doing, we’ll keep getting what we’ve been getting.
It is funny to me that so many hardcore conservatives want to cut jobs, whether it be in the IRS, consolidation of school districts, etc.
But yeah, I'm also trying to figure out why we should cut the IRS. And further, during my time in Republican Rankin, it's amazing how many tax cheats I've come across, from supposedly moral people. I've been involved in small business and formations of non-profits, and it never ceases to amaze how many are willing to cheat the system based on the 'gubmint needs to say out my bizness' and 'gubmint trying to cheat me' mindsets. They are either delusional, repeating this to themselves, are they know better and are just shltty people. I know of a couple of examples of both. But they'll sure let you know how 'good' they are on facebook.
We do unnecessarily complicate the tax code, but to the extent the IRS can't process routine returns and amended returns in a timely manner, it's because they don't prioritize it. It's basically the washington monument strategy in action. They're not going to prioritize the basics. THey're going to prioritize what they want and let taxpayers bear the brunt of not having money left over for the basics.
Politicizing the IRS was an incredible own goal for the left. It's obviously nice for them to have that political asset and to have different rules in things like non-profits engaged in politics, but it just makes it damn near impossible to fund it properly.
It's not hard to figure out. The big money boys that fund the GOP want to neuter the IRS so that they can cheat more on their taxes. So their lapdog media pushes that agenda, and the puppets dance to their strings. Follow the money, as the cons like to say.
Can you provide background and context for this claim? I cant say I really follow the IRS too closely, so maybe I am missing something big here, but when I think about politicization of the IRS, I think of the Republican's reversal of hiring more agents, which was about 1.5 years ago, and continued for a few months.
Oh, and there was a hilariously bad commercial where a bunch of men in dark suits and sunglasses were like walking out of the corn ala Field of Dreams, and the commercial hinted that they were 'coming for you'. I think that was how the commercial went. It was so dumb that I cant be sure.
Its hilarious to me that Republicans claim funding that would make it easier to collect taxes people legally owe, is 'working against you'. I mean...what?!? Where the 17 is the respect for law and order? Why the 17 wouldnt they support ensuring people follow laws?
And lets not forget that the funding was for a 10 year timeframe and was not just for 'evil agents' as it was also for operations, modernization, help staffing, and more. Oh, and much of the boogeyman number of hires cited was to just replace staff that retires/leaves.
This sure seems like politicization of the IRS. Are you saying it is just a response to prior politicization?
Yes. Trust and credibility are extremely valuable assets to a civil society. Unfortunately there are lots of morons spread across government agencies and in politics that don't understand that.
Look, one day when you want to get your money out of your house, be sure your insurance is where it needs to be and go to work with a big thing of bacon frying on high with some dry dish rags close by. The bacon is a big loss, I know.
In my experience with government employees, not many of them, especially IRS workers, are what I would classify as morons. That is a big fallacy. Maybe the politicians, because they do not have knowledge of all the things they have power over.
Now, it certainly can be hard to get in touch with different people from time to time.
He's got nothin, but give him credit, he's not going to let that stop him.
Is this an actual attempt at responding to my request and post?
You completely missed the point. The taxes are one thing, but the net of what they have left over doesn't allow them to downsize to an area they'd want to live.
Boomers are not moving out of their big homes. Here’s why
After 33 years and four children, Baby Boomers Marta and Octavian Dragos say they feel trapped in what was once their dream home in El Cerrito, California.finance.yahoo.com
Are you kidding me? Buy a house for 100K in the 90s, sell it for 2M and complaining about paying 450K in taxes? Even with realtor fees and all that, that's a 9% investment over 30 years. And now you want more, just because you want to take advantage of big numbers?
The entitlement has reached a new level. I'm supposed to feel sorry for them for having to stay where they are?
All this helps contribute to the overall housing shortage as cost of living goes higher, largely from the cost of housing.
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