Davin News Server

On Wed, 30 Jul 2025 20:40:53 -0000 (UTC), pothead wrote:
>On 2025-07-30, -hh <recscuba_google@huntzinger.com> wrote:
<snip>
>> Similarly, the Institute on Taxation and Economic Policy's estimate is 
>> that the average tax cut for the top 1% is ~$66K:
>>
>><https://www.cnbc.com/2025/07/03/trump-big-beautiful-bill-gives-top-1percent-biggest-tax-cuts-in-these-states-.html>
>>
>><https://www.usatoday.com/story/graphics/2025/07/01/winners-losers-trump-big-tax-bill-senate/84391469007/>
>>
>> Plus its been noted that in some Red states (eg, WY, TX, SD), this can 
>> exceed $100K.
>>
>> TL;DR: top 5% is getting net income gains of +4%, which is twice what 
>> the best case savings is for bottom 50% (best +1.7%; -10% worst case).
>>
>>
>> Plus for the wealthiest, especially private business owners:
>>
>> * Corporate SALT deductions:  prior limit on deductions is removed;
>>
>> * Section 199A 20% deduction on Qualified Business Income: permanent;
>>
>> * Pass-through entity tax (PTET) deductions: restrictions removed;
>>
>> * QSBS exclusion cap for stock raised to $15M & expanded what qualifies 
>> by 50% to $75M;
>>
>> * New 100% expensing provision on some commercial real property which 
>> previously required using a 39 year depreciation schedule;
>>
>> * Estate Tax exemption made permanent, plus increased to be $15M per 
>> individual ($30M/couple);
>>
>> plus others...
>
>The top 1% or earners pay the majority of taxes.
>Much of the above is related to business deductions, not personal.

You don't know squat about taxes, do you?  Of COURSE they're personal.
Every mom and pop with a laundromat or an Ebay account is using those
deductions.  The QBI is an instant 20% discount and all you have to do
to qualify is have "business income".  In short, you get a 20%
deduction if you're self employed.  Why don't employees get a 20%
deduction?

Because business needs wage slaves.

>Poor people don't create jobs.

No, they end up working for folks who pay less income tax than they
do. (final effective rate)

>However, I do and always have, agreed that the tax structure is biased 
>towards the rich.
>My solution is to eliminate loopholes like incorporating in Ireland.

That's not going to happen with Republicans in charge although, to be
fair, it's not any more likely with Democrats either.

>As a side issue regarding capital gains tax.
>Despite what you might believe, there are a lot of farmers out where I live.
>Their land has been in the family for generations, some going back to the 1600's.
>Why should capital gains tax be collected each time the land owner dies and
>the property is transferred to another family member?
>These people are proud people and in general are property rich and penny poor.
>They could easily sell the land and be extremely wealthy but they don't.

Cap gains applies only if the inherited land is sold.  If they don't
sell it, there is no cap gain.

Estate tax applies but only if the estate is worth more than 14M  or
27M(MFJ).

>Here's another one, this time average folks.
>I buy a new car.
>I pay sales tax on it.
>I sell it to someone.
>They pay sales tax on it and so does every other person who might
>purchase the car.

That's a state issue.  There is no sales tax on private sales unless
your state specifically says so.  If you don't like it, move to
another state.  In Florida, "what do you want to put down as the
price" is a routine question when closing a private sale in order to
reduce the tax.  It's not uncommon for cars to be transferred as
"gifts" for the same reason.

Otoh, Florida has no income tax.  Got to get revenue from somewhere.

>Is this fair?
>Of course not.

Is it fair for a billionare to have a lower final effective tax rate
than his driver?

>BTW, Trump is allowing interest deductions on the purchase of American cars.
>He is however wrong when he claims it's the first time it's been done.
>Maybe the first time for American cars only but I remember way back when
>where credit card, loan interest was tax deductible so he's wrong in this case.
>Still it's another benefit for the middle class.
>
>So I'm still not seeing this BBB supports billionaires and screws the rest of
>us claim.

You will.
-- 
Superman is an illegal immigrant!

8647