Liz Truss and the miracle of tax cuts for the wealthy

LOL. Now you spout off after lying about what I said. You are so full of your own crap it is hilarious!

 

I literally don’t even speak your language. Almost none of your posts make any sense. Like this one. They are just general bluster.

 

So it’s important to you to carve $2,500 out of a family if 4 living on $25,000 vs raising that $2,500 from a family making $300,000? That’s evil and cruel. You are at least transparent.

 

You said “You claimed half of people don’t pay taxes and I called it a bullshit statistic.”

That is a lie.

I said…

“Well the percentage of people not paying income taxes will increase. Which is not a good thing when we already have almost half the country not paying income taxes.”

Like before when you went off topic. You are trying to deflect. Either you are a disingenuous liar (sadly what I believe). Or just a psychopath that can’t accept they were wrong and lied.

Almost half the country on average pays no federal income taxes. That is reality. Has been for decades. You took this off topic with a lie. I don’t expect you to own it.

But as long as the mods do not delete anything. It is here for everyone to see.

 

You are so obtuse.

No understanding of marginal and effective tax rates. No understanding that clearly I support high enough marginal rates for higher incomes to support proper government responsibilities.

But par for the course as my previous post showed. You just want to throw lies and hope people believe them.

Thankfully the record of this thread speaks for itself.

 

What is ironic is that the Bush and later tax cuts actually did take some out of tax liability range. Now they are complaining about it.

One can debate whether they should pay a tax. Most currently don’t have anything left over as it is. Regardless, the incremental tax that we would get from that group would be pretty negligible.

 

They do pay taxes. Some people erroneously believe the only taxes that matter are federal income taxes, but that is a silly position to take. The family budget doesn't care why that money isn't available to the family, only that it is gone. Evaluations of total tax burden always show that most everyone is paying taxes within a percent or two of their share of the total income.

 

Yes I understand that. But I am specifically talking about income taxes since that is what was brought up.

 

So no business deductions if someone runs a lawn mowing business as an LCC pass through or sole proprietor? No mileage deduction if you deliver pizza in your own car? No home office deduction if you run a small business from home? No day care deduction for parents that can’t afford to work and pay day care otherwise? No education deduction for poor parents trying to help their kids get through college?

 

They should have thought of that before getting born into a family with short bootstraps?

 

This is completely off topic.

Absolutely normal business expenses should be allowed via 1120 or schedule C to set one’s recognized income if a person owns a business.

They also get the unfortunate double FICA with paying employer and employee portions (S-Corp complicates this)…

 

Why is that off topic? Youve said repeatedly that the only deduction should be charitable deductions… now you’ve just green lighted one of the most abused deductions off all times, the pass through LCC deduction… the deduction Trump uses to pay zero taxes even though he claims to be a billionaire…

That was really my point of asking, to see how much you really believed in your “only one deduction” ideas…. Apparently not very much….

 

You are equating business expenses to filing taxes. That is a completely separate issue. You know this.

 

Personally I'd have no problem with this if it was universal across the board. No deductions for anything. If the government wants to encourage certain behaviors or pick winners/losers they can do it outside of a convoluted tax code

 

No I’m not. If knew anything about how it works, sole proprietors and pass through LLCs file a personal return, where their business expenses are taken off as … wait for it…. Deductions…

Again, I’m just pointing out how pliable you are with your whole “only one deduction” concept. “Only one deduction … except that one, allow that…and that one, too … and sure, why not that one…”

It actually seems like the only deductions you are serious about doing away with are the ones that help the poor… just like the Bible teaches…

 

For those who are just tuning in….to reality….life ain’t fair.
So difficult for libbies to understand for some reason.

 

I agree that its complicated mess, But if you do away with business deductions you create a disparity between C corps and most other types of businesses… It would pretty much suck to have to pay personal income tax on your business revenue rather than your profits. Imagine trying to start a business where you spent $100,000 launching it, but only made $40,000 your first year, for a loss of $60,000, but then owe taxes on your $40,000. Or an established business with low margins, where you have $800,000 in expenses and $1,000,000 in revenue, but then owe personal taxes on the $1,000,000.

 

As an owner of multiple S corps I get that. It would involve a complete overhaul of our tax system, which I don't think would ever happen. But as is I think is a major problem for wealth inequality in this country. Tax codes that favor the rich.

 

Your ad hominem is cute.

But deductions for filing taxes and business expenses on a schedule C or 1120 are completely different.

 

That was my point. You don't really want to do away with all deductions. I mean, just to be clear, you do want to allow LCC pass through and all those associated deductions to remain, that allows people to blur the lines between personal income and expenses, and business income and expenses, right?