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Tue Apr 14, 2020, 03:46 PM

Great News for the Millionaires. Not so good for the rest of us.


Snip-

More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.

The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as “pass-through” entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.
Suspending the limitation will cost taxpayers about $90 billion in 2020 alone, part of a set of tax changes that will add close to $170 billion to the national deficit over the next 10 years, according to the Joint Committee on Taxation (JCT), the nonpartisan congressional body.

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On a personal note: My husband and I just filed our tax returns. Everything's the same as last year. Everything. Yet we paid more tax this year. The idea of retired people on fixed incomes supplementing corporate profits and CEO pay does not make for warm fuzzy feelings. I'd rather pay extra tax dollars to feed hungry children, renew & replace out of date and vulnerable infrastructure, take care of our veterans, the list goes on and on.

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Reply Great News for the Millionaires. Not so good for the rest of us. (Original post)
NoRoadUntravelled Apr 2020 OP
NoRoadUntravelled Apr 2020 #1
rufus dog Apr 2020 #2
NoRoadUntravelled Apr 2020 #5
Newest Reality Apr 2020 #3
FakeNoose Apr 2020 #4


Response to NoRoadUntravelled (Original post)

Tue Apr 14, 2020, 03:53 PM

2. Where do you live?

 

Did you get hit with the cap on State and Local taxes?

Very common in states with high real estate values (blue coastal states) and states with no state taxes but high property taxes. (Texas)

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Response to rufus dog (Reply #2)

Tue Apr 14, 2020, 04:13 PM

5. Not the cap on State and Local taxes.

No coastlines here in the desert. We live on social security and a military pension, a modest but comfortable - for us- lifestyle. Turns out the extra tax this year more than offsets the cost of living increase in Social Security benefits.

I'm thinking it has to do with the big overhaul tax scam. But, I feel like I shouldn't complain. All of our taxes will be going up soon enough as this administration works really hard to find ways to enrich itself and its many corrupt cronies even as our national tragedy unfolds. Every failed effort, every bumbled solution, every ill-thought out plan they come up with includes a way for them to make more $$$ for themselves. Every contract granted, every attempt by the ill qualified yet glorified son-in-law of the Lyin' King is hurting us. Remember, as the virus took hold here in the US, tRump was still trying to cut the SNAP program.

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Response to NoRoadUntravelled (Original post)

Tue Apr 14, 2020, 03:54 PM

3. Oh darn!

What a bad time not to be a millionaire or billionaire! Foo! I mean, them that has gets--that's the law, right? So much to exploit and the benefits are amazingly incredibly generously bigly big. It's like getting endless thick slices of more on your huge mound of too much already and then some.

Well, it's our faults! You just work hard, keep at it, do the right thing and persist and then, in no time, you are in the club and reaping millions of times what you sowed as other people are legally obliged to increase the copious wealth in your humongous coffers.

Winning!

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Response to NoRoadUntravelled (Original post)

Tue Apr 14, 2020, 03:59 PM

4. Thank dog for the trickle down

If it weren't for the trickle down, we'd get nothing at all.
Oh wait, ....



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