Democrats want to tax your home, your retirement, your everything

With $4.4 trillion in revenue, US could manage a sane budget, but Democrats want to tax and spend

The Democrats are telegraphing their next financial move: they want to tax your wealth. From provisions of President Joe Biden’s budget proposal to Massachusetts Democrat Senator Elizabeth Warren’s re-proposal of a wealth tax only for the wealthiest, it’s clear that we need to remain vigilant against this nefarious obsession. 

Last fiscal year, the U.S. took in as "revenue" (primarily in taxes) north of $4.4 trillion. This is a staggering amount that is hard to get your head wrapped around, so let me provide some context. This amount is more than the entire GDP of every single country on earth other than the U.S. and China.   

https://www.foxnews.com/opinion/democrat...everything

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You know trouble is right around the corner when your best friend tells you to hold his beer!!

Biden wants to tax everyone except his own family..

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I'm totally against a wealth tax. It's a horrible, un-workable, and unfair idea. I'm too lazy to list all my reasons, but I want to go on the record- I am totally opposed to a wealth tax.

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Money is fake to these people at this point. Taxing is a way to control the general population, and the more access they have to punish you for getting out of line, the better. This is doubly so for up-and-coming business or wealth that is not coopting the proper narrative. The rich will never have to worry about this.

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Money is fake to these people at this point. Taxing is a way to control the general population, and the more access they have to punish you for getting out of line, the better. This is doubly so for up-and-coming business or wealth that is not coopting the proper narrative. The rich will never have to worry about this.

Could've stopped there my friend.

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Fair enough.

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Money is fake to these people at this point. Taxing is a way to control the general population, and the more access they have to punish you for getting out of line, the better. This is doubly so for up-and-coming business or wealth that is not coopting the proper narrative. The rich will never have to worry about this.

Could've stopped there my friend.

Money is fake?  No, it's not.

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I am also totally opposed to a wealth tax.

If they really want to extract more revenue from the rich, they can clean up loopholes in the income tax such as how "carried interest" and "pass through" income are treated. Let income be income.

And I say that as someone who might have to pay more taxes if they did that.

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My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

I am also totally opposed to a wealth tax.

If they really want to extract more revenue from the rich, they can clean up loopholes in the income tax such as how "carried interest" and "pass through" income are treated. Let income be income.

And I say that as someone who might have to pay more taxes if they did that.

What do you mean about pass-through income?   As far as I know, pass through income is taxed.  For example, an S-corporation passes its income through to the shareholders, and they pay income tax on it, whether they receive any money or not.  So the shareholders are paying income tax on behalf of the corporation.  

Is there a situation where pass through income is not taxed?

If they want to extract more revenue from the rich, the best way to do that would be with a consumption tax.

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I am also totally opposed to a wealth tax.

If they really want to extract more revenue from the rich, they can clean up loopholes in the income tax such as how "carried interest" and "pass through" income are treated. Let income be income.

And I say that as someone who might have to pay more taxes if they did that.

What do you mean about pass-through income?   As far as I know, pass through income is taxed.  For example, an S-corporation passes its income through to the shareholders, and they pay income tax on it, whether they receive any money or not.  So the shareholders are paying income tax on behalf of the corporation.  

Is there a situation where pass through income is not taxed?

If they want to extract more revenue from the rich, the best way to do that would be with a consumption tax.

Pass through income is taxed but it gets a special deduction first. The deduction is not needed in my opinion. It should be subject to the same deductions as ordinary income.

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My fellow southpaw Mark Brunell will probably always be my favorite Jaguar.

Could've stopped there my friend.

Money is fake?  No, it's not.

Oh it certainly is. I have a 300 billion dollar Zimbabwe note that demonstrates exactly how fake the whole system really is. A fake system built entirely on the faith expression that one piece of paper is more valuable than a different piece of the same paper.

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Money is fake?  No, it's not.

Oh it certainly is. I have a 300 billion dollar Zimbabwe note that demonstrates exactly how fake the whole system really is. A fake system built entirely on the faith expression that one piece of paper is more valuable than a different piece of the same paper.

Then it's amazing that I can use that fake stuff to buy real stuff.  (I assume my car is real, and my house is real.)

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Sooner or later we're all going to be on somewhat of a National Credit base anyway..

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Oh it certainly is. I have a 300 billion dollar Zimbabwe note that demonstrates exactly how fake the whole system really is. A fake system built entirely on the faith expression that one piece of paper is more valuable than a different piece of the same paper.

Then it's amazing that I can use that fake stuff to buy real stuff.  (I assume my car is real, and my house is real.)

Exactly, both you and the other believe the paper has value, and it does, for now. But it had a little less value every day. Now ask yourself this, why are they working so hard to eliminate that paper from society? More importantly, how much paper did you hand the guy you bought your house and car from?

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“An empty vessel makes the loudest sound, so they that have the least wit are the greatest babblers.”. - Plato

Then it's amazing that I can use that fake stuff to buy real stuff.  (I assume my car is real, and my house is real.)

Exactly, both you and the other believe the paper has value, and it does, for now. But it had a little less value every day. Now ask yourself this, why are they working so hard to eliminate that paper from society? More importantly, how much paper did you hand the guy you bought your house and car from?

I guess I should have asked this before now, but I was assuming you and I had the same definition of "fake."

What do you mean when you say money is "fake?"  Because as far as I can tell, it's quite real.

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What do you mean about pass-through income?   As far as I know, pass through income is taxed.  For example, an S-corporation passes its income through to the shareholders, and they pay income tax on it, whether they receive any money or not.  So the shareholders are paying income tax on behalf of the corporation.  

Is there a situation where pass through income is not taxed?

If they want to extract more revenue from the rich, the best way to do that would be with a consumption tax.

Pass through income is taxed but it gets a special deduction first. The deduction is not needed in my opinion. It should be subject to the same deductions as ordinary income.

What "special deduction" are you talking about?

A regular "C" Corp files a Form 1120 as their income tax return and an "S" Corp (pass thru entity) files a Form 1120-S.
Both forms report total income at the top.
Both forms report "ordinary and necessary" expenses in the middle.
And both forms subtract expenses from income to arrive at Net Income.

The C Corp then pays income tax on the Net Income at the more favorable Corporate tax rate NOT the Ordinary Income tax rate.
The S Corp (ie, the pass thru entity) takes the Net Income and issues Forms K-1 to the shareholders.
The recipients of Form K-1 then report the amount on Page 2 of their individual income tax return Form 1040 Sch E where the proceeds are then taxed at the Ordinary Income tax rates and not the more favorable Corporate tax rate.

(Partnerships which are treated as pass thru entities work similarly to "S" Corps except they use a Form 1065 instead of Form 1120-S.  But they still issue K-1 and the partners then report the K-1 income on Page 2 of Form 1040 Sch E where it is taxed as Ordinary income.)

So contrary to what you said pass thru income IS taxed as Ordinary income and not at the more favorable Corporate tax rate nor at the more favorable Capital Gains tax rate.

Where is this "special deduction" that you mentioned?  Is it a line on Form 1120-S?  Is it a line on Form 1040 Sch E?

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Could've stopped there my friend.

Money is fake?  No, it's not.

It is in every sense of the word.

Money doesn't take minerals from the land and transform them into things we use. Money is a lie fabricated to control us.

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Pass through income is taxed but it gets a special deduction first. The deduction is not needed in my opinion. It should be subject to the same deductions as ordinary income.

What "special deduction" are you talking about?

A regular "C" Corp files a Form 1120 as their income tax return and an "S" Corp (pass thru entity) files a Form 1120-S.
Both forms report total income at the top.
Both forms report "ordinary and necessary" expenses in the middle.
And both forms subtract expenses from income to arrive at Net Income.

The C Corp then pays income tax on the Net Income at the more favorable Corporate tax rate NOT the Ordinary Income tax rate.
The S Corp (ie, the pass thru entity) takes the Net Income and issues Forms K-1 to the shareholders.
The recipients of Form K-1 then report the amount on Page 2 of their individual income tax return Form 1040 Sch E where the proceeds are then taxed at the Ordinary Income tax rates and not the more favorable Corporate tax rate.

(Partnerships which are treated as pass thru entities work similarly to "S" Corps except they use a Form 1065 instead of Form 1120-S.  But they still issue K-1 and the partners then report the K-1 income on Page 2 of Form 1040 Sch E where it is taxed as Ordinary income.)

So contrary to what you said pass thru income IS taxed as Ordinary income and not at the more favorable Corporate tax rate nor at the more favorable Capital Gains tax rate.

Where is this "special deduction" that you mentioned?  Is it a line on Form 1120-S?  Is it a line on Form 1040 Sch E?

I think he's talking about the 20% deduction on "qualified business income" which is from the 2017 tax act.  Form 8995.

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Money is fake?  No, it's not.

It is in every sense of the word.

Money doesn't take minerals from the land and transform them into things we use. Money is a lie fabricated to control us.

If money is fake, why do you want more of it?

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It is in every sense of the word.

Money doesn't take minerals from the land and transform them into things we use. Money is a lie fabricated to control us.

If money is fake, why do you want more of it?

I seriously don't.

I want to destroy this [BLEEP] system. Want to join?

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