Another very smart guy.
I guess taxes are essentially penalties for the middle class.
Jared Kushner, No Tax Boy Wonder
- Thread starter sglowrider
- Start date
Another very smart guy.
I guess taxes are essentially penalties for the middle class.
Ask Al Sharpton
Merely replying to that statement and giving you a source to help answer your question.
John Kerry loves taxes unless his name is on the bill.
What a stupid tweet. What was his income?
I am guessing that it's not $7.25 an hour when you are worth a few hundred million. And besides thats not the point.
Depreciation of real estate property is the backbone of all real estate investing strategy....anywhere from a mom and pop with one rental house, to a huge developer.
If he ever sells any of those properties he's going to have to recapture all of those depreciation expenses, and be taxed on them.
Stupid story by NYT.
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The NYT demonstrated its fundamental ignorance about the tax code with its Trump's dad story, and then it doubled down with this story. Or maybe the NYT understands taxes and is just publishing biased stories knowing that millions of people will buy it.
More likely they thought thousands of ignorant, emotional, spammers would pick it up and repost it everywhere. Extremely stupid tweet ....extremely.
Actually it's exactly the point. Wealth isn't taxed although that will probably change with the leftist attitudes
<showing ignorance>
So, they're in essence trading current income tax liability for future capital gains tax liability? Is that the gist of it?
</showing ignorance>
I sometimes wonder how democracy works in the US. It's amazing how people are so partisan and ignorant, and proud of it!Says the crowd that is spoon fed by Fox News and Rush L.
Maybe. They might trade the appreciated property for other property in like kind exchanges, avoid capital gains with that transaction, eventually die with the property, the heirs get a stepped up basis and capital gains tax might never be paid. That’s all perfectly legal. This is some of what we get with all the high-priced political fund raisers.
Deprecation recapture is taxed at at a higher rate than cap gains. For most things it's taxed at ordinary income tax rates. Real estate is at a 25% rate on recapture.
What's important to note....it is a legal requirement that you take the deprecation expense deduction....you cannot choose to just NOT depreciate property on your taxes.
https://www.kiplinger.com/article/i...on-tax-break-has-real-estate-consequence.html
They have people that understand. They know folks like the OP will eat it up and scream, so the hell with explaining. On top of that if his CPA gave up his information he should lose his license. If an IRS employee or state department of revenue employee did it they should lose their jobs and be prosecuted.
You can now have cost segregation studies done to break down the cost of the components of buildings and write off 100% in year one.
https://costseg.com/cost-segregation/
Edit, there is a day of reckoning with depreciation. I have a client selling his timber and sawmill business this year. He’s screaming bloody murder because of the taxes. I warned him over the years that all the taxes he wasn’t paying because of depreciation would catch him when he sold the business. Most of his assets are fully depreciated and the sales proceeds from the assets being sold are pretty much 100% taxable. Depreciation isn’t a permanent tax savings. It only defers taxes.
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That's why most businesses are valued off of EBITDA. Still, hard to be that upset at selling a business net of tax for a nice sum of money.
You must have hots for Sen. Warren. Why else does her name appear on your unrelated post?
I must go to a church today to pray for your soul!
And
And Mark Cuban: "I have absolutely nothing to hide, and if I ever run for president you will have to take my word for it and I hope every candidate for office says the exact same thing," Cuban said. "Read my words: My taxes are none of your business."
I’m pointing out that ALL rich people take advantage of every loophole in the book. ALL of them, regardless of their politics.
What I dont understand is that everyone here seems to support a rigged regressive tax systems and yet I dont think any of you are beneficiaries of it. May dream of being a beneficiary, maybe.
Its only the enlightened super-rich who have realised how stupid the system is and have pledged to give most of it away.
The super rich, like large established companies basically like to preserve their status quo and keep as much of their money. They, unlike smaller companies, do not get more innovative with what they do and contribute to society. Like large companies, some recognises it and buy up smaller companies who offer innovative products.
Part of the income inequality problem manifests in poor infrastructure, high government debts poor state education system and this stigmatisation of income taxes -- all of which benefits the rich and the progressive tax structure only force the middle class to cough out, even more, i.e. you guys.
This isnt sustainable -- we have massive income inequality which will only lead to more problems in the future including social upheavals.
What is needed is to get 'smart governments' to make better use of taxes. Most Scandinavians have no problems paying taxes simply because of the transparency and obvious benefits of their uses and the relatively well-run governments.
Its only the enlightened super-rich who have realised how stupid the system is and have pledged to give most of it away.
The super rich, like large established companies basically like to preserve their status quo and keep as much of their money. They, unlike smaller companies, do not get more innovative with what they do and contribute to society. Like large companies, some recognises it and buy up smaller companies who offer innovative products.
Part of the income inequality problem manifests in poor infrastructure, high government debts poor state education system and this stigmatisation of income taxes -- all of which benefits the rich and the progressive tax structure only force the middle class to cough out, even more, i.e. you guys.
This isnt sustainable -- we have massive income inequality which will only lead to more problems in the future including social upheavals.
What is needed is to get 'smart governments' to make better use of taxes. Most Scandinavians have no problems paying taxes simply because of the transparency and obvious benefits of their uses and the relatively well-run governments.
Its just not sustainable.
Its been lobbied and rigged. So middle-class folks of all political persuasions ought to get together and fix it. You are paying for the rich folks to enjoy the benefits of society.
I totally agree. How do we fix it? We need to get the money out of politics for one thing. Good luck with that. Term limits. A third party would help. I would like to see people like Flake and Corker and other moderates start a new Independent Party.
And yet every other candidate for president was rich and showed their taxes. And with Trump! We are talking tax fraud, not loopholes.
Nope.
The top 3% of total AGI pays about 50% of the income tax. The top 50% of AGI pays almost 100% of the income tax. The top 1% of the AGI is pushing 40% by itself. How much more progressive do you want the tax code?
But that's the point -- people like Jared take advantage of the code to Adjust their Gross Income down to nothing.
Folks who have the most to lose are being subsidised by folks who have a lot less. That's just plain wrong.
Since you always complain about my charts, did you notice how your chart has .1%, 1%, and 10% breakdowns listed. I believe from previous discussions, that renders the chart invalid.Nope.
The top 3% of total AGI pays about 50% of the income tax. The top 50% of AGI pays almost 100% of the income tax. The top 1% of the AGI is pushing 40% by itself. How much more progressive do you want the tax code?
I noticed that. That problem really makes no difference with this chart since the chart isn't created to show a relationship the brackets have with each other. Instead the chart is a bar graph which separately illustrates each bracket's individual share of income and the corresponding income tax burden. The same data could have been easily been presented in a table.
Good catch though.
I believe AGI is taken BEFORE deductions are applied. Applying various deductions to AGI gives you Taxable Income. Since this graph is about AGI, I don't think your point is valid since Jarad uses an accelerated depreciation deduction which is taken after AGI is determined.
For an individual taxpayer, I believe alimony and IRA contributions are used to calculate AGI. Maybe Stollcpa can enlighten us.
You very well may be correct. I will stand corrected, of course. As a lower class working class hero, I'm definitely out of my element.
Grin. I consider everyone of one class here; except for the arrogant a-holes who think they are in a different class.
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