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Started By
Message
re: No Democrats voted to give us a tax cut.
Posted on 11/17/17 at 11:32 am to doubleb
Posted on 11/17/17 at 11:32 am to doubleb
Why would they vote for a sham tax cut for the top earners.
The Senate's version would provide a 17.4% percent deduction for pass thru income. So if a top bracket tax payer arranges his finances to receive compensation through a pass thru entity, his tax rate falls from 39.6% to 22.2%.
That is a HUGE tax cut for the top earners. One of whom is Trump.
Trump reported a total salary of only $14,222 for running his reality TV show, “The Apprentice,” on his 2015 financial disclosure form. That’s less than a full-time salary for a worker earning the $7.25 federal minimum wage.
He took the rest as pass thru earnings. And now his tax rate from pass thru income will be 22.2%.
Trump was paid no salary by the more than 200 corporations that he owns and runs.
More pass thru income now Taxed at 22.2%.
And another thing. By getting income from a pass thru, high income taxpayers like Trump get around having to pay the 3.8% Medicare tax that should apply to high-income self-employed people. This negatively affects the medicare funding pool.
This tax cut is a fraud. Why would any dem vote for it?
The Senate's version would provide a 17.4% percent deduction for pass thru income. So if a top bracket tax payer arranges his finances to receive compensation through a pass thru entity, his tax rate falls from 39.6% to 22.2%.
That is a HUGE tax cut for the top earners. One of whom is Trump.
Trump reported a total salary of only $14,222 for running his reality TV show, “The Apprentice,” on his 2015 financial disclosure form. That’s less than a full-time salary for a worker earning the $7.25 federal minimum wage.
He took the rest as pass thru earnings. And now his tax rate from pass thru income will be 22.2%.
Trump was paid no salary by the more than 200 corporations that he owns and runs.
More pass thru income now Taxed at 22.2%.
And another thing. By getting income from a pass thru, high income taxpayers like Trump get around having to pay the 3.8% Medicare tax that should apply to high-income self-employed people. This negatively affects the medicare funding pool.
This tax cut is a fraud. Why would any dem vote for it?
6
Posted on 11/17/17 at 11:33 am to texridder
quote:
That is a HUGE tax cut for the top earners. One of whom is Trump.
It's a huge tax cut for me, and I'm not a top earner.
Why don't I deserve a tax cut?
Posted on 11/17/17 at 11:33 am to texridder
quote:
This tax cut is a fraud. Why would any dem vote for it?
ok there tex.
Posted on 11/17/17 at 11:47 am to texridder
quote:
The Senate's version would provide a 17.4% percent deduction for pass thru income. So if a top bracket tax payer arranges his finances to receive compensation through a pass thru entity, his tax rate falls from 39.6% to 22.2%.
quote:
That is a HUGE tax cut for the top earners. One of whom is Trump.
So if your statement is correct, then Trump is paying the US Govt. 39.6 % of his profits right now!!!!! I thought the Dems were telling us last year that Trump paid no taxes?
Come on man, you have to try harder than that. You can't say one year Trump paid nothing and next year he's giving himself a major tax cut.
Get outta here!!!!!
Posted on 11/17/17 at 11:52 am to texridder
quote:
The Senate's version would provide a 17.4% percent deduction for pass thru income
So you are just completely ignoring the tighter restrictions on pass-through income in the house version???
Is that because you are a partisan hack or just not familiar with them?
Posted on 11/17/17 at 12:54 pm to texridder
not a tax expert, but wouldn't these pass thru entities have to pay the self employment tax.
Posted on 11/17/17 at 1:24 pm to texridder
Did you see his 2005 tax return that Madcow said they had the smoking gun? Line 7 - wages was 998,599. Additionally on Schedule C, which is subject to self employment tax, it shows an amount of $ 42,395,804. Also, I have a flow thru entity that has real estate income which in general is passive income and not subject to SE tax......
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