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re: Confusion on how bbb helps high earners?
Posted on 7/4/25 at 5:46 pm to fareplay
Posted on 7/4/25 at 5:46 pm to fareplay
quote:
That’s truly fricked, everything to protect old people wealth but not help new people develop wealth
Wut? It literally helps younger people who inherit a wealthy estate, also protects family farms and small/medium sized businesses. Estate tax has ruined these in the past because the value of the real estate/assetss is high but often there isn’t enough liquid cash to cover the tax so assets must be sold to pay the tax. So it kills generational wealth and leads to family farms and small businesses being sold to corporations.
There should be zero estate tax on any amount. All cash and assets in an estate have had taxes paid on it already. The only taxes paid by a heir should be any unpaid taxes owed by the deceased at time of death on the assets bequeathed to the heir.
4
Posted on 7/4/25 at 6:06 pm to deltaland
(no message)
This post was edited on 7/19/25 at 12:50 am
Posted on 7/4/25 at 7:04 pm to fareplay
another failed thread by foreplay. SHOCKED!
Posted on 7/4/25 at 7:34 pm to Mingo Was His NameO
quote:
SALT cap is definitely geared for high earners
Probably the biggest new effect. Salt cap will save me another 9k in taxes.
Otherwise it preserves/extends the tjca brackets as well as the QBI deduction which are all positives for high earners.
Posted on 7/4/25 at 9:58 pm to deltaland
quote:
There should be zero estate tax on any amount. All cash and assets in an estate have had taxes paid on it already. The only taxes paid by a heir should be any unpaid taxes owed by the deceased at time of death on the assets bequeathed to the heir.
while I generally agree with you on here, and I'm generally for the tax changes, you used a pretty broad stroke to say that all taxes have been paid on estates passed down
Taxes have not been paid on many things that wealth has accumulated. That the step up in basis - happens for stocks, homes, and land (the part I assume you're most worried about). I'm not trying to say there shouldn't be that step up or that I agree with how some families are taxed in large land transfers - just disagree that taxes have always "been paid" on an estate
Posted on 7/4/25 at 10:05 pm to fareplay
quote:
fareplay
Sorry you won't be able to write off your 600/mo electric bill
Posted on 7/4/25 at 10:08 pm to Puffoluffagus
quote:
Probably the biggest new effect. Salt cap will save me another 9k in taxes. Otherwise it preserves/extends the tjca brackets as well as the QBI deduction which are all positives for high earners.
I’m not sure what my final total will be but it will have to be better than owing a big chunk every year. I’ve had to take the standard deduction ever since 2018.
2024 I took the standard $29,200 and owed an additional $7500. That’s with my wife and I claiming zero and none.
If I’m doing the math right and depending on what we make it will be me keeping 10k to 12k more of my money
.This post was edited on 7/4/25 at 10:16 pm
Posted on 7/4/25 at 11:06 pm to Puffoluffagus
quote:any rudimentary calculations available for me get a ballpark idea?
Probably the biggest new effect. Salt cap will save me another 9k in taxes.
Posted on 7/5/25 at 6:03 am to deltaland
quote:
That’s truly fricked, everything to protect old people wealth but not help new people develop wealth
Wut? It literally helps younger people who inherit a wealthy estate, also protects family farms and small/medium sized businesses. Estate tax has ruined these in the past because the value of the real estate/assetss is high but often there isn’t enough liquid cash to cover the tax so assets must be sold to pay the tax. So it kills generational wealth and leads to family farms and small businesses being sold to corporations..
______________
So the estate tax exemption goes from 14M to 15M. How many of the young do you think this will impact.? You sound like a politician.
That’s truly fricked, everything to protect old people wealth but not help new people develop wealth
Wut? It literally helps younger people who inherit a wealthy estate, also protects family farms and small/medium sized businesses. Estate tax has ruined these in the past because the value of the real estate/assetss is high but often there isn’t enough liquid cash to cover the tax so assets must be sold to pay the tax. So it kills generational wealth and leads to family farms and small businesses being sold to corporations..
______________
So the estate tax exemption goes from 14M to 15M. How many of the young do you think this will impact.? You sound like a politician.
Posted on 7/5/25 at 6:29 am to TheOcean
quote:I get the drop in corporate tax exposure. But could you discuss this in terms of effects on overall tax liability, i.e., taking into account an individual's Corporate and Personal Income Tax exposure?
Yall need to read about the QBI deduction. That is the real big tax break for the high earners
Posted on 7/5/25 at 7:12 am to fareplay
quote:
fareplay
Posted on 7/5/25 at 8:50 am to SuperSaint
quote:
any rudimentary calculations available for me get a ballpark idea?
If you have your last tax return, you can look at the schedule A and see the state and local calculations. It'll show you what the deduction would have been without the 10k cap, you can take that number determine the difference in savings based on whatever you last tax bracket your money was being taxed in.
Posted on 7/5/25 at 9:02 am to NC_Tigah
quote:
But could you discuss this in terms of effects on overall tax liability, i.e., taking into account an individual's Corporate and Personal Income Tax exposure?
Anecdotally the qbi is a 40k deduction for me...i.e. at 12-15k tax break. With that said, if it went away, I would just change to a s corp instead and the tax savings would be fairly similar but just more administrative hassle(and yes s corp can take a qbi deduction as well but for me the qbi deduction would be more limited vs sole prop due to reasonable salary limitations)
Posted on 7/5/25 at 9:03 am to deltaland
quote:
ut? It literally helps younger people who inherit a wealthy estate, also protects family farms and small/medium sized businesses. Estate tax has ruined these in the past because the value of the real estate/assetss is high but often there isn’t enough liquid cash to cover the tax so assets must be sold to pay the tax. So it kills generational wealth and leads to family farms and small businesses being sold to corporations.
I see that you drank the kool-aid.
The truth is that the estate tax rules really don't help anyone new and certainly not the bullshite "1.2 billion farms in America" that Trump touted. The truth is that there are about 1.2 MILLION farms in America and the vast majority of them aren't valuable enough to bear estate taxes. His whole speech in Iowa about estate taxes in Iowa was pure and utter bullshite.
It's a law that helps the .02% of Americans and like the OT up to $12500 a year is just cookie crumbs and people are too dumb to realize that they are not the ones benfitting financially from the bill.
This bill benefits the rich far more than it benefits the working class.
This post was edited on 7/5/25 at 9:09 am
Posted on 7/5/25 at 7:49 pm to fareplay
Why are you concerned? I thought you were a janitor at a special needs school? Did you change careers, again??
Posted on 7/7/25 at 6:07 pm to SuperSaint
quote:
quote: Probably the biggest new effect. Salt cap will save me another 9k in taxes.
any rudimentary calculations available for me get a ballpark idea?
While I also will benefit from SALT going from a $10k cap up to a $40k cap; I still think the cap should be $0!!! if you want lower local taxes go talk to your local representative. I just never liked the feds subsidizing the states. But again, I’ll gladly take the extra write off .
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