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re: Biden reportedly planning first major tax hike since 1993

Posted on 3/15/21 at 8:24 pm to
Posted by Centinel
Idaho
Member since Sep 2016
45919 posts
Posted on 3/15/21 at 8:24 pm to
quote:

Well Trump raised my taxes too so I’m used to it


How did he raise your taxes? Be specific.

Posted by squid_hunt
Baton Rouge
Member since Jan 2021
11272 posts
Posted on 3/15/21 at 8:26 pm to
quote:

unless they kill the filibuster.


You said it.
Posted by yellowfin
Coastal Bar
Member since May 2006
98937 posts
Posted on 3/15/21 at 8:26 pm to
Meals and entertainment deduction for one example
Posted by Centinel
Idaho
Member since Sep 2016
45919 posts
Posted on 3/15/21 at 8:32 pm to
quote:

Meals and entertainment deduction for one example


That's not raising your taxes.
Posted by yellowfin
Coastal Bar
Member since May 2006
98937 posts
Posted on 3/15/21 at 8:33 pm to
Less deductions doesn’t increase the amount of taxes you pay?
Posted by Penrod
Member since Jan 2011
55427 posts
Posted on 3/15/21 at 9:35 pm to
quote:

i have a hard time believing that wealthy CEOs just stored that money and swam in it

The money does not belong to the CEOs.
Posted by Tigersonfire
Pville
Member since Oct 2018
3027 posts
Posted on 3/15/21 at 11:03 pm to
quote:

Kinda how Obamacare was supposed to help all those unfortunate people without insurance right?


You mean the people that were already getting free healthcare?? Obamacare was a big frick you to the middle class. That’s all it ever was.
Posted by ZULU
Member since Sep 2009
1014 posts
Posted on 3/15/21 at 11:19 pm to
(no message)
Posted by ZULU
Member since Sep 2009
1014 posts
Posted on 3/15/21 at 11:24 pm to
Shocking news
Posted by CFFO
Houston, TX
Member since Jul 2005
348 posts
Posted on 3/15/21 at 11:27 pm to
I know exactly how it works and I would like to keep my $8k.
Posted by AllDayEveryDay
The Sticks
Member since Jun 2015
9723 posts
Posted on 3/15/21 at 11:30 pm to
He's the new Jimmy Carter.

We're fricked.
Posted by tLSU
Member since Oct 2007
8684 posts
Posted on 3/15/21 at 11:44 pm to
quote:

Meals and entertainment deduction for one example


Totally clueless. Please enlighten us what about your meals deductions changed under Trump?
This post was edited on 3/15/21 at 11:48 pm
Posted by olgoi khorkhoi
priapism survivor
Member since May 2011
16761 posts
Posted on 3/16/21 at 12:09 am to
quote:

raising the income tax rate on individuals earning more than $400,000.



Yeah, no. By the time AOC, Schumer crew are done with him, it will be anyone making over $150k.
Posted by mirzam
Baton Rouge
Member since Dec 2011
91 posts
Posted on 3/16/21 at 6:07 am to
Good
Posted by mirzam
Baton Rouge
Member since Dec 2011
91 posts
Posted on 3/16/21 at 6:09 am to
Wrong board
Posted by kywildcatfanone
Wildcat Country!
Member since Oct 2012
139339 posts
Posted on 3/16/21 at 6:13 am to
quote:

Meals and entertainment deduction for one example



Posted by elprez00
Hammond, LA
Member since Sep 2011
31550 posts
Posted on 3/16/21 at 6:20 am to
quote:

Meals and entertainment deduction for one example


Trump increased the standard deduction. Substantially. You don’t have to itemize all that crap and it saves a ton of time.

Speaking as someone that used to claim mileage and transportation expenses where I had to account for depreciation of my vehicle when I was in construction. The new standard deduction, even after all of those, is still significantly higher.
Posted by yellowfin
Coastal Bar
Member since May 2006
98937 posts
Posted on 3/16/21 at 6:26 am to
Meals and entertainment were not an itemized deduction

Meals are now 100% in 2021 though

ETA: I still itemize due to mortgage interest and property tax even with increased standard deduction
This post was edited on 3/16/21 at 6:29 am
Posted by yellowfin
Coastal Bar
Member since May 2006
98937 posts
Posted on 3/16/21 at 6:32 am to
quote:

Please enlighten us what about your meals deductions changed under Trump?



quote:

The 2017 TCJA generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation.



LINK
Posted by msu202020
Member since Feb 2011
4330 posts
Posted on 3/16/21 at 6:37 am to
quote:

Government doesn't have a profit motive like private entities.


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