HDRider
Well-known member
Every time a dollar turns it is taxed, but not on the same person.
Tax Reform
- Thread starter Son of Butch
- Start date
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Caustic Burno
Well-known member
HDRider":36ouz6x3 said:
Rider in Texas we understand sales tax.
There is no income tax just sales tax.
If you make a million bucks and only spend 100k that is all you pay State taxes on.
I like that a lot better than taxing what I make.
HDRider
Well-known member
CB you don't have to be from Texas to understand sales tax.
cow pollinater
Well-known member
Real tax reform/simplification won't ever happen. To many jobs in both the private and public sector would be lost if it were made simple and no politician wants that on their record. They'd rather leave it as a mess that takes hours and hours to sort through.
HDRider":30pb7xgm said:
So let's say you and I have a C Corp. The corporation will pay the corporate tax rate on any profit (1st).
Then when you and I take decide to pay dividends on our shares we would personally pay taxes on that money, again (2nd).
Now, let's say in spite of all that taxation we are each able to have a net worth of $10 million dollars from our C-corp when we die. The government will tax our heir(s) every thing over $5.49 million (3rd).
So actually that same dollar could be taxed 3 times.
I don't see how any one in agriculture would not be for Trumps tax plans. He wants to eliminate the death tax. That is a huge killer of family farms and ranches. That alone is enough reason to back his plans.
When every one blames the kids for selling off daddy's land remember some off them are forced to just to pay the taxes.
HDRider
Well-known member
B23 You did better than I expected, but you still missed my point. I said a dollar is taxed every time it turns.
I asked for an example where one person is taxed twice on the same dollar.
This is all debating the number of angels on the head of a pin.
As many have said, and sadly I agree, we will not see substantial change in our tax system. Too many people rely on how it is now, like deducting big property tax bills. How fair is it to pull the rug out from under them? They pay, and pay, then we ask they pay more..
A big change will take one of two things, guts, or a calamity. We know politicians have no guts.
I asked for an example where one person is taxed twice on the same dollar.
This is all debating the number of angels on the head of a pin.
As many have said, and sadly I agree, we will not see substantial change in our tax system. Too many people rely on how it is now, like deducting big property tax bills. How fair is it to pull the rug out from under them? They pay, and pay, then we ask they pay more..
A big change will take one of two things, guts, or a calamity. We know politicians have no guts.
HDRider":3o5rlcyg said:
No one would be pulling the rug out. Your assuming they would pay more.
I can understand saying the estate tax has changed hands but not the corporate tax. That is the share holders money. Dividends are just that person pulling money out of their business. They don't tax llcs or s-corps twice like that.
HDRider
Well-known member
I do agree that dividends are taxed twice.
TexasBred
Well-known member
Corporate profits twice....dividends only once.HDRider":cp1ne4h1 said:
Craig Miller
Well-known member
Brute 23":2co0kwxe said:HDRider":2co0kwxe said:
So let's say you and I have a C Corp. The corporation will pay the corporate tax rate on any profit (1st).
Then when you and I take decide to pay dividends on our shares we would personally pay taxes on that money, again (2nd).
Now, let's say in spite of all that taxation we are each able to have a net worth of $10 million dollars from our C-corp when we die. The government will tax our heir(s) every thing over $5.49 million (3rd).
So actually that same dollar could be taxed 3 times.
I don't see how any one in agriculture would not be for Trumps tax plans. He wants to eliminate the death tax. That is a huge killer of family farms and ranches. That alone is enough reason to back his plans.
When every one blames the kids for selling off daddy's land remember some off them are forced to just to pay the taxes.
You just said in this quote the estate tax is anything over 5.49 mil. Double that for married couples. How many small farms are worth dollars like that? According to the numbers I've seen it's somewhere around 0.2% of all people end up paying the estate tax.
True Grit Farms
Well-known member
That's put about as good as you can. The fact is the taxpayers don't owe anyone anything, the government steals our tax dollars and then gives a percentage of the dollars away. Tax dollars were meant to be used to govern and provide services for the people, and not to be given away to support a sector of the population. Our government has been hijacked and it's people are being taken advantage of. ..but that's old news.Dogs and Cows":1otol009 said:
HDRider
Well-known member
By my calculation, and I could very easily be wrong, the sales tax rate would have to be 85% to balance the budget.ChrisB":119onclh said:
The Federal budget is a little over $4 trillion. Sales of goods and services in the US is $5 Trillion per year. So we would almost double the cost of everything with sales tax.
HDRider":1xwzso1h said:
That's IF you kept up with the budget. The tax cuts are not a silver bullet. The govt spending HAS TO come down. There is NO TAX PLAN that can keep up with their spending.
There has to be a fundamental change in the was the US operates financially. The bad thing is a lot of the little things discussed here will not even move the needle in the budget.
The best thing I have heard from Trump is forcing these other countries to pay for their own, or reimburse us, for our military expenses. Our defense budget is crazy and we spend a lot of dollars defending countries that pay us nothing for that.
HDRider
Well-known member
I admire your optimism. You will outgrow it.Brute 23":22bt8lgi said:
Not only do we need to match the budget, (and I agree spending should come down, it won't, but it needs to) we have to pay off our $13.62 trillion debt. That is almost four years intake with this new sales tax. I guess we could quadruple the cost of goods and service via a new tax and pay it off in a year. Optimistically speaking.
We are charging down hill, at full speed, with no brakes, headlong into a catastrophe.
Craig Miller":23d6t8ot said:Brute 23":23d6t8ot said:HDRider":23d6t8ot said:
So let's say you and I have a C Corp. The corporation will pay the corporate tax rate on any profit (1st).
Then when you and I take decide to pay dividends on our shares we would personally pay taxes on that money, again (2nd).
Now, let's say in spite of all that taxation we are each able to have a net worth of $10 million dollars from our C-corp when we die. The government will tax our heir(s) every thing over $5.49 million (3rd).
So actually that same dollar could be taxed 3 times.
I don't see how any one in agriculture would not be for Trumps tax plans. He wants to eliminate the death tax. That is a huge killer of family farms and ranches. That alone is enough reason to back his plans.
When every one blames the kids for selling off daddy's land remember some off them are forced to just to pay the taxes.
You just said in this quote the estate tax is anything over 5.49 mil. Double that for married couples. How many small farms are worth dollars like that? According to the numbers I've seen it's somewhere around 0.2% of all people end up paying the estate tax.
It doesn't matter if its 5 people... its not right.
Its not that hard around here. A couple years ago land values went thru the roof. Lets say grandma died and had a house built in 1960, a 2000 ac ranch property, and lets say $500,000 is misc cash and assets. The land got valued at $8K and acre, the house was $500K, and $500K in cash. She has 1 daughter who is a school teacher and she just inherited $17M in assets. In 2001 is would have been worth $4-4.5M. She was unlucky and died in a boom.
HDRider":fvnawceo said:
Im not saying it will ever happen but Im saying the current president is the closest one we will ever see to actually attempt to get it right.
HDRider
Well-known member
Then she could sell it and only get hit with a 50% tax for capital gains.Brute 23":25lx0arr said:Craig Miller":25lx0arr said:Brute 23":25lx0arr said:So let's say you and I have a C Corp. The corporation will pay the corporate tax rate on any profit (1st).
Then when you and I take decide to pay dividends on our shares we would personally pay taxes on that money, again (2nd).
Now, let's say in spite of all that taxation we are each able to have a net worth of $10 million dollars from our C-corp when we die. The government will tax our heir(s) every thing over $5.49 million (3rd).
So actually that same dollar could be taxed 3 times.
I don't see how any one in agriculture would not be for Trumps tax plans. He wants to eliminate the death tax. That is a huge killer of family farms and ranches. That alone is enough reason to back his plans.
When every one blames the kids for selling off daddy's land remember some off them are forced to just to pay the taxes.
You just said in this quote the estate tax is anything over 5.49 mil. Double that for married couples. How many small farms are worth dollars like that? According to the numbers I've seen it's somewhere around 0.2% of all people end up paying the estate tax.
It doesn't matter if its 5 people... its not right.
Its not that hard around here. A couple years ago land values went thru the roof. Lets say grandma died and had a house built in 1960, a 2000 ac ranch property, and lets say $500,000 is misc cash and assets. The land got valued at $8K and acre, the house was $500K, and $500K in cash. She has 1 daughter who is a school teacher and she just inherited $17M in assets. In 2001 is would have been worth $4-4.5M. She was unlucky and died in a boom.
HDRider
Well-known member
And he is being fought from every angle. His own party, the opposing party, the media, Hollywood, everyone, everyone but the common, hard working man and woman, is fighting him every step of the way, and hurling the most vile insults his way.Brute 23":1lb5o4j0 said:
HDRider":dwdw3zlg said:
Damned if you do... damned if you don't. Either way the govt will get their part while they destroy what some family worked their whole life for.
