Jump to content


The Trump Presidency Thread


  • Please log in to reply
1618 replies to this topic

#1581 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 07:44 AM

View PostFCP Bob, on 07 November 2017 - 01:00 PM, said:

did you read the link, ( of course you didn't ).

The proposed changes benefit exactly Trump not some random business owner.

Totally. Maybe when you were lapping up random Twitter guy's bs, you should have paused here:

"Passthrough businesses are entities like partnerships, LLCs, and S-corps that don’t pay corporate tax."


So this "loophole" (haha; dem trigger warning) only applies to LLCs, S-Corps, and partnerships? You nailed it. That definitely doesn't apply to random business owners.

Trump, and for some reason, Jared Kushner are the only people that have a partnership, LLC, or S-Corp.


We could then discuss how this guy thinks that the government stealing money through the estate tax isn't something that the GOP has been fully against for as long as it's been law. The estate tax should be repealed. It has nothing to do with Trump or Kurshner. Anyone that thinks someone should be required to pay their taxes twice is evil.


Do you have any other random Twitter guys making terrible fear mongering posts that prove they know nothing about history or business that I could lap up?

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1582 scuudagouch

scuudagouch

    Poker Forum Nut

  • Members
  • 289 posts
  • Favorite Poker Game:Limit Holdem

Posted 09 November 2017 - 08:19 AM

90 plus % of small business owners have a series of LP's LLC and S-corps....the ones that don't are either very small or lacking good professional services.

LP's own LLC's which operate properties, owned by real-estate companies....which have owners...typically he same people.
"Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a closer look at the American Indian"

Henry Ford

#1583 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 11:54 AM

Everyone but Bob and his Twitter friend already knew that.

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1584 scuudagouch

scuudagouch

    Poker Forum Nut

  • Members
  • 289 posts
  • Favorite Poker Game:Limit Holdem

Posted 09 November 2017 - 01:14 PM

pretty sure dubey doesn't know anything about business structure or tax planning or wealth management...so there s him. Bob plays poker real good and is a champion web surfer - twitter is his a safe space I think!
"Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a closer look at the American Indian"

Henry Ford

#1585 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 01:53 PM

View Postbrvheart, on 09 November 2017 - 07:44 AM, said:

Totally. Maybe when you were lapping up random Twitter guy's bs, you should have paused here:

"Passthrough businesses are entities like partnerships, LLCs, and S-corps that don’t pay corporate tax."


So this "loophole" (haha; dem trigger warning) only applies to LLCs, S-Corps, and partnerships? You nailed it. That definitely doesn't apply to random business owners.

Trump, and for some reason, Jared Kushner are the only people that have a partnership, LLC, or S-Corp.


We could then discuss how this guy thinks that the government stealing money through the estate tax isn't something that the GOP has been fully against for as long as it's been law. The estate tax should be repealed. It has nothing to do with Trump or Kurshner. Anyone that thinks someone should be required to pay their taxes twice is evil.


Do you have any other random Twitter guys making terrible fear mongering posts that prove they know nothing about history or business that I could lap up?

you do realize that the step up in basis isn't being changed so in fact the very rich (those are the only people who pay the estate tax) will be able to pass on assets that have never been taxed for capital gains and their heirs will have the base cost for those assets be the present value.

So in fact capital assets that have appreciated are not currently taxed for those capital gains when passed on through inheritence but they face the estate tax. If they remove the estate tax the increase in the value of those assets will have never been taxed.

All those pesky exemptions from changes for the real estate industry. Yup good for Trump and not most business owners.

Repeal of the alternative minimum tax. Remeber that tax return of Trump's that he leaked that showed he paid a lot of tax. Well if there was no alternative minimum tax he would have paid no tax that year.
Bob

info@fullcontactpoker.com

#1586 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 02:03 PM

View PostFCP Bob, on 09 November 2017 - 01:53 PM, said:

you do realize that the step up in basis isn't being changed so in fact the very rich (those are the only people who pay the estate tax) will be able to pass on assets that have never been taxed for capital gains and their heirs will have the base cost for those assets be the present value.

So in fact capital assets that have appreciated are not currently taxed for those capital gains when passed on through inheritence but they face the estate tax. If they remove the estate tax the increase in the value of those assets will have never been taxed.

All those pesky exemptions from changes for the real estate industry. Yup good for Trump and not most business owners.

Repeal of the alternative minimum tax. Remeber that tax return of Trump's that he leaked that showed he paid a lot of tax. Well if there was no alternative minimum tax he would have paid no tax that year.

One Tax Loophole Untouched So Far: The Trump Golf-Course Break


Republican lawmakers pushing to close dozens of tax loopholes have left open one that’s been good to President Donald Trump: the golf break.

With Senate Republicans expected to unveil the outline for a sweeping tax rewrite on Thursday, a lucrative break for golf-course owners -- including the president -- remains firmly in place in the House version of the measure. The Obama administration estimated in 2014 that closing the controversial loophole would save more than $600 million over a decade.

While Republicans are eliminating many write-offs, the House version of the bill allows golf-course owners to claim deductions for promising never to build on their links. The Trump Organization, which owns a dozen courses in the U.S., has taken advantage of the break in the past, using a law that’s supposed to help preserve open space.

The golf deduction is just one example of how Trump businesses would benefit under the House Republican plan. Interest expenses for loans on commercial real estate, for instance, would also remain deductible in many cases, even as that benefit is reduced for most other industries.

“The commercial real estate industry is looking at this and saying, ‘I love it,’” said Daniel Shaviro, a tax-law professor at New York University. “Despite his efforts to prevent us from knowing about his tax returns, it’s clear this is a huge plus for Trump.”
Bob

info@fullcontactpoker.com

#1587 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 02:17 PM

View Postbrvheart, on 09 November 2017 - 11:54 AM, said:

Everyone but Bob and his Twitter friend already knew that.

while my random twitter friend has a bias he understands taxes far far far better than anybody who is posting here since that's his career.

Seth Hanlon

Senior Fellow

Expertise: Federal budget policy, tax policy, tax reform

Seth Hanlon is a senior fellow at American Progress, where he focuses on federal tax and budget policy.
Prior to rejoining American Progress, he served as special assistant to the president for economic policy at the White House National Economic Council, where he coordinated the Obama administration’s tax policy. He has also served as senior tax counsel for the House Budget Committee Democratic staff under former ranking member Rep. Chris Van Hollen (D-MD) and as tax counsel for Sen. Debbie Stabenow (D-MI), a senior Finance Committee member, among other Capitol Hill roles. He was the Director of Fiscal Reform during a prior stint at American Progress and an associate attorney at Caplin & Drysdale, Chartered.

Hanlon has testified before Congress, and his work has been cited in the Financial Times, The New York Times, The Washington Post, The Atlantic, and other publications. He has been featured in CNBC, NPR, C-SPAN and other outlets to discuss tax issues.
Hanlon received his bachelor’s degree from Harvard University and his J.D. from Yale Law School.
Bob

info@fullcontactpoker.com

#1588 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 02:18 PM

View PostFCP Bob, on 09 November 2017 - 01:53 PM, said:

you do realize that the step up in basis isn't being changed so in fact the very rich (those are the only people who pay the estate tax) will be able to pass on assets that have never been taxed for capital gains and their heirs will have the base cost for those assets be the present value.

And? They still have to pay taxes on it when they sell it. It's still their property, and it's never left the family.

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1589 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 02:20 PM

View PostFCP Bob, on 09 November 2017 - 02:17 PM, said:

while my random twitter friend has a bias he understands taxes far far far better than anybody who is posting here since that's his career.

Seth Hanlon

Senior Fellow

Expertise: Federal budget policy, tax policy, tax reform

Seth Hanlon is a senior fellow at American Progress, where he focuses on federal tax and budget policy.
Prior to rejoining American Progress, he served as special assistant to the president for economic policy at the White House National Economic Council, where he coordinated the Obama administration’s tax policy. He has also served as senior tax counsel for the House Budget Committee Democratic staff under former ranking member Rep. Chris Van Hollen (D-MD) and as tax counsel for Sen. Debbie Stabenow (D-MI), a senior Finance Committee member, among other Capitol Hill roles. He was the Director of Fiscal Reform during a prior stint at American Progress and an associate attorney at Caplin & Drysdale, Chartered.

Hanlon has testified before Congress, and his work has been cited in the Financial Times, The New York Times, The Washington Post, The Atlantic, and other publications. He has been featured in CNBC, NPR, C-SPAN and other outlets to discuss tax issues.
Hanlon received his bachelor’s degree from Harvard University and his J.D. from Yale Law School.

Should I now post Trump's Ivy-League qualifications since that's somehow relevant to a flawed opinion?

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1590 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 02:28 PM

View Postbrvheart, on 09 November 2017 - 02:18 PM, said:

And? They still have to pay taxes on it when they sell it. It's still their property, and it's never left the family.

Here's an example for you.

Shares in Microsoft that he owns and holds have never been taxed (nor should they be yet) and they have gained Billions but have a cost basis for capital gains purposes far far less than that. He tragically dies and those shares are passed on to his heirs. The step up in basis now values those shares at their current market value of Billions and no capital gains are paid as they are passed on to his heirs.

The heirs sell those shares immediately.

Under current rules no capital gains taxes are paid but the value of those shares is subject to the estate tax.

Under the GOP proposal no capital gains taxes are paid and there is no estate tax so the gain in value of those shares is never ever taxed and his heirs are realizing those gains.

So no there is no double taxation currently in many situations and there will be zero taxation with the GOP proposal.
Bob

info@fullcontactpoker.com

#1591 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 02:33 PM

Who cares if no capital gains taxes are paid, they still have to pay income taxes if they sell their shares.

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1592 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 02:49 PM

View Postbrvheart, on 09 November 2017 - 02:33 PM, said:

Who cares if no capital gains taxes are paid, they still have to pay income taxes if they sell their shares.

no they don't since the increase in value in a capital asset is not income, it's a capital gain
Bob

info@fullcontactpoker.com

#1593 Dubey

Dubey

    Poker Forum God

  • Members
  • 10,915 posts
  • Location:Lethbridge, Alberta

Posted 09 November 2017 - 02:53 PM

View Postscuudagouch, on 09 November 2017 - 01:14 PM, said:

pretty sure dubey doesn't know anything about business structure or tax planning or wealth management...so there s him. Bob plays poker real good and is a champion web surfer - twitter is his a safe space I think!


lol

#1594 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 03:23 PM

View PostFCP Bob, on 09 November 2017 - 02:49 PM, said:

no they don't since the increase in value in a capital asset is not income, it's a capital gain

It's reported on their income taxes. And it would only bypass the estate tax (thank goodness) if they sold it immediately. They would be paying taxes if they held it for any length of time. And as I stated before, the money that paid for those shares in the first place was already taxed once and is still the property of the exact same family.

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1595 scuudagouch

scuudagouch

    Poker Forum Nut

  • Members
  • 289 posts
  • Favorite Poker Game:Limit Holdem

Posted 09 November 2017 - 03:25 PM

View PostFCP Bob, on 09 November 2017 - 02:49 PM, said:



no they don't since the increase in value in a capital asset is not income, it's a capital gain

I have accountants that structure assets for tax purposes....there things out there to use. I don't know or care about the details. What I am mocking is the fact that you and BHO twitter boy you are in love with think trump is alone in this....
"Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a closer look at the American Indian"

Henry Ford

#1596 brvheart

brvheart

    I'm the best.

  • Members
  • 25,328 posts
  • Gender:Male
  • Location:Toyko, Japan
  • Interests:Playing in nuclear fallout.
  • Favorite Poker Game:I play 100/200 live with my best friend Jason.

Posted 09 November 2017 - 03:26 PM

That's the one obvious thing that keeps being mentioned/ignored.

View PostiZuma, on 20 August 2012 - 11:32 AM, said:

napa I was jesus christing suited, you guys just slipped in before me.

View PostEssay21, on 25 February 2013 - 08:32 PM, said:

.

#1597 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 03:33 PM

View Postbrvheart, on 09 November 2017 - 03:23 PM, said:

It's reported on their income taxes. And it would only bypass the estate tax (thank goodness) if they sold it immediately. They would be paying taxes if they held it for any length of time. And as I stated before, the money that paid for those shares in the first place was already taxed once and is still the property of the exact same family.

you really don't know how this works do you.

If you don't sell a capital asset you don't pay any tax on it.

Under the GOP proposal there will be no Estate Tax but they keep the tool that steps up the value of that asset so that the gain in it's value is never subject to tax.

I REPEAT, THE GAIN IN VALUE IN THAT ASSET FROM THE TIME IT WAS PURCHASED TO THE TIME IT WAS PASSED ON TO THE HEIRS WILL HAVE NEVER BEEN TAXED AT ALL. NO ESTATE TAX, NO INCOME TAX AND NO CAPITAL GAINS TAX
Bob

info@fullcontactpoker.com

#1598 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 03:34 PM

View Postscuudagouch, on 09 November 2017 - 03:25 PM, said:

I have accountants that structure assets for tax purposes....there things out there to use. I don't know or care about the details. What I am mocking is the fact that you and BHO twitter boy you are in love with think trump is alone in this....

oh he gets the standard rich guy stuff but the GOP has gone out of it's way to favor real estate developers and people who own golf courses more than others and Trump has lied (shocking I know) and tried to claim that the tax cuts will actually cost him money
Bob

info@fullcontactpoker.com

#1599 FCP Bob

FCP Bob

    Limit Holdem Dinosaur

  • Root Admin
  • 26,936 posts
  • Gender:Male
  • Location:Scarberia

Posted 09 November 2017 - 03:39 PM

View PostFCP Bob, on 09 November 2017 - 03:33 PM, said:

you really don't know how this works do you.

If you don't sell a capital asset you don't pay any tax on it.

Under the GOP proposal there will be no Estate Tax but they keep the tool that steps up the value of that asset so that the gain in it's value is never subject to tax.

I REPEAT, THE GAIN IN VALUE IN THAT ASSET FROM THE TIME IT WAS PURCHASED TO THE TIME IT WAS PASSED ON TO THE HEIRS WILL HAVE NEVER BEEN TAXED AT ALL. NO ESTATE TAX, NO INCOME TAX AND NO CAPITAL GAINS TAX

and when the asset is sold by the heirs they will only pay taxes on the increase in it's value from the time they inherited.

buy asset for $100,000 in 1990
asset is worth $10,000,000 in 2017

If the owner sells the shares before they die they pay capital gains tax on the increase.

If they die their heirs inherit the asset and for tax purposes the cost price is $10,000,000 so no tax is ever paid on the increase from $100,000 to $10,000,000.
Bob

info@fullcontactpoker.com

#1600 scuudagouch

scuudagouch

    Poker Forum Nut

  • Members
  • 289 posts
  • Favorite Poker Game:Limit Holdem

Posted 10 November 2017 - 03:33 AM

these types of things are already happening via trusts and whatever. it is nothing new, used every day, Democrats take advantage of it as well....or do you think the Clintons and Soros and Gates of the world don't use tax laws....so stop the chicken little, it is all and only trump routine and maybe there could be an interesting conversation. Until then just more fake news!
"Any man who thinks he can be happy and prosperous by letting the government take care of him had better take a closer look at the American Indian"

Henry Ford




3 user(s) are reading this topic

0 members, 3 guests, 0 anonymous users