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Brew

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Everything posted by Brew

  1. Income is typically a taboo subject to discuss openly. Not sure what you find stupid about that, but feel free to post your paystubs ala Rocko any time.
  2. Explain these loopholes to me that favor the wealthy and keep them from ever paying taxes again outside of what I’ve already agreed with that is limited to .00001 of taxpayers and the reduced CG rates. Those can easily be closed up by increasing CG rates which I’ve said and including all comp as income whether realized or unrealized annually. As someone that runs a firm that prepares about 25,000 tax returns a year, I think my partners would be interested in this tax planning mystery that we aren’t familiar with. I have rich people ask me every year how to pay less tax and their avenues are sometimes less than the guy at $150k.
  3. Screw that, income is a private matter. Do you know what everyone in your company makes?
  4. I don’t think the tax system is the place for refundable credits, I think a flat zero should be the minimum unless we want to use it to promote the living wage concept where everyone is brought up to a minimum level. I also don’t think those below a set amount should be paying much of anything. They are already paying 7.65% to social security and Medicare. I don’t have a magic line in the sand where that should kick in, but I’m sure I could come up with one. Right now it is $27,000 or so if married with no kids which feels low. With kids it jumps. The inconsistencies in states throws that off too.
  5. 8 pages on rich people and taxes, so it was at least even money that it had turned political.
  6. It is the longest one I know of between our clients and the banks we deal with. Money hit yesterday, so we’ll see if we hear anything out of the SBA. We submitted our questionnaire in early December and it had been crickets since.
  7. Not happening, we just know the rich need to pay more (which I agree with in principle for the most part) with no plan on how to do it. However, taxes are a money grab, it’s how the government pays it’s bills. Everything done in the middle is just a reallocation. I assume you are a spend less person, but again probably not happening at this point. As far as ways to even some things out, remove the 20% QBI deduction should be number one on the list. Remove the 100% bonus depreciation (at least on used items again) and lower 179 as long as you’re good with the requisite slow down in purchasing. All comp is taxable whether realized or not. Eliminate itemized deductions other than for charitable and taxes paid to other districts. Increase capital gains rates to 28% max rate, leave them in a sliding scale based on income brackets. Close the trust loophole and drop estate tax exemptions back down to $5M and allow for a financed payback on assets with unrealized appreciation to keep from forcing sales. Stop talking about a flat tax, items a waste of breath and confuses the discussion. Taxes should be progressive in some way, but everyone should pay something.
  8. I have zero comprehension of your second sentence. The federal tax code is an income based system. Whether you have a “lay” understanding or an in depth knowledge, it still is what it is. A progressive income tax system that taxes increasing income progressively. If you generate $5M in income, you pay a higher marginal rate than the guy at $1M than the guy at $500k than the guy at $100k and so on. Even with different rates on different income now, for the most part that holds true. When you talk about rich paying less and use the examples used, they are still paying a higher percentage of income than most people and those specific examples are few and far between. The guy making $5M a year is generally paying north of 30% on his income, the guy at $100k is generally paying 12ish% and much less with kids. As far as your contention that the code benefits the rich, most income tax benefits go to the lower income ranges. There is a ton of stuff that phases out at income levels in the $150k-$250k range and things that phase in at the $400k-$500k range. As far as your second paragraph, unrealized appreciation is what you’re chasing. If you do a standard calculation like sales tax currently, you’re leaving a lot of holes. Business and property growth is where a lot of unrealized gains sit.
  9. This is fucking painful. In regards to the tax system which is the discussion, income and property are two separately defined components. We can go in this stupid fucking circle all day or you can just debate a wealth tax and be done with the semantics. I have no issue with a wealth tax per se. It will ultimately allow me to increase what I get to pay in under either system which I can live with. How are you valuing operating closely held businesses? Are you including personal property and how is it valued? Are we setting a floor for taxation?
  10. I can read it 10 different times and my response doesn't change. I don't agree with your premise that income is property. What remains of it is turned into property, but the generation of income isn't property. It ultimately creates the attainment of property.
  11. That shipped sailed a few thousand pages ago. Like most things, if we would approach it with a clean slate we would have a much better system. However, in all things government related they can't go with the clean slate approach and instead amend and abridge. The problem we have now is that they have done that more in the last 3-4 years than any time I remember and they are doing it in more sweeping fashion without considering the side effects. The tax code is a clusterfuck at this point which wasn't really the case 10-15 years ago.
  12. That's stretching it quite a bit I would say especially when accounting for the average marginal tax rates that people in a lower income bracket pay.
  13. A strict flat tax would not be a regressive TAX without the use of deductions. You can call it regressive in the general sense of your feelings on taxation as a whole, but it is not a regressive tax. Credits/deductions have led to a more progressive income tax system. Again, you may argue it's regressive in general terms, but it is progressive in specific tax terms which are related to percentage of tax paid in relation to income. It's why marginal rates increase as income goes up outside of some very specific examples being used in this thread. I don't agree with your premise in regards to the income tax system. They are paying high marginal tax rates on income especially in relation to those in the lower range of your numbers outside of again a few very specific examples. They are not paying tax on deferrals of income like retirement plans, unrealized gains, etc. but that's a separate debate from the income tax system. I've made my arguments on the pitfalls of a wealth tax before.
  14. Estate tax needs to be rolled back and all formed trusts should remain part of the taxable estates for the individual. We have allowed people to form trusts to get around end of life care issues to protect their “estates” as well as allowed the formation of certain trusts to avoid inheritance tax.
  15. Sweet, another Surly tax policy debate. A strict flat tax by definition would not be regressive as it is a flat tax. At the point credits/deductions are added, then it will become regressive (less likely) or progressive (more likely). You all are using the top .000001% for your arguments, when the average “rich” person is paying pretty close to the max marginal rate that is out there until they reach the point of retiring and living off investments. They don’t have the luxury of capital like the ones being discussed to fully take advantage of the tax system outside of the 20% pass through deduction gift they have gotten the last few years. Those guys can do it because they are operating inside the largest public companies out there with access to pretty well unlimited capital, your local guy running a $100m company and making $5M a year can’t operate that far into the gray and is well into the 30’s on their marginal tax rate. We keep going in this circle, but you’re arguing over a handful of people ultimately. There are ways to pull them back into the system if they are generating any income, but that still will not cover all of them. As far as the argument about building infrastructure, you individually may have paid for it but you didn’t build it. The guy that took the risk, started the company, bought the assets, hired the employees, etc. built it and was paid for each of those risks. Plenty of guys have gone under in those industries.
  16. Sanibel, off Fort Myers.
  17. We have to run 60+ miles to get close to 100 feet of depth. I have pretty well given it up and only fish inshore. It’s easier to drive to Miami and charter out of there than make long runs.
  18. Sucks for the banks ultimately, tying up capital in a timeline that is constantly adjusting and should have been cleared last fall for everyone based on the original premise. Instead they are 14 months out on our loan when we filed forgiveness on the first possible day. The fees don’t look as good when you get into year 2 of holding the debt.
  19. 257 days in the portal and finally received notice of round 1 forgiveness. Glad they stuck with that timeline in the bill.
  20. When we stayed on Chalk Sound, we ate at Las Brisas and Chinsons pretty much every meal. Both were excellent. When we moved over to the Gansevoort, we ate on site every meal. The restaurant on the beach was really good for a lunch place. I don’t have much else other than that.
  21. Smoke and mirrors for most and mainly a kick to the nuts of Ireland. Edit to add: It is a nice change for the US to be leading discussions rather than acting like a petulant child in the corner though.
  22. I can’t speak for F500 companies because I don’t do any work for them, I can speak on what I see in the 7 - low 9 figure valuation companies as they are where I spend most of my time. I don’t know that I would say the people that run those companies are necessarily smarter than 99.99999% of the population, but I would say they are smarter/more astute than a large percentage of the population. Most have made bets and taken risks that most “average” people can’t fathom and that is worth something substantial. I don’t know what that number is, but I see the high side on companies I deal with in the 100:1 to 300:1 range top to bottom salaries in the larger operations. Honestly, most I see are 10:1 to 50:1 until they get well into the 8 figures in revenue. I don’t know where the magic line in the sand is where it becomes excessive, but I don’t think that is it. Others would probably say that no one is worth that much though. I can tell you with 100% certainty that the number of people that work for me that could do what I do, put in the hours I do, oversee the growth we have had in the last 5 years, etc. is pretty fucking slim. They don’t have the drive, the interest in giving up their family time, the wherewithal to deal with client issues, etc. to ever be able to do it. They are excellent at what they do, but I’m better at what I do and that’s not a knock on them at all. We couldn’t do what we do without them, but this doesn’t exist without a few of us. What’s that worth? I don’t have an answer, but there are definitely people out there that operate under a different mindset than the average person and are financially successful because of it. I’ve read things on Jeff Bezos and that dude is in that .0000001% of smartest guys out there doing things no one else could think of, but I’m still not buying shit from his companies because I think it’s bad for the people I do business with and the country at large. I also don’t eat at anything other than local owned restaurants, shop local as much as i can, etc., so everyone has some version of some weird ass principles they live by.
  23. Do you ever add anything useful to a discussion, because I’m pretty sure I’ve only seen you being a douchebag for the most part in threads? This thread is more cloakroom than most cloakroom threads at this point. The art of discussion and disagreement is pretty well gone at the moment which hurts discussion in the CR. Throw out a viewpoint that JJ doesn’t agree with and you’re a Nazi. It’s fucking stupid and lazy, but it’s where we are at even though I’m sure he’s the first one on the bus to deride Trump for his name calling. The R party is in a world of shit at their own making, but there are plenty of R’s that realize that. There are also plenty of shitty ones, but those two groups aren’t necessarily the same. There are a lot of opinions I do and don’t agree with in this thread, but for the most part does anyone really fall 100% on one side of the fence at this point? For me the need to try and end the Trump cycle outweighed my other viewpoints on things so I voted D. I expect that to continue for some period, but I wouldn’t say I identify as a D at this point nor will I going forward. However, people I know have marked with me with the scarlet D because of my vote and there are several I don’t have to worry about talking to any further. When you live in a state that goes 80% R, it is what it is.
  24. Hey now, don’t get carried away. I’ve got a new boat to pay for.
  25. Bought the bottom expecting it’s normal bounce, it did not. I have more shares of this than I originally planned, but whatever. It’s going to roll at some point.
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