The man has never been broke

 

The Trump Whitehouse

 

DistantLover likes this post. Good job.

So... consumers help the economy. Even if they consume money they didn't earn. Right?

That was a favorite line of the Occupy Wall Street movement. Tell me you didn't live in one of those Obamaville tent camps for the summer.

Billionaires... hoarding it... Jeeze. Well, I guess the federal government will just have to give taxpayer funded public sector jobs to everyone. Seriously? I mean, do you know how many people Donald Trump's companies employ? Do you know how many people his companies' vendors employ? Do you know how many people his lawyers' vendors and his accounting firms' vendors employ? I don't have the numbers, but it has to be hundreds of thousands of people, if you follow every revenue stream down its course. The law firms, the account firms, the I.T. firms, the ad firms, the caterers, the construction people, the HVAC people, the furniture makers, the hospitality management companies, and on, and on, and on...

And it's not just Trump. I mean, I love to pick on Warren Buffett, because he's a laissez-faire opportunist in the true Randian tradition, and I love to beat up on Elon Musk, because he's a war profiteer capitalizing on the Green Movement's assault on rationality. Sure, I like to pick on them, but they're only capitalizing on the fucked up laws that we as the electorate have allowed our representatives to put on the books. Point is, Buffett and Musk employ hundreds of thousands of people.

You're right that Apple's hoarding it. Many corporations are hoarding billions offshore. (Apple alone has stashed $250 billion in China, last I checked.) But the problem there is our nutty tax code. They're sitting on mountains of cash, because if they bring it back to the U.S. they'll lose between 40% and 50% off the top.

Federal income tax. 50%. Thereabouts. That's right. Roughly 50% of federal "taxpayers" get back every cent that's withheld. In fact, in 2014 almost 40% of federal taxpayers got back more than they paid, due to distortions in the earned income tax credit.

Damning thing is they don't know it. All they're aware of is the withholding, and they don't have the sophistication to break out federal tax from FICA.

Most people suck at math.

The top 20% of earners paid roughly 84% of federal income tax revenue. The evil top 1% paid 17.1% of all federal income tax revenue.

And you're right that there is no economy. It's all smoke, mirrors, and funny accounting. We don't have a national debt of $18 trillion. It's more like $200 trillion. We're bankrupt.

But by all means, let's keep the entitlements going, so that we can keep on consuming.

 

I never backed entitlements. If you call income tax returns on money that was overpaid to the government over the course of the year an entitlement, then by all means, look at it that way.

An entitlement is something that you expect to recieve, but did nothing to attain it other than hold your hand out. If the government wants my refund every year to pay back our national debt, then they can have it. If it means that future generations don't have to deal with the epic fuckery that we are swamped with now, then I'll give that up and more.

Do you know where that national debt stems from? It stems from the government bailing out bankers and large companies from mishandling large sums of money to line their own pockets with. You know, the 1%. They didn't try to pay back that debt with their own money, but restructured and used OUR money to pay it back. Not to mention ongoing conflicts in multiple Middle Eastern countries that, we the majority, pay for with our taxes. You know who perpetuates those conflicts? You guess it, the people with the fat wallets.
You can believe what you want, but it's all there in black and white.

 

By the way, this is wrong.

You don't pay anything during the year. Withholding is only an advance. You pay federal income tax once, and only once: on April 15 of the following year.

If you get money back, that means the IRS has been making interest on YOUR money. All year.

If you owe money to the IRS, it means you've been screwing them by just a little bit.

If you've been screwing them by more than a little bit, they hit you with compounded penalties.

This is exactly what I mean. Most of the people in this country have no idea how the system works and have no idea what they really pay (or don't pay).

 

An advance on who's part? I'm certainly not recieving an advance on taxes. There's a reason they call it federal withholding. I know what I pay, as it is deducted from any amount of money that I earn legally.
At the end of the year when I file my forms, the IRS looks at the taxes that I have paid THROUGH OUT the year and determines if the money withheld from my earnings matches the percentage of my income that is supposed to be withheld. If I paid over my percentage, they send me refund for the difference. If I have not paid enough to cover my percentage, then I pay them what's owed.

That's pretty cut and dry.

 

Both you and the irs are full of shit

 

We have found a needle in a haystack ! Someone who supports the irs and enjoys paying taxes

 

People should look into Trumps ways of operating a business, look into his golf course in Scotland.

 

Oh, you want left-leaning proof?

HuffPo:


Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

8/29/2011

A little over two weeks ago, Berkshire Hathaway CEO Warren Buffett, the third-richest person in the world, penned an op-ed critical of the low tax rates for the superrich. It would seem his own company hasn't prioritized paying its rightful share in a timely fashion either.

Berkshire Hathaway, the eighth-largest public company in the world according to Forbes, openly admits to still owing taxes for years 2002 through 2004 and 2005 through 2009, according to the New York Post. The company says it expects to "resolve all adjustments proposed by the US Internal Revenue Service" within the next year.


NY Times:


DEALBOOK; Private Jets, Buffett And Taxes

3/27/2012

Get this: Uncle Sam is suing Warren Buffett's company over taxes. Yes, taxes.

The United States government, in a little-followed case in Ohio, filed a lawsuit this month against a unit of Mr. Buffett's Berkshire Hathaway, seeking $366 million in taxes and penalties. The Berkshire division at the center of the suit is NetJets, the private-aircraft company that caters to the nation's wealthiest - the people Mr. Buffett says should pay more in taxes.

It is an odd twist that a company controlled by Mr. Buffett - perhaps the most outspoken businessman in the country in support of raising taxes on the ''mega-rich'' - is now in a dispute with the government over his company's paying too little in taxes.

------------------------------------------

Not so left:

NY Post

Warren Buffett, hypocrite

8/29/2011

This one’s truly, uh … rich: Billionaire Warren Buffett says folks like him should have to pay more taxes — but it turns out his firm, Berkshire Hathaway, hasn’t paid what it’s already owed for years.

That’s right: As Americans for Limited Government President Bill Wilson notes, the company openly admits that it owes back taxes since as long ago as 2002.

“We anticipate that we will resolve all adjustments proposed by the US Internal Revenue Service (“IRS”) for the 2002 through 2004 tax years … within the next 12 months,” the firm’s annual report says.

It also cites outstanding tax issues for 2005 through 2009.

Obvious question: If Buffett really thinks he and his “mega-rich friends” should pay higher taxes, why doesn’t his firm fork over what it already owes under current rates?

Likely answer: He cares more about shilling for President Obama — who’s practically made socking “millionaires and billionaires” his re-election theme song — than about kicking in more himself.

----------------

Are those enough for ya? Or do I actually have to search for an article written by Richard Herrnstein on the subject before you'll think of believing it?

 

I hope he wins. That way America can see how far it has fallen. You can't rebuild until everything has burned down.

 

Hypocrisy is the concession vice pays to virtue.

- Rochefoucauld, Maxim 218

 

I am glad he is running. He makes it easier for the Democrats. I also like some of the things he is saying. I wish he was as candid in criticizing blacks as he is criticizing Mexicans.

 

''There ya go again'', Trump is not criticizing Mexicans, he is criticizing ILLEGAL IMMIGRATION.

 

Whatever. It still needs to be said.

 

If Clinton wins we will fall just as far. Not all candidates on the democratic side are bad. I would gladly support fiorina, Rubio, and sanders.

 

Too bad not all of your fellow Democrats share your optimism.....


Sun Jun 28, 2015 at 11:53 AM PDT

Reality check: GOP likely to win in 2016
byGay CA DemocratFollow


Despite Obama’s amazing week, we need a harsh reality check. As we saw clearly in 2010 after the passage of the Affordable Care Act, an inevitable conservative backlash at the polls is coming. The last time it happened, we lost both the House and the Senate.

We cannot afford to look at poll numbers for Hillary over a year out and pretend she’s going to win in a walk. It is an electoral fact, not an opinion that it simply will not happen.

Presidential history and electoral odds are overwhelmingly against the party in power which in this case is the Democratic Party. In almost 240 years, we have elected the same party into the Presidency 3 times in a row on only 2 occasions: first with FDR and then over 40 years later in 1988 with George Bush. The overwhelming majority of the time, the party that holds the White House 2 terms in a row loses on the 3rd try.

I love Obama, but his approval ratings are nowhere near as high as Reagan's or FDR's were at the end of both their terms.

Add to that we are still at least 10 to 20 years away from Latinos becoming the majority of American voters. Statistically, whites are still the majority.

Obama's tenure has proven repeatedly that racism is still festering all over America. We have also seen vividly that sexism isn’t gone yet either. Look closely again at appearances by Elizabeth Warren in Congress regarding the Consumer Financial Protection Bureau and Hillary in Congress on Benghazi for just 2 examples of misogyny in the U.S. today. Unfortunately, there are so many more.

Electoral realities and statistical facts favor that the GOP is almost certain to take back the White House.


http://www.dailykos.com/story/2015/06/28/1397480/-Reality-check-GOP-likely-to-win-in-2016#

 

No, you are just the typical leftist that loves to spread misinformation, spin the talking points to fit the leftist agenda.