Lurker > MaddenDude--

You guys against it....Bernie, Pelosi, Cuomo, Schumer, are all opposed to the cap and all support SALT.

The only democrats who are against changing the cap seem to be the ones most concerned about optics, not the actual policy. Optics only matter to low IQ people who dont know what they're talking about, but I guess that just happens to be the majority of the country including democrats apparently.

Answer this, are Bernie and Schumer two democrats you would expect who would do things that screw the poor and benefit the rich?

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I am Dan_Haren

Its crazy how jealous people get when it comes to people in socioeconomic classes above them.

If you enjoy paying taxes, it doesn't make you a better person, it just makes you financial dumb.

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I am Dan_Haren

I think your idea of wealth distribution is flawed. And that's exemplified by the graph you keep posting. The 15 to 10 percent for example is the least of ur worries. The top 1% own 40% of the nation's wealth. So why not target them... Equally... Rather than targeting the 5 to 15 percent unequally based on their state.


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I am Dan_Haren

Balrog0 posted...

I don't view paying taxes as "getting screwed" but even if I did my contention is that the very wealthy are the primary beneficiaries of the salt deduction, especially an uncapped salt deduction.

U really think the Waltons in Arkansas wouldn't/didn't claim a salt deduction?

You can make 120k and live in a 400k house in Arkansas and not meet the cap. In California you hit the cap.

In Arkansas ur living like a king. In california that's probably average.

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I am Dan_Haren

You haven't answered my question, why should a wealthy person in bumfuck state benefit while wealthy person in liberal state gets screwed?

If ur for wealthy people getting screwed then why not screw them the same?

This just promotes state governments to do less and depend more on the federal government.


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I am Dan_Haren

And isn't it conservative ideology to support power to the states and not federal government.

I just find this whole thing massively hipocritical from Republicans who started this thing. Again not because it's good fair policy. It's a targeted attack towards middle and upper middle class people in liberal states.

You guys support antagonizing people of certain states to support people of other states.

And it's not purely a class thing. Wealthy people in low income tax and low property tax states aren't effected nearly as much. So why should they benefit while someone with the same wealth in a different state gets fucked.

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I am Dan_Haren

COVxy posted...

What I'm saying is that your view here is conservative. Talk of freeloaders completely misunderstands the purpose of taxes. It's not about people putting in their fair share, it's about enabling a society that can support those who can't.

You aren't getting screwed by taxes, they are your societal obligation.

Im giving to people that say they don't want it. This is America, you have the right to refuse help. Shouldn't have to force it on people.

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I am Dan_Haren

COVxy posted...

This is literally just conservative rhetoric with the words flipped around.

Yea it's pretty crazy when you think about it.

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I am Dan_Haren

ChocoboMogALT posted...

Poor or near-poor -$32,048 or less
Lower-middle class - $32,048 - $53,413
Middle class - $53,413 - $106,827
Upper-middle class - $106,827 - $373,894
Rich - $373,894 and up

https://money.usnews.com/money/personal-finance/family-finance/articles/where-do-i-fall-in-the-american-economic-class-system

Yeah, if you're making six figures and looking for deductions on your investment which just rose 30% in value over 2 years, I don't have much sympathy for you.

State to state differences are massive these days. Making 110k in California or New York most certainly does not put you in the upper middle class.

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I am Dan_Haren

Balrog0 posted...

Correct. It's society's job.

It's ironic that these guys that live in bumfuck states are so anti socialism and anti government programs and against high taxes. And they go off on how liberals are lazy and don't want to work.... But don't realize that hard working liberals from liberal states are paying for their welfare while they continue to be lazy bumfucks.

Their bumfuck state governments don't do anything for them while the federal government funnels money from liberal states to these people.

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I am Dan_Haren

Balrog0 posted...

It's not our job to help you afford a house in San Jose. People with real needs can use that money better

It's also not my job to help some bumfuck living in BFE.

krazychao5 posted...

also just start a home office business to take advantage and not limit your RE taxes.

Absolutely I will use every loophole available to minimize my taxes.

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I am Dan_Haren

Local taxes are a tiny piece of the pie, that's almost irrelevant. It's more of a state to state issue.

https://www.policygenius.com/taxes/the-state-and-local-tax-deduction/

Look at that table.. You guys keep talking about wanting things to be fair, how can you justify that this is fair to anyone in California, DC, and NY?

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I am Dan_Haren

I don't think you guys realize how targeted these caps are. They are essentially punishing middle and upper middle class people who live in high state income states.

Its not a wealthy tax because you can be wealthy in a state that has low income tax and property tax... A state which probably has garbage state benefits...and these wealthy people don't pay as much.

Again, the more you guys support screwing over Californians and new Yorkers, the more they move into your states and flip the demographic.

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I am Dan_Haren

Fraud is so common and we all get bugged so much these days on the regular.


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I am Dan_Haren

No because that'd a dumb extreme example. Be realistic here.

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I am Dan_Haren

Just once..... Sold black ops 2 in the package for half off retail price. Got it as a bundle after I already had the game which I had bought when I was living with a roommate who had a ps4.

I was dumb about it, I went alone. It was a mall parking lot tho. The other dude brought a friend. People have been shanked and killed over this kind of stuff. This is in East side San Jose too lol. We met at eastridge.

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I am Dan_Haren

g980 posted...

Like taking a step back from the limits, why was it ever deductible in the first case?

Because state governments are better able to help their citizens with state run initiatives rather than federal programs.

If I live in cali and I benefit from Cali programs then I'd prefer my move go there rather than the federal government.

The result is states with less income and property tax end up leaching money from other states.

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I am Dan_Haren

ssj3vegeta_ posted...

Lmfao, Mexico embarrassed yet again

We haven't beaten them in 7 years

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I am Dan_Haren

I'm pretty irked by this

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I am Dan_Haren

If I simply form a company for my own profession, hire my family as employees, and just keep stacking on bullshit like that, I can take advantage of not only this SALT cap but I can take plenty of other deductions. I just have to plan it out carefully and run it all by a tax attorney.

The more I'm learning about taxes the more I realize its just stacks and stacks of bullshit. If you can navigate through it all, you can save alot of money. if you can't or you're lazy, you're stuck paying higher taxes without realizing it. People just look at the federal tax rate percentage....thats just a small piece of the pie and thats literally just there for optics.

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I am Dan_Haren

Well it seems like the workaround will probably work for now. If Biden doesn't lift the cap, I will absolutely look into this workaround.

Seems like gaming the system is what we're forced to do.

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I am Dan_Haren

I dont even know who to vote for because Republicans/Trump enacted this shit and now Dems aren't doing anything about it. Seems like top Dems are all opposed to it, because it essentially screws over Californians and New Yorkers, but they're worried about the optics that they are "helping the rich". I mean even Bernie is opposed to it.

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I am Dan_Haren

Its not a problem about "can" pay. Plenty of people "can" pay more tax, that doesn't mean you go around raises taxes for everyone that can.

I ran some math and especially in california this fucks over alot of homeowners. Im reading about how california is working on creating loopholes for it. So hopefully that works out.

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I am Dan_Haren

I dont get how you wouldn't be mad about it. It essentially raises taxes for anyone that owns a property worth more than 550,000 in Texas and an even lower threshold in higher state income tax states. Those are middle to upper middle class people that its screwing over, not just the "rich". I dont get why anyone would go for that. Top democrats have called for Biden to remove the cap but he hasn't proposed it thus far which is irritating. Fucking people just dont want it to seem like they are making moves to just "help the rich" when it effects anyone who isn't low-middle class or below.

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I am Dan_Haren

bump

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I am Dan_Haren

absolutely

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I am Dan_Haren

That was an amazing save. How was he not off-sides?

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I am Dan_Haren

will prolly watch till halftime but it seems like mexico is in control

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I am Dan_Haren

Fucking Trump. He put a cap on SALT deductions. This basically effects high state income and high property tax states.

Any texas homeowners here notice that their taxes went up? Texas has one of the highest property tax in the country.

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I am Dan_Haren

A day in the life of a Chad

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I am Dan_Haren

Slayer_22 posted...

This would make that one comment by @MaddenDude-- fucking hilarious.

Nope he was white. Super predictable.

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I am Dan_Haren

I mean I agree that they are sneakers and I agree that they should ban sneakers. But I dont think its a rule that they should enforce. If someone shows up in sneakers, I wouldn't say, no you can't graduate. I just would ignore it and let them walk. Its a goddamn highschool graduation, no one gaf what people wear.

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I am Dan_Haren

boxer-briefs and wife beater

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I am Dan_Haren

I cried 2 times in my adult life. When my grandma died and my other grandma died. Thats pretty much it.

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I am Dan_Haren

https://twitter.com/stillPARADISIN/status/1400799250863333376

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I am Dan_Haren

My brother-in-law does it successfully as a physician who is passionate about finance. He's very meticulous with his books and knows taxes inside and out. I want to be like that eventually.

If I was to do that I'd essentially be a small business and have to set up an LLC. At that point I'd certainly have a tax guy and an attorney to make sure everything is legal.

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I am Dan_Haren

Unsugarized_Foo posted...

You're at the level that you either go to school to learn more or you make so much money that you pay some dude to do it

You should go to school, because Id hire you

Knowing myself, I just wouldn't trust anyone else to do it and I wouldn't have the years of patience to cycle through different people until I find someone legit.

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I am Dan_Haren

I'm on a finance binge right now. And tax code is particularly intriguing to me. I've been making a whole bunch of topics asking random questions but I think I'm just going to consolidate everything here.

I've read a few books and watched several youtube videos on finance but they all keep talking about basic stuff, about maxing your 401k, roth / backdoor roth, HSA, 529, and other investment accounts. And they'll all give generic advice on living frugally. But they don't really give details on tax code.

Like I'm just learning now about 2 big players in deductions - your mortgage interest is tax deductible, and theres SALT which is state and local tax deduction. If you're a high income earner who buys a house, those alone will be close to standard deductions, thats not even including a whole bunch of other random crap that can be deductible. Apparently this is common knowledge, but I'm a noob.

I also just watched a youtube video about how its apparently perfectly legal to start an LLC, write off your "home office", pay your wife as an employee, then pay for your kids and wife's medical bills with tax free LLC money. You can pay for a whole bunch of random crap in your house if your "home office" includes a "gym" which could even include a "pool" apparently. Thats right, you can buy an expensive pool and write it off as a company gym. As long as you keep good records its all fair game.

I have a tax guy that my in-laws use. Usually I just email him all my tax forms and thats it. Theres not actually much communication. So if I'm doing a whole bunch of stuff that could be tax deductible potentially, I'm oblivious. So I'm trying to educate myself.

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I am Dan_Haren

Well its not overtime pay that I was talking about, I was more talking about generic working more = more money. Like a better example would be lets say you have a w2 job and a 1099 job on top of that where extra hours = more money.

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I am Dan_Haren

Tyranthraxus posted...

Because it's less than 30 days you get taxed on the 400 profit and can't claim the 400 loss.

Everyone gets fucked by uncle Sam. There's no way to escape it

Lets say it was more than 30 days apart, then what?

Also, I'm talking about 2 DIFFERENT companies.

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I am Dan_Haren

COVxy posted...

Sounds like you need to read more.

im trying

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I am Dan_Haren

Question for you guys:
If I spend total $1000 on 2 stocks, each are $500.
One stock goes from 500 to 100, I sell it and I lose 400.
The next day the other stock goes from 500 to 900, I make 400.
My net is 0
How does tax work in this situation?
Lets say that situation occurred on New Years Eve, and on New Years the second stock went up, hows the tax work?

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I am Dan_Haren

Washington went above and beyond to ensure his army was inoculated with small pox. Its essentially a form of immunization. If it werent for that, the army probably would've been wiped out by the epidemic and we could've easily lost the war. The british actually tried to use biological warfare in the form of sending diseased individuals to american camps.

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I am Dan_Haren

Inferno Dive Dragoon posted...

Good on her, but this is Texas we're talking about, so it's going to fall on a lot of deaf ears.

Best to get out of the state, it's a lost cause.

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I am Dan_Haren

I get that. But the effective tax rate ends up being just as much as the marginal if not more if you include state income taxes.

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I am Dan_Haren

uwnim posted...

unless your state and local taxes are causing the issue, it is absolutely not true. Federal taxes on income dont get high enough to create a plateau.

You didn't understand what I was saying. Its not that the money plateaus, the cost/benefit of working that much plateaus. Do you guys even read?

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I am Dan_Haren

Its absolutely true. I literally ran the numbers and its disappointing because I'm a workaholic and I'm a big spender.

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I am Dan_Haren

I think it hurts productivity tbh. I was just looking up a job offer for x1 salary and I put it into a calculator to see my take-home which is z1. Now if I work extra, or just be more productive in my given time, I can make x2 amount of money which is a significant amount greater than x1, but my new take-home z2 is barely higher than z1. If you factor in things like time, rest, leisure, etc, its literally not even worth it to work more. Theres a certain point at which the cost/benefit plataeus, but that point comes relatively early IMO with higher taxes. I just don't like that.

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I am Dan_Haren

emblem boy posted...

What do you mean by *put it away"?
Unless they're putting it in their 401k, they're paying taxes.

How much taxes do you think they're paying?

By putting it away I mean it goes towards some type of retirement or investment account. Its not money thats being spent on consumer goods.

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I am Dan_Haren