XPost: alt.computer.workshop, alt.fan.rush-limbaugh, comp.os.linux.advocacy   
   From: DonQuixote@nomail.afraid.org   
      
   On 22/06/2024 11:58, -hh wrote:   
   > On 6/21/24 3:46 PM, David Brooks wrote:   
   >> On 21/06/2024 20:21, Chris Ahlstrom wrote:   
   >>> -hh wrote this copyrighted missive and expects royalties:   
   >>>   
   >>>> TL;DR:   
   >>>> be honest and make comparisons based on total taxes, not just by   
   >>>> cherrypicking one individual tax within the whole.   
   >>>   
   >>> +1   
   >>>   
   >>> Still, recall that EXPOTUSSFB45 at one time paid more taxes to Chy-na   
   >>> than to the U.S.   
   >>   
   >> Are you referring to Ex-POTUS Donald Trump?   
   >   
   > That would be my guess too.   
   >   
   > In any event, that individual is an effective illustration how there's   
   > tons of income tax loopholes which enable the "1%" to pay lower net tax   
   > rates than much of America that basically aren't available to normal   
   > folk who get a W-2 from their employer.  This is because there's a huge   
   > amount of latitude in what can be written off as a business expense that   
   > benefits the business owner.   
   >   
   > A huge one is in Real Estate, in that profits of a sale of a property   
   > are tax-deferred if it is reinvested in another property.  Eventually,   
   > those profits become permanently tax-free when the owner dies:  family   
   > gains generational wealth, as the first $12M of an Estate is Tax free.   
   >   
   > Similarly, business expense write-offs can offset: more meals become   
   > either a business comp or are a business expense written off as client   
   > entertainment - lowers one's daily costs of everyday life, so more   
   > income is retained instead of spent.   
   >   
   > Another one that's more relevant to some of these newsgroups has to do   
   > with personal computers:  they're written off as a business expense   
   > which goes to zero after it has depreciated, at which point the business   
   > can hand off the old PC for free as a personal possession.   
   >   
   > Plus there's ways to "finesse" on this:  after Fed accelerated   
   > depreciation has been taken (it was recently just 1 year), have the   
   > business incur a business expense to "pay" someone to recycle it, where   
   > this payment conveniently aligns perfectly with the remaining State   
   > depreciation.  Business owner gets a 1 year old laptop for free, plus   
   > got paid to 'dispose' of it.   
   >   
   > Or outright cheating:  business buys a new laptop to replace an existing   
   > PC, but keeps the old PC that it was supposedly replacing in service in   
   > the office:  that new laptop goes to the owner's kid in college.   
   >   
   > And for both of these .. oops, we goofed on who pays the Office 365   
   > subscription!  /s   
   >   
   >   
   > Recall also how Warren Buffet has commented about how his income tax   
   > rate was lower than his W2-earning secretary:  that's typically due to   
   > income from Long Term Capital Gains & Qualified Dividends being taxed at   
   > rates lower than personal income (eg, 15% vs 24%).   
   >   
   >   
   > -hh   
      
   Good post, '-hh'! 😀   
      
   Thanks for your contribution.   
      
   --- SoupGate-Win32 v1.05   
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