As Trump rambles lies and falsehoods
- Thread starter dedhoops24
- Start date
I have explained this to you about a dozen times and you obviously are too dumb to understand. I swear you pay someone to prepare your tax return for you. Furthermore, it sounds like you have never itemized in your entire life.
Prior to trump, I itemized. After trump, since he doubled the standard deduction, which after the standard deduction was doubled it pretty much equaled my itemizations, I stopped itemizing. Therefore, I paid about the same amount of personal income taxes after trump as I did before trump. No tax reduction.
Since you like to act very religious, the doubling of the standard deduction and the limitation on SALT actually discourages charitable giving. I wonder why the religious people don't knock trump for that - decreasing the benefit of itemizations and therefore, charitable donations?
If the Government taxes you more, it's taking away what belongs to you...not taking it "back". (It never belonged to Government in the first place.)
If you're so enamored with the Government "taking back" what you earn, why not send it all in and just live off a stipend? They can guarantee your housing, food, medical care, education, retirement insurance, and even sexual therapy if you have trouble controlling your own impotence.
Could you have put a worse comparison? I don't think so. You and the Conspiracy Party are welcome to complain about anything you want for the next 8 years. Trying to overthrow a legit election via lawsuits and state legislature strong arming does not compare to Dems complaining about Trump. Hillary lost and left like a true American. Trump should emulate her. Worst loser ever.
You've explained it, and no matter how many times you lie about it a person earning in excess of 200K as you have claimed in NO WAY should not be itemizing deductions on their income tax returns! Here's a partial list of legally tax deductible itemizations Americans who are skilled enough to earn at that level of income can still legally claim:
- State taxes
- Sales taxes (VAT)
- REIT (real estate investment trusts)
- Charitable donations
- Farm equipment
- Capital gains and passive investment losses
- sole proprietorship, or LLCs (S-Corps)
- Agency fees and financial management deductions
- Derivatives
- Overseas investments
- Patents and licensing deductions
- non profit donations
- copyrights
- tax lien certificates
- bankruptcies
- 401K and pension plan investments
- higher education expenses for children or spouses
- adoptions
- annulments
- divorce settlements
- rental property
- business licenses
- mortgage refinancing points
- energy saving home improvements
- EV allowances
- Estate tax administrative expenses
- self employment expenses
The fact you claim to command that level of income, and utilize none of these financial instruments to maximize your earnings demonstrates either your documented ignorance of the tax code, or your documented deceit claiming that level of earnings while filing only under the standard personal exemption with no scheduled itemized deductions.
Either way (whatever is the Truth) the fact is you're a "developmentally disabled" financial planning neophyte. Or simply a bald faced liar.
And you prove my point again. Good lord, it’s incredible how stupid you are.
So which tax preparation firm do you use? H&R Block? Jackson Hewitt? A local preparer? A friend? A guy named Joe?
I have a financial adviser who works exclusively for me here...they handle my personal portfolio, taxes, investments, retirements....all of it
Stifel
Stifel is a full service brokerage and investment banking firm. The Company provides securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities.
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'Ya know something country I may not earn 250K a year as you claim you do, but I'm thinking that based on your self admitted tax filing claiming only the standard individual exemption and zero itemized deductions on your return, I'm in much better financial shape with my personal investment portfolio than yours.
You disagree?
OK, then tell the board how much your "non-deductible" personal financial portfolio is earning for you in excess of your 250K windfall?
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You claim to command over a quarter million dollars a year in income, have no personal investment strategy defined through an individual investment portfolio, no CFP or CPA handling growth or management of your wealth, you file only under the standard personal exemption with no itemization schedules, and gave zero tax deductible contributions to charity or non profits earning that level of remuneration....then you have the unqualified temerity to bemuse over my financial stupidity compared to your own?
It's a standard deduction, not a standard exemption. LOL! You don't know the difference between a deduction and an exemption.
My "portfolio" earnings are tax deferred. LOL! Yeah, Mr. Car Salesman, you're in much better financial shape. HAHAHAHAHAHAHAHAHA.
Record won’t matter if he wins in the SCOTUS. That’s been the goal from the beginning. ****ing dumbass. 😂😂😂😂
It's an exemption meaning it "exempts" you from taxes otherwise owed. Deductions only apply if you itemize which you do NOT. Even if your portfolio earnings are tax deferred, that doesn't mean you still can't claim itemized deductions on other investments which most folks at that income level manage to add to their portfolios specifically to limit their tax liability.
I don't know anyone who earns in excess of even 100,000 who doesn't claim itemized deductions on their income taxes and the fact that you're STILL on this forum bragging that you earn double that amount yet only claim the standard exemption (deduction) tells me you're either a fool or a liar.
Maybe both.
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The tax reform packages proposed by both the House and the Senate would dramatically change the way that taxpayers calculate their taxes. Rather than having separate standard deductions and personal exemptions, the proposals would simply wrap both numbers into a larger standard deduction.
Under the House plan, the standard deduction for singles would be $12,200, while joint filers would get $24,400 as a standard deduction
The standard deduction is slated to go up in 2018 as follows:
The personal exemption amount that you're allowed to claim for yourself and for any dependents listed on your tax return will rise by $100 to 2018. That will take the figure up to $4,150 per person.
The other exemption amount that plays into many people's tax planning is the income exemption for the alternative minimum tax. Under current law, the income exemption was slated to rise by $1,100 to $55,400 for single filers. Joint filers would get a $1,700 boost in 2018 to $86,200. Phase-out amounts would also rise slightly from 2017 levels.
Source:
www.fool.com
Under the House plan, the standard deduction for singles would be $12,200, while joint filers would get $24,400 as a standard deduction
The standard deduction is slated to go up in 2018 as follows:
- Single filers: $6,500, up $150
- Head of household: $9,550, up $200
- Joint filers: $13,000, up $300
The personal exemption amount that you're allowed to claim for yourself and for any dependents listed on your tax return will rise by $100 to 2018. That will take the figure up to $4,150 per person.
The other exemption amount that plays into many people's tax planning is the income exemption for the alternative minimum tax. Under current law, the income exemption was slated to rise by $1,100 to $55,400 for single filers. Joint filers would get a $1,700 boost in 2018 to $86,200. Phase-out amounts would also rise slightly from 2017 levels.
Source:
2018 Tax Exemptions and Deductions: What You Need to Know | The Motley Fool
A lot could be changing for taxpayers in the coming year.
www.fool.com
OK, you play semantics with something I'm saying limits your tax liability. The fact remains you do not itemize deductions on a quarter million dollar income and that is not only stupid, but economically foolish for someone who earns at that level of income yet has no clue how to both limit your tax exposure while increasing your earning power through strategically placed investments which can be itemized through schedules on your individual return.
Who does that? A financial illiterate.
How do you claim you got no tax benefits from Trump's tax reforms and reductions yet you claim "tax deferred" earnings on an investment portfolio?
Explain?
If I invest a significant portion of my income in a tax-deferred investment, I am limiting my tax liability. I am not taxed a penny on any of that investment (at present). I don’t have to claim that as an itemized deduction. It is not taxed income to begin with.
Good lord, you’re a f’ucking moron. Seriously dude, you’re a used car salesman, or at least that is what you claim to be. I think you’re the janitor at the car dealership. You have no business discussing investments, taxes, deductions and exemptions with me. LMAO!
Because anyone was always allowed to have tax-deferred earnings. Trump had nothing to do with that. Good lord, are you for real?
Let me ask you a very simple question:
which is greater, 10,000 or 12,200?
LMAO!
That Mustang is ugly AF For realHey @dedhoops24 why are we limiting our exchanges to this forum? We both live in the same city, we have some fabulous restaurants or pubs here in the ATL we could get together and sip a few beers in. I'd love to meet you...maybe sell you a brand new Ford Mustang EV?
Lets plan a rendezvous. I can even show you my spread here in South Gwinnett, you can meet my 7 kids, my Son-in-Law who's a cop, I have another Son who's a certified EMT first responder for Dekalb county as well as five adorable Grand kids who don't hate White people!
You just let me know when you're free and we can pick a time and a place to be respectful as well as passionate about the future of this country.
2021 Ford Mustang Mach-E
OK country you've convinced me. You have a "tax deferred" income investment in which you've placed a significant portion of your yearly 200K income yet you don't claim the income or the investments on your tax return? Uncle Sam just allows you set aside an income generating investment which you don't even have to report on your 1040 either as an itemized deduction or as income for the year(s) you are generating tax deferred returns off those investments?
'Ya know it's one thing to lie and try to make folks think you're smarter, richer, faster, quicker or whatever lie you're trying to peddle. It's quite another to lie and prove yourself to be slower, dumber, poorer, a bigger loser, or more dishonest than you actually are.
You miraculously accomplish both which is truly the stuff of Guinness world record material.
I defy you to find one quote of me anywhere on here claiming to sell "used cars". I'll 100% guarantee that is a lie you cannot prove because I DO NOT sell "used cars". If you can prove I do, or exactly where I claimed to do so, then I guess I need to start in order to keep your record of dishonesty on this forum intact.
(maybe you can just make up another post I allegedly made like you did the other day?) 🤨
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So on a 200K plus income (a significant portion of which sits in an income generating tax deferred investment portfolio) you only managed to itemize roughly 12,000 of tax deductions before Trump's tax reforms?
That is proof of your poor financial planning, lack of sound financial management, total ignorance of the tax code particularly when it comes to passive investments and tax deferred instruments, unforgivable selfishness and greed based on that level of income, or the most giant bald faced blatant lie an economic illiterate could ever conjure up!
Come to think of it, looks like it's all of the above!!!!
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Why do you lie? I never said anything like that. Or are you just so stupid you can't comprehend what someone else is saying? I think the latter.
I asked you a very simple question and you couldn't answer it. I'll ask it again.
Which is greater, 10,000 or 12,200?
Just because some individual judges are unwilling to be honest and rational when making their decisions does not render the mountain of facts presented irrelevant. Seems we have too many of these judges becoming intimidated through threats and other pressures from the unruly mobs to consider the FACTS and render rational decisions.
Hold your water little man and see what develops at the Supreme Court in these cases where there is ample supportive data to overturn this travesty.
Does the IRS know you have tax deferred income you don't report? I thought those ended up on a schedule "B" with your 1040?
Schedule B (Form 1040 or 1040-SR). Reporting tax-exempt interest. Form 1099-INT.
It doesn't matter. Both amounts exceed what you previously have ever itemized on a 200K plus income which is not only exceedingly greedy and stingy, but incomprehensibly ignorant of both the older and newer allowable tax deductions.
So you're not only selfish, but stupid.
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