Taxes

[Adam]

boy do they suck. I imagine even for beta libs. @m0nkey what kinda extra crazy shit can we write off since orange man is gone? 

[Kevin]

Orange man cut taxes which is good. Orange man contributed to unsustainable spending which is bad.

Cut revenue but spend more. This doesn’t seem like a good financial plan. 

[m0nkey]

27 minutes ago, Adam said:

boy do they suck. I imagine even for beta libs. @m0nkey what kinda extra crazy shit can we write off since orange man is gone? 

I'm one of those CPA's that can barely do his own taxes.  

Needless to say it's a disappointment to my family that I'm not a doctor and I can't even help save them money.

[Lou]

The funny thing is that Adam doesn't even know m0nkey is a CPA, only that he's Asian.

[Adam]

1 minute ago, Lou said:

The funny thing is that Adam doesn't even know m0nkey is a CPA, only that he's Asian.

False. I helped him with his FAR exam. I'm the only reason he's a CPA. Aside from loving Disneyland he's a terrible asian

[Adam]

some of y'all can be gleeful that I'm getting absolutely ass-rammed by the government this year.  I formalized my equity in our business and holy shit do they really fuck you when you do that. 

[Lou]

Just now, Adam said:

False. I helped him with his FAR exam. I'm the only reason he's a CPA. Aside from loving Disneyland he's a terrible asian

Foreign Asian Relocation?

[Adam]

Oh also today I learned there's no wage cap on medicare taxes. Your fried chicken eating grandmas are welcome

[Taylor]

7 hours ago, Kevin said:

Orange man cut taxes which is good. Orange man contributed to unsustainable spending which is bad.

Cut revenue but spend more. This doesn’t seem like a good financial plan. 

And the taxes he "cut" will increase to higher-than-2017 levels in 2022 for everyone except the top 5%.

[mtangelsfan]

2 hours ago, Taylor said:

And the taxes he "cut" will increase to higher-than-2017 levels in 2022 for everyone except the top 5%.

That won’t happen

[Taylor]

1 hour ago, mtangelsfan said:

That won’t happen

Link?

[Taylor]

Here's what I found regarding tax hikes in the near future:

https://taxfoundation.org/no-stealth-tax-increases-in-2021-republican-biden-taxes/

Quote

Although there will not be a tax increase for individuals in 2021, there are tax increases scheduled over the next six years. The TCJA’s individual income tax provisions are scheduled to expire at the end of 2025, along with the phaseout of several business tax provisions between 2021 and 2026. The individual provisions set to expire include lower individual income tax rates, the more generous Child Tax Credit (CTC), and the eliminated personal exemption. Businesses will face separate tax increases as R&D expenses must be amortized over five years beginning in 2022, while the TCJA’s full expensing provisions start phasing out at 20 percent per year beginning in 2023.

Absent action by Congress, individuals will face a higher tax burden in 2026, making it important for policymakers to consider how they want to move forward with the individual provisions and, more urgently, business tax changes that improved incentives to invest in the U.S. It is equally important to clear up misconceptions about those upcoming tax increases. Ideally, 2021 will be a year of recovery for public health and the economy, and taxpayers do not need to worry about an automatic “stealth” tax increase.