Anybody up for a random meme dump?

Zorba · Oct 30, 2020

No, but you need a matched pair - one phillips and one slotted doesn't work!

anarce · Oct 30, 2020

Tomcat said:
In case you didn't know.

I hope this fool and his idiot supporters don’t get into the presidency!!!! Did you know Biden wants to get rid of something called "stepped up basis"? How does this affect you? When your parents pass and leave you the family house, normally you would inherit that property at what it is worth today. If you were to sell that house you would only pay taxes on the gain from what it is worth today and what it sells for. If Biden does away with "stepped up basis," you will inherit the property for what your parents paid for the property. If you decide to sell you will pay taxes on the difference between the original purchase price and what it sells for today. Here is what this looks like!

Current Policy
Inherited House at Current Value - $200,000
Sells for $205,000
Taxable income = $5000
Taxes Due - 20% of $5000 = $1000
Profit to you = $204,000

Biden Policy
Inherited House at original purchase price - $40,000
Sells for $205,000
Taxable income = $165,000
Taxes Due - 20% of $165,000 = $33,000
Profit to you = $172,000

If your parents were to have sold this property prior to passing, they would have paid no taxes because it was their primary residence.
So much for helping the middle class get ahead.
My educated guess would be that at least 95% of Americans don’t even know Biden has proposed this. We are talking tens of thousands of more tax dollars for the average sold after inheritance! Wow, google “Biden stepped up basis” and educate yourself because this is a biggie! Please share!
More reasons not to vote for this fool.

Nope. "Step-up in basis" is a tax loophole for rich people. There's no estate/death tax if your estate is less than about $11.5 million ($23 million for a married couple).

If you're inheriting a $200k house, the total estate is probably under that $23 million amount, and you're not paying any taxes on it, step-up in basis or not.

I hate when people write misleading and false stuff to defend a tax break for rich people by pretending it's going to negatively affect the rest of us. I don't know about you guys, but there's no way my wife and I are leaving an estate of more than $23 million to our kids unless we hit the lottery.

Sorry if I'm a little more annoyed than usual after spending yesterday dealing with whiny rich people in Beaver Creek that spend $5,000 per roll for friggin wallpaper.

DEValken · Oct 30, 2020

Need that elusive #4 phillips for a service connection. That's from the NEC, 2019 Edition.

Looks like something my neighbor would do...

Tomcat · Oct 30, 2020

anarce said:
Nope. "Step-up in basis" is a tax loophole for rich people. There's no estate/death tax if your estate is less than about $11.5 million ($23 million for a married couple).

If you're inheriting a $200k house, the total estate is probably under that $23 million amount, and you're not paying any taxes on it, step-up in basis or not.

I hate when people write misleading and false stuff to defend a tax break for rich people by pretending it's going to negatively affect the rest of us. I don't know about you guys, but there's no way my wife and I are leaving an estate of more than $23 million to our kids unless we hit the lottery.

Sorry if I'm a little more annoyed than usual after spending yesterday dealing with whiny rich people in Beaver Creek that spend $5,000 per roll for friggin wallpaper.

That's the current statute as it is now, the changes that Biden has expressed are the ones he plans on making if elected president.

JEEPCJTJ · Oct 30, 2020

Zorba said:
No, but you need a matched pair - one phillips and one slotted doesn't work!

I agree but at least they both look to be somewhat smaller than the wires and being steel they have more resistance so they should probably burn out before those wires.

Yes, I used "should probably" because I'm just kinda guessing from what I learned in trade school 35 yrs ago.

anarce · Oct 30, 2020

Tomcat said:
That's the current statute as it is now, the changes that Biden has expressed are the ones he plans on making if elected president.

Biden wants to drop the exemption level back to $5 million per person, so the example is still phony and just a scare tactic because taxes aren't changing for anybody with a $200k house.

The viral story says "So much for helping the middle class get ahead." yet this does nothing to affect the middle class. It's all bullshit. Rich people spreading a scare story to the masses to keep their taxes low so they can buy more $5,000 rolls of wallpaper.

Sorry for debating politics in the meme thread. I've just seen that stupid write-up several times now and it bugs me, and I'm trying to spread the truth.

DWR · Oct 30, 2020

anarce said:
Biden wants to drop the exemption level back to $5 million per person, so the example is still phony and just a scare tactic because taxes aren't changing for anybody with a $200k house.

The viral story says "So much for helping the middle class get ahead." yet this does nothing to affect the middle class. It's all bullshit. Rich people spreading a scare story to the masses to keep their taxes low so they can buy more $5,000 rolls of wallpaper.

Sorry for debating politics in the meme thread. I've just seen that stupid write-up several times now and it bugs me, and I'm trying to spread the truth.

I’d like to read more on it if you wouldn’t mind citing an article detailing it.
Won’t dig anymore into the discussion, just want to educate myself.

anarce · Oct 30, 2020

DWR said:
I’d like to read more on it if you wouldn’t mind citing an article detailing it.
Won’t dig anymore into the discussion, just want to educate myself.

Sure, this is a good article that explains how "step-up in basis" works, but it doesn't go into details on the limits for the estate tax. I can link some other articles if you're interested that explains the differences in the estate tax between Trump and Biden. Basically Trump doubled the maximum amount you can pass on before you have to pay any estate tax, and Biden wants to bring it back to where it was. Most of Biden's tax plans don't change much for people that make less than $400k in income unless they are in certain businesses like real estate or hedge fund managers. Trump cut the tax rate for the highest bracket, and Biden wants to put it back where it was. Biden wants to increase capital gains taxes, corporate taxes, and earned interest.

Here's the link on step-up in basis:
https://taxfoundation.org/analysis-economic-revenue-distributional-effects-repealing-step-basis/
If you wrote an article that said "Biden wants to eliminate a tax loophole for rich people!" it probably wouldn't go viral. But if you rephrase it and pretend that "Biden wants to increase taxes on the middle class!" that gets some traction as we see here.

Most rich people pay a smaller percentage in taxes than the middle class through various ways, but then complain about how heavily taxed they are. I like the phrase, "They only call it Class Warfare when we fight back."

Apparition · Oct 30, 2020

anarce said:
Sure, this is a good article that explains how "step-up in basis" works, but it doesn't go into details on the limits for the estate tax. I can link some other articles if you're interested that explains the differences in the estate tax between Trump and Biden. Basically Trump doubled the maximum amount you can pass on before you have to pay any estate tax, and Biden wants to bring it back to where it was. Most of Biden's tax plans don't change much for people that make less than $400k in income unless they are in certain businesses like real estate or hedge fund managers. Trump cut the tax rate for the highest bracket, and Biden wants to put it back where it was. Biden wants to increase capital gains taxes, corporate taxes, and earned interest.

Here's the link on step-up in basis:
https://taxfoundation.org/analysis-economic-revenue-distributional-effects-repealing-step-basis/
If you wrote an article that said "Biden wants to eliminate a tax loophole for rich people!" it probably wouldn't go viral. But if you rephrase it and pretend that "Biden wants to increase taxes on the middle class!" that gets some traction as we see here.

Most rich people pay a smaller percentage in taxes than the middle class through various ways, but then complain about how heavily taxed they are. I like the phrase, "They only call it Class Warfare when we fight back."

Two things amaze me.

People who don’t care because it only affects the “rich”

People who don’t strive to be the “rich”

anarce · Oct 30, 2020

Apparition said:
Two things amaze me.

People who don’t care because it only affects the “rich”

People who don’t strive to be the “rich”

I would add more, but it's the meme thread and I try to stay out of the Politics forum here and just talk about Jeeps. So with that, have a good evening, and I'm going to hop in my LJ and head home. Cheers!