Anybody up for a random meme dump?

[Tomcat]

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]

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]

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.

 

[Westtown Willy]

nothing to see here, move along

 

[DWR]

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]

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]

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]

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!

 

[__steve__]

 

[JEEPCJTJ]

View attachment 199935

Let's drop the word "conservatives". Now the first part, with the lion, is an actual fact while the second part, with the fat crying kitty, is much closer to an opinion based on feelings than it is to facts, fact checking, or socialism.

Actually we don't even have to drop the word "conservatives" and it still makes sense.

 

[Wildman]

 

[Apparition]

 

[RINC]

 

[THEREALJIM]

 

[Rick Flair]

 

[__steve__]

 

[Rick Flair]

 

[Apparition]

Not exactly a meme but fitting

 

[Rooscooter]

Not exactly a meme but fitting

Well.... you know as you get older those urges to go to the bathroom come at inopportune times..... Either that or he's found a girl scout troop with freshly shampooed hair.....

 

[Apparition]