Click here: to donate by Credit Card
Or here: to donate by PayPal
Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794
Thank you very much and God bless you.
Posted on 05/09/2025 10:29:34 AM PDT by zeestephen
President Donald Trump says he would back raising taxes on the richest Americans to help pay for his domestic agenda...Trump also proposed closing the "carried interest loophole," a feature of the tax code taken advantage of by Wall Street investors, NBC News reported.
(Excerpt) Read more at cnbc.com ...
Click here: to donate by Credit Card
Or here: to donate by PayPal
Or by mail to: Free Republic, LLC - PO Box 9771 - Fresno, CA 93794
Thank you very much and God bless you.
WHAT ?!?
Are democrats in charge now?
Another left-wing Democrat policy.
Why is Trump moving toward Bernie Sanders??
WHAT ?!?
Are democrats in charge now?
Nope. Just RINOs.
Carried interest should be shut down.
Why? They have to hold onto the assets more than 3 years to even get a better tax rate. They arent flippers or day traders.
I dont think its a loophole at all.
The biggest loophole is tax-exempt "charitable" foundations manipulating regulations by funding NGOs to sue government agencies for favorable rules.
The “rich” don’t have much income. If Elon wants a yacht, he doesn’t sell stock for the money. He uses the stock as collateral and gets a loan. The loan payments are an expense, so often taken off his taxes. (There are a lot of dependencies in this. But that’s what tax accountants are for. Saving money on taxes.)
BTW, I have no problem that there are people who can write a check for a 747. Poor people don’t employ people. Rich people do. That money isn’t in Scrooge McDuck’s safe. It’s all invested and that’s what makes the economy go around. The more rich people, the better off we are. If there’s only a handful of rich people, you’ve got Russia. (And a problem with people falling out of windows. Never seems to happen here unless someone is taking a selfie.)
Carried Interest is wrong. I allows high income earners to literally pay capital gains tax (lower rates) rates on earned income from investments. It really is wrong.
Debt is a the biggest problem facing the country (maybe illegal immigration is worse). Not Iran, not China, not trade, not fentanyl. Government spending is the problem. If you cut taxes without dealing with the out of control spending, you are accelerating the debt crisis.
Closing loopholes like carried interest totally makes sense to offset cuts for people who need it like eliminating tax on tips.
I seriously doubt Congress can’t figure out other ways to get this bill passed without having to raise upper income taxes, even by a small amount. From a fiscal point of view, it’s not going to make or break the deal, but politically it could end up being poison, so why risk it?
Why give the opposition a talking point for 2026 when there’s no need? Talk about an unforced error. I hope wiser counsel prevails.
It is a loophole because the Carried Interest allows actual income earnings to be taxed at the lower capital gains rates where as the rest of the lower paid stiffs pay the higher income earning rates.
Tax rates on income less than $100,000 should be the highest bracket, and then decrease for all income above $100,000.
Provide a motivation to make over $100k.
No make everyone pay the same percentage or not pay at all.
Taxing high income people is disgusting. We should all keep in mind that every bit of government spending eventually becomes a justification to raise taxes.
The answer is to CUT SPENDING!!!
Cut taxes for everyone and close all the lopeholes. The rich end up paying more.
Every person should pay the exact percentage on taxes as every other person.
Where’s the incentive for people to become more prosperous?
Why should successful high achievers subsidize others who live a more modest lifestyle?
>>”Debt is a the biggest problem facing the country (maybe illegal immigration is worse). Not Iran, not China, not trade, not fentanyl. Government spending is the problem.”
Yes. But the Trump administration has already outlined ways to address it. The problem is that they won’t all be implemented in time for this bill, so Congress is required by their own rules to not take them into account when scoring. In fact their budget rules don’t even allow Trump’s recent tariff changes to be included in the calculus, even though they’ve already started raising revenue.
I thought Trump proposed lowering corporate income taxes….if he lowers corporate income taxes then most of the people who earn more than 2.5M per year will not get too upset as they will offset. Regardless, taxes shouldn’t be raised!
Is Trump going to lower corporate tax rates?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.