I go to classes, attend meetings, you name the effort I make to get educated on financial things. I am still in first grade. And, I have been verbal about the hypocrisy of those poor, down to the drain people who, in their wrong assertions attack any conversation about government handouts, or tax loopholes. From the government.
After the second world war, taxes were on the 90+%. This country had the revamping of infrastructure and the lower and middle class was living in normalcy. Women could afford to stay at home, even though, they started a trend of working at the mills, smelting and building tanks and airplanes to sustain the war.
Then, republicans, as usual, started a trend to support the vane, dumb idea that rich people deserved a better treatment of their taxes in order to make this country better. They forgot one thing: During the 2nd world war, this country had war bonds to cover the costs of the military. Nothing has been done about it since. Iraq, Afghanistan were fought, and still fighting with no tax procurement for them. None at all!
From there, we have seen the destruction of the middle class one time, again and again by no matter what help the rich, screw the middle and keep the lower class as it is, perhaps with more help than others, I don’t know that much.
Then, any corporation, company, businesses, they have plenty of “loopholes” to mitigate the payment or deferring the payment of taxes.
My point is that the so called “free market” is not free. If you want to call it free, do as other countries do. If you want to build a beautiful mall somewhere, go ahead! But don’t expect tax incentives, tax deductions, deferring payment of them, etc.
That’s real free market, where the strong makes it, those in the receiving end of handouts aka deductions and incentives and deferral of payment of taxes, go away!
How on earth a company as Amazon earning $11 billion didn’t pay a penny in taxes? But we, middle class had to give away $500? Really?
If you are paying more than $50K in taxes, give me a shout. I know a program to make you save 10% of it, or more if dual ownership.
If you want to sell all your properties, getting away from being a landlord, I also know how to defer the payment of capital gains.
I can keep going on telling you schemes, tax loopholes available to those who want to know about them. I know things that make me laugh at some posters crying about “socialists” wanting to tax the rich (not them complainers, they poor, don’t qualify).
So, there’s so much wealth hidden, taken away, deferred on tax handouts/loopholes, 1031 is one of them, and whoever uses them, whether they want to believe it or not, is depending on the government to make a living. Otherwise, they would pay their taxes right away, right?
Again, I am not against anything of the above, I just want to clarify some things. You know, not being a hypocrite person receiving handouts and berating others for doing the same thing.
“Those who control taxation, control the world”.
Att. The Rothschild.