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Originally Posted by farminghandyman
may be $10 dollar a gallon gasoline and diesel is better than $4.00 corn, I don't know you tell me.
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Boy you said a mouth full. You pinned it downed just like it is. Right on point.
One point the rich DID NOT get a tax break OTHER then capitol gains tax. One area all of us get to share. Dosn't matter if you earn 1 million a year but can cover the taxes to show you only made 300k. Or you earn 20k a year but show how you made 6k.
I know what my taxes are as I am "rich" as they say. My taxes were not lowered. The lowest paid folks got lower taxes that is a fact check it out.
The tax break for the rich was the capital gains tax to 15%. I still have to pay full rate as I invest for short terms. So 36% is more in line.
Just still that tax break for the rich helps out the "poor" more then anything.
Folks just hate to admit it. Trade your tractor in. You get more then your cost basis from depriciation. You get to pay capital gains tax. Nice thing it is only at the low rate.
Just to get a idea. Say you traded in a 1982 Jb farm hand. They take it for the low ball value of 5k. They will resale it for 9k. Your cost basisi on such a machine is "Junk" value or 200-500 bucks.
YOU OWE the irs 720 bucks or so. In the old days you would owe about 1720 bucks. In capital gains tax.
The tax break for th rich was a sham tax break for the poor. That is what it was. Heck they even made a lower tax bracket at 10% for the real poor folks.
We have more folks that pay NO TAXES then ever. Yet its that tax break for the rich. Funny how it gose. Its easy to blame. Hard to suck it up and deal with it.
