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87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge

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Here Are The Winners And Losers In The 'Inflation Reduction Act'

Tyler Durden's Photo
by Tyler Durden
Monday, Aug 08, 2022 - 09:39 AM

As Democrats pat themselves on the back after the Senate finally passed their massive tax, climate, and healthcare bill - the "Inflation Reduction Act" which Senate Majority Leader Chuck Schumer called "one of the most significant pieces of legislation passed in a decade," Bloomberg has compiled a list of winners and losers.

WINNERS:

The Wealthy

alec1_0.jpg?itok=pwRk27pC

 

Not only did none of the billions in tax increases Democrats threatened high-earners with last year make it into the final version of the bill, their plans to 'tax the 1%' turned out to be nothing more than a big virtue signal. 

Private equity fund managers

As we noted on Friday, the landmark bill only passed after AZ Sen. Kyrsten Sinema insisted on keeping the carried-interest loophole that allows investment managers (like her former bosses) to shield the majority of their income from higher taxes.

The private equity industry was able to gain an additional win shortly before the final passage of the bill when a handful of Democrats broke with their party to vote on a Republican amendment that created a carveout for private equity-owned companies in the corporate minimum tax. -Bloomberg

Speaking of...

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Manchin and Sinema were big winners - after having held their party hostage for more than a year over this legislation, "The entire contents of the bill were essentially cherry-picked by Manchin and then tweaked to fit Sinema’s preferences," according to the report.

The two were also able to score direct benefits for their states - with Manchin securing an agreement to permit the completion of the Equitrans Midstream Corp.’s Mountain Valley Pipeline, and Sinema - who was able to secure $4 billion in drought relief for western states.

The IRS And The Green agenda

The bill will give $80 billion to the IRS over the next 10 years to expand its audit capabilities, as well as a bevy of technology upgrades.

Meanwhile, electric carmakers got an extension of a popular $7,500 per vehicle customer tax credit for EVs, but will have to comply with strict battery and critical minerals sourcing requirements demanded by Sinema and Manchin - which could render the credits useless for years.

Solar and hydrogen companies, such as Sunrun and Plug Power, Inc. will also benefit from generous tax credits, while operators of nuclear reactors such as Southern Co., Constellation Energy Corp., Public Service Enterprise Group Inc. and Energy Harbor Corp. could benefit from a $30 billion production tax credit.

[TWIITTER IMAGE - 87,000 new IRS agents, higher taxes, and a massive green energy slush fund.]

Medicare, Obamacare Enrolees

The final version of the bill caps seniors' out-of-pocket prescription drug expenses to $2,000 per year, and enables Medicare to negotiate the prices on 10 medications four years from now. Th bill also kicks the can on a massive increase in Obamacare premiums that were set to happen in January for many middle income Americans, which will now happen in three years.

LOSERS:

Republicans who thought Manchin and Sinema wouldn't cave on their promises to raise taxes during a recession.

The GOP was confident they had beaten back Biden’s tax and climate agenda and were stunned in late July when Schumer and Manchin announced a deal. While still the favorites to gain seats in the midterm elections, passage of the bill is a major setback for the GOP’s policy aims. It does, however, give them a new issue to campaign on in the fall campaigns. -Bloomberg

Other losers include tech companies - that will bear the brunt of two major tax increases in the bill; a 15% minimum tax on financial statement profits, and a new levy on stock buybacks which have allowed companies like Alphabet's Google and Meta's Facebook to minimize their tax burden over the years.

SALT - the ability to deduct state and local taxes, a $10,000 cap which coastal Democrats were hoping to repeal.

Bernie Sanders - who Bloomberg notes wanted $6 trillion in spending, making the $437 billion in new spending a far cry from success. Excluded from the bill is all proposals for new social programs, including tuition-free-college, child care, housing spending and an expanded-child monthly tax credit.

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https://www.zerohedge.com/political/here-are-winners-and-losers-inflation-reduction-act

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Green Jet Fuel Is Causing Problems For Biden's Inflation Reduction Act

By Tsvetana Paraskova - Aug 09, 2022, 4:00 PM CDT Updated: Aug 09, 2022, 4:00 PM CDT

  • The Inflation Reduction Act budget reconciliation bill has passed the Senate and will now move for approval in the House.
  • As well as extending the existing biodiesel and renewable diesel tax credit, the bill provides a higher tax credit for the production of SAF.
  • NATSO and SIGMA have warned that this differential in the bill will make biodiesel and renewable diesel more expensive, increasing the price of goods hauled by trucks.

As the Senate passed the Inflation Reduction Act budget reconciliation bill, U.S. fuel retailers warned that including higher tax credits for sustainable aviation fuel (SAF) would reduce the supply of biodiesel and renewable diesel as all those fuels compete for feedstock. 

The bill, which is now set to move for approval in the House, is part of the Biden Administration's efforts to lay the foundations for reducing America's greenhouse gas emissions, including emissions from the aviation sector.  

The bill extends the existing biodiesel and renewable diesel tax credit, but it also provides a higher tax credit for the production of SAF. 

This higher tax credit for the greener aviation fuel would reduce the availability of renewable diesel and biodiesel, associations of U.S. fuel retailers say. The lower availability of renewable diesel would further increase the cost of everyday household goods which are transported by trucks, NATSO, a national trade association representing travel plaza and truck stop owners and operators, warned after the bill was unveiled. 

"American consumers will pay more for all goods hauled by truck"

NATSO, together with SIGMA, a trade association representing fuel marketers and convenience store chain retailers in the United States and Canada, strongly urged lawmakers to oppose the Inflation Reduction Act unless it provides tax parity between the biodiesel tax credit (BTC) and the proposed SAF tax credit.

"This legislation purports to create a 'technology neutral' clean fuels tax scheme, which fuel retailers have long supported. Favorable treatment for SAF flies in the face of this approach," said David Fialkov, NATSO Executive Vice President of Government Affairs.  

"SAF is less beneficial for the environment than renewable diesel and is going to cost taxpayers more. Providing more favorable tax treatment for a technology that has fewer environmental benefits undermines the intellectual integrity of the climate provisions in this bill," Fialkov added. 

"The trucking industry delivers more than 80 percent of America's goods and relies on biofuels, like renewable diesel and biodiesel, to keep emissions low. If Congress passes a higher tax incentive for SAF, America's supply of biofuels will become limited and more expensive. American consumers will pay more for all goods hauled by truck," NATSO and SIGMA said at the end of July. 

SAF Incentives Needed For Lower-Carbon Aviation

While fuel retailers call for equal treatment of renewable diesel and SAF in the new tax credit provisions, the National Business Aviation Association (NBAA) welcomed the Senate approval of an SAF tax credit that would increase the production and availability of the fuel. SAF is expected to help the industry achieve net-zero CO2 emissions by 2050, NBAA says. 

"Production tax credits in the bill would greatly reduce the cost of commercially available SAF — made from sustainable feedstocks like used cooking oil, crop residues and municipal solid waste — making air travel more sustainable for Americans without increasing costs to consumers," RMI, a nonprofit organization promoting the clean energy transition, said in comments before the Senate passed the bill. 

According to BP, which has an SAF business, Air bp, "SAF gives an impressive reduction of up to 80% in carbon emissions over the lifecycle of the fuel compared to traditional jet fuel it replaces, depending on the sustainable feedstock used, production method and the supply chain to the airport." 

The International Air Transport Association (IATA) has recently called for governments to urgently put in place large-scale incentives to rapidly expand the use of SAF as aviation pursues its commitment to achieving net-zero carbon emissions by 2050.

"Investments are in place to expand SAF annual production from the current 125 million liters to 5 billion by 2025. With effective government incentives, production could reach 30 billion liters by 2030, which would be a tipping point for SAF production and utilization," IATA said in June. 

Feedstock Displacement 

But fuel marketers and some environmental campaigners say that higher incentives for SAF production compared to the tax credits for biodiesel would displace renewable diesel production and could also lead to a loss of land and biodiversity because of the expected higher demand for lipid-based feedstocks. 

"This additional incentive for SAF will undercut and eventually eliminate America's biodiesel and renewable diesel market as disproportionate pressure is placed on feedstock," NATSO and SIGMA say. 

The International Council on Clean Transportation (ICCT), for example, in its call for a cap on lipid-based feedstocks in California's biomass-based diesel (BBD) fuels, said a cap would avoid global displacement of vegetable oils that would contribute to negative impacts on global food and feed markets, deforestation, cropland expansion, rising greenhouse gas emissions, and biodiversity loss. 

"Increasing the global supply of vegetable oils, directly or indirectly, necessarily comes at the cost of forests and other natural lands," ICCT said in a report earlier this month, noting that a displacement of vegetable oils would contribute to food price spikes and deforestation.    

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

https://oilprice.com/Energy/Energy-General/Green-Jet-Fuel-Is-Causing-Problems-For-Bidens-Inflation-Reduction-Act.html

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Pioneer CEO: New Tax Bill Could Put Small Drillers In Jeopardy

By Julianne Geiger - Aug 10, 2022, 7:45 AM CDT

U.S. lawmakers’ proposal for a new minimum tax on corporations and methane emissions fees could squeeze small oil and gas companies, according to Pioneer’s CEO Scott Sheffield.

The Inflation Reduction Act, which the U.S. senate passed this week, will soon go before a House vote. If passed, thousands of small U.S. drillers could be in jeopardy, Sheffield told Bloomberg Markets: European Close this week.

According to Sheffield, the new minimum tax and methane emissions fees could ultimately wind up curtailing the number of wells that are drilled. “It may put a lot of them out of business,” Sheffield explains.

As one might expect from companies with extra deep pockets, large U.S. drillers haven’t been as loudly opposed to such measures as the smaller drillers. Pioneer, for one, has crafted a plan to ban routine flaring by 2025, so it would not be subject to such methane emissions fees, Sheffield said. But not all smaller players have the capital to spend on those emissions measures—and they could end up paying for it in the form of fees thanks to this new tax bill, if it passes the House.

This could pressure some of the smaller independent oil and gas companies—the mom& pop shops of the energy world—into oblivion.

The bill passed in the Senate on Sunday, and on Tuesday, Speaker of the House Nancy Pelosi said that she would ask the members of the House to pass the $430 billion Inflation Reduction Act as-is.

The legislation, which covers the topics of climate change and prescription drugs, is critical for the Democrats, who are facing tough mid-term elections in the face of skyrocketing energy prices.

U.S. gasoline prices have fallen roughly 66 cents over the past month, relieving some pressure on the Biden Administration. They are still, however, more than 80 cents higher than this time last year. 

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

https://oilprice.com/Latest-Energy-News/World-News/Pioneer-CEO-New-Tax-Bill-Could-Put-Small-Drillers-In-Jeopardy.html

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https://oilprice.com/Energy/Energy-General/The-Inflation-Reduction-Act-Is-A-Game-Changer-For-Decarbonization.html

The Inflation Reduction Act Is A Game-Changer For Decarbonization

By Leonard Hyman & William Tilles - Aug 10, 2022, 4:00 PM CDT

  • The Inflation Reduction Act (IRA) includes more than $170 billion of tax credits for the electric industry, designed to encourage the shift from carbon-intensive fuels.
  • An analysis carried out in 2020 suggested that decarbonizing the industry was not that much more expensive than business as usual, this new bill will make it a no-brainer.
  • While utilities will see massive benefits from the bill, we will have to wait and see if the savings will ultimately be passed on to the consumer or not.

The Inflation Reduction Act (IRA) is the Biden administration’s legislative triumph of August 2022. But despite its name, it will plow more than $170 billion of tax credits and possibly $40 billion more in loans to electricity users, producers, distributors, and manufacturers of electrical equipment over the next ten years. This is mainly to encourage the shift from the use of carbon fuels. The act relies on handing out tax credits that even the most determined climate deniers would find hard to turn down, as opposed to the Obama administration’s policy of disciplinary actions that the industry so successfully stalled in the courts. “It’s a win-win situation,” say some never particularly environmentally friendly executives, “for consumers and companies.” Well, it definitely is a win for the electric companies. Electricity consumers might also get lucky. Who knows?

The act’s big awards going directly to electric companies are a renewable energy production tax credit ($51billion), a nuclear production tax credit ($30 billion), a clean electricity investment tax credit ($51 billion), and a clean electricity production credit ($11 billion).  

Let’s put these benefits in perspective. Several years ago we took a look at the price of electricity over the long term, comparing full industry decarbonization with a business as usual scenario. We based the analysis on two ideas. First, the new industry would be largely a fixed-cost business without fuel expenses, so we did not need a complicated model. Second, it was not legitimate to compare the cost of new renewables with old fossil-fueled stations as if the latter were a long-term alternative. Most plants were old and would have to be replaced, and replacement costs would be almost identical to the cost of renewables. Anyway, we did the analysis for a SURFA conference in 2020 and concluded that over twenty years power prices in a fully decarbonized industry would only rise 3% a year in real terms, and 2% with a business as usual approach. In other words, not much difference. Improve the energy storage component a bit, and the numbers would be close to the same.

Since that paper, we estimate that construction costs have risen 30%, fuel costs 60%, and cost of capital 10%. So we did some back-of-the-envelope calculations. Now we would estimate that going to clean electricity would raise prices by 4% a year in real terms and staying dirty would keep the annual price hike to 3%. But the various benefits in the IRA, stretched over 10 years, work out to about 3% per year off the nation’s electric bill, assuming that consumers get the benefit (more on that later.) Thus, if we are right, the act definitely tilts the economics toward no-carbon-emission fuels. 

Finally, will customers see lower bills due to the act? Start with this point. With electric sales growing at around 1% per year, and annual expenses rising 3% or more, electric companies will be asking for rate hikes for a long time to come. These tax benefits will simply delay the rate hikes by providing the utilities with an additional source of income. Some regulators may force the utility companies to return the tax benefits to customers in the form of rate reductions. But if they do then utilities will simply ask for bigger rate hikes to replace the lost tax savings.  This resembles a game of Whack-a-Mole, that’s all.  

In short, we view the Inflation Reduction Act as a really big deal for the environment. It is also a big deal for utilities which we predict will move quickly to collect the considerable benefits provided. In a way, the government has simply offered the energy industry considerable incentives to do what they could have and probably should have done years ago along with some likely modest benefits for consumers. 

By Leonard S. Hyman and William I. Tilles

More Top Reads From Oilprice.com:

I shake my head...the U.S. is in for the same turnoil Europe is experiencing. --TomNolan

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3 minutes ago, Tom Nolan said:

I shake my head...the U.S. is in for the same turnoil Europe is experiencing. --TomNolan

QUOTED EXCERPT

...It will be interesting to see how Europeans will react to these suggestions while they are being told to consume less energy, pay more for it, and prepare for even worse times ahead.

By Irina Slav for Oilprice.com

A Radical Plan To Reduce Europe’s Oil Demand By 33%

https://oilprice.com/Energy/Energy-General/A-Radical-Plan-To-Reduce-Europes-Oil-Demand-By-33.html

 

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https://www.zerohedge.com/markets/larry-summers-appalled-special-interest-tax-carve-outs-democrat-bill

Larry Summers 'Appalled' At Special Interest Tax Carve-Outs In Democrat Bill

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by Tyler Durden
Wednesday, Aug 10, 2022 - 03:40 PM

Former Treasury Secretary Larry Summers says he's "appalled" by the special interest carve-outs in the Democrats' recent tax-and-climat bill, which he says threatens a historic international agreement.

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"I am pretty cynical, and hardly antibusiness in general, or private equity in particular," Summers tweeted on Monday, "but I am appalled by the end stages of the Senate bill’s passage."

"It makes me despair of the general interest above the special interest," he added.

Then, in a Wednesday appearance on Bloomberg Television's "Wall Street Week," Summers said "It’s very sad how much special-interest lobbyists were able to stop things that are clearly in the public interest," adding "I am pretty offended by what’s happened here" when it comes to businesses fighting against tax provisions in the legislation.

Summers also blasted the removal of a proposal to scale back the so-called carried-interest tax break, which lets investment managers use a lower rate than for regular income, an advantage Summers called “outrageous.” -Bloomberg

"Even more unfortunate," he continued, is that the Inflation Reduction Act, lacked steps to put the US in compliance with an international agreement for a 15% corporate tax, which was negotiated by Treasury Secretary Janet Yellen.

"That’s probably going to collapse now, or may well collapse, because Congress wouldn’t pass the enabling legislation by going after tax havens," Summers said.

That said, Summers praised the overall bill, which he says marks "the first major legislation taking on climate change as an economic strategic priority."

As far as the economy goes, Summers says we have a "very serious inflation problem."

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The $369 Billion Promise That Sent Clean Energy Stocks Soaring

By Alex Kimani - Aug 11, 2022, 5:00 PM CDT

  • The Inflation Reduction Act is a game-changer for clean energy, with estimates that it could triple clean energy production, cut emissions by 40%, and create 550,000 jobs.
  • For clean energy stocks, the result has been immediate, with solar stocks, in particular, soaring as soon as it became clear that the bill would be passed.
  • Clean energy investors are now looking at a decade of subsidies from the government, significantly reducing the risk associated to clean energy projects.

Dozens of renewable energy stocks are soaring after the U.S. the Senate passed a historic climate and energy bill that experts have hailed as the largest investment in fighting climate change ever made by the country. Dubbed the Inflation Reduction Act, the bill allocates $369 billion to renewable energy with the American Clean Power Association estimating it could more than triple clean energy production, cut emissions by 40% by 2030, and create 550,000 clean energy jobs.

President Joe Biden has touted it as the “largest investment ever in combating the existential crisis of climate change,” and praised it for “making the wealthiest corporations finally pay their fair share.” 

The measure passed on a party-line 51-50 vote, with all Democrats and Democratic-leaning independents supporting the bill, all Republicans opposing, and Vice President Kamala Harris casting the tie-breaking vote.

First Solar Inc. (NASDAQ: FSLR) has jumped 14% after Guggenheim raised the stock to Buy from Neutral with a $135 price target while J.P. Morgan has upgraded it to Overweight from Neutral with a $126 price target, up from $83. FSLR stock closed trading on Wednesday at $114.51.

"Of all the names in our coverage, we believe First Solar appears positioned to benefit the most from the provisions of the Inflation Reduction Act that passed the Senate. Investors have not fully digested how transformational the IRA could be for FSLR's business," Guggenheim's Joseph Osha has written in a note to clients.

Needham has picked First Solar and Sunrun Inc. (NASDAQ: RUN) as the biggest beneficiaries in the near term and added that Enphase Energy Inc. (NASDAQ: ENPH) and SolarEdge Inc. (NASDAQ: SEDG) will also benefit from higher government spending and more solar adoption.

Other renewable energy names on the move in Wednesday's session were: FuelCell Energy Inc. (NASDAQ: FCEL) +8.4%, Clean Energy Fuels Corp. (NASDAQ: CLNE) +7.4%, (NYSE: STEM) +6.5%, Sunrun Inc. (NASDAQ: RUN) +6.3%, TPI Composites Inc. (NASDAQ: TPIC) +5.7%, Bloom Energy Corporation (NYSE: BE) +5.3%, Array Technologies Inc. (NASDAQ: ARRY) +4.6%, Plug Power Inc. (NASDAQ: PLUG) +3.9%, Ballard Power Systems Inc. (NASDAQ: BLDP) +3.5%, Constellation Energy Corporation (NASDAQ: CEG) +3.1%, Sunnova Energy International Inc. (NYSE: NOVA) +3%.

Inflation Reduction Act: A Clean Energy Game-Changer

The White House has set aside a $700 billion package that will address inflation by lowering energy and health care costs for families and by helping to bring down the deficit.

The Inflation Reduction Act will extend a number of tax credits already available for renewable energy and also create new incentives for investment in clean energy technology or energy generation. For the first time ever, would-be investors in clean energy have assurances in the form of a decade of subsidies from the federal government.  

Over the past decade or so, generous tax credits for wind and solar projects have triggered explosive growth in U.S. installations. Unfortunately, these credits often have short time horizons, spooking risk-averse investors and leaving project developers scrambling to meet looming deadlines. 

The IRA offers long-term tax credit commitments for wind and solar, wrapped up in a $430 billion bill and including new credits for energy storage, biogas, and hydrogen. 

Solar and wind project developers will also get more support if they build their projects in poorer areas or use U.S.-made equipment. The bill also includes incentives for companies to manufacture more green tech needed to accomplish this.

"This is going to be a golden period of 10 years, at least. That is a long horizon for people to plan and really get this transition to clean energy into high gear," Keith Martin, an attorney with Norton Rose Fulbright who works on financing renewable energy projects, has told Reuters.

"Before this bill, we were looking at one- and two-year extensions on the tax credit while trying to finance projects that take three to five years to build. For the first time, this gives the industry and investors certainty for what the financing environment will look through 2034," Tom Buttgenbach, CEO of U.S. solar developer 8minute Solar Energy, has told Reuters.

The bill also offers home improvement credits that will allow households to deduct 30% of the cost of improvements like heat pumps or insulation from their taxes as well as a further deduction of 30% of the cost of solar panels and battery storage.

People looking to replace their gasoline and diesel cars with electric vehicles will also benefit from tax credits. Couples with a combined annual income of less than $300,000  and individuals on less than $150,000 will be eligible for $7,500  credit on new EVs and $4,000  for used ones.

Rewiring America, an energy efficiency awareness non-profit, projects that combined with the new tax credits and other efforts to improve efficiency, Americans could save some $1,800 a year, per household. 

Shawn Kravetz, president of solar-focused hedge fund Esplanade Capital, has told Reuters that his fund will change tack after the new bill and focus more on the U.S. market instead of Europe.

"Our tactics have changed because we're seeing more opportunity in the U.S. The magnitude and scope of the opportunity have just grown," Kravetz has said.

The top U.S. utility trade group says the bill will encourage many members to eliminate carbon emissions from their systems by 2050 because it creates subsidies for technologies beyond just wind and solar.

By Alex Kimani for Oilprice.com

More Top Reads From Oilprice.com:

https://oilprice.com/Energy/Energy-General/The-369-Billion-Promise-That-Sent-Clean-Energy-Stocks-Soaring.html

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(edited)

On 8/10/2022 at 12:28 PM, Tom Nolan said:

 

The UN is anti-economics and anti-economist.

The entire field of established economists are now regarded as dangerous enemies by the mandarins at the UN.

Edited by Ecocharger
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87,000 more federal agents added to a fucked up FBI and DOJ, I guess freedom is all but dead!

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(edited)

Baby boomers have around 35 trillion in asset's....i can assure you the IRS will now have a fine focus on Estate transfers. You can also read a some major wealth transfer rules to be rewritten..35 trillion is a lot of whip to let go of...those agents will be kept quite busy.

Edited by Eyes Wide Open
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Cheating on taxes is not good for the country, just FYI.  Catching more scumbags like trump who don't pay their share is a good thing.

 

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38 minutes ago, RichieRich216 said:

87,000 more federal agents added to a fucked up FBI and DOJ, I guess freedom is all but dead!

It said IRS.

Reading is fundamental.

 

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50 minutes ago, TailingsPond said:

Cheating on taxes is not good for the country, just FYI.  Catching more scumbags like trump who don't pay their share is a good thing.

 

Or Clinton, Obama, Pelosi !

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1 hour ago, RichieRich216 said:

Or Clinton, Obama, Pelosi !

And...We all know about the CLINTON BODY COUNT

IMAGE-GRAPHIC – The Clinton Body Count
https://www.whatreallyhappened.com/RANCHO/POLITICS/DEAD/clinton.bodycount.gif

Here is the Archive.ORG version of The Daily Mail link…which includes a shorter version of the Clinton Body Count
(It may take some time to load.)
https://web.archive.org/web/20220608064125/https://www.dailymail.co.uk/news/article-10882101/Family-late-Clinton-advisor-Mark-Middleton-block-release-files-relating-suicide.html

Other links...

https://www.whatreallyhappened.com/RANCHO/POLITICS/BODIES.php

https://www.zerohedge.com/political/family-latest-clinton-pal-suicide-blocks-release-shotgun-death-details

Requiem for the Suicided: Vince Foster

https://www.corbettreport.com/episode-247-requiem-for-the-suicided-vince-foster/

Who was Vince Foster? What was his relationship to Hillary Clinton at the Rose Law Firm in Arkansas? What was he working on in the Clinton White House? And what secrets did he take to his grave?

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image.png.15e9f5e6bcc196f91f1a419cf1d63614.png

much criticism about Lenin in another post, yet he is still making sense ~ 100 years later.....:oO.o:/:|¬¬

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📢   📢   📢   partypooper........ party pooper.......  party pooopppeeerrr........... 📢📢

 

image.png.7b2e9514f448b00282e1d9c7dc89823b.png

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On 8/12/2022 at 11:35 PM, TailingsPond said:

Cheating on taxes is not good for the country, just FYI.  Catching more scumbags like trump who don't pay their share is a good thing.

 

No billionaire paid anything. The richer you get, the more loopholes there are available for you. It may not be just, but is entirely legal.

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(edited)

5 hours ago, Andrei Moutchkine said:

No billionaire paid anything. The richer you get, the more loopholes there are available for you. It may not be just, but is entirely legal.

No, they pay a lot, just way less than they should.

Right-wing capitalists do not support "punishing the wealth producers."

Warren Buffet by tax percentage pays near nothing, but in absolute numbers pays more per year than most do in their lifetime.

https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg-icahn-and-soros-pay-little-in-taxes.html

Buffett’s “true tax rate” was just 0.1%, or $23.7 million in taxes he paid on wealth growth of $24.3 billion, during the five-year time frame.

Trump is no billionaire, just a crook.

 

 

Edited by TailingsPond

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47 minutes ago, TailingsPond said:

No, they pay a lot, just way less than they should.

Right-wing capitalists do not support "punishing the wealth producers."

Warren Buffet by tax percentage pays near nothing, but in absolute numbers pays more per year than most do in their lifetime.

https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg-icahn-and-soros-pay-little-in-taxes.html

Buffett’s “true tax rate” was just 0.1%, or $23.7 million in taxes he paid on wealth growth of $24.3 billion, during the five-year time frame.

Trump is no billionaire, just a crook.

 

 

OK, Trump is somewhat wealthier than most. Even if he's cash-flow negative, it still counts.

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(edited)

On 8/15/2022 at 11:48 AM, Andrei Moutchkine said:

No billionaire paid anything. The richer you get, the more loopholes there are available for you. It may not be just, but is entirely legal.

image.png.e14a36a988ee11f50dbe2e98c3ee89c4.png

In the old days, when population was scarce, everyone was counted in the meeting regarding what was needed by the participants and families. They considered it an honour to be taxed and competed to do so. How incredible............. >.<

 

In the modern days, too many people voicing or voting for which brand of toilet paper allowed sold is too lengthy a process..... They started to have representatives of town, of city, of state etc to reduce the number.... These representatives were paid by tax, voluntarily, to do the jobs. When they do not have enough, they make paying tax a duty of everyone. Taxing without consent or involuntarily = stealing, right? '~' Avoiding thieves has become an evolving skill over time, no?........ 'o'   '-'

But, one question remains............. why appoint them to steal your money? 'o'  @.@   +.+

 

On 8/15/2022 at 4:56 PM, TailingsPond said:

Warren Buffet by tax percentage pays near nothing, but in absolute numbers pays more per year than most do in their lifetime.

https://www.cnbc.com/2021/06/08/bezos-musk-buffett-bloomberg-icahn-and-soros-pay-little-in-taxes.html

Buffett’s “true tax rate” was just 0.1%, or $23.7 million in taxes he paid on wealth growth of $24.3 billion, during the five-year time frame.

 

yeah.... might be true. There was a popular chant " Warren Buffet is paying less tax than his secretary.......". Can't help to wonder, how much his secretary is earning, right? If it is not few thousands........... 'n'

 

Edited by specinho

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One will pay more for real estate taxes, over their lifetime, than they paid for their house, even if they never move. That is if they bought when young and remained there for a normal lifespan. 

So who really owned the home all along? The next owner will pay taxes on the same home and prior owners already did if you were not the buyer.

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14 minutes ago, Ron Wagner said:

One will pay more for real estate taxes, over their lifetime, than they paid for their house, even if they never move. That is if they bought when young and remained there for a normal lifespan. 

So who really owned the home all along? The next owner will pay taxes on the same home and prior owners already did if you were not the buyer.

Don't forget that they, the city, can take your home.

A local road widening project had tons of people getting a letter saying they will get "fair market value" for your land and you must leave.

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On 8/12/2022 at 4:30 PM, Eyes Wide Open said:

Baby boomers have around 35 trillion in asset's....i can assure you the IRS will now have a fine focus on Estate transfers. You can also read a some major wealth transfer rules to be rewritten..35 trillion is a lot of whip to let go of...those agents will be kept quite busy.

Yes the socialist demoncrats want to eliminate as much of the middle class as possible. Making them poorer will help. They want the elite overlords and the peasants as in feudalism. They forget that taxes caused our American Revolution. 

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(edited)

On 8/13/2022 at 12:59 PM, specinho said:

image.png.15e9f5e6bcc196f91f1a419cf1d63614.png

much criticism about Lenin in another post, yet he is still making sense ~ 100 years later.....:oO.o:/:|¬¬

 

So, you despise the middle class? The kulaks?

Most Americans consider themselves middle class. https://www.rand.org/blog/2021/05/most-americans-consider-themselves-middle-class-but.html

Edited by Ron Wagner

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