This Just In
Blue & Gray (over 10,000 posts)
Bold Prediction: The Hoyas will win at least 1 BE game in 2023.
Posts: 10,590
|
Post by This Just In on Mar 26, 2020 14:07:32 GMT -5
The real information starts at the 2:54 mark
|
|
EtomicB
Blue & Gray (over 10,000 posts)
Posts: 14,713
|
Post by EtomicB on Mar 28, 2020 15:57:22 GMT -5
What's the old saying in politics, "never let a crisis go to waste" It really shows what their priorities really are, Smh... www.cnn.com/2020/03/28/opinions/stimulus-bill-tax-break-for-1-mccaffery/index.htmlNow here is what changed in the historic $2 trillion stimulus bill. Previously, if a married couple had depreciation deductions that exceeded their real estate business income, the couple could claim that "loss" to write off taxes on a maximum of $500,000 in income from other sources, like wages from a day job.
Under the change, our rich taxpayer couple -- and this applies only for individuals, not corporations -- can now deduct an unlimited amount of "excess losses" in real estate against income from other sources. So now real estate moguls with lucrative day jobs or bountiful capital gains from other investments can go back to living tax-free, the Kushner way, before limits were put in place as part of the 2017 tax reform bill. It gets worse, if that's possible. The change applies to this year -- and retroactively to 2019 and 2018. This means rich people can file amended returns now, and get refunds of perhaps millions of dollars, sooner than we can produce the number of ventilators we might need for the coronavirus crisis.
Let's pause for a moment to review: The new relief provision only benefits those who can list more than $500,000 in excess business losses -- typically artificial losses from depreciation that have more than wiped out their business income on paper -- AND more than $500,000 in other income from wages or other sources now that the cap on the tax break has been removed. Pity such people in a time of pandemic? Congress di
|
|