Advertisement

Drudge Retort: The Other Side of the News
Thursday, August 19, 2021

In the months after President Donald Trump signed the Tax Cuts and Jobs Act in December 2017, some tax professionals grew giddy as they discovered opportunities for their clients inside a law that already slashed rates for corporations and wealthy individuals.

More

Comments

Admin's note: Participants in this discussion must follow the site's moderation policy. Profanity will be filtered. Abusive conduct is not allowed.

More from the article...

...In the months after President Donald Trump signed the Tax Cuts and Jobs Act in December 2017, some tax professionals grew giddy as they discovered opportunities for their clients inside a law that already slashed rates for corporations and wealthy individuals.

At a May 2018 conference of financial advisers, one wealth planner told the room that a key provision of the new law "leaves a gaping hole in the tax code." As he put it, "The goal by the end of the presentation today is to make you guys the bus drivers, or the truck drivers, to drive right through that hole with your clients."

Among the tax-saving opportunities offered by the law: Taxes on profits from certain types of businesses were cut dramatically, while the rate on salaries those businesses paid was reduced only slightly....


#1 | Posted by LampLighter at 2021-08-19 12:03 PM | Reply

Does the word "loophole" apply if the gaping hole in the new tax law was intentional?

#2 | Posted by LampLighter at 2021-08-19 12:04 PM | Reply

Funny how loopholes only happen for those who need them the least.

#3 | Posted by Derek_Wildstar at 2021-08-19 12:42 PM | Reply | Newsworthy 3

"The 2017 tax cuts made it more attractive for certain company owners to be paid in profits instead of wages."

One of the reasons is you can deduct expenses against gross income to calculate net profit.

Meanwhile, NO expenses are deductible against W-2 wages.

For fun, try explaining to a concert violinist his quarter-million dollar violin is no longer depreciable, because he gets paid on a W-2.

#4 | Posted by Danforth at 2021-08-19 12:59 PM | Reply | Newsworthy 2

@#3 ... Funny how loopholes only happen for those who need them the least. ...

They do seem to occur for the benefit of those who have purchased the Legislators who enacted them.

#5 | Posted by LampLighter at 2021-08-19 01:54 PM | Reply

If anyone is surprised by this they are terminally stupid.

Whenever the GOP passes a tax cut they say is for the middle class they are lying their asses off.

They never work for the middle class.

Ever.

#6 | Posted by Nixon at 2021-08-20 08:23 AM | Reply

If it's so bad to have loopholes for the rich to exploit, then WHY DID BIDEN JUST PASS LAWS THAT DO THE SAME EXACT THING?!?!?!?!?!?!?!

Seriously, you guys are the downfall of American society. If something is bad, then it's bad...don't point fingers and then allow your own party to do it. Hold your own party accountable. If you never do, the other party will NEVER get any better. When both sides do something bad or stupid, almost every time their supporters come out and say things like, "Well, they did it first." Why don't you work to stop the cycle now?

#7 | Posted by humtake at 2021-08-20 12:54 PM | Reply

#7 - bingo! We have a winner!

#8 | Posted by jakester at 2021-08-20 01:12 PM | Reply

"Hold your own party accountable."

Which party do you hold accountable, Humtake?
Let me guess: Like "Jakester" here, you don't have one.

#9 | Posted by snoofy at 2021-08-20 01:21 PM | Reply

#7 and 8

Of course both sides do it but republicans are far worse. I don't justify either side but to act like the hippo sized give always from the Democrats justify the elephant sized give always from the republicans is a bit misleading.

#10 | Posted by TaoWarrior at 2021-08-20 01:33 PM | Reply

They never work for the middle class.

Ever.

#6 | POSTED BY NIXON

Reminds me of those Reagan tax cuts "for the middle class" that took away the sales tax deductions and many other deductions for w-2 workers and limited what a head of household could deduct.

#11 | Posted by donnerboy at 2021-08-20 03:09 PM | Reply

Democrats aren't perfect but the "both sides are the same game," as played by HUMTAKE and others is just a lughable attempt to justify their continued support for a criminal conspiracy in our government known as the Republican Party. In most instances, when you dig down deep enough, you will find that the defenders of that corruption are in some small way benefiting from it. It is just hard to believe anyone would be stupid enough to support such corruption if it didn't provide them with somme small benefit. I think that most corruption occurs at the local or state level but, for the most part, the common denominator in it is, membership in the Republican Party. It has infiltrated, especially in red states, so thoroughly that fat cats are like wolves just waiting for the Feds to provide funds to help the poor which they drool over and eventually manage to syphon off into their own bank accounts.
Tell me, when states pass Medical Marijauna laws why do clinics get to charge $250 - $300 to give you a card which allows you to buy it? It's because there is an opportunity for the fat cats to profit and they must profit for average Joes to be allowed to access that which the voters made legal for them.
Like many things, it's a tax but the revenue flows to private citizens not to the government.

#12 | Posted by danni at 2021-08-21 04:20 AM | Reply

Comments are closed for this entry.

Home | Breaking News | Comments | User Blogs | Stats | Back Page | RSS Feed | RSS Spec | DMCA Compliance | Privacy | Copyright 2021 World Readable

Drudge Retort