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+--- Thread: “Inflation Reduction” Act (/Thread-%E2%80%9CInflation-Reduction%E2%80%9D-Act)
“Inflation Reduction” Act - StoneTheCrow - 08-17-2022
Surprised this isn’t being discussed. I’ve been clamoring for tens of thousands of new IRS agents and my wish came true! Great work team, just what the doctor ordered.
RE: “Inflation Reduction” Act - NATI BENGALS - 08-17-2022
Must be a lot of tax cheats out there. I’ve seen a whole bunch of crying about the IRS lately
RE: “Inflation Reduction” Act - michaelsean - 08-17-2022
(08-17-2022, 09:54 PM)NATI BENGALS Wrote: Must be a lot of tax cheats out there. I’ve seen a whole bunch of crying about the IRS lately
If by lately you mean 1862 then I agree with you.
RE: “Inflation Reduction” Act - treee - 08-18-2022
It is no secret that the IRS has been understaffed for a long time and haven't had the resources to actually enforce the tax code against the top tax brackets. Beefing up the agency is very much a necessary step in auditing the type of people that have legions of accountants to get creative on their behalf.
RE: “Inflation Reduction” Act - hollodero - 08-18-2022
True, not really talked about. Which just is more proof that the democrats are not behind the Mar-a-Lago raid. If they were, they sure would have picked another time and not the one week where it overshadows Biden's legislative win.
I for one am particularly fond of the fighting climate change part of it, the biggest issue of them all possibly. I also agree with a stock buyback fee and with better tax law enforcement, and a corporate tax rate of 15% seems fair and square to me as well.
I like this piece of legislature, I wonder who doesn't and why.
RE: “Inflation Reduction” Act - NATI BENGALS - 08-18-2022
(08-18-2022, 03:34 AM)hollodero Wrote: True, not really talked about. Which just is more proof that the democrats are not behind the Mar-a-Lago raid. If they were, they sure would have picked another time and not the one week where it overshadows Biden's legislative win.
I for one am particularly fond of the fighting climate change part of it, the biggest issue of them all possibly. I also agree with a stock buyback fee and with better tax law enforcement, and a corporate tax rate of 15% seems fair and square to me as well.
I like this piece of legislature, I wonder who doesn't and why.
Infrastructure, chips act, a non partisan DOJ attempting to hold real criminals accountable, and now this… I’m almost getting sick of winning
RE: “Inflation Reduction” Act - hollodero - 08-18-2022
(08-18-2022, 04:46 AM)NATI BENGALS Wrote: Infrastructure, chips act, a non partisan DOJ attempting to hold real criminals accountable, and now this… I’m almost getting sick of winning
lol. To be honest though, I think there's also plenty about the Biden era that is far from perfect.
Btw. what about repealing the Trump tax cuts? Wasn't that one of these "on day one" projects?
RE: “Inflation Reduction” Act - NATI BENGALS - 08-18-2022
Meanwhile the GOP is voting out anyone who wanted to hold the person who attempted a coup accountable. Anyone who doesn’t support his election lies and the deterioration of our democracy. They are now attacking law enforcement. Trying to put Palin back in power. Electing more tv personalities. Because it worked so well last time. And overall just crying and complaining about everything while stripping women of their rights and trying to force people into abiding by their beliefs. Banning books. And funneling tax payer money in to religious schools.
Every day the GOP gets more extreme and full of ass hats
RE: “Inflation Reduction” Act - NATI BENGALS - 08-18-2022
(08-18-2022, 04:49 AM)hollodero Wrote: lol. To be honest though, I think there's also plenty about the Biden era that is far from perfect.
Btw. what about repealing the Trump tax cuts? Wasn't that one of these "on day one" projects?
Absolutely its been rocky. He inherited a country on fire from a pandemic and a conman traitor who brain washed a third of the country and got them on board with destroying our democracy.
That’s part of negotiating. You can’t always get everything you want. I think the tax cuts stayed in order to get the infrastructure deal done?
RE: “Inflation Reduction” Act - hollodero - 08-18-2022
(08-18-2022, 05:06 AM)NATI BENGALS Wrote: Absolutely its been rocky. He inherited a country on fire from a pandemic and a conman traitor who brain washed a third of the country and got them on board with destroying our democracy.
That’s part of negotiating. You can’t always get everything you want. I think the tax cuts stayed in order to get the infrastructure deal done?
Maybe. Though I rather believe it's because the dems are beholden to the same group of superwealthy people and it was never going to happen.
Not that I don't fully agree with your assessment regarding the alternative, sure.
RE: “Inflation Reduction” Act - Forever Spinning Vinyl - 08-18-2022
Noam Chomsky said that it is not a two party system in the United States. It's a one party system. The business party.
RE: “Inflation Reduction” Act - hollodero - 08-18-2022
(08-18-2022, 05:17 AM)Forever Spinning Vinyl Wrote: Noam Chomsky said that is no two party system in the United States. It's a one party system. The business party.
Well, I heard this guy is smart so there's probably truth to that.
It's how most Europeans see the US. As a capitalistic pseudo-democracy where high finance has taken over. It's why I could see the outsider appeal that Trump had, against the whole system. It's just curious why it had to be this particular outsider that stands for protecting and worshipping the superwealthy more than anyone, besides anything else disqualifying.
RE: “Inflation Reduction” Act - Belsnickel - 08-18-2022
I am all for it. The amount of lost revenue because of IRS understaffing will more than pay for these additional personnel. The concern over them is rooted in the idea that all of these tax cheats may actually now be under scrutiny and have to actually pay up. "Churches" and NGOs involved in politicking may actually face scrutiny and lose their tax exempt status. Law and order, right? Follow the law and you have nothing to worry about.
RE: “Inflation Reduction” Act - Nately120 - 08-18-2022
The conservative mantra is that everyone is coming after the middle class, even specific targeted and substantiated investigations against elites are merely speed bumps on the way to coming after the middle class.
I pay my taxes, I don't traffic children, and I've never taken top secret documents but I've been told the IRS and the FBI are headed my way right after they fraudulently take out my leaders.
Live in fear. Unless it's covid...you need to ignore that nonsense.
RE: “Inflation Reduction” Act - CJD - 08-18-2022
My understanding is that that the 78 billion dollars for IRS expansion is spread out over 10 years in which approximately half of the current 78,000 IRS employees are expected to retire within the next 5 year. At the end of the 10 years, when accounting for retirements over those 10 years, the net increase in employment is expected to be about 30,000 employees. So 10 years from now, the IRS will be 100,000 people rather than 78,000 people. And those new hires won't exclusively be auditors, as there are other positions at the IRS as well (customer service, IT, etc). So, with any luck, this expansion will make filing taxes easier for the average person because there will be more support readily available from the IRS (as opposed to having to sit on the line for hours if you have a simple question).
For me personally, I've never run the risk of being audited because my taxes are really simple (W2, some donations, some investments, nothing too complicated). I think this will make life harder for the lawyers of big businesses that specialize in exploiting tax loopholes so that they don't have to pay any or as much taxes.
I consider that a good thing. Hopefully, conservatives view stopping scammers from being able to scam as a good thing as well.
RE: “Inflation Reduction” Act - HarleyDog - 08-18-2022
(08-18-2022, 04:46 AM)NATI BENGALS Wrote: Infrastructure, chips act, a non partisan DOJ attempting to hold real criminals accountable, and now this… I’m almost getting sick of winning
You think your winning? Wait till we get the final bill. Rich people aren't gonna pay for this and neither are corporations. I mean, on paper it may seem like they may, but in reality your going to pay more. They're not rich for no reason. Not sure why many people fail to see the big picture. Also, Hollo is correct when he mentions both parties beholding to the super wealthy. As for the IRS agents, they will take more from the middle class than the rich. Rich people take care of the politicians and line their pockets with cash. How else would they be making 10-20 times more than their salary? They're not going to bite the hands that feed them.
RE: “Inflation Reduction” Act - Nately120 - 08-18-2022
(08-18-2022, 09:56 AM)HarleyDog Wrote: You think your winning? Wait till we get the final bill. Rich people aren't gonna pay for this and neither are corporations. I mean, on paper it may seem like they may, but in reality your going to pay more. They're not rich for no reason. Not sure why many people fail to see the big picture. Also, Hollo is correct when he mentions both parties beholding to the super wealthy. As for the IRS agents, they will take more from the middle class than the rich. Rich people take care of the politicians and line their pockets with cash. How else would they be making 10-20 times more than their salary? They're not going to bite the hands that feed them.
Hmm, upset that Washington isn't going to require the rich/corporations to foot their fair share of this bill? I don't disagree with you, but if you're as conservative as I think you are you might not want to bring this Bernie Sanders crap up around your cohorts.
RE: “Inflation Reduction” Act - michaelsean - 08-18-2022
(08-18-2022, 05:13 AM)hollodero Wrote: Maybe. Though I rather believe it's because the dems are beholden to the same group of superwealthy people and it was never going to happen.
Not that I don't fully agree with your assessment regarding the alternative, sure.
The standard deduction was also doubled. That helps a lot of people, and I hope it stays. I for one don't have to keep track of all my deductions because the standard deduction is now higher that if I itemized. We have a ridiculously complicated tax system that needs to be fixed.
RE: “Inflation Reduction” Act - NATI BENGALS - 08-18-2022
(08-18-2022, 09:56 AM)HarleyDog Wrote: You think your winning? Wait till we get the final bill. Rich people aren't gonna pay for this and neither are corporations. I mean, on paper it may seem like they may, but in reality your going to pay more. They're not rich for no reason. Not sure why many people fail to see the big picture. Also, Hollo is correct when he mentions both parties beholding to the super wealthy. As for the IRS agents, they will take more from the middle class than the rich. Rich people take care of the politicians and line their pockets with cash. How else would they be making 10-20 times more than their salary? They're not going to bite the hands that feed them.
I don't fail to see the big picture. I see it. And I see stuff getting passed trying to do something about it, instead of doing nothing and just accepting that the rich are rich and acting like they get to do whatever they want.
“end the two-tiered tax system, where most Americans pay what they owe, but those at the top of the distribution often do not,”
https://www.pbs.org/newshour/politics/treasury-secretary-janet-yellen-tells-irs-to-develop-modernization-plan-in-6-months
RE: “Inflation Reduction” Act - NATI BENGALS - 08-18-2022
(08-18-2022, 10:52 AM)michaelsean Wrote: The standard deduction was also doubled. That helps a lot of people, and I hope it stays. I for one don't have to keep track of all my deductions because the standard deduction is now higher that if I itemized. We have a ridiculously complicated tax system that needs to be fixed.
Yea the standard deduction thing is a big simplifier