Reporting sales of large $$ items

[jsfriedm]

Just wanted to point that, so far at least, it appears that if the Democrats do manage to pass the 1.85 tr reconciliation bill, they are actually more likely to lower taxes for the rich than to raise them, since the proposals for the wealth tax, higher corporate taxes, higher top marginal income tax rates, etc have been taken out, while there is a big push to increase the limit of the SALT deduction: https://www.politico.com/news/2021/1...ms-plan-521004

[ajjohnsonsoxfan]

Originally Posted by jsfriedm

Just wanted to point that, so far at least, it appears that if the Democrats do manage to pass the 1.85 tr reconciliation bill, they are actually more likely to lower taxes for the rich than to raise them, since the proposals for the wealth tax, higher corporate taxes, higher top marginal income tax rates, etc have been taken out, while there is a big push to increase the limit of the SALT deduction: https://www.politico.com/news/2021/1...ms-plan-521004

Don't know if you read all the way down to the end of your linked article...

"Even though most millionaires would receive a tax cut, people with seven-figure incomes — on average — would see their tax bills climb by $68,000, TPC estimates. That’s because one-third of millionaires would face tax increases averaging $228,000.

Aside from easing the SALT cap, Democrats are also proposing new surcharges on the very rich, with those earning more than $10 million facing a new 5 percent surtax. People making more than $25 million would pay another 3 percent on top of that.

So people above those income thresholds would typically pay more under Democrats' plan, even as they benefit from a higher SALT cap, while those making more than $1 million but not enough to face those surcharges would owe less."


Corporations and very wealthy individuals have far too many loopholes to forgo paying any taxes. Seems to me it's about time we ask them to start paying a fair share (especially on sales of their baseball cards). :-)