The thread title talks about working and income.
As a CPA, I’ll just say that if I were your friend, I’d hire a new CPA.
This is not how tax brackets work.
They know how marginal tax rates work. It just doesn’t fit into their narrative to their uninformed base. They want to continually push false information that everyone is paying 43% tax.
It’s in the OP, 2nd line. All about capitol gains.
Ceasar:Not my question. 400K to 500K? It’s 43%, not 40%
Tax on 500K will be 215K.
This is not how tax brackets work.
Correct IF I was talking about tax brackets.
I’m talking about capitol gains going from 20% to 43%
Then your thread title is wrong.
People don’t earn capital gains from working.
PeterGriffin:Apparently you’re not getting the “marginal” part of “marginal tax rates”.
If taxes on incomes of $400K go up, it’s on money from $400K and up. Your examples consistently show you think it retroactively applies to all income at that rate.
They know how marginal tax rates work. It just doesn’t fit into their narrative to their uninformed base. They want to continually push false information that everyone is paying 43% tax.
AGAIN, not talking about tax bracket, it’s about CAPITOL GAINS.
The dems want to take them from 20% to 43%
[quote=“TheDoctorIsIn, post:28, topic:239034, full:true”]
Then your thread title is wrong.
People don’t earn capital gains from working.
[/quote] You need to actually read the OP.
-That’s funny, I do. I build a home, sell it for a profit, & it’s capitol gains. Sure seems like a lot of hard work to me, putting in foundations, framing, roofing, plumbing, wiring, trim, siding, doors, concrete, landscaping, painting, flooring, etc. LOT of WORK.
No, you just need to actually read the OP.
Your OP doesn’t make sense, because you appear not to understand how capital gains taxes work.
Captial gains come from the sale of stock. They don’t come from working, or owning a business.
Ceasar:No, you just need to actually read the OP.
Your OP doesn’t make sense, because you appear not to understand how capital gains taxes work.
Captial gains come from the sale of stock. They don’t come from working, or owning a business.
AGAIN:
-That’s funny, I do. I build a home, sell it for a profit, & it’s capitol gains. Sure seems like a lot of hard work to me, putting in foundations, framing, roofing, plumbing, wiring, trim, siding, doors, concrete, landscaping, painting, flooring, etc. LOT of WORK.
I build a home, sell it for a profit, & it’s capitol gains.
No, it isn’t.
First of all, it’s capital gains, not Capitol gains. The Capitol is a building in Washington DC.
Second, the taxes you pay on that are business taxes - not capital gains.
Tom_Ch: PeterGriffin:Apparently you’re not getting the “marginal” part of “marginal tax rates”.
If taxes on incomes of $400K go up, it’s on money from $400K and up. Your examples consistently show you think it retroactively applies to all income at that rate.
They know how marginal tax rates work. It just doesn’t fit into their narrative to their uninformed base. They want to continually push false information that everyone is paying 43% tax.
AGAIN, not talking about tax bracket, it’s about CAPITOL GAINS.
The dems want to take them from 20% to 43%
For those making over 1 million $ per year. I’m totally fine with that.
Ceasar:I build a home, sell it for a profit, & it’s capitol gains.
No, it isn’t.
First of all, it’s capital gains, not Capitol gains. The Capitol is a building in Washington DC.
Second, the taxes you pay on that are business taxes - not capital gains.
Whatever spelling police. They are capitAl gains when it’s real estate.
Whatever spelling police. They are capitAl gains when it’s real estate.
If you construct homes and sell them as a business, and you’re paying capital gains tax on them, you need a new accountant.
Those houses should be inventory, not assets.
Ceasar: Tom_Ch: PeterGriffin:Apparently you’re not getting the “marginal” part of “marginal tax rates”.
If taxes on incomes of $400K go up, it’s on money from $400K and up. Your examples consistently show you think it retroactively applies to all income at that rate.
They know how marginal tax rates work. It just doesn’t fit into their narrative to their uninformed base. They want to continually push false information that everyone is paying 43% tax.
AGAIN, not talking about tax bracket, it’s about CAPITOL GAINS.
The dems want to take them from 20% to 43%
For those making over 1 million $ per year. I’m totally fine with that.
I’m not. It will hurt jobs. I know the left never thinks any tax will hurt the middle class but it always does. Every time. Every time.
Ceasar:Whatever spelling police. They are capitAl gains when it’s real estate.
If you construct homes and sell them as a business, and you’re paying capital gains tax on them, you need a new accountant.
Those houses should be inventory, not assets.
The land is purchased by me and the wife in our names. Then I build a home on it & sell it.
The land is purchased by me and the wife in our names. Then I build a home on it & sell it.
Then you need to fire your accountant, and incorporate.
There’s your tax problem right there.
Ceasar:The land is purchased by me and the wife in our names. Then I build a home on it & sell it.
Then you need to fire your accountant, and incorporate.
There’s your tax problem right there.
I have a corp. I don’ put the land in the corp name.
Why not?
You’re opening yourself up to liability AND paying higher taxes by putting them in your name.