WE ARE SO SPOILED…
Paul Levine
Commercial Realtor and Real Estate Advisor | Retired CPA with over 50 years of income tax experience that no other Commercial Realtor has, Income Tax Consultant and unmatched Creatively!
OR, A HISTORY OF THE INCOME TAX RATES…
PART II (THE END)...
But we have some very wealthy people paying no income tax at all and former President Trump paying income taxes of $750 for two years. But we also have something called the “AMT”. “AMT” stands for the Alternative Minimum Tax. That is the tax that we are supposed to be paying when we have too many deductions of certain types on our income tax returns that are not allowed to use in this computation that supposedly forces the wealthy people to pay their “FAIR SHARE”. IT DOESN’T WORK!!! What happened with the AMT is that the middle class is being hit by this strange computation and the very rich are getting around it.
And, we have not talked about huge, I mean HUGE corporations not paying any taxes at all and getting HUGE subsidies from the Federal Government.
So, don’t be too upset with a tax rate of 37%, live with it. Just focus on the inequity of the rich not paying taxes and the middle-class paying way more than their fair share. President Biden is trying to adjust this situation but we will see what happens. First, Congress has not learned how to work and play well with others. Remember in Kindergarten we were graded for how well we work and play with others. And President Biden wants to do away with the Section 1031 Exchanges which defers the income taxes on some capital transactions like real estate. I will bet that half of Congress is in the middle of a Section 1031 Exchange at the moment and will not pass that provision or will make it effective in 3 years from now.
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The purpose of this article was to shake your world and make you think about what is fair and what is not. Don’t consider that the Government is taking all of your money in income taxes. It’s a whole lot better today than it was in 1985!!! Put things in perspective and it’s not as bad as you thought!!!
Remember that at SELF STORAGE CONSULTING & CONSTRUCTION, LLC, if we build your self-storage facility, we save you an incredible amount of income taxes and give you one of the best investments in real estate and we also help you save a whole lot of income taxes when you have us build multifamily housing for you.
My name is Paul Levine and I am the Managing Member of Self Storage Consulting & Construction, LLC. You can call me at (818) 298 – 4000 after 10 AM Pacific Time 7 days a week. Or, you can send an email to me at [email protected] or at [email protected] and I will always get back to you in a timely manner.