Wow, This is rich...Forbes advising ultra wealthy just in case Bernie wins

[tex-wyo-dem]

In short...Quick! Hide your money!! Paying your fair share if for losers.

Tax Planning For The Risk Of A Bernie Sanders Win

The prospect of President Bernie Sanders still seems like a heck of a long shot. For whatever it is worth there is polling that indicates that Bernie Sanders would win against Donald Trump. The best summary I’ve seen as to why a Sanders win is impossible is that this is a center-right country. When you travel in certain circles that is difficult to grasp. (Remember the joke about the college professor who could not figure out how Nixon won by a landslide, since everybody he knew voted for McGovern?) Still. Do we really think that the country was as far as left as it would ever be forty years ago and that there is no possibility of a crazy pendulum swing?

Anyway, I think there is enough to the contingency of the coming Sanders administration to think about what kind of a tax plan you might want to have in place in the event that that on January 20, 2017 the Catholic chief justice of a Supreme Court without a single Protestant swears in our first Jewish President.

What Is The Tax Program?

I had a little trouble finding Bernie Sanders’s tax program in one convenient place so I wrote to the campaign. I heard back from Policy Director Warren Gunnels who indicated that the campaign is still working on a comprehensive tax reform plan, but he gave me a summary of what Senator Sanders has called for to date. The paper is titled “Real Tax Reform Means Making the Wealthy and Large Corporations Pay their Fair Share”. My main focus in looking at this is to see if there are any moves that high income/high net worth individuals should consider teeing up, so I will touch only lightly on some of the proposals.

The funniest thing about the tax proposals is that this candidate who is as far left as you can go without getting into Green Party territory is promoting a tax package that would pretty much bring us to the second half of the Reagan administration when it comes to income and estate tax.

More: http://www.forbes.com/sites/peterjreilly/2015/08/30/tax-planning-for-the-risk-of-a-bernie-sanders-win/

[1939]

1. As the courts have declared

It is not against the law to arrange your affairs in such a way as to legally minimize the amount of taxes to pay.

[blackspade]

7. Not against the law...

for now.
If the 1% wish to betray their own country for an extra buck, well they can pay the consequences.

[1939]

8. Give you an example

The Obama-GOP compromise on income taxes (partially repealing the Bush tax cuts) went into effect on Jan 1, 2014. Many didivdend corporations paid a double dividend in 4Q2013 and skipped their dividend in 1Q2014. This allowed the shareholders to pay 15% on the dividend instead of 23.8%. People moved up income into 2013 and pushed back deductions into 2014 as much as they legally could. This is legal.

Is a waitress or a stripper hiding cash tips betraying their own country? This is illegal.

[blackspade]

13. Interesting that you bring that up....

Interesting in that strippers and waitresses are in the pillory for being tax cheats in your eyes and the 1% are 'legal' in their tax cheating because of the built in inequalities in the tax code.
Inequalities built in deliberately at the behest of the 1%.

I also find it interesting that your favored 'tax cheats' are women. A little slip up there?

[1939]

16. No, it was the quickest example at hand

I am not in favor of a Gestapo to chase down waitresses, strippers, people paid in cash, etc.

I was pointing out that those who are "accused of betraying their country" by arranging to receive income in a different tax year to take advantage of the tax code are doing nothing illegal.

The latest tax code has disincentives for making more than $400K a year. If I am a contractor whose income hovers just below that figure and I am doing a large job for you, is it "betraying my country" to ask you to wait till after the first of the year to pay me? It is legal.

[blackspade]

17. Of course it's not illegal.

That was my point, that these rich assholes have rigged the system in their favor.
Politicians introduce tax legislation that benefits the rich.
Coincidence? No, it is by design.

"disincentives for making more than $400K a year"???
What are you talking about? If you are clearing 400K a year, you are fucking rich.
What could a couple of thousand extra in taxes do to such a person's lifestyle?

[99th_Monkey]

2. This is hella telling. Great find. -nt-

[zazen]

3. stunning! author admits that "tax package" = "second half of Reagan administration"

I wonder if he's slyly supporting Sanders while not openly saying it.

That's one of the biggest secrets in plain sight, that the mainstream media/corporate masters don't want Americans to grasp. All he's calling for are changes that tax the wealthy at rates better than they had in the 1950s.

[Springslips]

12. I think he is just telling the truth.

We are too cynical these days. Sometimes there is no agenda, just facts. Hard to believe though, I know.

[merrily]

4. If the tax plan is Reaganesque, is the candidate really as far left as you can go without getting

Green? Isn't the author's own statement showing that Bernie is NOT as far left as the author is trying to portray him?

[L0oniX]

5. Forbes = enemy of the common people. Check.

[arcane1]

6. What's up with the references to religions?

"the Catholic chief justice of a Supreme Court without a single Protestant swears in our first Jewish President"

[magical thyme]

9. yeah, that kind of JUMPED OUT AT ME too!

weird...

[arcane1]

10. He took that part out and added a note at the end:

Note

In an earlier version I noted that Senator Sanders would be our first Jewish President. This is something that I thought of as a milestone worth remarking. When I was in the second grade we got our first Catholic President and it was a really big deal, particularly in parochial grammar schools. I also noted the composition of the Supreme Court.

I clearly pushed some buttons with what I thought of as an historical observation.

[magical thyme]

11. that was the connection I made with "the first Jewish president" comment

But added in with the Supreme Court "without a single protestant" -- he didn't really give the makeup of the Supreme. Just noted what it lacks.

[eridani]

14. They don't seem to bee too worried about a Clinton administration, though n/t

[Major Hogwash]

15. They're only afraid of Bernie.

Because Bernie has absolutely railed against the corporate regime in this country for years now.
And, with a Clinton or a Trump administration, any tax reform they might propose wouldn't vary much from each other's proposal.
That's why they are scared to death of Bernie.
He wants to level the playing field for the little guy.
And the corporate masters hate that concept.