Is The Schumer/ Manchin Bill Constitutional? Bills that raise revenue are supposed to originate in the House according to the Constitution. Since this bill raises revenue should it not...

Liberty Tree

Bills that raise revenue are supposed to originate in the House according to the Constitution. Since this bill raises revenue should it not have to originate in the House?

pegw

It looks like it is fair. Isn't that what we want? I am sick of seeing extremely profitable companies like Amazon who don't pay any taxes. This is a disgrace and should be fixed. I pay my fair share, and Amazon should too.

Liberty Tree

pegw wrote:

It looks like it is fair. Isn't that what we want? I am sick of seeing extremely profitable companies like Amazon who don't pay any taxes. This is a disgrace and should be fixed. I pay my fair share, and Amazon should too.

That is not the question. You would think any Democrat bill would be fair.

JFlorio Loc: Seminole Florida

Liberty Tree wrote:

That is not the question. You would think any Democrat bill would be fair.

Amen! She can’t define fair. One of the absolutely most ignorant, uneducated posters on OPP.

Marty 2020 Loc: Banana Republic of Kalifornia

Liberty Tree wrote:

That is not the question. You would think any Democrat bill would be fair.

Peg thinks fair is a place to go on rides.

JFlorio Loc: Seminole Florida

pegw wrote:

It looks like it is fair. Isn't that what we want? I am sick of seeing extremely profitable companies like Amazon who don't pay any taxes. This is a disgrace and should be fixed. I pay my fair share, and Amazon should too.

So genius, will Amazon pass those costs on?
I know you can’t answer because, well, you’re not intelligent enough.

Marty 2020 Loc: Banana Republic of Kalifornia

JFlorio wrote:

So genius, will Amazon pass those costs on?
I know you can’t answer because, well, you’re not intelligent enough.

I think Dino on the flintstones was smarter!

JR-57 Loc: South Carolina

pegw wrote:

It looks like it is fair. Isn't that what we want? I am sick of seeing extremely profitable companies like Amazon who don't pay any taxes. This is a disgrace and should be fixed. I pay my fair share, and Amazon should too.

Peglet,
You never did get back to me on the definition of “fair share”. It’s been at least three days since I asked.
No response? I get it. Nothing but buzz words.

Marty 2020 Loc: Banana Republic of Kalifornia

JR-57 wrote:

Peglet,
You never did get back to me on the definition of “fair share”. It’s been at least three days since I asked.
No response? I get it. Nothing but buzz words.

She’s locked in her kennel.

JFlorio Loc: Seminole Florida

JR-57 wrote:

Peglet,
You never did get back to me on the definition of “fair share”. It’s been at least three days since I asked.
No response? I get it. Nothing but buzz words.

She’s not very smart.

GoldBone215

Liberty Tree wrote:

That is not the question. You would think any Democrat bill would be fair.

Yeah right democrats are thinking socialism haven’t you noticed yet 🤨🤷🏻‍♂️

Milosia2 Loc: Cleveland Ohio

GoldBone215 wrote:

Yeah right democrats are thinking socialism haven’t you noticed yet 🤨🤷🏻‍♂️

Too funny !!!!

Radiance3

pegw wrote:

It looks like it is fair. Isn't that what we want? I am sick of seeing extremely profitable companies like Amazon who don't pay any taxes. This is a disgrace and should be fixed. I pay my fair share, and Amazon should too.

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Amazon is following the current tax laws. Their businesses buy lots of depreciable assets like various equipment used in business, building structures, transportation facilities like trucks and airplanes delivering their merchandise, computer systems. All these are depreciable assets. Every asset has estimated life. Let us say 20 years. Then the asset is depreciated for the life of the asset. The amount of depreciation every year is deducted from the taxable income. These are legal in the income tax laws at present. All business similarly do this practice. It is the law.

Similarly, if you own a rental home, the annual depreciation of the building, is according to the life of the building. Amount is deducted from the year-end taxable income.
By convention, most U.S. residential rental property is depreciated at a rate of 3.636% each year for 27.5 years. Only the value of buildings can be depreciated; you cannot depreciate land.
However, once you sell this rental property, all the accumulated depreciations are recaptured and added to the taxable income. The only benefit there is the taxes are deferred, and taxed only when the property is sold. All of these are the current IRS laws.

Radiance3

Liberty Tree wrote:

Bills that raise revenue are supposed to originate in the House according to the Constitution. Since this bill raises revenue should it not have to originate in the House?

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The Senate could do this part since it is an amendment to the prior tax set up on these categories. The BBB program of Biden plans to have another 15% tax increment to corporations. Therefore total annual corporate tax will be 36%.

Also the income of those fund managers on stocks will be changed to a regular rate of taxable income. Used to be considered long term capital gains rate at 20%. Currently , they are considered long term investment which the IRS tax long term capital gains of 20%. If these are changed to ordinary income, or short term capital gain, annual salaries of fund managers will be taxed at 37%.

If approved, the Senate is allowed to modify these existing tax laws.

I am not in favor of raising taxes, but to clarify and to answer your question. Raising taxes will further hurt our economy and raise inflation.

Justice101

Liberty Tree wrote:

Bills that raise revenue are supposed to originate in the House according to the Constitution. Since this bill raises revenue should it not have to originate in the House?

It's supposedly a budget/reconciliation bill, therefore it needs approval from the Parliamentarian.