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Old 08-23-2019, 12:59 PM
 
13,474 posts, read 4,628,791 times
Reputation: 6599

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Quote:
Originally Posted by BugsyPal View Post
If some of you people's heads haven't exploded yet, this Martha Vineyards property is only the Obamas *summer* home. They may still be looking for a permanent place.

Eldest daughter is at Columbia (NYC), other starting Harvard ( Boston), so that's two areas in north east up for consideration. Though with NYC taxes and SALT deduction limits they may consider something elsewhere.
Hmmmm, I wonder if they were in on the admissions scandal for their daughters with their new found riches.
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Old 08-23-2019, 01:10 PM
 
5,858 posts, read 1,479,219 times
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Quote:
Originally Posted by Dbones View Post
I will bet you your yearly salary that now that the Obama's are multi-millionaires they hire the best accountants they can and take advantage of every trick in the book.
What most people fail to recognize is that foundations are just tax shelters. They channel their money into the foundation and run all their expenses through it so they are essentially paying no taxes because foundation money is not taxed. So they are taking 40% that they would normally pay in taxes to live the life of leisure. The idea is that you do good works with that money, but after seeing the Clintons, we know it's very easy to get away with shenanigans. They are grifters.

The reason I know this is because I once called an accountant and asked how I could minimize our taxes. He said that the only option was to start a foundation and 'we could guide where the money went'. I opted not to do it because I don't mess around with shady tax stuff.
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Old 08-23-2019, 01:13 PM
 
15,646 posts, read 8,045,904 times
Reputation: 8072
Good for them! Beautiful home.
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Old 08-23-2019, 01:20 PM
 
15,646 posts, read 8,045,904 times
Reputation: 8072
Quote:
Originally Posted by Grlzrl View Post
What most people fail to recognize is that foundations are just tax shelters. They channel their money into the foundation and run all their expenses through it so they are essentially paying no taxes because foundation money is not taxed. So they are taking 40% that they would normally pay in taxes to live the life of leisure. The idea is that you do good works with that money, but after seeing the Clintons, we know it's very easy to get away with shenanigans. They are grifters.

The reason I know this is because I once called an accountant and asked how I could minimize our taxes. He said that the only option was to start a foundation and 'we could guide where the money went'. I opted not to do it because I don't mess around with shady tax stuff.
LOL - so is that what your buddy Trump did with his foundation too lol. Nearly all former presidents who are currently living have a foundation.

And contrary to the accountant you called, there actually are ways to minimize your taxes. You could easily steer your money into retirement accounts to get a tax break. That's what I do to keep my taxes low (I have 401ks, IRAs, and another investment account - 457b - that allows me to contribute up to $25k of my income per year to reduce my income and have a tax break - 401ks and IRAs have lower limits but if you have both you can maximize your savings and minimize your taxes. I know all this and am not even an accountant. My great grandmother told me about it in the late 1990s lol).
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Old 08-23-2019, 01:20 PM
 
13,474 posts, read 4,628,791 times
Reputation: 6599
Quote:
Originally Posted by Grlzrl View Post
What most people fail to recognize is that foundations are just tax shelters. They channel their money into the foundation and run all their expenses through it so they are essentially paying no taxes because foundation money is not taxed. So they are taking 40% that they would normally pay in taxes to live the life of leisure. The idea is that you do good works with that money, but after seeing the Clintons, we know it's very easy to get away with shenanigans. They are grifters.

The reason I know this is because I once called an accountant and asked how I could minimize our taxes. He said that the only option was to start a foundation and 'we could guide where the money went'. I opted not to do it because I don't mess around with shady tax stuff.
Yep, that's why the very wealthy setup foundations.
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Old 08-23-2019, 01:21 PM
 
3,001 posts, read 975,757 times
Reputation: 1113
Quote:
Originally Posted by BugsyPal View Post
"Moochelle" has more in her back pocket (or purse), than you'll ever know, and she isn't finished yet.

Am talking about Mrs. Obama's own earnings, not that of her husband.

Call out the Obama's for various inconsistencies if you like, but neither is hardly a mooch.
And coming up with a really crafty story for a gofundme story, anyone can get rich quick. Same mechanics have been applied with the success of this "book".
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Old 08-23-2019, 01:22 PM
 
13,474 posts, read 4,628,791 times
Reputation: 6599
Quote:
Originally Posted by residinghere2007 View Post
LOL - so is that what your buddy Trump did with his foundation too lol. Nearly all former presidents who are currently living have a foundation.

And contrary to the accountant you called, there actually are ways to minimize your taxes. You could easily steer your money into retirement accounts to get a tax break. That's what I do to keep my taxes low (I have 401ks, IRAs, and another investment account - 457b - that allows me to contribute up to $25k of my income per year to reduce my income and have a tax break - 401ks and IRAs have lower limits but if you have both you can maximize your savings and minimize your taxes. I know all this and am not even an accountant. My great grandmother told me about it in the late 1990s lol).
They have a foundation so they can hide all the dirty money they all of a sudden "ran into" after serving that's all.
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Old 08-23-2019, 01:25 PM
 
15,646 posts, read 8,045,904 times
Reputation: 8072
Quote:
Originally Posted by Dbones View Post
They have a foundation so they can hide all the dirty money they all of a sudden "ran into" after serving that's all.
Well the other poster didn't say that. Said they want to lower their tax rates and I provided valid ways to do it that aren't related to being super rich lol. I do have a very aggressive goal for my net worth and cash savings in particular but just wanted to put it out there that not only rich people can save on paying taxes.
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Old 08-23-2019, 01:27 PM
 
5,858 posts, read 1,479,219 times
Reputation: 4552
Quote:
Originally Posted by residinghere2007 View Post
LOL - so is that what your buddy Trump did with his foundation too lol. Nearly all former presidents who are currently living have a foundation.

And contrary to the accountant you called, there actually are ways to minimize your taxes. You could easily steer your money into retirement accounts to get a tax break. That's what I do to keep my taxes low (I have 401ks, IRAs, and another investment account - 457b - that allows me to contribute up to $25k of my income per year to reduce my income and have a tax break - 401ks and IRAs have lower limits but if you have both you can maximize your savings and minimize your taxes. I know all this and am not even an accountant. My great grandmother told me about it in the late 1990s lol).
Yeah, I max out all my retirement accounts but thanks for the tips.
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Old 08-23-2019, 01:49 PM
 
5,002 posts, read 1,005,592 times
Reputation: 2723
Quote:
Originally Posted by TheGoodTheBadTheUgly View Post
Don’t try to deflect to defend your messiah. We don’t have a problem with Obama making money or purchasing a mansion. What we have a problem is when him and moochelle were constantly pointing fingers at others for their lavish lifestyle....”Hypocrites”

Obama in South Africa

"There's only so much you can eat. There's only so big a house you can have. There's only so many nice trips you can take."
Quote:
Originally Posted by trlhiker View Post
Moochelle? Nice of you to show your true angry, hateful self!
All credibility is gone in one fell swoop. Magats feel because their hero uses derogatory names, they should also. What a juvenile perspective.
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