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The tax code is written to benefit high earners like Trump. Just to say its legal and that is that ignores how the average person has to pay a big chuck of their earnings to income taxes and does not have the advantages of someone like Trump.
Why are Leftists so envious of people that earn more money than them?
So, I guess when the big Tech CEO's and Celebrities whom are all Far Left, minimize their tax burden, legally, that's bad too?
All this won't matter to Trump's flunkies, they will risk it all to put him back in office. Trump is about to get this last SCOTUS put in office too and the spineless Republicans and soft Democrats will just roll over and let Donald Trump do want he wants.
Yeah, seeing that there is NOTHING WRONG with what was LEAKED, looks good for Trump.
Location: Somewhere between the Americas and Western Europe
2,180 posts, read 640,915 times
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Quote:
Originally Posted by Oklazona Bound
Which Trump wrote off meaning American taxpayers paid his bill.
Let's try to break this down in terms that people who don't have any assets might be able to understand better.
1) You own a house that you purchased for $100,000.00. You plan on renting it out and holding it as an investment to sell in 20 years as part of your retirement.
2) You have someone rent out the home for $1000/month.
3) The amount you initially pay for the house may be written off to offset the taxes you would otherwise pay on the $12,000.00/year you receive in revenue. This may be carried-forward a number of years. Or, the debt servicing may be written off if you took a mortgage.
4) Local taxes you pay on the property may be written off as business expenses, because they reduce your revenue. So if you pay $2,000.00 per year in taxes, you reduce your $12,000.00 to $10,000.00.
5) All operating expenses are then written off. Lawn care? $1000/year. Insurance? $2,000/year. Debt service? $3,000/per year. Management fees? $1000/year. Maintenance $1000/year. Pool? $1,000/year. Pest control? County rental license fees? $1,000/year.
Your expenses now equal your revenue. Some years, you may pay more than you take in as rents. Those are losses. If they are significant enough, you can carry them forward.
Alllll of the people got paid along the lines with that $12,000.00 you received from the renter: Local taxes. The insurance company. The landscapers. The pool service. The maintenance people. THEY all pay taxes along the lines, to the extent their revenue also exceeds their expenses.
But, you don't technically have an INCOME to tax at the end of the year, because it all went to other people to support the business/home. At the time the home asset (the business) is SOLD, taxes will likely be paid. A hefty amount. Personally, though, you have an asset in your portfolio that is now part of your net worth.
In the meantime, even though you as landlord pay no "income taxes," the local economy is still better for your operation of the business in-town.
This is not how "regular people's" taxes work - where you get a wage and you pay on it. The business that EMPLOYS YOU, though, is very much going to be using the same strategy as outlined above to minimize its taxes. And if they aren't doing that? They are stupid. Period.
Question: assuming what the NYT reports is true, why should it matter to us? Is anyone alleging any law breaking?
Nothing would matter to you, of course, but many probably including you have said they are voting for him because he is successful and would have the skills to run the economy because of that. Now we know that is a specious argument. And FWIW, we do not know that no one is alleging law breaking. Many, many of these deductions look very suspicious and if you or I had done them, we would have been busted for it. I think the states he may have cheated and the IRS, once it is not under his thumb, might look into it more. Rich people get away with stuff like this though and we pay for it.
Inconvenient or damaging news does not equate to fake news. LOL.
There is NOTHING "damaging".
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Is anyone alleging any law breaking?
