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I would be surprised if Turmp had tax breaks available and did not take them. I have always taken advantage of any tax breaks availabe to me. Not doing so would be either silly, or foollish depending on your perspective. "I do not owe you anything, according to your rules, but here, take my moeny anyway." says absolutely no one to their government.
the very rich do not pay much income tax. Why? Becuase most of their income is nto classified as income. Sure they sometimes pay a lot on money that is classified as income. If you do not like the result of the rules, fight to get them changed, don't blame wealthy people for following them.
the very rich do not pay income tax at the rate "we" think they do - 37% of every dollar that comes in. Instead, those who earn > $1MM pay about 31% (per STL Fed in 2017; I'll try to find the more recent report).
You are completely correct that they have a lot of "income" that isn't classified income, and we should fix that. Simply capping the capital gains exclusion at something like $100K/yr would mean no difference for everyday taxpayers/investors.
This wasn't occasional losses. Corporation with balance sheets that show consistent losses for a few years are in bankruptcy, that's economics. This wasn't just a few years it was over 10 years of losses.
your income statement shows losses, not your balance sheet. Please educate or refrain.
That's what I taught my kids. Think like a republican. And those who could set up their jobs as contractors.
But the teacher cannot deduct the 250 as charity either.
IMO, the government has no business subsidizing anybody. Tha's why i want a flat tax for personal and business with no deductions for anything. How we conduct our business or lives is not their call.
The thing about this latest report is that Trump personally guaranteed these loans. IMO, that was a bad move. Or his businesses were in such bad shape, they couldn't.
What was that news report a few years ago? Trump had more tax losses than any other single American?
If Trump didn’t authorize the release of his tax info, that would be highly illegal.
Don’t you care about the laws?
Of course, but I'm sure the Times have a legal department advising them as well. They been at this a long time, they must know how to work these thing after 169 years in the business.
This wasn't occasional losses. Corporation with balance sheets that show consistent losses for a few years are in bankruptcy, that's economics. This wasn't just a few years it was over 10 years of losses.
LOL, no, if you have talented enough accountants you can legally show losses while making millions.....it's the reason why people have accountants.
1. the federal tax system of taxing income allows for losses to negate what you owe, this includes taxes paid elsewhere (ie if you paid 10000 in property taxes to New York, under the itemization, you can deduct that 10k off the top of your income...IOW your itemized deductions could be NUCH larger than the standard deduction)
2. he paid more taxes than me... I earn about 75k...I have not had to pay taxes in over 25 years...IOW I get a refund check that is MORE than I had paid in...
if you really want to fix the system (because that is what we are talking about, a systematic problem, not a trump problem)..instead of taxing income (which a good portion is never reported) then tax spending... a federal sales tax/consumption tax.... www.fairtax.org
I am a business owner who has had real estate investments for years. I get all of that. I am not claiming to have $10 billion dollars in assets like Trump has. No problem taking legal deductions.
Like myself you appear to be a middle class or upper middle class person. Lots of people like you or myself. What I have read so far and I understand there will be much more released in coming weeks but so far it does not paint the picture of someone who is one of the richest people in the world. It shows an upper middle class / borderline rich person who has a lot of debt and a lot of businesses that are hemorrhaging money. Or at least that is what he is claiming on his taxes.
That does not make him a criminal or a servant to Russia but it does show someone who exaggerated their wealth and lied about much of it.
Ahh, no sense of humor. These are dark times for Trump voters I get that.
Refrain from the personal insults thank you. Reality is the NYT as a whole hates Trump. No doubt about that. They have a left wing ideology. But they just do not make up stories out of thin air. They are not the National Enquirer or the Onion. This story on Trump's tax returns is based on factual evidence that I would bet the farm on. And since Trump calls every news story he does not like fake news his opinion on this is meaningless. If Trump wants to present evidence that proves the NYT is wrong, like tax returns that are not part of the alleged current audit that would end this instantly. But I don't see that happening, do you?
I get much of my info through aggregates like Allsides.com. Every story they link has a left / center / right option. Best to look at all perspectives then decide on your own what is true. I am not an ideologue.
LOL. Seriously, New York Times? Search for New York Times in the link below.
Anybody with a brain would know this whole tax return hoax is a giant nothingburg. Why? Trump’s tax return has been prepared and audited by professionals and approved by IRS. If there is any criminality, wouldn’t the IRS caught on already?
This is nothing but to point out either Trump is not wealthy (still unknown) or Trump didn’t pay much taxes (no issue if he follows the law).
I'm sure in your mind there's no difference between completely legal wealth management strategies to limit tax burden and a corrupt company cooking the books....but adults know the difference.
Location: 23.7 million to 162 million miles North of Venus
23,593 posts, read 12,535,636 times
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Quote:
Originally Posted by Oklazona Bound
Ahh, no sense of humor. These are dark times for Trump voters I get that.
Refrain from the personal insults thank you. Reality is the NYT as a whole hates Trump. No doubt about that. They have a left wing ideology. But they just do not make up stories out of thin air. They are not the National Enquirer or the Onion. This story on Trump's tax returns is based on factual evidence that I would bet the farm on. And since Trump calls every news story he does not like fake news his opinion on this is meaningless. If Trump wants to present evidence that proves the NYT is wrong, like tax returns that are not part of the alleged current audit that would end this instantly. But I don't see that happening, do you?
I get much of my info through aggregates like Allsides.com. Every story they link has a left / center / right option. Best to look at all perspectives then decide on your own what is true. I am not an ideologue.
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