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re: New Talking Point: DRUMPF only paid $750 in taxes in 2016 and 2017
Posted on 9/27/20 at 6:07 pm to deathvalleytiger10
Posted on 9/27/20 at 6:07 pm to deathvalleytiger10
He probably took loses for 10 out of the 15 years. It really is a pretty mute point regardless of politics. Most Americans don't have enough corporate assets to avoid fed income tax. The problem is that if we taxed on wealth rather than income then we run the risk of shrinking national savings like countries in Europe. Honestly, all this shows is that Trump was only making money 5 of those years and maybe he really did well those years. Let's move on.
0
Posted on 9/27/20 at 6:07 pm to TideCPA
quote:
quote:
A dude walking home with enough $$$ to but private planes should probably pay more in federal taxes than a garbage man. You're explaining why he was able to do it legally. I'm saying that it's not clear how the US benefits from billionaires doing this.
Wealth =/= net income. If a billionaire’s personal income is less than zero due to business losses he can carry forward, he will owe little to no tax. This isn’t some big new thing.
I'm not saying this is new or different or that Trump did anything illegal. I'm saying it's suboptimal to have a system that's set up to allow way because it significantly advantages the rich.
Posted on 9/27/20 at 6:08 pm to TigerDoc
Say it with me.
Deferred. Tax. Assets.
Something that the Tax Cut and Job Act of 2017 significantly altered. Hmm, wonder who pushed for and signed off on that law...
Deferred. Tax. Assets.
Something that the Tax Cut and Job Act of 2017 significantly altered. Hmm, wonder who pushed for and signed off on that law...
Posted on 9/27/20 at 6:08 pm to SCLibertarian
quote:
The IRS disagrees with you. And none of the professionals who've been doing his taxes for the past 4 decades have been charged either.
The article says...the irs is not buying his story either
quote:
"Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million."
Posted on 9/27/20 at 6:09 pm to Malik Agar
Income taxes are immoral theft by the government... support for Trump just increased 20%!
Posted on 9/27/20 at 6:11 pm to longwayfromLA
quote:
I'm not saying this is new or different or that Trump did anything illegal. I'm saying it's suboptimal to have a system that's set up to allow way because it significantly advantages the rich.
This is why I laugh so much at you leftists
You are unable to ever put 2 and 2 together and realize the democrats are the party of the rich wealthy elites.
You have been brainwashed to believe democrats are the party of the little guy, the party of the middle class, the party who looks out for those who aren't wealthy.
The democrats ARE the party of the wealthy!
Posted on 9/27/20 at 6:13 pm to RICHIE APRILE
quote:
The democrats ARE the party of the wealthy!
There are at least 131 billionaires that think so, also a group of little pissant millionaires that the Mens wearhouse guy belongs to.
Those people are not for Biden because they think he will raise their taxes
Posted on 9/27/20 at 6:15 pm to AUin02
Say what you want. This one is going to sting.
Posted on 9/27/20 at 6:16 pm to longwayfromLA
quote:
Biden cashed in on the lecture circuit as a civilian.
Posted on 9/27/20 at 6:18 pm to gthog61
quote:
everything dumbass
You don't believe that Biden profited from it? Why else would a "man of the little guy" do it?
Are you dense?
My argument is that our tax set up significantly advantages the rich and is thus suboptimal. Whether Biden was a part of creating or sustaining this paradigm does not bear on the question of whether my claim of suboptimality is true. If Biden was part of creating, the current tax paradigm, the current tax paradigm is bad. If Biden was not part of creating, the current tax paradigm, the current tax paradigm is still bad in the exact same way.
But I see what's going on. You're a blind and raging partisan and stupid one at that, so you assume everyone else is the same.
This post was edited on 9/27/20 at 6:29 pm
Posted on 9/27/20 at 6:22 pm to RICHIE APRILE
quote:
This is why I laugh so much at you leftists
You are unable to ever put 2 and 2 together and realize the democrats are the party of the rich wealthy elites.
You have been brainwashed to believe democrats are the party of the little guy, the party of the middle class, the party who looks out for those who aren't wealthy.
Your response has nothing to do with what I've written. At no point have I suggested that this suboptimality was the fault of the Republicans nor that Democrats had a solution for it. If you're going to engage, engage with what I've actually written. Do you agree that this set up suboptimal or not?
Posted on 9/27/20 at 6:44 pm to longwayfromLA
This is a retread of the same crap they've been saying for years. NO specifics in this article, 'in order to protect sources'... UNKNOWN SOURCES. It's comical and it won't turn anyone. NY Times is jumping the shark and lying again.
Posted on 9/27/20 at 6:47 pm to LSUBCILUVTHEM
When have TigerDoc, Demshoes and any other skyscreamers in here ever dedicated a thread to Amazon and Jeff Bezos? $11 billion and $0 in income tax. When you're a Democrat donor taking advantage of this, there's no problem.
Posted on 9/27/20 at 6:59 pm to LSUBCILUVTHEM
quote:
This is a retread of the same crap they've been saying for years. NO specifics in this article, 'in order to protect sources'... UNKNOWN SOURCES. It's comical and it won't turn anyone. NY Times is jumping the shark and lying again.
I guess we'll see, it'll out one way or the other.
Posted on 9/27/20 at 7:12 pm to longwayfromLA
quote:
I guess we'll see, it'll out one way or the other.
Relitigating the same shite that failed to bring down Trump in 2016 isn’t going to magically work this time. I gotta give you libs credit though, y’all never stop trying to get the bad orange man.
Posted on 9/27/20 at 7:14 pm to longwayfromLA
quote:
I'm not saying this is new or different or that Trump did anything illegal. I'm saying it's suboptimal to have a system that's set up to allow way because it significantly advantages the rich.
How does it advantage the rich? It is a tax loss carryforward. Do the math. Losses in one year offset capital gains tax in another.
I am poor. I use this same tax advantage yearly in the stock market. I sell my losers in December(for tax purposes) and let my winners ride. The losses I take will offset some of next year's tax on capital gains if I have them. I am not rich. Available to everybody with capital investments.
What is fair to you BTW?
This post was edited on 9/27/20 at 7:21 pm
Posted on 9/27/20 at 7:32 pm to Keltic Tiger
Posted on 9/27/20 at 7:33 pm to TigerDoc
quote:
It looks like he may not be paying because he's not much in the black. He was plowing his NBC money into failing businesses.
Posted on 9/27/20 at 7:40 pm to Malik Agar
I find the left’s narrative of Trump being a failed business tycoon fascinating. A man that took millions and turned it into billions is somehow supposed to be an imbecile who’s incapable of realizing a return. In the same breath, he’s supposed to be savvy enough to rig a presidential campaign with the Russians and pay less in taxes than they do.
I’m obviously apprehensive about the authenticity of the NYT’s reporting, especially since they won’t actually release the returns. You would have to assume there’s a reason Trump doesn’t want them made public. I would chalk it up to a belief that most people aren’t smart enough to understand just how big of a tool depreciation is on a balance sheet... which seems appropriate given some of the responses in this thread.
I’m obviously apprehensive about the authenticity of the NYT’s reporting, especially since they won’t actually release the returns. You would have to assume there’s a reason Trump doesn’t want them made public. I would chalk it up to a belief that most people aren’t smart enough to understand just how big of a tool depreciation is on a balance sheet... which seems appropriate given some of the responses in this thread.
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