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re: New Talking Point: DRUMPF only paid $750 in taxes in 2016 and 2017
Posted on 9/27/20 at 5:54 pm to longwayfromLA
Posted on 9/27/20 at 5:54 pm to longwayfromLA
quote:
A dude walking home with enough $$$ to but private planes should probably pay more in federal taxes than a garbage man. You're explaining why he was able to do it legally. I'm saying that it's not clear how the US benefits from billionaires doing this.
Wealth =/= net income. If a billionaire’s personal income is less than zero due to business losses he can carry forward, he will owe little to no tax. This isn’t some big new thing.
This post was edited on 9/27/20 at 5:55 pm
2
Posted on 9/27/20 at 6:00 pm to TideCPA
Everyone forgets that Trump likely had more taxable losses in 2007-08 than any of us will ever see in a lifetime. And he gets to carry those forward to offset future taxable income.
Posted on 9/27/20 at 6:07 pm to TideCPA
quote:
quote:
A dude walking home with enough $$$ 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.
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