Rich people avoid taxes. They pay a lot of money to do that.
Trump does it, Biden does it, they all do it. System should be fixed, but one isn't worse than the other. News at 11
Biden shielding $12 million in income from the payroll tax via S-Corp and now running ads saying the Trump payroll tax suspension will kill Social Security is about as hypocritical as a politician gets. Trump needs to bring this up in a debate.
I agree. Both candidates should hit each other on this hypocrisy. The only solution to this is to simplify the tax code. The problem with this, is that simplifying the tax code takes away a lot of private and federal jobs from people that have expertise in this complicated system. They've basically created a small economy on this issue. It should be dealt with, but there's a lot of money going into politicians pockets on both sides of the aisle for keeping the status quo. As I said, an entire financial industry relies on this complicated system for job security.
Rich people avoid taxes. They pay a lot of money to do that.
Trump does it, Biden does it, they all do it. System should be fixed, but one isn't worse than the other. News at 11
Biden shielding $12 million in income from the payroll tax via S-Corp and now running ads saying the Trump payroll tax suspension will kill Social Security is about as hypocritical as a politician gets. Trump needs to bring this up in a debate.
I agree. Both candidates should hit each other on this hypocrisy. The only solution to this is to simplify the tax code. The problem with this, is that simplifying the tax code takes away a lot of private and federal jobs for people that have expertise in this complicated system. They've basically created a small economy on this issue.
The difference is that Trump isn’t the candidate that wants to raise taxes. What both of them did is legal, but Biden’s is hypocritical.
Rich people avoid taxes. They pay a lot of money to do that.
Trump does it, Biden does it, they all do it. System should be fixed, but one isn't worse than the other. News at 11
Biden shielding $12 million in income from the payroll tax via S-Corp and now running ads saying the Trump payroll tax suspension will kill Social Security is about as hypocritical as a politician gets. Trump needs to bring this up in a debate.
I agree. Both candidates should hit each other on this hypocrisy. The only solution to this is to simplify the tax code. The problem with this, is that simplifying the tax code takes away a lot of private and federal jobs for people that have expertise in this complicated system. They've basically created a small economy on this issue.
The Tax code, legal system, and regulatory branch are all overly complex and complicated by design.
Its a feature.
Allows for the selective application of the law based on insider favoritism
Allows for the already rich and powerful class to weasel out or distort the tax/law/regulation for their benefit but crushes the little guy that doesnt have the same resources to throw at the problem
Dramatically increases political leverage as they are the gatekeepers of loopholes in a system so complex new loopholes can be created or destroyed without a normal person even knowing it.
Rich people avoid taxes. They pay a lot of money to do that.
Trump does it, Biden does it, they all do it. System should be fixed, but one isn't worse than the other. News at 11
Biden shielding $12 million in income from the payroll tax via S-Corp and now running ads saying the Trump payroll tax suspension will kill Social Security is about as hypocritical as a politician gets. Trump needs to bring this up in a debate.
I agree. Both candidates should hit each other on this hypocrisy. The only solution to this is to simplify the tax code. The problem with this, is that simplifying the tax code takes away a lot of private and federal jobs for people that have expertise in this complicated system. They've basically created a small economy on this issue.
The Tax code, legal system, and regulatory branch are all overly complex and complicated by design.
Its a feature.
Allows for the selective application of the law based on insider favoritism
Allows for the already rich and powerful class to weasel out or distort the tax/law/regulation for their benefit but crushes the little guy that doesnt have the same resources to throw at the problem
Dramatically increases political leverage as they are the gatekeepers of loopholes in a system so complex new loopholes can be created or destroyed without a normal person even knowing it.
A reminder that Biden spent over 40 years as a senator and a VP and did literally nothing to close tax loopholes.
Rich people avoid taxes. They pay a lot of money to do that.
Trump does it, Biden does it, they all do it. System should be fixed, but one isn't worse than the other. News at 11
Biden shielding $12 million in income from the payroll tax via S-Corp and now running ads saying the Trump payroll tax suspension will kill Social Security is about as hypocritical as a politician gets. Trump needs to bring this up in a debate.
I agree. Both candidates should hit each other on this hypocrisy. The only solution to this is to simplify the tax code. The problem with this, is that simplifying the tax code takes away a lot of private and federal jobs for people that have expertise in this complicated system. They've basically created a small economy on this issue.
The Tax code, legal system, and regulatory branch are all overly complex and complicated by design.
Its a feature.
Allows for the selective application of the law based on insider favoritism
Allows for the already rich and powerful class to weasel out or distort the tax/law/regulation for their benefit but crushes the little guy that doesnt have the same resources to throw at the problem
Dramatically increases political leverage as they are the gatekeepers of loopholes in a system so complex new loopholes can be created or destroyed without a normal person even knowing it.
A reminder that Biden spent over 40 years as a senator and a VP and did literally nothing to close tax loopholes.
This was one of the great things Reagan did. He actually did greatly simplify the tax code. But over time, it has gotten more and more complex. Eventually, we will need another Reagan to fix this shit, and these clowns aren't it.
What I said. Plus, if you "sell" your building you can do a delayed tax-free exchange and sell it tax-free.
@JamesGRickards I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.
Anyone else read far enough to see that the NYT also got access to Trump Org’s individual employee compensation in this non-story? How did that happen?
What I said. Plus, if you "sell" your building you can do a delayed tax-free exchange and sell it tax-free.
@JamesGRickards I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.
This is certainly true. Along with this, the regular left wing w2 wagers think that Trump must get a plain old w2 every year for his businesses.
Pretty easy to run cash flow positive or neutral on a rental property and still claim a loss at tax time. I do it, not illegal, immoral or difficult. It can even under the right circumstances make financial sense to run a cash flow negative property, provided the market doesn’t tank and you don’t need the cash flow to keep the lights on.
Yet from a balance sheet perspective you are getting richer as negative cash flow still pays down the principle and the gross value goes up.
Feel free to provide anything you’re hiding relevant to the Story, gator
Yes, I'd like to know what you're alluding to. I own an S corp and generate roughly $4,000,000 in taxes for the states and federal governments. I'd say my personal, effective tax rate is about 35%. I'd have to have a lot of losses in order to get that down to almost 0. Then again, I'm not into all the real estate transactions, multiple businesses etc. someone like Trump is into.
What I said. Plus, if you "sell" your building you can do a delayed tax-free exchange and sell it tax-free.
@JamesGRickards I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.
This is certainly true. Along with this, the regular left wing w2 wagers think that Trump must get a plain old w2 every year for his businesses.
Pretty easy to run cash flow positive or neutral on a rental property and still claim a loss at tax time. I do it, not illegal, immoral or difficult. It can even under the right circumstances make financial sense to run a cash flow negative property, provided the market doesn’t tank and you don’t need the cash flow to keep the lights on.
Yet from a balance sheet perspective you are getting richer as negative cash flow still pays down the principle and the gross value goes up.
Then you refinance your appreciated building and go buy a another one with a non-recourse mortgage. If the real estate market continues to go up, you win. If it goes down, you lose the equity in your building and go file for bankruptcy of the LLC that owns the building (or casino) and walk away with the bank taking its own hit.
This isn’t about how much a guy who runs several businesses very poorly pays in taxes, Ivan. Looks like Daddy needs to fleece some more sheep before the loans all come due.
Comments
Its a feature.
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
@JamesGRickards
I have a graduate law degree in taxation, was tax counsel to world's largest bank. So, maybe I know more about taxes than the NYTimes. In real estate, gains are deferred until you sell the building. Expenses are current, (depreciation, interest, fees). So, tax losses are normal.
https://tinyurl.com/y5eyhqho
Anonymous source?
Pretty easy to run cash flow positive or neutral on a rental property and still claim a loss at tax time. I do it, not illegal, immoral or difficult. It can even under the right circumstances make financial sense to run a cash flow negative property, provided the market doesn’t tank and you don’t need the cash flow to keep the lights on.
Yet from a balance sheet perspective you are getting richer as negative cash flow still pays down the principle and the gross value goes up.
Taxing what you actually realize isn't good enough.
Of course idiots like that are clueless and easy marks for this bullshit
An accountants guide to why you are a gullible moron
https://monsterhunternation.com/2020/09/28/no-you-idiots-thats-not-how-taxes-work-an-accountants-guide-to-why-you-are-a-gullible-moron/?fbclid=IwAR0QvP8i5fcrL4ulGEcxA2upkyuAaENfCkMcP2IAGGWHRdsjRw4lr6bkThk