Looks like our businessman
Comments
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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.NorthwestFresh said:
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.greenblood said: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 -
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.greenblood said:
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.NorthwestFresh said:
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.greenblood said: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
https://youtu.be/KgUNdJAyxt0
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The people foaming at the mouth over a
The Tax code, legal system, and regulatory branch are all overly complex and complicated by design.greenblood said:
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.NorthwestFresh said:
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.greenblood said: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
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.
- Allows for the selective application of the law based on insider favoritism
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Best economy ever by any president. Why would anyone want more of that!
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder -
A reminder that Biden spent over 40 years as a senator and a VP and did literally nothing to close tax loopholes.Houhusky said:The people foaming at the mouth over a
The Tax code, legal system, and regulatory branch are all overly complex and complicated by design.greenblood said:
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.NorthwestFresh said:
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.greenblood said: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
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.
- Allows for the selective application of the law based on insider favoritism
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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.NorthwestFresh said:
A reminder that Biden spent over 40 years as a senator and a VP and did literally nothing to close tax loopholes.Houhusky said:The people foaming at the mouth over a
The Tax code, legal system, and regulatory branch are all overly complex and complicated by design.greenblood said:
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.NorthwestFresh said:
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.greenblood said: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
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.
- Allows for the selective application of the law based on insider favoritism
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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.
https://tinyurl.com/y5eyhqho -
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?
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I’m still trying to figure out how the NYT was able to legally get its hands on the returns....
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I don’t think they actually saw the returns, just a summary.thechatch said:I’m still trying to figure out how the NYT was able to legally get its hands on the returns....
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Lemme guess.NorthwestFresh said:
I don’t think they actually saw the returns, just a summary.thechatch said:I’m still trying to figure out how the NYT was able to legally get its hands on the returns....
Anonymous source? -
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.WestlinnDuck said: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.
https://tinyurl.com/y5eyhqho
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.
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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.doogie said:Feel free to provide anything you’re hiding relevant to the Story, gator
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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.Bob_C said:
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.WestlinnDuck said: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.
https://tinyurl.com/y5eyhqho
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. -
Could this story implode any faster?
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Keep in mind that AOC is all in on taxing unrealized capital gains. That's the level of genius at work here
Taxing what you actually realize isn't good enough.
Of course idiots like that are clueless and easy marks for this bullshit -
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HHusky said:
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.NorthwestFresh said:Uh according to the article he paid plenty in taxes. Got him this tim!
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Now This is funny. @insinceredawg @HHusky @HustlinOwl
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 -
Oh can't you guys just give HH and the NYT their Rachael Maddow moment?
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RaceBannon said:
Keep in mind that AOC is all in on taxing unrealized capital gains. That's the level of genius at work here
Taxing what you actually realize isn't good enough.
Of course idiots like that are clueless and easy marks for this bullshit
Speaking of AOC -
Yeah, 10% unemployment, -40% GDP, stock market stalled in the mid 20k's, just great leadership there.Sledog said:Best economy ever by any president. Why would anyone want more of that!
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
How many years with a greater than 3% annual GDP? Seem to recall that being really important. -
True. And with respect to his "aggressive" tax avoidance, you'll recall that a central theme of his campaign was that he knew how to game the system and that the little guy was getting screwed. So, he claimed, he was the guy to fix it. He supported and signed a major tax bill during his term. How did that bill fix things?HustlinOwl said:
Yeah, 10% unemployment, -40% GDP, stock market stalled in the mid 20k's, just great leadership there.Sledog said:Best economy ever by any president. Why would anyone want more of that!
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
How many years with a greater than 3% annual GDP? Seem to recall that being really important. -
This is where it all starts & stops for me. I'm a reasonably intelligent person in my own lane. I cannot begin to comprehend the tax code. This, I cannot understand the materially merits of this bombshell.greenblood said:
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.NorthwestFresh said:
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.greenblood said: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 -
That's after the democrat/chinese virus release. Look before the hoax came about. HTHHustlinOwl said:
Yeah, 10% unemployment, -40% GDP, stock market stalled in the mid 20k's, just great leadership there.Sledog said:Best economy ever by any president. Why would anyone want more of that!
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
How many years with a greater than 3% annual GDP? Seem to recall that being really important.
Trumps worst, including the hoax, is better than Obunhole's best. But keep on keeping on comrades! Please volunteer to be out front! -
HoaxSledog said:
That's after the democrat/chinese virus release. Look before the hoax came about. HTHHustlinOwl said:
Yeah, 10% unemployment, -40% GDP, stock market stalled in the mid 20k's, just great leadership there.Sledog said:Best economy ever by any president. Why would anyone want more of that!
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
How many years with a greater than 3% annual GDP? Seem to recall that being really important.
Trumps worst, including the hoax, is better than Obunhole's best. But keep on keeping on comrades! Please volunteer to be out front!
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You really shouldn’t lie so often.HustlinOwl said:
Yeah, 10% unemployment, -40% GDP, stock market stalled in the mid 20k's, just great leadership there.Sledog said:Best economy ever by any president. Why would anyone want more of that!
https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
How many years with a greater than 3% annual GDP? Seem to recall that being really important.
UE is already back to 8.4% after much of the country was under unprecedented business restrictions. It was 8.1% in August 2012 under Barry “the jobs aren’t coming back” Obama. I’ll predict another .5% drop in UE for September. One of the most impressive things about this quick recovery is that Trump had already removed all of the Obama business-crushing obstacles so we? were at least in a position to get back on track economically as soon as possible. The groundwork was laid. Credit to Trump. -
The dazzler's supposed MBA taught him that increasing the tax on the productive private sector increases production and subsidizing sloth decreases sloth. Have to believe him because he has the accreditation. I pity his clients.
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Easier than grappling with anything I've actually said, I guess.WestlinnDuck said:The dazzler's supposed MBA taught him that increasing the tax on the productive private sector increases production and subsidizing sloth decreases sloth. Have to believe him because he has the accreditation. I pity his clients.
