Trump is very proud of paying no taxes, but if he becomes president then he’ll be on the other side of the fence. Wonder if he’s considered that?
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Yep, he’s considered that. He knows where the legal tax loopholes are, and he will fix it.
Meanwhile, Hillary and her winged-monkeys will continue to work their sleight of hand magic.
https://youtube.com/watch?v=hbffRlrJSCA
Just what I was thinking- Trump knows what the loopholes are that everybody is using, so he can get them shut down…
What? The Don would not change the tax problems he benefits from.
This past few days I polled voters at an office and while playing a video game, the office folks all were for The Don. Everyone online at first declared they weren’t going to vote. I told all listening I don’t care who you name as your candidate, silence, then one southerner with a heavy drawl announced Trump, one by one the rest chimed in Trump, I did hear one Hillary.
I would bet money on Trump if all the voters turn up to cast a vote.
This was on Long Island?
Sry, late reply, yes. Long Island office all Trump. The headset video gamers were mostly southern men, one female fromantic Iowa. All Trump, but one dude had the courage to name Hillary. The Hill vote had no drawl.
I don’t think we really need Trump to shut down the nefarious loophole where people save $300 million in taxes by losing a billion dollars.
More often than not, he is a shrewd business man. Like geeks, he (or his expert advisors) figures out the rules/parameters of the game and then exploits them and tests the boundaries.
In order to pay the US debt, I would imagine taxes are going to have to go up significantly (triple? quadruple?) and those who spend their time (and money) figuring out tax strategies will pay the least.
I am very unhappy that he may become president, but at least his foreign policy sometimes makes sense (renegotiate).
A Clinton presidency would likely end the US faster, so we could start rebuilding sooner (like ripping the band-aid off). Forever wars are an expensive way to stay in control, and eventually the cannon fodder realizes it is a bum deal…
The electorate will destroy the US regardless of which flavor of R/D they install. This is inevitable. Nothing bad which is inevitable gets better by postponing it. Thus it can be argued that it is actually patriotic to hire the worse candidate.
Correct. People will continue in greater and greater numbers to try to vote themselves more legalized plunder from the bank accounts of other citizens. That of course, will end in ruin for the econ. Only the dim-witted cannot comprehend that axiom.
I don’t know anyone who WILLINGLY PAYS TAXES! Do you?!?!?!
How moronic can you be? Yes, we all have taxes withheld from our paychecks, but almost everyone in the low to middle-income brackets either gets all their taxes back (thus making it true that they don’t pay their taxes either ), or gets a good portion of it back after they file their “TAX RETURN.” If you DON’T get all/most of your withheld “tax” money back after filing your income tax return (via a form 1040 of some sort, which is what this is all about) then you’re either doing something stupidly wrong, or you’re just plain stupid. (Maybe you should be looking for a better CPA rather than going to Walmart and asking the H&R Block guy.)
I’d be willing to bet that most people looking at this “conspiracy” ultra critically are so stupid that they think their Federal taxes pay for local law& fire departments as well as local schools/teachers. And while it may be true that some of that money filters its way to those things, it’s predominantly our PROPERTY TAXES (like 90-plus percent) that pay for them — NOT the Federal tax system!!!
If you want to know where your “Federal” taxes are really being wasted, look no further than your local Congress critter and what he/she is supporting — or not supporting. Hint: military, foreign aid and federal employee payroll which is on average 40% HIGHER than the private sector, are very good places to look for the waste.
Therefore, if you’re honest then you won’t blame Donald Trump for doing what every business man does — which is to try to avoid paying taxes that everyone knows are ultimately WASTED! If anything, this whole mess a good argument FOR TAX REFORM!
This is excellent news! And it has precedent.
John Kennedy’s father Joe Kennedy was a stock market crook.
Joe Kennedy was put in charge by FDR of cleaning up the SEC.
“somebody asked FDR why he had tapped such a crook. “Takes one to catch one,” replied Roosevelt”
Anyone else notice the similarities??
I know Joe Kennedy didn’t go bankrupt like The Don. That in itself is Huuuge.
Pot calling kettle black. New York Times avoided taxes in 2014 inspie of posting huge profits.
“The implication, reinforced by CNN’s Jake Tapper on State of the Union on Sunday morning, is that Trump “avoided” paying taxes, when in fact his tax liability was zero.
But the Times itself has “avoided” paying taxes — in 2014, for example.
As Forbes noted at the time:
… for tax year 2014, The New York Times paid no taxes and got an income tax refund of $3.5 million even though they had a pre-tax profit of $29.9 million in 2014. In other words, their post-tax profit was higher than their pre-tax profit. The explanation in their 2014 annual report is, “The effective tax rate for 2014 was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations.” If you don’t think it took fancy accountants and tax lawyers to make that happen, read the statement again.”
News flash: The wealthy pay almost no tax.
Ask Google or Apple.
Or Hillary’s generous charitable donations to — ulp — the Clinton Foundation.
Our tax code is 500,000 pages of bullshit, of course the wealthy game the system and pay no taxes.
Yes, any tax accountant who doesn’t take every advantage of the complexity of the tax code should be fired as an incompetent.
Why is anyone surprised by this?
Zuckerberg and anyone else smart does stuff like this …
Do stock IPO.
Now borrow money against the stock.
1) No income because did not sell stock!
2) Lots of money to spend!
3) No tax because didn’t get income from selling stock.
Gaming the tax system is easy, especially if you have a business.
Another funny one. Have business that owns real estate you want to sell? Sell the company to someone else instead of selling the real estate.
Now you aren’t paying taxes that happen when you sell real estate.
It’s all swiss cheese.
I have a great accountant who once headed an accounting division of a fortune 500 company before going into private practice.
He said, and I quote “Only fools and idiots pay taxes”.
Marc Perkel how could you believe this obvious deception by the New York Times.
They declared he had carry forward losses of about a billion dollars 20 years ago, which could be for that year or cumulative.
That doesn’t mean he pays no taxes, only that he would not have to pay taxes on a billion earned since then.
So Trump could release his returns and prove me wrong.
So you acknowledge your claim is just that, a claim.
Hillary has released her taxes, and it revealed she did the same avoidance of taxes over which you are now complaining. Why didn’t you complain that Hillary avoided these taxes, with a 700,000 carry forward loss?
Shish!! Someone might hear you!
How competent can a Hillary administration be if they plan a line of attack for months, and it turns out the women is
a getaway car driver in an attempted murder,
had a baby with a major drug dealer.
threatened the life of a federal judge(this time a real Mexican one?
Meanwhile, people mock Trump for saying he will get Mexico to pay for the wall, but he got a liberal media to pay for his campaign.
Trump not paying taxes is not a loophole. Thats the way taxes are STRUCTURED. Loophole: mostly unintentional or unforeseen. Structural: paid for by the AlreadyTooRich and passed to enable them by our totally corrupt Congress.
If the Don were pres, that loss forward would continue on his 400K/year income and still not pay any taxes….and that assumes he doesn’t transfer all his Pres Income to one of his charities… to buy portraits of himself.
I always paid taxes via the simple basic form. I had deductibles but did not use them. I feel like a “good citizen” when paying taxes…why even try to cheat? I do recall taking the deduction for home interest but that was about it.
Don’t you tax cheats want a strong society??? …… Ha, ha. No need to answer, I know…. you got your guns to keep you all warm and fuzzy.
bobbo, you know I refrain from name calling any of the posters (not going to now either) on here but not taking your entitled to deduction is just idiotic.
I hope you say that you don’t take any deductions as a joke and are not actually giving them up.
Good grief. If it is legal then why give the government more than you have to? They are going to piss it away and you are cheating yourself and family if you have one.
I do not cheat on my taxes. I take every deduction I’m entitled to and yes, one year I was in a similar situation as the Donald. I had such a huge loss on real estate I had no taxes that year, got a refund of greater than what I pain in and carried a loss forward.
I do not do my own taxes, I have an accounting firm do them.
Why Mr. Diesel, you’re a Deplorable!!
Cheating minorities, immigrants, welfare recipients, politicians, foreign governments, and Federal workers!
You need to pay your fair share!! 😉
Well thanks Mr D…. and indeed you did not.
I think its well laid out? Many say if I want to be a bleeding liberal why don’t I write checks to all the poor people? ……. and I say: because I don’t know worthy from not and I prefer the gubment to have a steady program of aid rather than the hit or miss of private efforts. ((Hmmm…my spidey sense says I’m actually quoting from a recent thread on a different forum…but the issues/bumperstickers are so often used, I’ll go short form here)).
So…not taking all my deductions and going short form actually makes filling out my taxes easier to do, less subject to error, only a benefit on any audit, and does make me feel warm and fuzzy. Whenever I am asked for a charitable donation, I always say “I give at the office.”
I dont check the Presidential Debates for a buck though. system needs a thorough redo before worth even a buck.
So…..you are right of course….I don’t begrudge anyone from taking all advantages…. as long as they didn’t contribute to Congress to get the legislation to authorize it.
Here’s another funny: last year I got a large bonus….for work mostly done by my secretary. I designed the system and oversee it, but she does all the data entry, report generation, and fielding questions. so…I felt like I should at least split the bonus with her…… I thought about it, and decided not to. My fear (not greed…..but maybe so) was I didn’t want it “gettng out” what I had done. I mean…you KNOW Mr Diesel…. if you don’t worship the almighty dollar, too many people will think you are weird…or trying to get into your secretary’s pants. Neither true in my case.
I didn’t succeed all on my own …. and I thank society for all they give me.
You didn’t build that. I’m glad you understand that.
https://youtube.com/watch?v=YKjPI6no5ng
Also…..if I had huge losses one year and had carry forward….I’d probably do that. Losses hurt the ego…a tax benefit somewhat a sauve?
I glanced off it, but I’ve always done all my own accounting/tax filings. And every year, I got dinged for “bad math” or some other issues. Only a couple of hundred each year…not worth contesting or trying to figure out what I did wrong. THAT TOO was part of my motivation for going short form. No more letters from the IRS.
The loss in real estate was enough to get a refund more than twice what I pay in per year.
Gee. I feel like the litter box liner New York Times.
If people want to pay more than what the bill is to the government I say go for it. I’m just not one of them.
There is no reason the tax code in this country couldn’t fit on a 3×5 card.
Personal or Corporate
Income = _____
Tax = Income X .10 = _______
Send in Tax to: IRS
Probably too simple but no deductions, no credits and no bullshit. Corporations don’t pay taxes anyway, only the end-users do (consumers).
I totally agree. Progressive tax schedule though is very important. The very rich “get” more from society, all a very good reason to tax them more >>>>for what they get.
Or forget progressive tax code: just add up the expenses and assure the tax code collects enough revenue: fees, corporate tax, and so forth.
Compare tax revenue from Corps from 30 years ago to now: cut by 50%. “Somebody has to pay for society.”
….. love to see the bridge collapse on such rich f*ck. Course…. they ain’t rich F*cks if they take a car rather than a helicopter…………… but…. its all right there.
Every mother’s son wanting/needing/getting benefits……… and not wanting to pay for them.
Hoomans.
Isn’t that Trump’s tax plan??
“Don’t you tax cheats want a strong society???”
Ha, Ha, what total bullshit. Why are we considered cheats if we take deductions allowed by law?
Hillary’s State department “misplaces” 6 Billion dollars, the Pentagon “misplaces” 6 Trillion dollars?
And you call us tax cheats?
Get bent.
Fair call. I was stuck in evaluating Trump’s business and charitable practices. I do recall the temptation of guesstimting the value of a donated truck to charity. I cheated…..still feel bad about it. “BUT” I swear, the truck was worth more than blue book. And the charity cheats by leaving the form blank in that regard.
Whoa!!!! Westworld has tits! I love HBO.
How easy the first episode of West World?
How Was, der.
Oh yeah, besides the titties.
Schocker. A tax system that was devised by corrupt rich people is easily bypassed by… you guessed it. I know, let’s make those drones in the middle class pay the tab.
Silly humans… I think Trump was inspired by the infamous Leona “We don’t pay taxes. Only the little people pay taxes” Helmsley, and we know that Donald has big hands:
“Leona Helmsley will always be remembered for one of the most arrogant statements ever uttered: ‘We don’t pay taxes. Only the little people pay taxes.’ A touching sentiment from the New York hotel tycoon widely dubbed the ‘Queen of Mean’ but not one shared by a jury of her peers. In 1989 Helmsley received 16 years in prison for a wide variety of tax offenses resulting in several million dollars owed. And in a fitting bit of chronology, the judge ordered her prison sentence to start on April 15 — Tax Day!”
— Leona Helmsley – Top 10 Tax Dodgers – TIME http://content.time.com/time/specials/packages/article/0,28804,1891335_1891333_1891317,00.html (includes a terribly unflattering photo of Leona.)
P.S. What a hoot it would be if The Donald *and* Hillary both ended up doing time… 😉
NYT is likely wrong on whether he can offset these losses. If those are from bank loans, as they likely are, then these losses cannot be used to offset future income.
>Compare tax revenue from Corps from 30 years ago to now: cut by 50%.
Compare personal income tax to corporate income tax rate, and it explains much of the difference.
So many corporations pay through personal income tax.
If income tax rate gets too high, lots of wealthy people will earn thru corporations. I would guess 1950s had lots of corporate income tax.
No one pays for anything anyway.
We have $19 trillion in debt. “I pay for that with my taxes” — uh, no you don’t. No one is paying for it.
There’s only $1.4 trillion in US dollars and coins in circulation in the entire world. Federal Reserve says so: https://www.federalreserve.gov/faqs/currency_12773.htm
So how can we have $19 trillion in debt? How can the government spend $3 trillion a year? It’s all in a computer program somewhere.
Also known as that money exists because “The government says it does.” — nevermind that it live exclusively in a computer.
Other things that exist solely in a computer: Minecraft.
The government could decide that the bogus amount of money it has is $50 trillion if it decided to do so.
Britain also has the same complete control over it currency.
Countries in the EU do not, one example is Greece. That’s why Greece is screwed, they actually have to balance their budget and repay their loans.
I suspect the following (but can’t prove it):
1. Donald didn’t do his taxes, he hired a firm or internal group to do them for him.
2. Whoever did the taxes probably knows quite a bit about the tax code and because of that did precisely what should have been done – use losses acceptable to the IRS to reduce his tax obligation.
3. The tax code is determined by congress (at a high level – details are worked out by committees) not by Donald.
4. Problems with the tax code? Then talk to your congress person. But ONE person in the news should not be the motivating factor in changing the code. Because if it is changed, in some way or another, it’s changed for all the citizens who wish to get ahead in life.
5. The IRS is merely the collection agency for the US Treasury. Changing the tax code changes your government and how you interact with it in one form or another (in small ways perhaps but measurable).
The above is not a cop out for Donald but emotions are running high due to the election coming up. It’s not surprising his taxes (1995 at that!) are being used against him.
Taxes won’t stick as its all legal.
What will stick: going broke owning a casino. “Because I’m Smart.”
Trump conned the GOP, he’s a great con, the greatest, and now he’s driving it like it’s stolen. He’ll jump out before it goes off the cliff, handing the election over to Hilarity and proving he can fool a lot of people all the time.
Nah, Trump would drive the car off the cliff and then think he can fly because he’s so stupendous.
I know business owners who are taxed on company profits, then the pay they pay to themselves is taxed again. Seems like Feds are double dipping.
Spot on.
However, payroll is an item that generally can be taken off as an expense for a company. This really helps the small business owner who has workers. While this helps with reducing any tax obligation, if there is profit – it is taxable since it is considered income to the enterprise.
But the wages an employee or sub-contractor receives from the enterprise is also considered income and is taxable. And don’t forget Social Security and Medicare which are themselves a form of taxation.
In some scenarios, this equates to a lot of taxes on money which was previously taxed.
Same with estate tax.
Pay for shit all your life and The Bitch Hillary wants to raise that tax to 65% on what you earned and already paid tax on.
Nope, can’t give it to your family. Can’t create instantly wealthy people (if it’s enough). Take it all away from them.
The Dead don’t pay any taxes….. they are dead.
Pretty basic. Adjust your umbrage accordingly.
Estate tax: kicks in starting at over 5 Million. Thats enough for your worthless offspring.
It means that companies will come in and buy your business for firesale prices.
Estate tax – the friend of the corporate elite.
there is no “your” when you are dead.
Why is that so hard to grasp?
Does your gene pool end with you?
Do you have any “worthless offspring”?
[to Curious George]
One can only hope.
PS — to the powers that be; I’m still with NewFormatSux about your (now not so) new format sucking. Because it does. Why not emulate reddit’s hierarchical blog? That is the most logical and sensible method of blogging. Or if not that, why not just go whole in for sucking and go back to a flat blog?
Yea, it’s been in place so long, I suspect if the format switched back, people would complain about the new format.
Nevertheless, I will keep this name, if only to confuse bobbo with posts from multiple handles.
How is it “spot on” when your explain how wages are a business expense? Its directly spot off.
LOL. I see your point.
Talking about taxes makes me see spots all over the place. However, double taxation does occur all too frequently for businesses/individuals. It’s too bad but right now that’s the tax code (at one time in the past all 72,000 pages of it).
Prove me wrong….but double taxation is Republican BS. You get taxed on transactions. If you do two taxable transactions, then there are two taxes. No doubling is present.
Sheep get led by labels.
[issued forth bobbo with conviction]
” … Sheep get led by labels. ”
If the R/D hiring bobbo spewing this garbage doesn’t qualify as irony, then nothing does.
Like how David Brock collects 12.5% fees on his movement of money, and he takes a donation, pockets fee, then moves it to another account owned by Brock, pockets another fee, then moves this to another account, pocketing a total of 1/3. No double taxation because it is all different transactions, and not a tax, right?
These guys who get double taxed need to get smarter and better accountants.
Double taxation is why S Corps (sub-chapter S corporations) were invented to specifically allow personal taxes to “pass through” the corporation to the owner.
Of course if you don’t know this, you’re screwed. If you’re wealthy you hire teams of accounts to make this all work for you.
Yes, double taxation can occur at the corporate level and also by money being taxed by two different countries.
It is a wise taxpayer who seeks help in understanding how this works when tax time comes around.
“Yes, double taxation can occur”.
Yes, if you’re an idiot and shouldn’t be running a business, or..
No, if you’re smart.
Start getting start here:
http://youtube.com/watch?v=bl6o6LMtYyY
If a mummy gets diarrhea is it runny or just cobwebs and puffs of dust?
“Apple is named the biggest corporate tax avoider in the US after booking $218 BILLION of profit offshore last year”
http://dailymail.co.uk/news/article-3822095/Apple-named-biggest-corporate-tax-avoider-US.html
Thanks HM….that is so telling. I wonder how many corporate strategic documents contain the concept “corporate citizenship” as opposed to “targeted market.”
That would be zero to…. what? Googooplex?
((Actually….good corporate citizenship is against the law. You can be sued and lose any activity that loses dividends based on that sh*t. but…. let’s bow down and worship the Trumps leading all these corps. Such great men.))
Microsoft is also based in Ireland paying little USA taxes.
Speaking of taxes, would the mandatory purchase of health insurance for a young person wanting to enlist in the national guard be considered a tax?
I would say yes. As a teen and in my early twenties I had no health insurance, today you must or be penalized.
What is the consensus regarding American citizens forming an offshore company, like in gran cayman to just hide money and avoid taxes. I believe the moving of money is legal. The Cayman islands have trillions of dollars, not taxed.
The legal consensus is it’s money laundering and you will spend a good amount of your adult life in prison.
Unless you are the Clinton Foundation.
Would anyone be positively impressed if Mr. Trump had pay unnecessary taxes? Anyone? It appears he followed the tax requirements.
I’m NOT impressed with the New York Times for obtaining this information illegally. They should be prosecuted. And, more importantly, they should be shamed because of their unethical acts.
” I felt then, as I feel now, that the politicians who took us to war should have been given the guns and told to settle their differences themselves, instead of organizing nothing better than legalized mass murder.”
Harry Patch
Trump loves debt (king of) and war. He’s going to kill NATO and use torture. He hates taxes and ugly women. Like murder?