Most of her wealth is in her husband's name. The real issue is nailing both of them for insider trading and campaign finance violations. (Don't hold your breath.)
Remember, these are people that are VERY accustomed to the TV telling them they are supposed to think. When they are just presented with facts, they aren't able to formulate their own opinion about the facts.
The quote from a D.C. think-tank asshole emailing Hillary in the 2015 WL cable dump is seared into my memory: "We've long been content to breed a compliant and otherwise unaware citizenry..."
Had the Levin radio show on last night in the car and he had someone sitting in for him talking about the new Twitter info on the Hunter Biden laptop story. Dude talks about major lefty msm outlets publishing stories out of nowhere about the laptop as if they hadn't just spent the past two years ignoring and downplaying it.
Dude takes a call and it's some lefty going off on the same party line bullshit from the past two years. So he lists a handful of major papers and networks like WaPo publishing these stories and the guy's response is "I disagree." Lol
They are broken in the noodle. Needless to say, the host goes off on the dude about not getting alternate facts. It was great.
If it goes mainstream that his taxes were a nothing burger, it may just wake them up to that fact about the media programming them and lying to them constantly.
But, I've underestimated their irrational hate and blind loyalty to this dumb fuckery many times before.
Looking at 2018-2019 though, I really wish I could get away with paying only 3-4% in tax. Trump must be doing some very smart things there, or has hired some very good accountants. Either way I'm happy for him. Taxation is theft.
The people who wrote the tax laws attacking Trump by showing the ways Trump can avoid paying taxes, to people who don't understand how taxes work and vote for the people who wrote the tax laws.
Ugh this reminds me of a conversation i had with someone after trumps tax reforms notably the increased deductible and lower withholding.
They were convinced their taxes went up as a result, until I asked if they looked at their with holdings, and not just how much their rebate was.
Like people do not realize you pay taxes out of every paycheck and you need to subtract your rebate from what you have paid all year. If your rebate goes up or down it does not mean you paid more or less taxes.
Worse than that.. they don't understand which taxes are taken out at a flat rate, and which are progressive, or why you would ever refile your W-4 form... even people who earned bonuses. That's not even getting around to half of your tax dollars that get siphoned off this way go into the insanity that is medicare.
Meanwhile.. or corporate tax structure makes no sense given the over monopolization of large swaths of our economy. The two ideas might be fine on their own with either more aggressive corporate taxes or actual enforcement of monopoly legislation.. but together, they form a vortex that just drowns the average tax payer.
We carry 85% of the burden of running this country. We surely don't get 85% of the representation.
Yeah, but there’s all sorts of depreciation, amortization and other things that come into play at Trump’s level especially with so much real estate holdings which are way over my head. I will say this year I won’t have to file an extension and pay a fat penalty again, my accountant has everything up to 12/1 and forecasted for the full year. He’s saying I’m qualified for a QBID deduction this year which is saving me a huge sum this year. Obviously none of it should be this way, taxation is theft.
If it's like most "normal people" they had a phase of making a lot of money without realizing they were making a lot of money in a qtr and didn't save for taxes and spent it all.
Taxes get taken out of W2 paychecks. I could see if you are 1099 making this mistake, and its a shame, but yeah Americans by and large are uneducated with their finances and taxes.
We should have a law saying no taxes can be pulled automatically from a paycheck. That you have to write a check quarterly/monthly/yearly/whatever. Wed see conservative lawmakers in congress almost overnight.
Correct. Most Americans are not pulling in more realized gains than earned income. If thats your case, you either are 1.) in the top X% of wealth 2.) had a special year for some reason (selling equity to make a down payment on a house).
Thats why when i was W2ed i put more money in every paycheck to taxes, because i was making 5 figures trading options. But again, if you are at that point, you know (or should know) that your tax bill will be higher.
2021 was a big mess because I had a lot of crypto b/c I accept it as a payment method in my biz. So when it peaked I cashed a lot of it out for a real estate deal and ended up having a huge tax problem. Keeping records was complicated since we receive maybe 2-5 transactions of crypto a day so cost basis changes for each transaction. Since record keeping on that is tough for me, my accountant had calculated a cost basis of zero. I had to correct him and come back with a real cost basis from when I received it using an average daily price. Thus only paying capital gains on a large sum and then paying my regular tax rate of 37% on the difference.
I didn’t make any estimated payments but usually pay a big chunk by January 15 and also filed an extension. But I did pay about half of what I owed before April 15 to reduce the penalty, when we got everything straighten out in mid-September, I ended up paying the rest which was about 30% less than he initially estimated but still a HUGE amount for me.
I also had an alcohol problem due to the stress from all this and other stuff. After filing mid-September, couple weeks go by and IRS sends a letter for penalties and interest north of 10 grand. Thankfully this year I’m paying FAR less, and looks like due to some slick work with various deductions effectively my rate will be more at 25% federal, and we’ve got every t crossed as my accountant has already fear mongered about an audit, but I’m pretty confident in all the records I can show right now.
Now, my business has also declined by 40% ‘21 vs. ‘22 thanks in part to the wonderful economic policies of Biden’s regime & I didn’t cash out any crypto so I made way less on paper. It’s still you’re usually working 6 months a year just to pay federal & state taxes alone not including all the other ways we’re taxed, since self employed you’re paying 13.5% social security & Medicare and it’s NOT RIGHT!
Yeah I could see crypto fucking people over for taxes. Good for you on accepting it for your business! I advertise that I do, but nobody has taken me up on it yet. I'll accept bitcoin eth and monero!
Consider offering a discount to use it. That’s what I do, 10% off when paying with crypto b/c the transaction fees are nil and paid by the sender, plus it’s kind of a hassle for people to use. But, w/ my business the product is considered “high risk” so we struggled for years keeping a credit card processor who wouldn’t shut us down, now paying high fees & reserves, but crypto saved us for a little bit. Also, if you buy gold or watches or some physical store of value, a lot of those places accept crypto as well. Best of luck!
Ah, but dont you have to be careful with this? Like isnt it illegal to offer a discount with certain types of payments? Like you cant offer a discount one way, you have to phrase it as a discount with something else. I thought there was a rule here....
He didn't actually lose 52 million. The business operated at a loss. My friend who restores furniture for a living also operates at a loss each year but somehow makes over 100k a year. Trump's accountants are just slick.
Just from a simple trucking operation I own, I pay very little in taxes. If you own income-producing assets you pay very little in taxes. The avg w-2 employee who makes more than the amount to qualify for government benefits and makes less than the amount to buy income-producing assets is who gets screwed eg. the middle class.
No. Its a tech consulting and training business. A computer or 2 (doesnt need to be beefy, at all) is all the equipment i need. I rarely need to spend anything on licenses or cert costs and stuff like that, if so it averages to maybe 200/year (which saves what, 35 bucks on taxes?).
Donald Trump is also in estate planning mode rather than trying to rapidly expand his business. He mainly wants to avoid estate taxes and generation skipping transfer tax
There is a thing called depreciation which is substantial if you own a lot of assets, particularly real estate assets. If he owned that DC hotel and they were doing accelerated dep. that would be tens of millions of dollars in "paper losses" every year.
It's only taxable if you made a profit. You can increase your costs to offset that, invest in things that will generate income in the future that are a cost now. You can also take losses from bad years forward to years when you're doing well and reduce your income on paper.
It's in your best interest to have as little profit as possible at the end of the year to not get taxed. Real estate also has a lot of extra tax deductions.
It can turn into a permanent cycle of doing pretty well but having zero profit on paper.
You can increase your costs to offset that, invest in things that will generate income in the future that are a cost now.
If you need them sure. It would be silly to buy a 60k truck when a 20k truck would do, JUST to pay less in taxes. You pay more overall doing that as taxes are always a fraction of your earned dollar.
You can also take losses from bad years forward to years when you're doing well and reduce your income on paper.
Yes, but not much. For an individual its what, 3k? That would also apply to LLCs. Thats ~600 in taxes maybe.
t's in your best interest to have as little profit as possible at the end of the year to not get taxed
Yes, but dont buy shit just to spend money to pay less taxes. Thats literally retarded.
He could've worded it better. Businesses expand through taking liabilities (debt). If you have a pool cleaning business and you purchase 3 new vans + hire 6 new employees that is a LOT of debt, no doubt will put you at a loss at the end of the year, but also an investment into expanding your business.
Amazon did this and didn't pay taxes for a long time, it's called loss carry forwards.
Imagine if you bought a house and claimed a 700k loss on a 70k salary, you wouldn't have to pay taxes for how many years? Same concept. Debt = loss = tax write off.
It's in the tax code for businesses literally to promote expansion and growth of business.
He could've worded it better. Businesses expand through taking liabilities (debt). If you have a pool cleaning business and you purchase 3 new vans + hire 6 new employees that is a LOT of debt, no doubt will put you at a loss at the end of the year, but also an investment into expanding your business.
Yup got it. (I run a small business).
Amazon did this and didn't pay taxes for a long time, it's called loss carry forwards.
Yes, plus they pay a TON in other taxes (people who say Amazon pays no taxes are dead wrong, you can look up their 10Ks and point out the millions they pay in the US each year).
Imagine if you bought a house and claimed a 700k loss on a 70k salary, you wouldn't have to pay taxes for how many years?
You can only carry 3k in losses per year. So youd have ~200 years worth of 3k deductions to make!
I get it, but people seem to think you want to spend more money than you normally would JUST to not pay as much in taxes, and thats flat out retarded. You wouldnt buy something you dont need or expand more than you should/could/would want to JUST to pay less in taxes. Because the taxes would be a percentage of your profit, whereas that expanding would be 100% of the money you spent. Paying taxes on a percent always yields you more money than spending money on things you dont need.
I can pay my mortgage or rent on profit i take. I CANT pay for housing on expensed items. I need to take a profit for that kind of spending.
people seem to think you want to spend more money than you normally would JUST to not pay as much in taxes, and thats flat out retarded
Oh 100% agreed. That wasn't my thought reading his comments above though, since he said "invest in things that will generate income in the future that are a cost now," that is solid, smart advice. But if you are fully content with the income you are generating now and have no wish to expand/increase then yes, your beliefs towards spending more money are fully true, I just don't think the person you were replying to insinuated that.
Maybe it is worded poorly but things like real estate, jets, timberland, oil wells have what is called "depreciation" so you could be cash flowing millions of dollars into your bank account while on paper "losing money". Go look at the value of a early 2000s private jet vs a new one. The old one is worth way more than 10% of the new one but on paper and for tax purposes is only worth 10% of the new jet. (scrap value)
Oh sure. Really depends on the business. Like mine doesnt really have much room for that kinda of shit, the VAST majority of revenue is straight profit.
Revenue is one thing, expenses are something different. Equipment depreciates, real estate depreciates, if it is a natural resource you are depleting it. You could have owned timberland for 40 years that is valued at zero dollars because you harvested a bunch of trees but lo and behold you happen to replant and after forty years you already have land full of mature trees (valued at zero on tax roles).
Doesn't matter why. People are dumb. They will hear "he paid no tax in 2020" and that is all they need to run with their stupid ideas. To them it should be a wealth tax and not an income tax.
Keep in mind this is likely only a 1040 individual return and doesn't show tens of millions in payroll tax he paid through the international Trump business. Democrats are such liars. They shall release all their returns and financial statements and show how many bribes they've received from Pfizer.
If I remember correctly, the stated reason for requesting access to Trumls’s tax returns was for legislative purposes. Yep…in news that’s shocking to no one, Democrats lied again.
It was Adelson on the right, and the media on the left. Once Adelson passed someone else took over.
With Kushner around I wouldn’t be surprised if he was involved.
Apparently I do too because it looked like he lost about 70m to me, but that isn't surprising since he mostly detached from his companies and donated his salary
Yeah they need to decide whether he's hiding money via tax fraud or overpaying because he's a mirin. They also need to decide whether he is super rich and hiding it or poor af.
Now that they see there are no laws broken, they've been trying to discredit him as a businessman (neglecting that he was campaigning and president, personally I would want him to make America come first). Funny part is, they forgot about the pre covid era which is just about as good as you can get during these times. It's probably just bots
if we treated them like what they are supposed to be, 'public servants' or AKA employees of 'we the people', every tax return of every government worker would be publicly accessible.
I love how the top comment is “what does this prove?” Which just goes to show you they have no idea what they’re talking about or looking for in it, they just want someone to tell them he’s bad.
If any commie says that Trump is a criminal, ask them how many of their demonrat "leaders" became millionaires on less than $200,000/year salary and why Trump is the only one who lost millions while in office.
Lmao I can’t stop laughing, like it’s such a popular accusation that politicians take a ton of dirty money on the side, but this dude lol this dude lmao thinks that evidence that Trump didn’t do that make him look bad, what a backwards world these idiots live in haha I’m crying laughing over here
We already saw this episode years ago, right? Maddow was visibly seething on national TV because she had Trump's tax records and they were utterly unremarkable.
I've never understood this tax angle. The IRS has always had this data. If he made some clerical error on his tax forms they'd extract money through his asshole. If he did something criminal they'd pass the information along to the DOJ for prosecution.
There is absolutely no ethical reason for his records to be made public in the face of a supposedly functional system. I don't give a shit if previous officials have elected to share their own returns. Volunteer whatever you want but at the end of the day it is and always should be a choice.
Besides, what the hell is the general public supposed to do if there was something of substance there? Form a mob and burn Mar-a-Lago to the ground? Drag Trump out into the street and hang him from a palm tree? For what? Tax evasion? And at the same time these government goons want me to be appalled because some people broke windows and kicked their feet up on desks over a stolen election?
trump did brag about brilliantly taking advantage of tax loopholes in order not to pay taxes, and the odds of him not making money have got to be near zero
Now let's see Pelosi's taxes
Any career politician really
Chao....
Bingo
Every career politician and senior bureaucrat along with their immediate family.
Immediate family is important, as it's the easiest way for them to avoid alarms. Look at Biden.
His son AND his brother.
They were expecting Trump to be just as dirty as they are.
Ding Ding Ding!!!!! We have a winner. And that is exactly why they.hate him..... Because he is NOT them. Same with us peasants.
Most of her wealth is in her husband's name. The real issue is nailing both of them for insider trading and campaign finance violations. (Don't hold your breath.)
Really, ‘nailing them’? Should have used ‘hammer them’.
But she's already hammered?
She and He are both hammered, but for different reasons.
Supposedly Depap was being used as a sex slave.
True that. 👆🏼
My comment was for both. They both are hammered, but in different ways…
Hobo Homo Hammertime has entered the chat.
Paul was hammered, at least. The police witnessed it!
Did you see her "official" portrait? She has a big fucking hammer in her hand - shout out to Paul?
Surprised she didn't ask to make her fake breasts she loves to show people even bigger in that picture
I always suspected she had some fakies. I am her age and I can guarantee that mine aren't that perky.
They also might just be perky from the power she wields which gets her off 24/7
Kek!!
When you are a hammer, everything is a nail.
don't forget the faggot nephew ruling Commie-fornia
That’s not the issue at all. The issue is “who the fuck are Paul’s investors and precisely how much are they paying him?”
Biden’s and Obama’s too please!
Bush family too!
https://www.taxnotes.com/presidential-tax-returns
They've been available.
Thanks.
we might be able to get the libs on board to see mcconnell's taxes
it'd be interesting to see the media command them to defend him, but then the result would just be them obeying as usual
The precedent is set. We get to see all of them now.
It proved exactly what he said you dumb fucking Democrat.
Remember, these are people that are VERY accustomed to the TV telling them they are supposed to think. When they are just presented with facts, they aren't able to formulate their own opinion about the facts.
The quote from a D.C. think-tank asshole emailing Hillary in the 2015 WL cable dump is seared into my memory: "We've long been content to breed a compliant and otherwise unaware citizenry..."
Key word: breed
Had the Levin radio show on last night in the car and he had someone sitting in for him talking about the new Twitter info on the Hunter Biden laptop story. Dude talks about major lefty msm outlets publishing stories out of nowhere about the laptop as if they hadn't just spent the past two years ignoring and downplaying it.
Dude takes a call and it's some lefty going off on the same party line bullshit from the past two years. So he lists a handful of major papers and networks like WaPo publishing these stories and the guy's response is "I disagree." Lol
They are broken in the noodle. Needless to say, the host goes off on the dude about not getting alternate facts. It was great.
These people are hopeless...
they are not people. they are either communists or tools of communists. the sooner you make peace with that the better.
Yeah, as hopeless as the moron who can't add. -12.9 + 24.3 + 4.4 -4.8 = 11.0 gain
Unless there was something big tax-wise in the first few weeks of January, 2017 or January, 2021 to offset these numbers.
If it goes mainstream that his taxes were a nothing burger, it may just wake them up to that fact about the media programming them and lying to them constantly.
But, I've underestimated their irrational hate and blind loyalty to this dumb fuckery many times before.
I sincerely hope you are right. But as history has shown, every time the news cycle has a flop, they swiftly move on to The Next Thing™.
Trump just refused to show his taxes because fuck them. LOL. He had nothing to hide, but he didn't want to do what they demanded.
That he is paying on a loss? Makes no sense.
Looking at 2018-2019 though, I really wish I could get away with paying only 3-4% in tax. Trump must be doing some very smart things there, or has hired some very good accountants. Either way I'm happy for him. Taxation is theft.
The people who wrote the tax laws attacking Trump by showing the ways Trump can avoid paying taxes, to people who don't understand how taxes work and vote for the people who wrote the tax laws.
Ugh this reminds me of a conversation i had with someone after trumps tax reforms notably the increased deductible and lower withholding.
They were convinced their taxes went up as a result, until I asked if they looked at their with holdings, and not just how much their rebate was.
Like people do not realize you pay taxes out of every paycheck and you need to subtract your rebate from what you have paid all year. If your rebate goes up or down it does not mean you paid more or less taxes.
Tax rebates are the biggest scam. Interest-free loans for the government all year.
Worse than that.. they don't understand which taxes are taken out at a flat rate, and which are progressive, or why you would ever refile your W-4 form... even people who earned bonuses. That's not even getting around to half of your tax dollars that get siphoned off this way go into the insanity that is medicare.
Meanwhile.. or corporate tax structure makes no sense given the over monopolization of large swaths of our economy. The two ideas might be fine on their own with either more aggressive corporate taxes or actual enforcement of monopoly legislation.. but together, they form a vortex that just drowns the average tax payer.
We carry 85% of the burden of running this country. We surely don't get 85% of the representation.
It does prove that I need Trump’s tax people.
I dunno, I don't want to pay nearly $2 million dollars on a negative income of nearly $52 million.
In order for that to happen he had to gain big in other years or aspects.
Yeah, but there’s all sorts of depreciation, amortization and other things that come into play at Trump’s level especially with so much real estate holdings which are way over my head. I will say this year I won’t have to file an extension and pay a fat penalty again, my accountant has everything up to 12/1 and forecasted for the full year. He’s saying I’m qualified for a QBID deduction this year which is saving me a huge sum this year. Obviously none of it should be this way, taxation is theft.
I’ve been audited now each year since I donated to Trump. And my taxes are fuckin flawless. (It’s still theft.)
Why are you paying penalties?
If it's like most "normal people" they had a phase of making a lot of money without realizing they were making a lot of money in a qtr and didn't save for taxes and spent it all.
Taxes get taken out of W2 paychecks. I could see if you are 1099 making this mistake, and its a shame, but yeah Americans by and large are uneducated with their finances and taxes.
We should have a law saying no taxes can be pulled automatically from a paycheck. That you have to write a check quarterly/monthly/yearly/whatever. Wed see conservative lawmakers in congress almost overnight.
If that law happened then you'd see "how to do your taxes" be taught every semester from kindergarten through pre-med
Which again, would shift people to vote for politicians who spend less.
Most americans simply dont understand taxes, spending, budgeting, finances, and it shows.
It depends on how you get paid. For example, some people have to even up and pay quarterly out of pocket because they don't have a W2.
Yes. Thats why i said
1099ers like me and my small business have to pay estimated taxes.
Most american workers are w-2'ed.
There isn't a W2 with a brokerage account.
Correct. Most Americans are not pulling in more realized gains than earned income. If thats your case, you either are 1.) in the top X% of wealth 2.) had a special year for some reason (selling equity to make a down payment on a house).
Thats why when i was W2ed i put more money in every paycheck to taxes, because i was making 5 figures trading options. But again, if you are at that point, you know (or should know) that your tax bill will be higher.
2021 was a big mess because I had a lot of crypto b/c I accept it as a payment method in my biz. So when it peaked I cashed a lot of it out for a real estate deal and ended up having a huge tax problem. Keeping records was complicated since we receive maybe 2-5 transactions of crypto a day so cost basis changes for each transaction. Since record keeping on that is tough for me, my accountant had calculated a cost basis of zero. I had to correct him and come back with a real cost basis from when I received it using an average daily price. Thus only paying capital gains on a large sum and then paying my regular tax rate of 37% on the difference.
I didn’t make any estimated payments but usually pay a big chunk by January 15 and also filed an extension. But I did pay about half of what I owed before April 15 to reduce the penalty, when we got everything straighten out in mid-September, I ended up paying the rest which was about 30% less than he initially estimated but still a HUGE amount for me.
I also had an alcohol problem due to the stress from all this and other stuff. After filing mid-September, couple weeks go by and IRS sends a letter for penalties and interest north of 10 grand. Thankfully this year I’m paying FAR less, and looks like due to some slick work with various deductions effectively my rate will be more at 25% federal, and we’ve got every t crossed as my accountant has already fear mongered about an audit, but I’m pretty confident in all the records I can show right now.
Now, my business has also declined by 40% ‘21 vs. ‘22 thanks in part to the wonderful economic policies of Biden’s regime & I didn’t cash out any crypto so I made way less on paper. It’s still you’re usually working 6 months a year just to pay federal & state taxes alone not including all the other ways we’re taxed, since self employed you’re paying 13.5% social security & Medicare and it’s NOT RIGHT!
Yeah I could see crypto fucking people over for taxes. Good for you on accepting it for your business! I advertise that I do, but nobody has taken me up on it yet. I'll accept bitcoin eth and monero!
Consider offering a discount to use it. That’s what I do, 10% off when paying with crypto b/c the transaction fees are nil and paid by the sender, plus it’s kind of a hassle for people to use. But, w/ my business the product is considered “high risk” so we struggled for years keeping a credit card processor who wouldn’t shut us down, now paying high fees & reserves, but crypto saved us for a little bit. Also, if you buy gold or watches or some physical store of value, a lot of those places accept crypto as well. Best of luck!
Ah, but dont you have to be careful with this? Like isnt it illegal to offer a discount with certain types of payments? Like you cant offer a discount one way, you have to phrase it as a discount with something else. I thought there was a rule here....
He didn't actually lose 52 million. The business operated at a loss. My friend who restores furniture for a living also operates at a loss each year but somehow makes over 100k a year. Trump's accountants are just slick.
Just from a simple trucking operation I own, I pay very little in taxes. If you own income-producing assets you pay very little in taxes. The avg w-2 employee who makes more than the amount to qualify for government benefits and makes less than the amount to buy income-producing assets is who gets screwed eg. the middle class.
I own my own business and pay a shit ton in taxes. I don't have much for expenses other than health insurance.
Does your business own real estate, capital equipment, or inventory?
No. Its a tech consulting and training business. A computer or 2 (doesnt need to be beefy, at all) is all the equipment i need. I rarely need to spend anything on licenses or cert costs and stuff like that, if so it averages to maybe 200/year (which saves what, 35 bucks on taxes?).
My revenue is almost pure profit.
I'd think that's a high quality problem.
Could be worthwhile talking to talk to an accountant to figure out ways to reduce tax burden.
Amortization of goodwill and IP might need to be explored. Don't know too much about that as my basis has always been on tangible property.
not at the moment
Because his salary is a business expense that gets taken into account for "the loss".
Eventually you can't operate at a loss and need to at least break even.
Also will have to pay taxes on that $100k salary.
Depends how you are set up but yeah, you as an individual pay taxes on that. You company might even have taxes to pay on that if you are W2ed.
Donald Trump is also in estate planning mode rather than trying to rapidly expand his business. He mainly wants to avoid estate taxes and generation skipping transfer tax
Maybe your best comment ever.
There is a thing called depreciation which is substantial if you own a lot of assets, particularly real estate assets. If he owned that DC hotel and they were doing accelerated dep. that would be tens of millions of dollars in "paper losses" every year.
Does the loss include over 100k in wages to your friend?
No. He offers discounts to customers who pay cash so he records wages of about 45k.
It's easy to "lose" money when you run a business.
Explain.
It's only taxable if you made a profit. You can increase your costs to offset that, invest in things that will generate income in the future that are a cost now. You can also take losses from bad years forward to years when you're doing well and reduce your income on paper.
It's in your best interest to have as little profit as possible at the end of the year to not get taxed. Real estate also has a lot of extra tax deductions.
It can turn into a permanent cycle of doing pretty well but having zero profit on paper.
If you need them sure. It would be silly to buy a 60k truck when a 20k truck would do, JUST to pay less in taxes. You pay more overall doing that as taxes are always a fraction of your earned dollar.
Yes, but not much. For an individual its what, 3k? That would also apply to LLCs. Thats ~600 in taxes maybe.
Yes, but dont buy shit just to spend money to pay less taxes. Thats literally retarded.
He could've worded it better. Businesses expand through taking liabilities (debt). If you have a pool cleaning business and you purchase 3 new vans + hire 6 new employees that is a LOT of debt, no doubt will put you at a loss at the end of the year, but also an investment into expanding your business.
Amazon did this and didn't pay taxes for a long time, it's called loss carry forwards.
Imagine if you bought a house and claimed a 700k loss on a 70k salary, you wouldn't have to pay taxes for how many years? Same concept. Debt = loss = tax write off.
It's in the tax code for businesses literally to promote expansion and growth of business.
Yup got it. (I run a small business).
Yes, plus they pay a TON in other taxes (people who say Amazon pays no taxes are dead wrong, you can look up their 10Ks and point out the millions they pay in the US each year).
You can only carry 3k in losses per year. So youd have ~200 years worth of 3k deductions to make!
I get it, but people seem to think you want to spend more money than you normally would JUST to not pay as much in taxes, and thats flat out retarded. You wouldnt buy something you dont need or expand more than you should/could/would want to JUST to pay less in taxes. Because the taxes would be a percentage of your profit, whereas that expanding would be 100% of the money you spent. Paying taxes on a percent always yields you more money than spending money on things you dont need.
I can pay my mortgage or rent on profit i take. I CANT pay for housing on expensed items. I need to take a profit for that kind of spending.
Oh 100% agreed. That wasn't my thought reading his comments above though, since he said "invest in things that will generate income in the future that are a cost now," that is solid, smart advice. But if you are fully content with the income you are generating now and have no wish to expand/increase then yes, your beliefs towards spending more money are fully true, I just don't think the person you were replying to insinuated that.
Maybe it is worded poorly but things like real estate, jets, timberland, oil wells have what is called "depreciation" so you could be cash flowing millions of dollars into your bank account while on paper "losing money". Go look at the value of a early 2000s private jet vs a new one. The old one is worth way more than 10% of the new one but on paper and for tax purposes is only worth 10% of the new jet. (scrap value)
Oh sure. Really depends on the business. Like mine doesnt really have much room for that kinda of shit, the VAST majority of revenue is straight profit.
Revenue is one thing, expenses are something different. Equipment depreciates, real estate depreciates, if it is a natural resource you are depleting it. You could have owned timberland for 40 years that is valued at zero dollars because you harvested a bunch of trees but lo and behold you happen to replant and after forty years you already have land full of mature trees (valued at zero on tax roles).
"HE PAID NO TAX IN 2020"
How much did he take in salary?
Exactly! Donated his entire salary to charity.
Doesn't matter why. People are dumb. They will hear "he paid no tax in 2020" and that is all they need to run with their stupid ideas. To them it should be a wealth tax and not an income tax.
He donated his salary to different branches of the government, not charity.
Wait really? Is that true?
Yes. It is true.
lol, no he didn't. He donated his WH salary. His other Incomes and salaries are still taxable unless there are losses to offset.
He donated the salary he made as president, which is commendable and a good thing.
Keep in mind this is likely only a 1040 individual return and doesn't show tens of millions in payroll tax he paid through the international Trump business. Democrats are such liars. They shall release all their returns and financial statements and show how many bribes they've received from Pfizer.
Oh I totally know
They've had access to the Trump Org's P&L statements, which are publicly available, for years
If I remember correctly, the stated reason for requesting access to Trumls’s tax returns was for legislative purposes. Yep…in news that’s shocking to no one, Democrats lied again.
And the top post on reddit is claiming fraud, because they're fucking retarded.
I couldn’t imagine being a leftists and being fed the big lie that Trump is going to jail any day now….for over four years now.
They are like the q people, just on the other side. In both cases a jew is misleading them.
Which one?
It was Adelson on the right, and the media on the left. Once Adelson passed someone else took over. With Kushner around I wouldn’t be surprised if he was involved.
That is why the nickname, "blueanon" is so fitting.
It's also crazy how hard reddit is losing its collective mind.
They simply don't understand taxes. They think a refund is free money.
OMg trump is poor what a dumbass he paid taxes in years he lost money!
-some idiot liberal making fun of a multi billionaire when they aren't making 50 a year
What a moron lol.
He lost like 80m in the time he was president, and he was so unconcerned he still donated his paltry 450k a year salary hahaha
The Twitter guy sucks at math, because Trump did come out slightly ahead.
Apparently I do too because it looked like he lost about 70m to me, but that isn't surprising since he mostly detached from his companies and donated his salary
I was calculating 2017-2020 since the Twitter poster’s claim was while Trump was in office.
Trump lost a lot while campaigning. The poster should have been more specific.
Yeah they need to decide whether he's hiding money via tax fraud or overpaying because he's a mirin. They also need to decide whether he is super rich and hiding it or poor af.
Now that they see there are no laws broken, they've been trying to discredit him as a businessman (neglecting that he was campaigning and president, personally I would want him to make America come first). Funny part is, they forgot about the pre covid era which is just about as good as you can get during these times. It's probably just bots
This is grounds for impeachment. Oh wait….
There's no limit, do it again, reeeeeeeeeee!
Trump blew his nose. This is grounds for impeachment!
is the $750 for not having health insurance or what
Is that actually $750? Or $750,000
$750. I remember leftists reeeeeing that he only paid $750. Makes me think he's a stable genius.
He IS a stable genius. Paying taxes is fucking gay.
Yep.
Imagine paying for something that you don't seem to actually get anything out of and not trying to pay the smallest amount possible...
I'm wondering why he paid any at all with losses like that
Actually 750
Ok, now we have precedent set.
I’ll be anxiously awaiting all 535 tax returns for Congress, along with Fauci’s, Biden’s, Hillary’s and Obama’s.
if we treated them like what they are supposed to be, 'public servants' or AKA employees of 'we the people', every tax return of every government worker would be publicly accessible.
they are OUR employees.
Biden, Hillary, and Obama are already available. Also Kamala, Bernie or anyone else who ran.
Can you imagine losing close to $32M and still having to pay over $600K in taxes?
Operating loss is different than net worth change.
Now do Dianne Feinstein. She's 88! Been a Senator for 30 years! Chinese spies and the whole 9 yards.
But but but he MADE 24MM in 2018.
Russian bribe confirmed!
The people who wrote the tax codes will cry about it while enriching themselves through "non-profit" foundations like the Clintons.
As if that's a bad thing?
Why would those lunatics expect someone to pay taxes on a $4.8 million loss?
I love how the top comment is “what does this prove?” Which just goes to show you they have no idea what they’re talking about or looking for in it, they just want someone to tell them he’s bad.
Another Tide Pod eating retard
If any commie says that Trump is a criminal, ask them how many of their demonrat "leaders" became millionaires on less than $200,000/year salary and why Trump is the only one who lost millions while in office.
A wonderful person.
Donated every cent that taxpayers handed to him.
The most transparent, and investigated, person in all history.
He is not a politician.
He is not a ruler.
He is hated by the evil ones.
The only person in power to work for free, and the only person in power anywhere this century who cared about the citizens.
NPCs will only see the headlines for their programming.
They will then group together in their herds and repeat "Trump is bad, Trump is bad".
twitter leftists are already mocking him as if politicans robbing the country for their own profit is somehow a noble cause.
well, it also seems to prove that his presidency plugged some massive hemorrhage in losses from 2015
YANB, yet another nothing burger
Lmao I can’t stop laughing, like it’s such a popular accusation that politicians take a ton of dirty money on the side, but this dude lol this dude lmao thinks that evidence that Trump didn’t do that make him look bad, what a backwards world these idiots live in haha I’m crying laughing over here
We already saw this episode years ago, right? Maddow was visibly seething on national TV because she had Trump's tax records and they were utterly unremarkable.
When you have MSM feeding lies into their one brain cell heads, it’s easy to brainwash
I've never understood this tax angle. The IRS has always had this data. If he made some clerical error on his tax forms they'd extract money through his asshole. If he did something criminal they'd pass the information along to the DOJ for prosecution.
There is absolutely no ethical reason for his records to be made public in the face of a supposedly functional system. I don't give a shit if previous officials have elected to share their own returns. Volunteer whatever you want but at the end of the day it is and always should be a choice.
Besides, what the hell is the general public supposed to do if there was something of substance there? Form a mob and burn Mar-a-Lago to the ground? Drag Trump out into the street and hang him from a palm tree? For what? Tax evasion? And at the same time these government goons want me to be appalled because some people broke windows and kicked their feet up on desks over a stolen election?
Remember when they told us Trump had the Secret Service stay at Trump Tower or Mar a Lago just to get rich?
trump did brag about brilliantly taking advantage of tax loopholes in order not to pay taxes, and the odds of him not making money have got to be near zero
And he donated his White House paycheck to charity!
His losses were 46.5m...maybe it's an indication he will replace 46 halfway through...
Qtard mode activated.
holy shit i needed that laugh thank you
SEE HOW MUCH MONEY HE MADE WHILE PRESIDENT??? Absolute corruption, according to any shitlib.
I don't know what they were hoping for. If he broke the law the IRS would have come after him already.