John Bingham wrote: ↑Wed Sep 30, 2020 2:19 am

TheImplication wrote: ↑Wed Sep 30, 2020 1:38 am

John Bingham wrote: ↑Tue Sep 29, 2020 8:32 am

TheImplication wrote: ↑Tue Sep 29, 2020 7:54 am Not to mention Obama donated his entire presidential salary each year as well, oh wait, that was Trump.

His salary is a pittance compared to the amount he owes in taxes. Trump is a billionaire who doesn’t pay his taxes, leaving the financial responsibility for funding the government to ordinary working people. It’s a national disgrace.

You understand how taxes work right? Just because he managed to zero out his taxes doesn’t mean he didn’t contribute more than someone who paid $100k or more. The amount of jobs and cash he infused into the economy through his businesses and properties is more than his fair share as an individual. If I put a trillion dollars into the economy and then take tax breaks and losses to lessen the tax burden, you would rather that trillion never be injected into the economy if I don’t pay some mythical amount you deem acceptable compared to someone who just works a W2? For those that are actually financially savvy, you’re argument doesn’t make much sense. It’s easier I guess to just say, “Drumpf pays $750 in taxes each year, I seen it on CNN, OMG!!!!”.

That's total nonsense and you know it - he has been cheating on his taxes and it's obvious. Paying his daughter hundreds of millions in consultancy fees - sounds kosher alright. The only thing he is infusing money into is his own pocket. I don't really want to get into a discussion with a cult member anyway, this site is polluted with so many of them and it's obvious that many of you have no connection with Cambodia at all. Not a single post by "TheImplication" has anything to do with Cambodia, unless you want to count throwaway comments. Good luck with that CEO.

Attack the person, not the argument. Nice. I guess the thread about you only trolling here were right.

John Bingham wrote: ↑Tue Sep 29, 2020 8:32 am

TheImplication wrote: ↑Tue Sep 29, 2020 7:54 am Not to mention Obama donated his entire presidential salary each year as well, oh wait, that was Trump.

His salary is a pittance compared to the amount he owes in taxes. Trump is a billionaire who doesn’t pay his taxes, leaving the financial responsibility for funding the government to ordinary working people. It’s a national disgrace.

This is not a loaded question, but does anyone have a list of millionaires that don't take any deductions? I would just assume that everyone filthy rich does whatever they can to pay the lowest amount of taxes.

Unless they can show that he's cheated on his taxes (which is illegal) then I don't even get why there's anything to see here.

Will be amusing to see the next 'bombshell' report the media comes up with the next week (like clockwork) that gets everyone all shook up again, lol.

Maybe one of his third cousins will write a book and reveal that Orange Man washes his white clothes with his dark clothes, and then we can all finally agree that it's bad and he's a threat to the free world.

General Mackevili wrote: ↑Wed Sep 30, 2020 7:39 am ... does anyone have a list of millionaires that don't take any deductions? I would just assume that everyone filthy rich does whatever they can to pay the lowest amount of taxes.

Unless they can show that he's cheated on his taxes (which is illegal) then I don't even get why there's anything to see here.

Australia had it's own billionaire Kerry Packer up before the House of Reps committee to answer allegations that he was evading tax back in 1991 with some famous quotes.

clutchcargo wrote: ↑Wed Sep 30, 2020 8:55 am

General Mackevili wrote: ↑Wed Sep 30, 2020 7:39 am ... does anyone have a list of millionaires that don't take any deductions? I would just assume that everyone filthy rich does whatever they can to pay the lowest amount of taxes.

Unless they can show that he's cheated on his taxes (which is illegal) then I don't even get why there's anything to see here.

Australia had it's own billionaire Kerry Packer up before the House of Reps committee to answer allegations that he was evading tax back in 1991 with some famous quotes.

There are some great stories about Packer, a real billionaire who really makes Trump look like a prize chump in comparison.

In The Bellagio, Las Vegas,...

Packer was playing at one table and a loudmouthed Texan, playing at the next table, wanted to join in. He didn’t take too kindly to the Australian’s rejection. According to Baldwin: ‘The [Texan] said, “I’m a big player too. I’m worth $100 million”. Kerry said, “If you really want to gamble, I’ll flip you for it” … The Texan quietly went back to his game.’ In Texas parlance, they call that “all hat and no cattle”.

More here...
https://www.news.com.au/entertainment/b ... 4d7a7efa00

You understand how taxes work right? Just because he managed to zero out his taxes doesn’t mean he didn’t contribute more than someone who paid $100k or more. The amount of jobs and cash he infused into the economy through his businesses and properties is more than his fair share as an individual. If I put a trillion dollars into the economy and then take tax breaks and losses to lessen the tax burden, you would rather that trillion never be injected into the economy if I don’t pay some mythical amount you deem acceptable compared to someone who just works a W2? For those that are actually financially savvy, you’re argument doesn’t make much sense. It’s easier I guess to just say, “Drumpf pays $750 in taxes each year, I seen it on CNN, OMG!!!!”.
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I understand how taxes work. The question isn't if he didn't contribute more in a round about manner through "other" taxes. The question is whether or not he paid what he should.

Most of his businesses (but not all) are set up as pass through entities. So the business doesn't pay a corporate tax. Rather the profits/losses funnel through to the owner of the business and they pay taxes as individuals. You are not allowed to use losses from one pass through entity to offset losses from another pass through entity. It seems some of the activity reported has consulting fees being paid to family members that are already employed by his business. This is HIGHLY SUSPECT and a potential attempt to lower reported income on entities that he cannot offset with other losses. Also highly suspect is the request for a refund. He claims he "gave up" interest in a partnership. But if that partnership had outstanding debt - he actually should have been taxed on his share of the "forgiven" debt that he walked away from (although this may sound stupid, it is a standard part of the tax code - you can be invested in a partnership that goes Bankrupt, and when it does you get hit with a tax bill for the "gain" from the forgiven debt - so you lose everything but have to pay income taxes on the debt that was outstanding when the business went under). Its likely someone without expensive lawyers would be crushed by the IRS for the same actions he's taken.

There are many ways for real estate investments to shield income. Depreciation is a legitimate business expense. You can also build much wealth through shielding the gains from real estate you sell by (within a certain timeframe) buying additional real estate - its a ridiculous part of our tax code as you've already benefited from depreciation - the least that should happen is capital gains taxes are paid on the gain from the sale. It is likely most of what is in his tax returns around his real estate investments ARE PERFECTLY LEGAL.

And finally, it is entirely true that MOST (but not all) wealthy people use highly specialized tax lawyers to reduce their tax bill. The tax code itself is a mess and many part have been "bought and paid for" by lobbyists and corrupt politicians over the years. But there is "legal" and then there is what is "right". I have a tough time imagining that his tax lawyers came to him after he became president and said sign here you only owe $750...... and no one around the president said "uh, Mr. President that won't be a good look".

The tax code is a mess. It IS exploited by wealthy people. Hopefully, this will add to the debate in a way that reforms the code - ironically, Donald Trump's tax "reform" actually contained some good things in this area as it greatly reduced some of the deductions that went to upper income/wealthy people - but much much more needs to be done.

TWY wrote: ↑Wed Sep 30, 2020 11:14 am
The tax code is a mess. It IS exploited by wealthy people. Hopefully, this will add to the debate in a way that reforms the code - ironically, Donald Trump's tax "reform" actually contained some good things in this area as it greatly reduced some of the deductions that went to upper income/wealthy people - but much much more needs to be done.

I think we can all agree with that. The tax system has always been a mess. Trump has been audited probably as much as anyone due to his high profile status over the years so the feds are either too incompetent to find any major issues with his returns or he’s just taking advantage of tax law which anyone who owes large amounts of taxes should be able to appreciate. He mentioned last night some years he’s paid 20-30 million in taxes and Don Jr mentioned that Trump employees pay over 50 million combined each year to the fed. The $750 story is just a sound bite and for people who hate Trump as a person, it just reinforces the negative stereotype they feed off of while omitting the truth.

What is truth? The truth does not matter - its what people believe that counts. How many people believe Trump? How many people believe the NYT? The election hinges on this simple choice.

TWY wrote: ↑Wed Sep 30, 2020 11:14 am But there is "legal" and then there is what is "right". I have a tough time imagining that his tax lawyers came to him after he became president and said sign here you only owe $750...... and no one around the president said "uh, Mr. President that won't be a good look".

I agree with this part. If you want do everything you can to minimise your tax liability, fair enough. You haven't' really got a leg to stand on when you either:

criticise others for paying no tax & them do the same.

are in/running for office as you should be held to a higher moral standard