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  1. #31
    Wax Waster Ronkh's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by xspwrstang View Post
    Our tax system works (in theory). But when you have a scum like Donald working the "system" it throws everything off! He didn`t pay almost a billion dollars in taxes, can you imagine how much equipment that would buy our troops at a time when we needed it most? He`s as bad as they come and I just don`t get how people don`t see that in him!
    Exactly how did he "work the system" ?!?!?!?!?!

    He Lost $$$ and is allowed by law to deduct the loss from his taxes.

    I guess you do you taxes and decide not to take the deductions you are legally allowed to... Ummmm yeah.

    This is not a "loop hole" it is a fully legal deduction, same as you deducting yourself. (just bigger)

    btw, hilly also used the same deduction. Look for it. You should find it.

    So please enlighten me on how you think this is "wrong" or a "loop hole"
    Formerly the "Best Detailer", now just Super Wax Waster Man. Not necessarily tactful, but normally right. It`s good to be da King !!!
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  2. #32
    Wax Waster Ronkh's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by Angus View Post
    Here`s a question: Why would Trump close tax loopholes that have been of tremendous benefit to him?
    THis is not a loop hole. It actually is what helps start businesses. Unless you like throwing money down a bottomless pit, and never recouping it.

    Also, in Comm R/E, you don`t get to "expense" things like you do in a detail shop. You buy a Rupes Polisher, you deduct it on your taxes. In R/E if you put in a $50,000 boiler you pay for it right away, but only get to "depreciate" $2,500.00 a year for 20 years. on top of that, the difference is considered "profit" and taxable till it is completely depreciated. Another example is sidewalk, They say a sidewalk should last 30 years, so if you put in a 30k sidewalk you get to depreciate 1k/yr.

    The unrealized "profit" is then considered "retained earnings" which means you`ve paid taxes on it, but it ain`t there. You don`t see it till you sell and then it gets added to your basis.
    Formerly the "Best Detailer", now just Super Wax Waster Man. Not necessarily tactful, but normally right. It`s good to be da King !!!
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  3. #33
    Wax Waster Ronkh's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by xspwrstang View Post
    I like that..."smart business man", yet lost a BILLLION dollars! lol lol. Let me guess.....you`re a trump supporter. LOL!!!
    So did EVERY casino developer in Atlantic city.
    Formerly the "Best Detailer", now just Super Wax Waster Man. Not necessarily tactful, but normally right. It`s good to be da King !!!

  4. #34
    Wax Waster Ronkh's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by jfelbab View Post
    Keep in mind that 49% of Americans pay little to no Federal income taxes.

    Trump took a legal deduction for a huge loss. Did you know that Hillary Clinton, Mark Cuban, and the New York Times among many, many others, are doing, or have done the exact same as well? I find it amusing that some are ignorantly ripping on Trump over his taking all his legal tax deductions yet not giving a whit about others who do the same thing.

    The tax law was written to try to keep business suffering large losses afloat and their employees working. For those who don`t like these IRS rules, maybe let your elected officials know about it. To rag on someone for following the rules, taking every legal deduction only because you don`t like their politics is beyond absurd. As a CEO of a company, I would have failed my fiduciary responsibility by not taking every tax deduction allowed by law. I likely would be sued by my investors and employees. As a taxpayer/preparer for my household, I would be cheating myself and my family if I failed to take all my legal deductions/exemptions.

    The name of the game is to keep as much of YOUR money as legally allowable under the law.


    Some info on the rich and their fair share.

    Do the Rich Pay Their Fair Share? | Tax Foundation
    ::::: bowing :::::

    THank you
    Thank you
    Thank you !!!!!!!!!!!!!!
    Formerly the "Best Detailer", now just Super Wax Waster Man. Not necessarily tactful, but normally right. It`s good to be da King !!!
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  5. #35
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by Raymoche View Post
    When I don`t go vote, it`s usually because its a obvious landslide.

    When i do go vote, it`s because its a close call.

    This year I don`t think I`ll go vote, not because it`s an obvious landslide, more like both choices are so crappy, that I rather stay home.
    It`s astounding that out of a country of 300+ million people these two were the best `they` could find.

    More so even than the Cleveland Browns who spend tens of millions of dollars and somehow manage to suck with remarkable consistency.

  6. #36
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    Re: Trump`s Taxes (lol)

    If Trump knew what he did with his taxes was legal then why didn`t he just release them like every other candidate for the presidency has done? If you have nothing to hide, why try to hide?
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  7. #37
    AspiringProductSpecialist Angus's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by Ronkh View Post
    THis is not a loop hole. It actually is what helps start businesses. Unless you like throwing money down a bottomless pit, and never recouping it.

    Also, in Comm R/E, you don`t get to "expense" things like you do in a detail shop. You buy a Rupes Polisher, you deduct it on your taxes. In R/E if you put in a $50,000 boiler you pay for it right away, but only get to "depreciate" $2,500.00 a year for 20 years. on top of that, the difference is considered "profit" and taxable till it is completely depreciated. Another example is sidewalk, They say a sidewalk should last 30 years, so if you put in a 30k sidewalk you get to depreciate 1k/yr.

    The unrealized "profit" is then considered "retained earnings" which means you`ve paid taxes on it, but it ain`t there. You don`t see it till you sell and then it gets added to your basis.
    Thanks, Ron. So what would be a good example of a tax loop hole that needs to be closed?

  8. #38
    Fast Eddie's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by rlmccarty2000 View Post
    If you have nothing to hide, why try to hide?
    Just ask Hillary, she a pro at hiding her nefarious activities.

  9. #39
    dcjredline's Avatar
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    Re: Trump`s Taxes (lol)

    Neither one is perfect. No one is, they are all human and will do some bad and some good. They all lie, they all cheat. Why make a big deal about it? Our vote nor opinions really even count!
    Don

    1989 Formula 350
    2004 Saturn Ion Quadcoupe

  10. #40
    ZimRandy's Avatar
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    Re: Trump`s Taxes (lol)

    I wonder if those whining about others not paying taxes or wealthy not paying their fair share have ever worked for cash?

    If you have ever worked for cash and not reported the income, you most likely avoided paying your fair share of taxes .... illegally.
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  11. #41

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    Re: Trump`s Taxes (lol)

    I think it`s because most people will look at the fact that he has not paid taxes what people consider his fair share as a negative and it`s hard for tax professionals to understand the tax code let alone average joe usa. If he didn`t pay his legally obligated fair share he would be busted already. There are too many people in the government who dislike him that it would already be out or leaked. The fact that he didn`t pay taxes doesn`t bother me as long as he is within the law. Even if he`s right at the thin line of the law. Even if he has a reason that defensable As to why he made an assumption I`m ok. However, If it`s downright illegal I`d have an issue

    How many people work at a hotel, loads of new jobs right ? What can it cost to build? How many years did it take to build ? While it`s being built who pays the construction workers the supplies , the taxes, the permits , the insurance? For how many years before the first family checks in and pays for a few nights stay ? At that rate X that many rooms less all operating expenses when do you get your expenses covered and get profitable ? It`s too hard to imagine but for some it`s a calculation and it involves complex strategy and tax right offs are a part of it as is financing. Not to mention the risk of your capital. And yes some deals are going to go south. If you do enough deals eventually some don`t pan out. It`s life in business.
    Quote Originally Posted by rlmccarty2000 View Post
    If Trump knew what he did with his taxes was legal then why didn`t he just release them like every other candidate for the presidency has done? If you have nothing to hide, why try to hide?
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  12. #42

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    Re: Trump`s Taxes (lol)

    That`s a great point. Most would not even consider this as wrong but it`s worse because that is illegal.

    Have you ever offered to pay for something in cash to avoid tax ? We hear this a lot when I use to sell in a retail setting many years ago and we actually had a sign by the register that said we don`t charge sales tax we just collect it. Still many people asked.

    Quote Originally Posted by ZimRandy View Post
    I wonder if those whining about others not paying taxes or wealthy not paying their fair share have ever worked for cash?

    If you have ever worked for cash and not reported the income, you most likely avoided paying your fair share of taxes .... illegally.
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  13. #43
    Wax Waster Ronkh's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by Angus View Post
    Thanks, Ron. So what would be a good example of a tax loop hole that needs to be closed?
    Tax inversions - moving out of country to save tax $. But the better solution is stop regulating our businesses to death and lower corp taxes so they want to be here and hire employees.
    Formerly the "Best Detailer", now just Super Wax Waster Man. Not necessarily tactful, but normally right. It`s good to be da King !!!
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  14. #44
    Wax Waster Ronkh's Avatar
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    Re: Trump`s Taxes (lol)

    Quote Originally Posted by rlmccarty2000 View Post
    If Trump knew what he did with his taxes was legal then why didn`t he just release them like every other candidate for the presidency has done? If you have nothing to hide, why try to hide?
    Any attorney will tell their client NO.
    Yes the msm tells people he can, the irs will tell people he can. But should he? No, not till it`s been cleared.

    Just cause you can do something, should you?
    Formerly the "Best Detailer", now just Super Wax Waster Man. Not necessarily tactful, but normally right. It`s good to be da King !!!
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  15. #45

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    Re: Trump`s Taxes (lol)

    This is exactly the mentality of why this county is in trouble. Don`t you see that when you build something massive, like a hotel or a skyscraper the upfront costs are so big that corporations that built it has losses for years ? Each deal is a new corporation for many reasons Anne some to limit liability,
    Some because different entities or banks are involved and others to track costs accurately for tax purposes. If you could not write that off the massive upfront losses (costs) against future income nobody would build. Would that be better in your eyes ? The landscape would be very different especially in big cities. Building is big business. You know how many jobs that creates or would eliminate if you got your way and closed that legal deduction ? I`m not knocking you but I`m trying to explain why what you seem to detest is really very necessary to a thriving economy.

    It`s no different than saying don`t deduct the dependent children on your tax return because the government needs the extra tax revenue. If your accountant asked you how much extra should I put you down for this year what would you do besides look for a new accountant. Same thing here....

    I really hope I at least got you thinking as to why these rules are necessary. We as a country need to learn more about all issues and how they effect the whole economy before we cast judgment. We also need to learn from our fellow man and not assume he is the enemy because his views are different. Listen to the rational then draw your own conclusions.

    Quote Originally Posted by xspwrstang View Post
    I like that..."smart business man", yet lost a BILLLION dollars! lol lol. Let me guess.....you`re a trump supporter. LOL!!!
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