Trump`s Taxes (lol)

Last post unapproved and warning infraction given. Let`s remain friendly everyone and watch the personal attacks.

We love having political discussions here as long as they remain friendly.

If you can`t debate in a friendly manner here, don`t debate at all.
 
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
 
I have the lowest possible opinion of Trump, and I don`t consider him a great businessman, but I don`t see how anybody can fault him for paying the lowest taxes he can, nor would I automatically cast aspersions on somebody in his bracket reporting a huge loss now and then. I can think of *MANY* of his business practices that are deserving of criticism, but those two things aren`t among them.
 
Vega@Autopia said:
Last post unapproved and warning infraction given. Let`s remain friendly everyone and watch the personal attacks.

We love having political discussions here as long as they remain friendly.

If you can`t debate in a friendly manner here, don`t debate at all.
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So telling someone to go to their safe space is insulting? Man times have changed, this place has turned into a bunch of whining pu_____!
 
Richie Carbone said:
So telling someone to go to their safe space is insulting? Man times have changed, this place has turned into a bunch of whining pu____!
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Eh, I`m about as far from PC as people get, but I`m a big fan of Common Courtesy.

Yeah, I find that "go to your safe place" to be insulting. Think a 1%er would find it insulting if you told him that in some Biker Bar?

And while I use plenty of [salty language] IRL, I can`t recall ever calling anybody a "whining pussy". It`s rude, offensive, and *unnecessarily provocative*. Again, very few people would say that to somebody who`s willing/able/predisposed towards visiting serious bodily harm upon anybody who insults them.

Gee, I find it sad that I have to express a rationale against offensive speech by couching it in terms of Physical Repercussions, but at least maybe somebody who doesn`t care about somebody else`s feelings might care about their own safety.

(NO, caring about the feelings of others doesn`t make one PC or [INSERT favorite pejorative]. It makes one empathetic.)

Come on...You gotta see why those things are considered offensive by virtually everybody in our society. Times have indeed changed; two centuries ago saying stuff like that would be flat-out grounds for a duel.

People say all sorts of stuff over the internet....guess some folks say all sorts of stuff IRL. But Rude is Rude...no thanks.
 
Richie Carbone said:
So telling someone to go to their safe space is insulting? Man times have changed, this place has turned into a bunch of whining pu_____!
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That`s a disappointing response Mr. Carbone. I was simply handing out a warning before things get out of hand. Telling someone to go to their safe place because you disagree with their view isn`t constructive to this conversation. Feel free to join us again in 30 days.
 
Accumulator said:
I have the lowest possible opinion of Trump, and I don`t consider him a great businessman, but I don`t see how anybody can fault him for paying the lowest taxes he can, nor would I automatically cast aspersions on somebody in his bracket reporting a huge loss now and then. I can think of *MANY* of his business practices that are deserving of criticism, but those two things aren`t among them.
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Couldn`t agree more. What`s the difference if Trump does it or a corporation does it? I don`t get why people are freaking out about something that isn`t illegal
 
House of Wax said:
Couldn`t agree more. What`s the difference if Trump does it or a corporation does it? I don`t get why people are freaking out about something that isn`t illegal
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Heh heh, I can think of plenty of other (perfectly legal :D ) Trump-stuff to freak out about besides this particular non-issue, but what *I* don`t get is why people are compelled to Freak Out about this stuff at all. So many people are just *so* revved up about this election, All Revved Up With Nowhere To Go...
 
xspwrstang said:
Yes, I deduct but I also pay MY share of taxes. I simply don`t use every loophole to get away from it. Can I do things to avoid paying, of course I can. I have a second home that I rent, I can simply file HOH for myself and HOH for my wife and we`d end up getting a good amount back, however, I truly feel like it`s my duty to pay what I have to pay. I have 3 relatives in the service, so maybe that`s why I feel different than you.
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I do not have relatives in the Military, I personally was in the military. You seriously think that the first or even 28th thing that your tax money goes to is the military? HA HA HA HA! It has to go in their pockets, then to their friends doing govt contracts for them, and the list goes on and on and on. LAST on the list is Military, Social Security, and any other thing that helps people. Look back in history. We go further and further in debt no mater how much tax you pay. And using the 1960`s equipment I had to use in the 1990`s was PATHETIC. No way would you think that our US Marines would have 30+ year old equipment! Would you????

2nd- Id bet the same people that think he should "pay his fair share" also think that wealth redistribution would be a good idea. Let me tell you, poor is a state of mind not an amount of money. POOR people spend more than they make. THAT IS WHY THEY ARE POOR. Rich people live BELOW their means. They spend LESS than they make. If we redistribute the wealth to the poor people they would start spending more than the new amount they make and the rich would keep saving some of their income and what do you think would happen in about 10-20 years? lol Think people.
 
xspwrstang said:
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!
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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"
 
Angus said:
Here`s a question: Why would Trump close tax loopholes that have been of tremendous benefit to him?
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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.
 
jfelbab said:
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
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::::: bowing :::::

THank you
Thank you
Thank you !!!!!!!!!!!!!!
 
Raymoche said:
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.
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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.
 
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?
 
Ronkh said:
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.
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Thanks, Ron. So what would be a good example of a tax loop hole that needs to be closed?
 
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!
 
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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