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- Thread starter maddawg mdc
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Lawd a mercy... he cheats/cheated on his taxes?... Funny, I do too!... I like him even more now... if you aren’t trying to get around paying more in taxes, then you aren’t American... fight me!?
Man pays as little taxes as possible within the legality of the tax code? Not exactly a man bites dog story there OP.
Well, doesn’t say anything about him cheating on his taxes. Just said he took deductions based on losses and depreciation. It’s what we all do whenever we can. Of course, if you don’t like the federal tax code, you should ask Ole Puddin’ Brain about that, he’s Been resposible for that for that last 50 years.
Someone is jealous. Is it hair plugs, facelift Joe?
Using tax strategies to avoid paying taxes is not unusual or illegal. It is expected by the tax system and is the reason why tax accountants have jobs.
Inheriting money through a trust is not "secretly received from his father." Again, very common among those with money to reduce tax liability.
Owning hundreds of millions worth of real estate and owing hundreds of millions in debt are not mutually exclusive. That's usually the way it works.
If anything, the actual facts presented illustrate why it is a waste of time to increase taxes on the wealthy, as Biden proposes to do. This also shows the reason why California has the highest differential in the nation between total gross taxes and collections.
Inheriting money through a trust is not "secretly received from his father." Again, very common among those with money to reduce tax liability.
Owning hundreds of millions worth of real estate and owing hundreds of millions in debt are not mutually exclusive. That's usually the way it works.
If anything, the actual facts presented illustrate why it is a waste of time to increase taxes on the wealthy, as Biden proposes to do. This also shows the reason why California has the highest differential in the nation between total gross taxes and collections.
So, he’s made no income because he donates every paycheck. Yer point?
Actually there’s nothing indicating cheating, there’s nothing indicating some clandestine foreign sources of $$$, and its proven that his claims of being under audit are legitimate.
This is truly just another nothingburger except to those who don’t understand there’s a massive difference in filing simple personal income vs filings with multiple businesses/assets/investments.
If anything this clears up many of the conspiracies about his taxes.
If it’s even real coming from NYT I’ve my doubts
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Perhaps you can also present without comment how Obama went into the White House worth less than $1 million and came out worth eight figures. Or how Nancy Pelosi has a low six-figure job in Congress but is now worth nine figures. I'm a whole lot more concerned about those realities than I am a billionaire using legal loopholes to beat the IRS.
well now .. let's take a look at the "squeaky-clean" Clinton Foundation. Oooh... I think somebody is!
Its an accounting term which means using deductions, credits and allowances to reduce the amount of taxes owed. Tax avoidance is the opposite of tax evasion, which is lying and cheating on one's taxes.
It's been reported that Joe Biden paid $3.8 million in taxes in 2017. Do any of you know how you can generate enough income to pay that much tax from a $174K per yr salary? Maybe it was those shovel ready jobs or that billion he sent to Ukraine. Any ideas, Libs?
So I think what your saying is they are ALL corrupt......and I agree. So much for "draining the swamp".
Losses go hand in hand with owning commercial real estate.
In my profession as a commercial property tax consultants, over the past 8-years I have conservatively reviewed / run an analysis of well over 2,000 audited financials that 99.99999999% of the time show a loss reported to Uncle Sam after Depreciation, Interest Expense, Amortization, etc. is deducted. Frequently the loss is as much as half the gross revenue, or more...depending upon property type and revenue stream. Most people don’t realize that these losses can carry forward to offset future tax liabilities (if that hasn’t changed with all of the iterations to the tax code).
Now the real trick is trying to communicate that to Board of Equalization (BOE) members who have absolutely no concept of this like most Americans or the readers of the NY Times & CNN.
This is why the courts across the SE are very familiar / well acquainted with me. I have communicated to the BOE over and over that I can defend my Taxpayer Requested Value all the way to the U. S. Supreme Court if I have to and appraisal after appraisal bears that out.
Thanks to President Obama, the loss carryback was doubled to 4 years, enabling The Donald to redo two years of tax returns and claim millions in overpaid taxes, which he took as tax credits rather than cash.
I also noticed that the NY Times accused the president of "years of tax avoidance." Oh, the horror! A private citizen took allowable deductions and credits on his tax returns!
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I think you meant for the last 180 years. That is how long Biden told us he's been in office the other day.
Liberals' views on taxes are truly ironic..... they want everybody to pay up except for themselves.... Warren Buffett went on CNN a few years back and complained that he doesn't pay enough in taxes.... yet for some reason, he didn't think writing a check for a billion or two and sending it to the IRS was a good idea.... SMH
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