Earlier quoted context omitted.
Better show tax loss and not pay taxes on it.
Al Capone thought the same thing
As did almost every business on earth...
Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
151–160 of 280 posts
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#152Tax evasion is illegal; avoidance is not.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#153Great thread here that covers his loans https://twitter.com/DanAlexander21/status/131034616181606400... EDIT: I accidentally a 'that'
Great thread? Really? Dan Alexander is hawking an anti-Trump book released on 9/22.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#154Earlier quoted context omitted.
I honestly don't understand why “tax avoidance” is meant to sound so naughty. Almost everyone avoids taxes, almost every time they might be subject to a tax; some people are just better at it. When you fail to collect taxes from somebody who is following the law, that is a matter for your tax code, not a moral failing of the filer.
As a normal American citizen, I often overpay taxes and then collect the amount I overpaid in my return. I certainty don't cook up elaborate schemes to avoid paying taxes. Does that make me stupid? I consider it a moral responsibility to pay back the community college and state university system, as well as the state and country that gave me access to the infrastructure and opportunity to earn that taxable income.
You overpay during the year, but when you file your returns, do you intentionally deduct less than you’re allowed, or intentionally skip tax credits? I personally would prefer to have the government owe me money than owe the government money, but I do my best to make sure my taxes are accurate and I’m not in the hook for any more than I truly owe.
Things like the child tax credit aren’t really meant to encourage particular behavior, but others are. I have a 401(k) to save for retirement, but it also lowers my taxes (in my case, it lowers my future taxes). The tax break is meant to encourage me to get the 401(k). Am I a bad person for taking advantage of the tax break?
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#155Earlier quoted context omitted.
Does that mean that every government employee should not be allowed to avoid taxes?
I’m of the opinion that no one should avoid taxes, so if you’re asking just about government employees, then the answer is still yes, they shouldn’t be allowed to.
What does that mean though? If the government introduces a new tax credit for home renovations that increase the energy efficiency of the home, are you saying no one should take advantage of that?
The problem I have with the word “tax avoidance” is that it carries negative connotations (which of course the media leap on in order to attack their preferred bogeyman). In reality, all that’s happening is that people are following the law and taking advantage of loopholes and tax credits to reduce their tax obligation.
If you think these loopholes and tax credits are unfair, then focus on fixing that. If you think the tax code is so enormous that it’s hopeless to fix it, then say that and offer an alternative. Otherwise you’re not really offering people an objective measure to live by.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#156Earlier quoted context omitted.
I honestly don't understand why “tax avoidance” is meant to sound so naughty. Almost everyone avoids taxes, almost every time they might be subject to a tax; some people are just better at it. When you fail to collect taxes from somebody who is following the law, that is a matter for your tax code, not a moral failing of the filer.
With tax avoidance on this scale, he had better hope that the records were truthful. If they were fraudulent, the this moves from tax avoidance to tax fraud. It also shows that Trump is not the fantastic businessman that he has portrayed as his public persona
Tax avoidance that allows somebody to pay $750 tax on multimillion dollar income should, without question, trigger the alternative minimum tax ( https://www.irs.gov/taxtopics/tc556 ).
Which is more likely, (a) that Trump’s accountants are creative enough to get his personal tax bill to $750 without triggering the AMT, that the IRS hasn’t been able to successfully challenge the returns, and the tax experts the New York Times spoke with for this story didn’t comment on that fact, or (b) the Times story is missing key details?
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#157Earlier quoted context omitted.
Does that mean that every government employee should not be allowed to avoid taxes?
I’m of the opinion that no one should avoid taxes, so if you’re asking just about government employees, then the answer is still yes, they shouldn’t be allowed to.
That statement is meaningless. The government provides incentives and deductions for certain reasons (e.g. buying electric cars, home offices, charity contributions, etc.). It's put into law by the lawmakers.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#158Earlier quoted context omitted.
Does that mean that every government employee should not be allowed to avoid taxes?
I’m of the opinion that no one should avoid taxes, so if you’re asking just about government employees, then the answer is still yes, they shouldn’t be allowed to.
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Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#159Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#160Earlier quoted context omitted.
The AMT is for ... uh ... "wagecucks" is the 4chan terminology. If you are actually rich you never have income as such.
I think of Mitt Romney who last reportedly has $87 million in his IRA. You can't contribute more than $30k/yr to an IRA. How do you get an IRA with close to 8 figures in it? Same trick of filling your bosses locked office with balloons. Slip the balloons (worthless stocks) under the door and then blow them up from the outside.
> Tax lawyers and accountants suggest an answer: Romney may have made use of an Internal Revenue Service loophole that allows investors to undervalue interests in investment partnerships when first putting them into an IRA. These assets can produce returns far in excess of those that could be generated from other investments made at the capped level.
> An investor could even set an initial value for a partnership interest at zero dollars, because under tax regulations an interest in a partnership represents future income, not current value, said Chris Sanchirico, co-director of the Center for Tax Law and Policy at the University of Pennsylvania Law School.
> Whether Romney used this technique, which is legal, when he put partnership interests into his IRA is a question that won’t likely be answered when he discloses his 2010 tax returns on Tuesday.
[0] https://www.reuters.com/article/us-usa-campaign-romney-ira/h...