Taxes

[BaconHound]

Just a wonderful businessman

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

[Westside Steve]

@baconhound said:

Just a wonderful businessman

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

I filed for an extension this year. I'm hoping my account gets my tax bill as close to zero as possible. How about you?

WSS

[MLD Woody]

Trump's not really a good businessman

He's skirted on taxes

He's utilizing the presidency for personal gain

All things that were obvious if you were paying attention. All things that his supporters will ignore. 

[BaconHound]

@westside-steve said:

I filed for an extension this year. I'm hoping my account gets my tax bill as close to zero as possible. How about you?

WSS

I pay the amount that my income warrants.

[DieHardBrownsFan]

@mld-woody said:

Trump's not really a good businessman

He's skirted on taxes

He's utilizing the presidency for personal gain

All things that were obvious if you were paying attention. All things that his supporters will ignore. 

[Axe]

@mld-woody said:

Blah, Blah Blah

Get back to us when you own and operate a business or multiple businesses.

Not to mention it's the NY Times default_handjob.gif

[Canton Dawg]

@baconhound said:

Just a wonderful businessman

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

The media plays with the ignorance of the general public regarding tax laws.

Carry on.

[Vambo]

@mld-woody said:

Trump's not really a good businessman

He's skirted on taxes

He's utilizing the presidency for personal gain

All things that were obvious if you were paying attention. All things that his supporters will ignore. 

[Westside Steve]

@baconhound said:

I pay the amount that my income warrants.

So if your accountant or H&R Block or TurboTax show you legal ways to lessen that burden what do you do? Seriously?

Also just for the heck of it I'm wondering who got hold of his tax returns? No doubt there was collusion afoot with red China.)

?

WSS

[Canton Dawg]

Biden is also in favor of a 3% tax on real estate.

But hey, socialism doesn’t come cheap.

[BaconHound]

@westside-steve said:

So if your accountant or H&R Block or TurboTax show you legal ways to lessen that burden what do you do? Seriously?

Also just for the heck of it I'm wondering who got hold of his tax returns? No doubt there was collusion afoot with red China.)

?

WSS

Actually it’s pretty simple in my world.  I work, get paid and pay taxes based on my income. My accountants job is quite easy 30 minute tax meeting and done.

Know if my minions could re-write the tax code to benefit my poor financial decisions and that of my rich supporters I would take full advantage of it and convince the lower middle class I’ve got their best interest at heart.  We all know that benevolent rich people when given tax breaks hire the most qualified Americans.  Hence our booming industrial economy.

[BaconHound]

@canton-dawg said:

Biden is also in favor of a 3% tax on real estate.

But hey, socialism doesn’t come cheap.

https://checkyourfact.com/2020/09/10/fact-check-joe-biden-3-percent-federal-home-tax/

[MLD Woody]

@baconhound said:

Actually it’s pretty simple in my world.  I work, get paid and pay taxes based on my income. My accountants job is quite easy 30 minute tax meeting and done.

Know if my minions could re-write the tax code to benefit my poor financial decisions and that of my rich supporters I would take full advantage of it and convince the lower middle class I’ve got their best interest at heart.  We all know that benevolent rich people when given tax breaks hire the most qualified Americans.  Hence our booming industrial economy.

No no no. All of those big economy numbers. They mean the little guy is winning too! Economy up! That has to be directly good for you, now vote for me! Increasing earnings gap? Never heard of it. You think these tax breaks and economic numbers are only benefiting the already very wealthy? Nonsense! It'll trickle down, just give it time. I know you aren't a dirty socialist, right? Don't question it! Other developed countries do what? No, those are all socialist! Remember, socialist bad!

[Axe]

@westside-steve said:

So if your accountant or H&R Block or TurboTax show you legal ways to lessen that burden what do you do? Seriously?

Also just for the heck of it I'm wondering who got hold of his tax returns? No doubt there was collusion afoot with red China.)

?

WSS

Well, if your (not meaning you) taxes are based off a simple W-2 then there aren't very many options.

There is no one alive that does NOT take advantage of EVERY write off or legal tax law opportunity to reduce their tax exposure.. Particularly if you are a business owner. I pay multiple tax lawyers and CPAs to do just that every yr. They save me more than I pay them by far. I would imagine President Trump does so as well on a much larger level. If you've never experienced, or understand corporate tax prep then maybe you don't belong in this thread, let alone starting it.

I'm much more interested in politician's tax returns that come into office dirt poor and become millionaires within a couple yrs.

[D Bone]

@baconhound said:

I pay the amount that my income warrants.

Unless proven otherwise by the IRS, Trump did not break any laws... he simply took advantage of the tax laws of the United States of America.

Do I think that millionaires and billionaires pay too little in taxes? Yes I do. However, they are all simply taking advantage of the current tax laws - nothing more. 

I do the exact same thing (to a far lesser degree) as any of the ultra rich do, and I would guess everyone here on this board does so as well... with the exception of you of course.

[MLD Woody]

@d-bone said:

Unless proven otherwise by the IRS, Trump did not break any laws... he simply took advantage of the tax laws of the United States of America.

Do I think that millionaires and billionaires pay too little in taxes? Yes I do. However, they are all simply taking advantage of the current tax laws - nothing more. 

[P]Too bad there isn't a candidate, or candidates, that want to have the rich pay their fair share [/p]

Edit: idk the code for pink from my phone..

[D Bone]

@mld-woody said:

Too bad there isn't a candidate, or candidates, that want to have the rich pay their fair share

I got you

[calfoxwc]

egad. more and more stupid false narratives.

Facts don't matter to leftwing cult members - only their emotions do.

However:

https://www.heritage.org/budget-and-spending/commentary/do-the-rich-pay-their-fair-share

But the idea that the rich aren’t paying any taxes is based on misinformation fed to voters. They have been told over and over by politicians and the media that the wealthiest among us — Bill Gates, Mark Zuckerberg, Tom Brady, and Taylor Swift — are paying very little income tax compared to the rest of us. We are told by no less than Mr. Obama that these millionaires and billionaires have all the money, but they don’t bear much if any of the burden to pay for the schools, and the roads, and the police, and the welfare benefits, and the rest of the tasks of government.

So time for a reality test. Mr. Obama wants to raise the income tax payments from the top one percent to level the playing field and enhance tax “fairness.” Here are the latest statistics from the IRS for 2011. The top one percent earned 19 percent of the total income and paid 35 percent of the federal income tax. So one of 100 shouldered 35 percent of the entire burden. And the average of the five most recently reported years (2007-2011) is closer to 40 percent. Several years ago Al Sharpton, now of MSNBC said the “top one percent in this country pays very much less than 10 percent” of the income tax. Most Americans no doubt believe the same thing.

The top 10 percent pay two-thirds of the income tax. And the bottom 50 percent — all Americans with an income below the median — pay just 3 percent of the income tax. The federal income tax, according to a recent study by the Tax Foundation, is one of the most progressive tax systems in the world. Scott Hodge, president of Tax Foundation, says: “Almost no other industrialized nation depends on the rich to pay the bills more than the United States.”

What about the super duper rich? The multimillionaires and billionaires. Warren Buffett famously says he pays a smaller share of his income in tax than his secretary. But when properly accounting for the taxes paid and income earned, the top 0.1 percent paid 16 percent of the income tax. So the top 0.1 percent paid an aggregate amount more than five times that of half the population. That isn’t enough?

Mr. Obama wants to raise the capital gains and dividend taxes to 28 percent — almost twice what they were when he entered office. He wants an effective inheritance tax rate of over 50 percent. It’s a Robin Hood strategy.

But raising tax rates on the rich is a proven failed policy to increase the share of taxes paid by the wealthy. History proves that cutting tax rates is a better way to get money out of the rich than raising them. In 1980 when the highest income tax rate was 70 percent, the richest 1 percent paid roughly 19 percent of the income tax. In 2007 when the top tax rate was 35 percent, the tax share of the richest 1 percent was more than twice that amount. How did that happen? Raising tax rates on the rich takes money right out from under small and medium-sized business owners and hurts the economy. It takes dollars from employers which leaves less left over for hiring more workers.

The best way to soak the rich is to through low tax rates on work and investment which creates a prosperous economy with rising incomes for everyone. You don’t have to believe me. Listen to John F. Kennedy who said in 1962 at the New York Economics Club that “it is a paradoxical truth that tax rates are too high today and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now.” A lot of our problems in America could be solved if more politicians in both parties thought like that now.

 - Stephen Moore is the chief economist at the Heritage Foundation.

Originally appeared in The Washington Times

[Westside Steve]

@baconhound said:

Actually it’s pretty simple in my world.  I work, get paid and pay taxes based on my income. My accountants job is quite easy 30 minute tax meeting and done.

Know if my minions could re-write the tax code to benefit my poor financial decisions and that of my rich supporters I would take full advantage of it and convince the lower middle class I’ve got their best interest at heart.  We all know that benevolent rich people when given tax breaks hire the most qualified Americans.  Hence our booming industrial economy.

Well mine is more complicated. I'm self-employed and I have some rental property so it's something of a pain in the ass. Axe and I do the same thing for a living so I'm assuming that we both get 1099 forms. At this stage  the bulk of my income  it's from Investments.  I've been fortunate. I also estimate my random income. I always estmate a few bucks over just to avoid any pain in the ass audit. 

Let's not be coy I realize you're only complaining about this because of its generic hatred of whoever the Republican Party is running in this case Trump. You and Biden are hoping it will be a campaign issue. I don't think you assume there's anything illegal here. I also don't suppose you believe that he had someone rewriting tax code 20 years ago. I would also assume that any International businessman or ore multi-millionaire politician is operating some sort of system in which they pay little or no tax. Who knows? Who cares? Well except if you hate the politician or businessman in question.

But we are both smart enough to know that the story won't be about legality it will be about class Envy. And I'm assuming that most of the stories will neglect wealthy left-wingers. Just a hunch.

"When a reporter asked, "How did it feel to fail 1,000 times?" Edison replied, "I didn't fail 1,000 times. The light bulb was an invention with 1,000 steps." "Great success is built on failure, frustration, even catastrophy."

WSS

[7moses7]

@baconhound said:

Just a wonderful businessman

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

NY Times = FAKE NEWS