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US Presidential Election 2020

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Not  your "average" rich person trying to keep their taxes low.
Seee article below:

Among the key findings of The Times’s investigation:

Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.

He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.

The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.

As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia.

It is important to remember that the returns are not an unvarnished look at Mr. Trump’s business activity. They are instead his own portrayal of his companies, compiled for the I.R.S. But they do offer the most detailed picture yet available.

https://www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html?campaign_id=9&emc=edit_nn_20200928&instance_id=22587&nl=the-morning&regi_id=18656318&section_index=1&section_name=big_story&segment_id=39218&te=1&user_id=2af081e7a0e005fe6179506ac31a697b

 
>Not  your "average" rich person trying to keep their taxes low.

Truly?

- Exploiting tax avoidance measures.
- Using losses to offset gains.
- Employing relatives.

The $70-odd million most writers report without explaining what it is - wonder why they do it that way - was an Obama-era giveaway extending "carryback" (tax mitigation of amounts earned in previous years by applying losses in current years).  I gather that is what is being audited.
 
I’m no tax expert, but 70K on hair, seems excessive and weird even for your “average” rich person.
 
Remius said:
I’m no tax expert, but 70K on hair, seems excessive and weird even for your “average” rich person.

You need to watch Housewives of Beverly Hills.  70k is amateur level.  Pros start in the 100s of Ks...
 
Good2Golf said:
You need to watch Housewives of Beverly Hills.  70k is amateur level.  Pros start in the 100s of Ks...

With respect, I don’t “need” to watch that.  Lol.

I have no doubt that rich people spend that kind of cash on themselves.  It’s claiming the amount that seems excessive.

We can’t even claim haircuts...
 
Remius said:
I’m no tax expert, but 70K on hair, seems excessive and weird even for your “average” rich person.

It's a question of whether it can be slid by under the rules of the system. My experience as a small business owner in Canada for sime time would tell me that I would be foolish to attempt it! It would result in an audit for sure!

But our respective tax systems do differ somewhat and that which can be slid by in one country may not work in ours. For example only: When I closed out by business I was left with assets in materials and merchandise worth say 80,000 and that was exaggerated to 100,000 by my accountant. It didn't work for Revenue Canada and so an audit. No big deal, the accountant and I just made some adjustments to make it work. And what a wonderful system it is for small business people! I was later able to sell it all off for over 80,000!

It's all about the ease in which the scam can be pulled off. The American system makes it much easier. If I was liguidating a business in America I could have aimed at 200K or 300K and happily got away with it.

This is meant for people who aren't aware of the tax system for small business, not for those who have run one. Those people will already be fully aware of how it all works.
 
Remius said:
With respect, I don’t “need” to watch that.  Lol.

I have no doubt that rich people spend that kind of cash on themselves.  It’s claiming the amount that seems excessive.

We can’t even claim haircuts...

Not about we/you/us/non-US.  It would appear that the IRS allows expenses related to image that includes temporary make-up and hair-styling services.  If those expenses were allowed and approved, so be it. I know people in the entertainment industry and such deductions are regularly seen.

‘Don’t hate the player, hate the game.’
 
Baden Guy said:
Not  your "average" rich person trying to keep their taxes low.
Seee article below:

Among the key findings of The Times’s investigation:

Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.

He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.

The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.

As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia.

It is important to remember that the returns are not an unvarnished look at Mr. Trump’s business activity. They are instead his own portrayal of his companies, compiled for the I.R.S. But they do offer the most detailed picture yet available.

https://www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html?campaign_id=9&emc=edit_nn_20200928&instance_id=22587&nl=the-morning&regi_id=18656318&section_index=1&section_name=big_story&segment_id=39218&te=1&user_id=2af081e7a0e005fe6179506ac31a697b

Interesting.

But it is illegal for the IRS to leak the personal tax returns of any individual. The Times is probably guarding its sources better than security at Fort Knox.
 
shawn5o said:
Interesting.

But it is illegal for the IRS to leak the personal tax returns of any individual. The Times is probably guarding its sources better than security at Fort Knox.

Especially if they just made it up on speculation....
 
Good2Golf said:
Not about we/you/us/non-US.  It would appear that the IRS allows expenses related to image that includes temporary make-up and hair-styling services.  If those expenses were allowed and approved, so be it. I know people in the entertainment industry and such deductions are regularly seen.

‘Don’t hate the player, hate the game.’

Ithink you've nailed it! Trump can deduct 100,000 bucks for Melania's hairdoos and likely squeak it by the system. That may seem to be outrageous for a Canadian who hasn't operated a business, but it's really not.

In Canada a business person could give it a try and would only end up being embarressed and being audited for the behaviour. And then be continuously be watched for years to come!

This one comes off as 'haha' funny more than anything else!

:cheers:
 
Trump also did not take his salary as President,something you wouldnt see Biden doing.
 
Baden Guy said:
Not  your "average" rich person trying to keep their taxes low.
Seee article below:

Among the key findings of The Times’s investigation:

Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.

He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.

The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.

As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia.

It is important to remember that the returns are not an unvarnished look at Mr. Trump’s business activity. They are instead his own portrayal of his companies, compiled for the I.R.S. But they do offer the most detailed picture yet available.

https://www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html?campaign_id=9&emc=edit_nn_20200928&instance_id=22587&nl=the-morning&regi_id=18656318&section_index=1&section_name=big_story&segment_id=39218&te=1&user_id=2af081e7a0e005fe6179506ac31a697b

Here is another take:

Trump may have to pay back that money; an IRS audit and an investigation by the congressional Joint Committee on Taxation are pending. But if he doesn’t, it looks like an alternate headline of the Times story could have been: “Obama Policies Created a $73 Million Tax Refund for Trump.” I trust the Times will next be sending out formal letters of apology to those of us who argued Obama’s stimulus policies were unnecessary, wasteful, and bound to be abused.

https://www.nationalreview.com/corner/obama-wrote-trump-a-73-million-check/

 
Bruce Monkhouse said:
Especially if they just made it up on speculation....

Hi Bruce, my bad. I should have mentioned the illegal part is from Breitbart News
 
tomahawk6 said:
Trump also did not take his salary as President,something you wouldnt see Biden doing.

True. But far from altruistic.  Plays well to the crows though.
 
Interesting


New York Times Debunks Several Conspiracy Theories with Trump’s Tax Returns

JOEL B. POLLAK
27 Sep 2020

The New York Times‘ exposé on Donald Trump’s tax returns suggests that the president has suffered financial losses for many years, resulting in many years when he paid little or no federal income tax.

The Times speculates that the presidency itself is Trump’s only hope to recoup his losses, either through burnishing his brand or using his political power, ignoring conflicts of interest.

But the Times has also succeeded, albeit inadvertently, in debunking several common anti-Trump conspiracy theories.

(Edit: Russia, Michael Cohen, the IRS Audit)

Yet they also debunk many cherished left-wing fantasies — and they may confirm what Trump supporters have said since 2016: that he has sacrificed his personal fortune to serve.

Breitbart News

 
Remius said:
True. But far from altruistic.  Plays well to the crows though.

The crows! Good one! LOL.

But here's the deal on this thing. Legal or not ain't the point of course.

Feed this to an ordinary American who is struggling to get by (a big factor and related to Americans' poverty) and it rings a bell with them, or at least it's being spun that way by the Dems.

The fact is, from a Dem spin POV, Trump is a very wealthy corporatist who has no concern whatsoever for the people he depends upon for support. The Dems are trying to push that into the heads of Trump's base.
 
Remius said:
I’m no tax expert, but 70K on hair, seems excessive and weird even for your “average” rich person.

Not your average rich person, and definitely not your average hair.  He probably claims it as a dependent.
 
Ref Trump's taxes- Its getting very interesting


alexandriabrown
@alexthechick

"So. I finally read the NYT Trump tax story because I wanted to see what line was being reported for taxes owed and I came across this about the $750 in 2016 and 2017. Per the NYT own story, Trump actually paid to the US Treasury $1 million in 2016 and $4.2 million in 2017."

and

"Read that closely. Trump PAID, as in transferred to the US Treasury, $1 million in 2016 and $4.2 million in 2017. Note also that most of the overpayment was rolled forward, not refunded. The $750 figure is an ADDITIONAL $750. Thus every single story saying he paid $750 is a lie."

More at https://twitter.com/alexthechick/status/1310558051171262464


 
shawn5o said:
alexandriabrown
@alexthechick
https://twitter.com/alexthechick

Gotta luv her home page: "Boobs and hysteria" with a kinky bonus pic!  :) NSFW!
 
mariomike said:
Gotta luv her home page: "Boobs and hysteria" with a kinky bonus pic!  :) NSFW!

Amy Barrett is all for naught. The popular opinion now is that they've loaded up their Scotus to the point of it being irrelevant. They can finally abolish Roe vs. Wade and nobody will come to the party they hold to celebrate. Something like 75% of the people fully understand that some abortions are necessary.

It's like telling the husband of a woman who is going to die if her fetus isn't aborted that it's against the god's wishes.

Abortion is wrong and should always be avoided. Socially responsible government understands that priority but also understands that women must not be dictated to on what they choose to do with their bodies.

If only Americans would learn to accept that in the way that most of the modern world accepts it!

Ms. Barrett will load up their court contrary to decency and common sense, as to what is right in the minds of the people.
 
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