Now that Trump's tax record is released, I am mostly horrified at the complete lack of understanding of accounting or the tax code, by the truly regressive Clinton supporters . For years they have cried about the monolithic mess that is the US tax code, but it seems that they don't even understand the very basics. So please answer the simple question above.
Even worse, they seem to think that if a corporation loses a bunch of money, it should be obligated to still pay taxes when building back the lost assets, even though nothing was gained. This is at complete odds with ALL reputable accounting standards. These people are completely clueless morons speaking about things way out of their depth, it's hard to believe they can tie their shoes. It's painful to watch them demonstrate their ignorance regarding everything everyday.
I believe the taxpayer field should be level.
It isn't. Not even close.
Tax expenditures are the worst kind of corruption in our government today. People whine about "The Establishment", and yet they are clueless about the utter corruption behind tax credits, deduction, and exemptions.
The dumb sheep are programmed to bleev they are getting to keep more of their money when they take a deduction, credit, or exemption. They are oblivious to two facts: 1) Tax rates are far higher than they would be without tax expenditures. 2) For every dollar you take out in a deduction, someone else has to make up the difference, thus making deductions a government gift which someone else has to pay for. Just like food stamps.
Higher tax rates, and higher health insurance rates, and higher home prices completely cancel out your deductions, credits, and exemptions. They are a means to transfer wealth from the pockets of the middle class to the special interests who pay a lot of money to Congressman and Senators to keep those deductions, exemptions, and credits alive.
Your mortgage interest deduction is cancelled out by your house costing more because of that deduction. So your MIB is a zero sum game for you.
But mortgage lenders, brokers, and real estate agents make more profits from higher home prices.
SUCKERS!
Tax deductions, credits, and exemptions are robbing you to make the upper part of the food chain wealthier.
And you are paying higher tax rates to help make them wealthier. It's a trillion dollar con which the rubes have totally bought into hook, line, and sinker.
Oh. About that 47% which the Republicans were grinding and gnashing their teeth over in 2012. Remember that, rubes? You were REALLY, REALLY pissed off at the 47%.
Well, a big chunk of the 47% are people who use tax credits, exemptions, and deductions to zero out their tax bill.
People like Donald Trump.