Thank you, Donald Trump

[Dragonlady]

The tax code has benefited the wealthy for decades. It’s ridiculous complexity, numerous loopholes, and special provisions are specifically designed the benefit the ultra wealthy.

Trump is hardly the first wealthy asshole to take advantage of our unjust tax code. Nearly all the billionaires pay little in taxation, as a percentage of their enormous income. For example, Bezos paid little to no income tax for many years, yet is a billionaire.

You're missing the point gipper. The wealthy SHOULD be paying serious money in taxes. Neither Bezos nor Amazon is paying ANY income tax and that's just WRONG.

 

[marvin martian]

Trump tax returns raise alarms about fairness of US tax code

A preliminary review of the thousands of pages of Donald Trump’s tax returns released by a key congressional committee on Friday confirms that the former president was using business losses in the …

thehill.com

In his own grotesque, perverse way, Donald Trump has put a mirror up to America's face and taught us three critical lessons:


1. We need to examine how a society can become so sick that it would put someone like him in its ultimate position of authority -- the true TDS.

2. His taxes have driven home the fact that our tax system has holes so big that you can drive a semitruck through them, and must be fixed immediately.

3. We have to fix a political system in which empty, soulless people in media and politics are incentivized and rewarded for enabling a person like this.


As I always say, this has never been about Donald Trump. It's about us. Will this be an educational experience for us? Doubtful, but we can certainly hope.
.

^^^The Biden cult just can't quit Donald Trump. Literally can't do it.

LOL

 

[Mac-7]

^^^The Biden cult just can't quit Donald Trump. Literally can't do it.

LOL

Mac1958 doesnt want compromise

He wants surrender

 

[Care4all]

Selling $600 or more on peer-to-peer apps? Expect a 1099-K - NerdWallet

Did he raise taxes on the rich like he promised?

Not to mention making filing returns more complicated for many who isn't due to pay a penny on taxes on any of the money.

The 1099-K form will report your total income in gross reportable transactions and doesn’t adjust for credits, fees, refunds or discounts. You’ll have to clarify those differences for the IRS.

Yuk! What a pain in the ass! My shop has been closed since my husband first broke his rotator cuff, and then got cancer and going thru radiation, so did not know about the change from the 20k reporting down to $600. Technically, it is not a tax increase, but a pain in the ass, reporting change....

But GOOD NEWS, it was postponed!

NTA Blog: Heard Loud and Clear: IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year

As a result of taxpayer confusion, lack of clear guidance, concerns about the existing backlog, and impact on the upcoming filing season industry and stakeholders urged the IRS to postpone the implementation of the new reporting requirements of the Forms 1099-K.

www.taxpayeradvocate.irs.gov

 

[SC Patriot]

Yuk! What a pain in the ass! My shop has been closed since my husband first broke his rotator cuff, and then got cancer and going thru radiation, so did not know about the change from the 20k reporting down to $600. Technically, it is not a tax increase, but a pain in the ass, reporting change....

But GOOD NEWS, it was post poned!

NTA Blog: Heard Loud and Clear: IRS Postpones Implementation of $600 Form 1099-K Reporting by a Year

As a result of taxpayer confusion, lack of clear guidance, concerns about the existing backlog, and impact on the upcoming filing season industry and stakeholders urged the IRS to postpone the implementation of the new reporting requirements of the Forms 1099-K.

www.taxpayeradvocate.irs.gov

Your accountant wasn't aware?
The IRS sends me "changes for this year" and whereas I am not an accountant, I read those changes and file accordingly.

I dont know what kind of shop you and your husband own, but if your shop has an EIN or TIN then the IRS is mandated to send you the changes for this year.

I get them. You dont?

 

[Care4all]

this is his personal tax returns the writer is discussing and the federal govt has said there is nothing wrong with his business taxes

when will xiden release his corp tax returns?

What corporate tax returns do you think Biden has not released?

These were Trump's individual tax returns released....? He pays himself through his corporations passing profit, on to him individually, no?

 

[SC Patriot]

What corporate tax returns do you think Biden has not released?

These were Trump's individual tax returns released....? He pays himself through his corporations passing profit, on to him individually, no?

No.

They were tax returns for his holding company....DJT...

Look up holding company. They do not generate revenue. They take in revenue already taxed and then disburse it to the subs that need it

 

[Care4all]

Your accountant wasn't aware?
The IRS sends me "changes for this year" and whereas I am not an accountant, I read those changes and file accordingly.

I dont know what kind of shop you and your husband own, but if your shop has an EIN or TIN then the IRS is mandated to send you the changes for this year.

I get them. You dont?

I have a small internet business on the ETSY platform, I am the creator, the Designer, the manufacturer, the materials Buyer, the Marketing manager, the Customer service and shipping manager, and the Accountant! . My shop has been shuttered for two years now.

 

[SC Patriot]

I have a small internet business on the ETSY platform, I am the creator, the Designer, the manufacturer, the materials Buyer, the Marketing manager, the Customer service and shipping manager, and the Accountant! . My shop has been shuttered for two years now.

Sorry to hear.

But you were the accountant and you did not receive notification of "changes" from the IRS?

I usually get 2 a month and I am not the accountant. Just the business owner.

 

[pknopp]

It was so poorly done it had to be delayed anyway. Hopefully the Republicans will live up to their word and change it.

 

[bripat9643]

I'm certain every billionaire out there uses every loop hole there is, to avoid paying any taxes....after all, they ARE the ones, and their paid lobbyists, that convinced congress to put in these loopholes in to our tax laws for their use and favor.... this isn't about Donald Trump alone.

DJTs tax filings, just gave us an inside peak in to what loopholes are there, that congress put in to law for them all..... We rarely if ever, have gotten a view of it.

If you didn't know about the loopholes before, that only proves that you're an imbecile who shouldn't be allowed to vote.

 

[bripat9643]

Did he raise federal taxes on the poor and middle class??

Yes. Of course he did.

 

[struth]

What corporate tax returns do you think Biden has not released?

These were Trump's individual tax returns released....? He pays himself through his corporations passing profit, on to him individually, no?

The ones related to his corp. The ones the IRS isn't auditing now. Xiden pays himself from his corp as well.

Yes, Trump's personal and business taxes have been released....Xiden continues to refuse to release his business taxes.

Legal experts call for President Biden to release corporate tax returns​

Legal experts call for President Biden to release corporate tax returns

Legal experts called for the Bidens to release corporate tax returns that detail more than $13 million that they reported to the IRS between 2017 and 2019.

nypost.com

Legal experts on Wednesday called for President Biden to release corporate tax returns that account for more than $13 million in income that he and First Lady Jill Biden reported to the IRS between 2017 and 2019, in between his stints as vice president and commander in chief.

Biden likely to avoid IRS audit that could’ve revealed if he made money from Hunter’s deals​

Biden likely to avoid IRS audit that could’ve revealed if he made money from Hunter’s deals

President Biden is likely to avoid an audit that could reveal whether he made money from his son Hunter Biden’s overseas business dealings.

nypost.com

What's Joey Xiden hiding and why?

 

[gipper]

You're missing the point gipper. The wealthy SHOULD be paying serious money in taxes. Neither Bezos nor Amazon is paying ANY income tax and that's just WRONG.

What? You have completely misunderstood my posts and Mac approves. Lol.

I’ve posted several threads on this forum exposing this fraud and demanding the ultra rich pay higher taxes. Many cons here condemn me for this. Their typical stupid response is I’m just jealous.

 

[BrokeLoser]

In his own grotesque, perverse way, Donald Trump has put a mirror up to America's face and taught us three critical lessons:

He “taught” core Americans how to fight leftist filth, he “taught” core Americans how to kick ass economically, he “taught” dark people how lace up workboots.

1. We need to examine how a society can become so sick that it would put someone like him in its ultimate position of authority -- the true TDS.

EVERYBODY I know was kicking record level ass on Trumps watch….how were you doing so shitty?

2. His taxes have driven home the fact that our tax system has holes so big that you can drive a semitruck through them, and must be fixed immediately.

The U.S. Treasury collected record revenue under Trumps tax code.

3. We have to fix a political system in which empty, soulless people in media and politics are incentivized and rewarded for enabling a person like this.

“Enabling” a person to enact policy that benefits our best citizens is a bad thing?

As I always say, this has never been about Donald Trump. It's about us. Will this be an educational experience for us? Doubtful, but we can certainly hope.

EVERYBODY I know was kicking record level ass on Trumps watch….how were you doing so shitty?

 

[Jarlaxle]

And Biden said he was going to do something about it and has done nothing other than raise taxes on the poor and middle class.

There are tax increases buried in the recent "omnibus" pork-fest.

Criminal Tax fraud isn't the problem.

Legal tax avoidance is.

Naah. The problem is the ridiculous tax code.

Did he raise federal taxes on the poor and middle class??

Yes. There are several notable tax increases in the recent omnibus bill. (On crude oil and natural gas, off the top of my head.)

 

[candycorn]

Naah. The problem is the ridiculous tax code.

NPR detailed it on a recent show: Listen above or read below.

===

GUO: I got a pretty good one. Mine is a trick that lets billionaires get away with paying almost no income tax. It's called buy, borrow, die.

CHILDS: Oh, very metal.

GUO: It's very metal. And what I love about this way of dodging taxes is that it involves basic fundamental features of the tax system. There's nothing fancy about it.

CHILDS: It is the least fancy thing billionaires do maybe.

VISWANATHAN: This is an open secret. Not even a secret - it's just open.

GUO: Is this, like, Tax 101?

VISWANATHAN: Tax 101.

GUO: Manoj Viswanathan is a law professor at UC Hastings. He specializes in tax law. I called him up last week. He was actually having trouble finding a quiet room because he was in the middle of a wedding in India. Manoj says his students are often surprised when he tells them that Americans are pretty good about paying their taxes.

VISWANATHAN: We've got overcompliance. And people are more honest than they, as, like, a mathematical matter, need to be.

GUO: Wait, really?

VISWANATHAN: Yeah. Yeah. A rational person would - I don't want to give you advice on how you should cheat your taxes - would easily be able to lie on their tax return and get away with paying far fewer taxes.

GUO: And yet, Manoj says most Americans don't cheat on their taxes. And maybe one reason why, other than sheer patriotism, is that you can save a lot of money just by playing by the rules. That's what buy, borrow, die is all about. It takes advantage of how we tax income from buying and selling assets, stuff like real estate and stocks. And the rule is you only pay taxes after you sell something. Like, say you made a big profit on the stock market. You bought some stocks, and they went up. You don't have to pay taxes on those profits until you actually sell the stocks.

CHILDS: That sounds fair. You don't have the money until you do the selling.

GUO: Right. So you're stuck. You can't sell your stocks without getting hit with taxes. But you also want to spend your profits. So what do you do? Manoj says, well, there is a way to avoid paying taxes and to spend some of your new wealth. You can go to the bank.

VISWANATHAN: Go to the bank. You can say, listen, I'd like to borrow some money. They say, well, what do you got as collateral? We can't just give you money. It's like, well, I've got this portfolio of stocks that's worth a million dollars. I'm willing to put that up as collateral if you let me borrow $500,000.

GUO: So the bank gives you a $500,000 loan, and you say, well, if I don't pay it back, bank, then you can just take my stocks, which are worth a million dollars.

VISWANATHAN: That's right.

GUO: A couple of years ago, the investigative news outlet ProPublica got the tax returns of some of the richest people in America. And what they found was a lot of billionaires weren't paying very much in income tax. One likely reason why is this buy, borrow, die business. If I have a lot of valuable stocks, I can easily borrow money to fund my lavish lifestyle.

When do I pay taxes on it, then?

VISWANATHAN: You - maybe never.

GUO: What?

VISWANATHAN: You would pay tax maybe never.

GUO: You might never pay taxes because you could live on borrowed money for the rest of your life. If you have enough stocks, you can just get new loans or the bank will extend your old loans. And here comes the final piece of the strategy. When you die, all those taxes on your stock market profits get wiped away. It's called a step up in basis. Your basis is like what you originally paid for your stocks, and it's how you calculate your profits. That gets stepped up when you die. And so the people inheriting your stuff, they get a clean slate. They don't have to pay any federal income tax on all of your stock market profits.

=====

Perfectly legal but wrong by any definition of the word.

 

[Jarlaxle]

Hell...when you bring up the fact that most of the 1% will pay no more social security tax after January 4 (today)--the same tax that they will pay through out the year...they actually make the argument that it is fair that the 1% gets by.

No, it's that you do not understand how social security works. Since benefits are capped, so are taxes. After $147K income, benefits do not go up, nor do taxes.

Which is why the people need to vote for campaign finance reform. Though I acknowledge there is an obstacle making effective reform difficult. The conservative SC.

And the Constitution.

Bingo. Among other changes.

You could start by repealing the 1st amendment.

A good start would be the repeal of Citizen's United. Dark money is poison to the system.

In other words: you also want the end of the 1st Amendment.

 

[Jarlaxle]

Yet you can't demonstrate where I'm left wing on any issues. I'm not even particularly political.

I'm done trying to explain this to you, and everyone else who humps my leg. Think what you will.

You can tell me how the other children don't like me all you want. This is not a priority for me. Sorry.

Translation: you will keep filibustering. When called on your continual postwhoring, you will proclaim victory, then take your ball and go home in a snit.

 

[Nobody911]

My views :
Lol. Everyone can pay the least taxes using legal loopholes. It's not illegal if you know the all-important how-tos.

I'm not trying to become such a hypocrite. Corruption is legal in America. Why? Just go ask American politicians & lobbyists! Thank America! lol.
Facts :
A study by Institute on Taxation and Economic policy, on corporate securities filings found 55 of America's largest companies paid no income taxes in 2020 despite generating hefty profits while netting $3.5 billion in aggregate tax rebates. Nearly half of those companies paid no U.S. income taxes for three successive years. They use accelerated depreciation, the offshoring of profits, generous deductions for appreciated employee stock options, and tax credits to scale through.

Apple made a whopping $74 billion from 2009-2012 on worldwide sales (excluding the Americas) and paid almost nothing in taxes to any country.

Big business owners like Elon Musk and Jeff Bezos are paying a very little amount of tax.

Tax Loopholes The Rich Use To Pay Zero Taxes (With Examples) - Capitalism.com – Tax Loopholes The Rich Use To Pay Zero Taxes (With Examples) - Capitalism.com/