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What is the yearly max? Is the yearly max only 3% of his annual earnings?What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?You do know his loss is not the kind of loss that you experience in your stock portfolio, right?
And...please....you are tryng to obscure the topic. Every business owner, myself included, has business expenses that merge with personal expenses and takes the deductions you speak of. This is not the same thing.
Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.
Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."
Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.
So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?
Since he can stretch it out over many years, my standard is as much as possible
What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?
We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.
Swish, no answer to the question:
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
100k? 30K?
Say $100k....$3000 is 3% of his earned income....
then 3% of whom ever's earned income, should be the max they can take on losses each year.
It's the same for Trump, actually.
Above the $3K, either Trump or the average Joe can carry any additional losses over to the next year
Then don't engage in a conversation. Your personal insults are to cover your ineptness... Thank you for the demonstration.Your "question" is of no importance, like you.
What is the yearly max? Is the yearly max only 3% of his annual earnings?What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.
Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."
Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.
So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?
Since he can stretch it out over many years, my standard is as much as possible
What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?
We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.
Swish, no answer to the question:
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
100k? 30K?
Say $100k....$3000 is 3% of his earned income....
then 3% of whom ever's earned income, should be the max they can take on losses each year.
It's the same for Trump, actually.
Above the $3K, either Trump or the average Joe can carry any additional losses over to the next year
they estimate he paid no taxes, taking $50 million a year as a LOSS...why is he allowed to take $50 million a year as a loss, if he only earns $50 million a year....???? Why?
Why do we have a cap of $3000, when we earn $100k a year...WHY cant we write off $100k in losses each year if we had them, like Donald can write off the full $50 million of his earned income????
You are COMPLETELY missing the point and missing what I answered in my first response to your question in your post.What is the yearly max? Is the yearly max only 3% of his annual earnings?What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?
We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.
Swish, no answer to the question:
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
100k? 30K?
Say $100k....$3000 is 3% of his earned income....
then 3% of whom ever's earned income, should be the max they can take on losses each year.
It's the same for Trump, actually.
Above the $3K, either Trump or the average Joe can carry any additional losses over to the next year
they estimate he paid no taxes, taking $50 million a year as a LOSS...why is he allowed to take $50 million a year as a loss, if he only earns $50 million a year....???? Why?
Why do we have a cap of $3000, when we earn $100k a year...WHY cant we write off $100k in losses each year if we had them, like Donald can write off the full $50 million of his earned income????
It's not 3% of income, it's $3K for everyone.
The next year he can write off his loss against his gains for the next year. If it's $50 million gains the next year, he can net his $1B writeoff from the prior year against the $50 million gain from the next year. Then he carries over $950 million in losses to the year after that.
Note he actually has to have lost a billion. I invested hundreds of thousands in my business. Shouldn't I be able to recoup that before starting to pay taxes on my earnings? Should I really have to pay taxes on what is really my own investment and getting it back? I haven't really earned anything yet until I get back my investment
Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.
The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.
Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.
Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.
In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.
Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.
“Here the guy was building incredible net worth and not paying tax on it,” he said.
Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times
I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.
Once we get a consensus on fair share, we can figure out who is cheating and who is not. You people simply throw around the term, " fair share" yet provide no criteria or context. John Kerry is a tax cheat in his own state where he served as Senator. How about them apples?
. You mean like Hillary and Bill does with all their speeches and bull crap in which has netted them millions ??? Maybe they should check whether she and Bill has turned all that income in to the IRS over the years ??Trump shouldn't have to pay taxes. He graces us with his twitters and speaches and rants. That should be enough.
You claim that Romney pays less than his secretary in taxes and then also claim making them pay the same rate means he is going to pay less and she is going to pay more?You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!Either way it does not look good for Trump
He is running as such a great businessman who managed to lose close to a billion dollars in one year
He has not paid taxes in decades making him one of the 47%...a serial moocher
Trump is worse than all the welfare mooches combined
They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars
Conservatives have been pushing for simpler tax plans for decades. Where have you been?
If Trump plays by the rules, YOUR RULES, then what ground for complaint do you have?
Simpler plans that drastically reduce the tax burden of the wealthy while increasing taxes on the working poor
Show one that doesn't
Trump plays by the rules?
So do the working poor who don't pay taxes
Guess which group Republicans bitch about?
You can simplify the tax code without giving the Rich a huge gift basket at the expense of the poor -
go to a simple system of 'flat' taxes that maintain the progressive brackets,
add a fixed exemption/deduction at the bottom.
You could still file your taxes on the so-called postcard, but the Rich wouldn't get huge tax cut that every other flat tax plan includes.
You are COMPLETELY missing the point and missing what I answered in my first response to your question in your post.What is the yearly max? Is the yearly max only 3% of his annual earnings?What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?Swish, no answer to the question:
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
100k? 30K?
Say $100k....$3000 is 3% of his earned income....
then 3% of whom ever's earned income, should be the max they can take on losses each year.
It's the same for Trump, actually.
Above the $3K, either Trump or the average Joe can carry any additional losses over to the next year
they estimate he paid no taxes, taking $50 million a year as a LOSS...why is he allowed to take $50 million a year as a loss, if he only earns $50 million a year....???? Why?
Why do we have a cap of $3000, when we earn $100k a year...WHY cant we write off $100k in losses each year if we had them, like Donald can write off the full $50 million of his earned income????
It's not 3% of income, it's $3K for everyone.
The next year he can write off his loss against his gains for the next year. If it's $50 million gains the next year, he can net his $1B writeoff from the prior year against the $50 million gain from the next year. Then he carries over $950 million in losses to the year after that.
Note he actually has to have lost a billion. I invested hundreds of thousands in my business. Shouldn't I be able to recoup that before starting to pay taxes on my earnings? Should I really have to pay taxes on what is really my own investment and getting it back? I haven't really earned anything yet until I get back my investment
why is the max $3000 for the average joe who would never ever make ONLY $3000 in income a year....they would never ever be able to write off their entire livable earnings let alone in excess of that, while the wealthiest's cap is $50 million a year, which could easily cover their entire taxable income?
The tax code is unfair...and gives things to the wealthiest that they don't give to the average Joe.
BTW, your question that I initially answered was :
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
You projecting again ? How about sticking with the facts instead of hoping so much. LOL.... Ohhh Lord, Hillary is at it again with the race card... Just saw her on TV whinning about Voter ID. That woman has no shame or she has no rock she won't crawl under. Back on topic.. lol.Trump seems like a white-collar criminal. When will he be prosecuted?
What is the yearly max? Is the yearly max only 3% of his annual earnings?What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.
Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."
Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.
So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?
Since he can stretch it out over many years, my standard is as much as possible
What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?
We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.
Swish, no answer to the question:
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
100k? 30K?
Say $100k....$3000 is 3% of his earned income....
then 3% of whom ever's earned income, should be the max they can take on losses each year.
It's the same for Trump, actually.
Above the $3K, either Trump or the average Joe can carry any additional losses over to the next year
they estimate he paid no taxes, taking $50 million a year as a LOSS...why is he allowed to take $50 million a year as a loss, if he only earns $50 million a year....???? Why?
Why do we have a cap of $3000, when we earn $100k a year...WHY cant we write off $100k in losses each year if we had them, like Donald can write off the full $50 million of his earned income????
Not likely.You're right! He could have been lying when he reported that he lost a billion in a year.You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!Either way it does not look good for Trump
He is running as such a great businessman who managed to lose close to a billion dollars in one year
He has not paid taxes in decades making him one of the 47%...a serial moocher
Hillary's economics are the exact opposite of her husbands.Looks like Trump is going to build his wall and have OTHER Americans pay for it
We don't care who pays for it, just build the damn thing. Cut money to Planned Parenthood and reduce the food stamp rolls to what it was before DumBama took office. That should help with the costs considerably.
Maybe Trump can raise your taxes to pay for the wall.
Scam?You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!Either way it does not look good for Trump
He is running as such a great businessman who managed to lose close to a billion dollars in one year
He has not paid taxes in decades making him one of the 47%...a serial moocher
Trump is worse than all the welfare mooches combined
They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars
Sadly, that is the case. I think Trump was correct - he could have shot someone in front of the world and no one would have cared. What he didn't say is that everyone would have cared deeply if he made funny noises into a microphone while doing it.Possibly. There is no real evidence of that though - using his funds for personal use. There is evidence that he used his foundation to pay a for a legal fine that was charged to his business. AFAIK, that is illegal but there is no reporting on it anymore. That tells me there is more to the story than has been reported and I have to wonder what the whole story is.
There's also the paintings, football memorabilia, etc. It's just a hunch I have. I agree that we should be seeing more coverage on this kind of stuff. But it's 2016, the masses don't want information they want entertainment.
Wow, you have no idea what you are talking about do you?You know, a few years back, all the banks went under because they took horrible losses. What happened? The government gave them money and bailed them out.
The American people were outraged that our money had been spent to bail out the billionaires who didn't know how to manage their money.
Now? We find out that because Trump sustained nearly a BILLION dollars in losses, he managed to put himself in a position where he didn't have to pay taxes for many years.
Trump is a billionaire who didn't know how to properly manage his money. The government saw his losses and bailed him out by allowing him to not pay taxes for decades.
We were pissed that the banks got a bailout, why is everyone supporting Trump who also has received a bailout?
What is the yearly max? Is the yearly max only 3% of his annual earnings?What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?
We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.
Swish, no answer to the question:
"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"
100k? 30K?
Say $100k....$3000 is 3% of his earned income....
then 3% of whom ever's earned income, should be the max they can take on losses each year.
It's the same for Trump, actually.
Above the $3K, either Trump or the average Joe can carry any additional losses over to the next year
they estimate he paid no taxes, taking $50 million a year as a LOSS...why is he allowed to take $50 million a year as a loss, if he only earns $50 million a year....???? Why?
Why do we have a cap of $3000, when we earn $100k a year...WHY cant we write off $100k in losses each year if we had them, like Donald can write off the full $50 million of his earned income????
Why do we have a cap of $3000, when we earn $100k a year...WHY cant we write off $100k in losses each year if we had them,
If you have a $100,000 capital loss on your stocks, you can write that off against capital gains next year.
If you have $50,000 in gains next year, you can use $50,000 of those losses, plus $3000 more against regular income. Now you carry forward $47,000 in losses.
like Donald can write off the full $50 million of his earned income????
He can use his business losses to write off against future business income.
You could do the same with business losses.
Sadly, that is the case. I think Trump was correct - he could have shot someone in front of the world and no one would have cared. What he didn't say is that everyone would have cared deeply if he made funny noises into a microphone while doing it.Possibly. There is no real evidence of that though - using his funds for personal use. There is evidence that he used his foundation to pay a for a legal fine that was charged to his business. AFAIK, that is illegal but there is no reporting on it anymore. That tells me there is more to the story than has been reported and I have to wonder what the whole story is.
There's also the paintings, football memorabilia, etc. It's just a hunch I have. I agree that we should be seeing more coverage on this kind of stuff. But it's 2016, the masses don't want information they want entertainment.
The American electorate has become a sick joke.
. You mean like Hillary and Bill does with all their speeches and bull crap in which has netted them millions ??? Maybe they should check whether she and Bill has turned all that income in to the IRS over the years ??Trump shouldn't have to pay taxes. He graces us with his twitters and speaches and rants. That should be enough.
