Trump's income taxes were often paltry, newly released documents show

[homersapien 11,361]

8 hours ago, AUFAN78 said:

Sigh. That's precisely what tax avoidance is. By definition: Tax avoidance-an action taken to lesson tax liability and maximize after-tax income.

 

But they still pay taxes. 

[DKW 86 7,419]

5 minutes ago, homersapien said:

But they still pay taxes. 

I worked at GE back in 2010. We made $14.2BN in Profit that year and paid zero in taxes. 

How? One way was that we built these "special energy saving products" and got huge, ridiculous, govt tax write offs. We had to give the stuff away. Few cared that it was so energy efficient. But we produced as many as possible, three shifts, overtime, etc so we didnt have to give the federal govt a dime.

ALL PERFECTLY LEGAL. ALL SPELLED OUT IN THE TAX CODE. ALL VOTED ON AND PASSED BY CONGRESS. 

[SaltyTiger 7,782]

27 minutes ago, homersapien said:

But they still pay taxes. 

They pay or don’t pay what the code allows. You are probably searching for something that does not exist. Not saying I agree with the system nor defending Trump.

https://thehill.com/policy/finance/3785840-why-democrats-released-trumps-tax-returns/

Tax experts say his techniques are not atypical and are just some of many methods that are widely used by people with a lot of money to pay less in tax.

[homersapien 11,361]

9 hours ago, AUFAN78 said:

Sigh. That's precisely what tax avoidance is. By definition: Tax avoidance-an action taken to lesson tax liability and maximize after-tax income.

 

You are missing the point.

There is legal avoidance and there is illegal (fraudulent) avoidance. 

[homersapien 11,361]

36 minutes ago, SaltyTiger said:

They pay or don’t pay what the code allows. You are probably searching for something that does not exist. Not saying I agree with the system nor defending Trump.

https://thehill.com/policy/finance/3785840-why-democrats-released-trumps-tax-returns/

Tax experts say his techniques are not atypical and are just some of many methods that are widely used by people with a lot of money to pay less in tax.

The IRS admitted they don't have the resources to properly audit Trump's returns, and presumably,  other similar returns. 

I am not "searching" for anything. I am skeptical that Trump's returns were filed in good faith, for obvious reasons.

Edited December 25, 2022 by homersapien

[homersapien 11,361]

1 hour ago, DKW 86 said:

I worked at GE back in 2010. We made $14.2BN in Profit that year and paid zero in taxes. 

How? One way was that we built these "special energy saving products" and got huge, ridiculous, govt tax write offs. We had to give the stuff away. Fewno cared that it was so energy efficient. But we produced as many as possible, three shifts, overtime, etc so we didnt have to give the federal govt a dime.

ALL PERFECTLY LEGAL. ALL SPELLED OUT IN THE TAX CODE. ALL VOTED ON AND PASSED BY CONGRESS. 

Fine.

I earned a $175K state tax deduction over 10 years for placing a conservation easement on 70 acres of environmentally sensitive land.

I get the concept. 

Now let's see what Trump did. (And what he was trying to hide.)

Edited December 25, 2022 by homersapien

[SaltyTiger 7,782]

12 minutes ago, homersapien said:

Fine.

I earned a $200K state tax deduction for placing a conservation easement on 70 acres of environmentally sensitive land.

I get the concept. 

Now let's see what Trump did. (And what he was trying to hide.)

Trump would have improved that 70 acres with a golf course and received a tax credit. Nothing to hide. Glad you understand the concept. Y’all are similar thinkers.

[AUFAN78 3,894]

1 hour ago, homersapien said:

But they still pay taxes. 

Some do some don't. The concept of tax avoidance doesn't dictate that outcome. 

[AUFAN78 3,894]

1 hour ago, SaltyTiger said:

They pay or don’t pay what the code allows. You are probably searching for something that does not exist. Not saying I agree with the system nor defending Trump.

https://thehill.com/policy/finance/3785840-why-democrats-released-trumps-tax-returns/

Tax experts say his techniques are not atypical and are just some of many methods that are widely used by people with a lot of money to pay less in tax.

Yeah this really shouldn't be about Trump, but rather tax codes. "But Trump" fans can't help themselves. Sad, but true. 

On the other hand brother Salty, some of us enjoy a real life. Merry Christmas!

[DKW 86 7,419]

45 minutes ago, homersapien said:

Fine.

I earned a $175K state tax deduction over 10 years for placing a conservation easement on 70 acres of environmentally sensitive land.

I get the concept. 

Now let's see what Trump did. (And what he was trying to hide.)

I am not defending trump in any way. I am saying that it is offensive that most on this board paid more in taxes than he did, because of the tax breaks. It also shows, arguably, that he sucks as a businessman. 

[DKW 86 7,419]

47 minutes ago, homersapien said:

Fine.

I earned a $175K state tax deduction over 10 years for placing a conservation easement on 70 acres of environmentally sensitive land.

I get the concept. 

Now let's see what Trump did. (And what he was trying to hide.)

Kudos to your wise management of your estate. Sincerely. Thank you for participation in taking action for the benefit of those in the future.

[AUFAN78 3,894]

1 hour ago, homersapien said:

You are missing the point.

There is legal avoidance and there is illegal (fraudulent) avoidance. 

 No, you missed the point.

Again wrong. You once again are incorrectly assigning false definition to tax avoidance. What I think you are alluding to is Tax evasion, an illegal activity. But for clarity, tax avoidance and tax evasion are far different. One legal, one illegal. I hope this helps. 

[AUFAN78 3,894]

Speaking of conservation easements, here is a small 40 acre example. Tax breaks plus potentially trophy bucks!

 

[homersapien 11,361]

44 minutes ago, SaltyTiger said:

Trump would have improved that 70 acres with a golf course and received a tax credit. Nothing to hide. Glad you understand the concept. Y’all are similar thinkers.

No he wouldnt. My easement would prevent such development. 

[homersapien 11,361]

4 minutes ago, AUFAN78 said:

Speaking of conservation easements, here is a small 40 acre example. Tax breaks plus potentially trophy bucks!

 

I allow hunting also. (Nice buck!)

[homersapien 11,361]

30 minutes ago, AUFAN78 said:

Yeah this really shouldn't be about Trump, but rather tax codes. "But Trump" fans can't help themselves. Sad, but true. 

On the other hand brother Salty, some of us enjoy a real life. Merry Christmas!

Why do suppose he resisted releasing his returns?

[AUFAN78 3,894]

6 minutes ago, homersapien said:

Why do suppose he resisted releasing his returns?

Well, the honest answer for me personally is I do not care about such minutiae. I'd guess an alternative response would be along the lines of "he is Trump" ask him or just believe some partisan spin from your run of the mill news source. At the end of the day it is not on my list of one hundred things to concern myself with at this time. 

[homersapien 11,361]

54 minutes ago, AUFAN78 said:

 No, you missed the point.

Again wrong. You once again are incorrectly assigning false definition to tax avoidance. What I think you are alluding to is Tax evasion, an illegal activity. But for clarity, tax avoidance and tax evasion are far different. One legal, one illegal. I hope this helps. 

I get the point. I just didn't use the precisely correct terminology.

[AUFAN78 3,894]

35 minutes ago, homersapien said:

I allow hunting also. (Nice buck!)

The one in the background is the larger of the two. I'll take him if given the opportunity and I will let the younger buck in the foreground live another year and keep fattening him up. Nothing like seeing that thick ring of fat when butchering. You know it's going to be special.

I just laid out two backstraps bringing them to room temp before grilling. The excitement builds.....

[AUFAN78 3,894]

45 minutes ago, homersapien said:

No he wouldnt. My easement would prevent such development. 

Same. But mine will allow a greenfield and portable shooting house. 

[SaltyTiger 7,782]

4 hours ago, homersapien said:

No he wouldnt. My easement would prevent such development. 

Thanks, love to less developing and tons more refurbishing of existing developments and infrastructure. 

[DKW 86 7,419]

I am so embittered about all this because I was with the GOP when Reagan got his tax code rewrite done in 1986. Google it.

It was to shut down loopholes etc. But by 1988 all the loopholes were back with a vengeance. It took a lot of political will to pass that and it disappeared in about 2-4 years.

Clinton Tax Bill 1993: SSDD Passed a great bill and then Congress had a fire sale writing loopholes and exemptions.

https://www.investopedia.com/terms/t/taxreformact1986.asp

Edited December 26, 2022 by DKW 86

[autigeremt 6,595]

On 12/21/2022 at 2:37 PM, homersapien said:

Does a $0 to $750 tax bill for Trump sound "fair" to you? 

Are you OK with a system of tax laws that would allow for that to be a legal ("fair") outcome?

I'm fine with determining if Trump paid his "fair share".   Let's see if he fully complied with the law.  

It least, it will reveal Trump as the cheat we all know he is.  At the most, it will reveal and publicize the inequities in our tax law.

Presumably, you do remember what Trump said about paying taxes?

https://www.king5.com/article/news/verify/trump-not-paying-taxes-makes-me-smart/507-554c5121-313c-4228-9751-53479c65176a

It does if he followed tax law. If not he needs to pay up. 

[autigeremt 6,595]

On 12/26/2022 at 8:57 AM, DKW 86 said:

I am so embittered about all this because I was with the GOP when Reagan got his tax code rewrite done in 1986. Google it.

It was to shut down loopholes etc. But by 1988 all the loopholes were back with a vengeance. It took a lot of political will to pass that and it disappeared in about 2-4 years.

Clinton Tax Bill 1993: SSDD Passed a great bill and then Congress had a fire sale writing loopholes and exemptions.

https://www.investopedia.com/terms/t/taxreformact1986.asp

More proof of what we have been screaming for years. The duopoly is a sham. 

Edited December 27, 2022 by autigeremt

[Son of A Tiger 559]

I wonder when the "good" Rev. Al Sharpton will pay his back taxes he owes😜