Discussion in 'Politics and Religion' started by Dback Jon, Oct 31, 2016.
That's just stunning. An average of $100,000,000 in losses per year. Or $274,000 per day, every day for 10 years. How do you do that?
They take advantage of the tax laws that Congress have written. They do not write these laws for you and I, but for the rich.
This is why the tax code is 20,000 pages.
Majority are likely paper losses, which means he actually pocketed much more in true cash that was never taxed.
Say it works like this (a very simple example):
Drumpf pays himself $10 million in salary from his companies in a given year.
Then, Drumpf takes distributions from those companies for another $5 million.
Then, he reports K-1 income of negative $30 million and other schedule losses.
His reported income would be negative -$15 million.
He pays little to no tax despite receiving true cash of +$15 million.
This actually helps the common man also. Some years ago, I had a real estate investment that was independent of my contracting business that went south on me. All my income is pass through to me personally so I had a loss that I was able to apply to whatever source of income I had. The reduced taxes I paid helped me recover from prior losses.
That is not the same as gaming the system
I feel confident that other successful real estate developers will come to his defense, all confirming that they did exactly the same thing.
Here they come..... any minute now...... aaaaaannnnnnnnnyyyyyyyy minute...... tick-tock tick-tock tick-tock....
BREAKING: Trump Org. Officially Moving Company headquarters to Moscow, Russia.
With a second, subsidiary hq in Pyongyang....
Subpoena issued for tax returns.
Not that I'm wild about perpetuating a Native American stereotype, but I found this funny. Bill Maher gives Trump a nickname for Elizabeth Warren to use for Trump.
Separate names with a comma.