Posted on 09/27/2016 3:21:20 PM PDT by Sean_Anthony
Preferably to zero. You’re a fool if you don’t.
One of the reasons I hate politics is that political people exist in a world completely divorced from the reality in which normal people live. In the fantasy world of political people, the most wonderful and high-minded thing you can do is fork over an enormous chunk of your wealth to the federal government, because this is how you keep everyone else living, breathing, fat and happy.
And in this fantasy world, anyone who would not want to do this is a greedy pig, beneath contempt and unworthy of a place in polite society.
I’m sure Trump’s wealth and income is in operating companies for each property, and not reflected in his personal income.
It would depend on where he was invested, and how he weathered the recession.
I expect most of Trump's income is from capital gains, he could have had a big net loss that even carried forward into later years.
What I do remember from the statement by his tax attorneys: Trump has been audited every year since 2002. He has completed the audit up through 2007, or perhaps 2008. There was no change to his returns -- the IRS ultimately accepted them as filed.
The remaining years are still under audit, although Trump's attorneys note that some of the outstanding issues were challenged by the IRS in earlier years, and ultimately accepted. So, it's just a matter of clearing up the remaining issues.
Everyone is free to send in more than the amt required. So few do. Why do even libs not make extra donations?
Which is why the Clintons have their “foundations”
Donors get tax breaks
Clintons get tax breaks,
And they get to live high on the hog, courtesy of “expenses”.
The Clintons have never paid their “fair share”
Exactly. Only suckers pay extra taxes.
“Earth to Democrats/media: All smart people try to minimize their tax liability “
1. Depreciation - this is a NON-CASH deduction against taxable income. It is fully legal, and the IRS has specific tables for each type of property.
2. You have other (i.e. cash) expenses like mortgage interest, property taxes, insurance, repairs & maintenance, salaries, utilities, etc., etc.
3. You can tune the amount of taxable income you have by deciding how much you want to borrow - as your equity increases by paying down your mortgage over time, plus normal appreciation of a few percent/year, you can pull money out (tax-free, I might add) by borrowing against that increased equity. You not only have cash to buy more properties, but you also have a higher amount of interest to pay (and, thus, to deduct).
4. You can also effectively sell your properties, for a large gain, and pay no tax if you do a Section 1031 exchange (exchange your property for something of like-kind, all within the approved time-frame). If you buy a more expensive piece of property, you now also increase your depreciation expense. If you had a lot of equity in the old property, then borrowing against the equity of the new one (as in #3, above) gives you the same result.
This is not rocket science, it is pretty basic for anyone who has invested in real estate. Trump certainly learned about it from his father, and got yet another lesson in it while earning his MBA (in real estate) at the Wharton School of Business in the late ‘60s. You don’t need brilliance, just a couple of good deals to really get going, plus lots of patience. You may not reach his level of wealth, but he also took a lot of chances that he didn’t NEED to take in order to be very well-off...but, then again, he’s a go-getter who isn’t satisfied doing something very mechanical that doesn’t challenge his mind.
What I found interesting is the moral outrage she exhibited that he might have paid little to no taxes (which all of us would do if we could), but she (and liberals) have no moral indignation when it comes to abortion!
Since Trump’s parents evidently did not make sure that Trump was taught the federal goverments constitutionally limited powers, particularly Congress’s limited power to approprate taxes, this limited power clarified by a previous generation of state sovereignty-respecting justices, then Trump is probably unaware of the following tax situation.
Trump probably doesn’t know that he, and his likewise Constitution-impaired rich friends, along with all tax-paying citizens, have been paying unconstitutional federal taxes imo.
More specifically, even Trump has been paying taxes which the corrupt, post-17th Amendment ratification Congress has been spending on many things that Congress cannot justify under its constitutional, Article I, Section 8-limited powers.
The justices put it this way.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
Did Trump mention in the debate that the feds sometimes pay way for than retail for some things? If such is the case, then not only are the feds paying too much for things, but they probably cannot justify buying such things under Section 8 in the first place.
Are we having fun yet?
What a mess! :^P
Trump supporters need to get him up to speed on the federal government’s constitutionally limited powers, especially Congress’s limited power to appropriate taxes.
Oh, I almost forgot - owning your own company is also a big help.
You can legally pay a lot of personal expenses through the company, so you don’t need as much salary. Things like medical and transportation are easy. So are meals. So is a nice pension/profit-sharing program, if you’re so inclined.
But the biggest impact on personal income is by conducting business as a “C” corporation - i.e. a regular corporation like Exxon or AT&T. The company pays tax on its income, and you only pay tax on what you take out of it in the form of compensation or dividends (and YOU decide what that amount is). This is particularly advantageous right now, when the top corporate rate is 35% (on TAXABLE income - see my earlier post on manipulating that number) vs. 39.6% on personal income.
Need more money? OK, just borrow it from your corporation. So long as you adhere to a repayment schedule (that YOU decide upon), and pay the IRS-approved level of interest (to your own company), that can’t be challenged. Need to borrow $10 million, and your company has $50 million in the bank? OK, sign a piece of paper that your lawyer draws up, write a check, sign it, and deposit it. Easy money (once it has be earned).
The idiocy and ignorance of the Left when it comes to the simplest of business matters is stunning. Everything that I mentioned in this and my prior post is 100% legal, and done ALL THE TIME by millions of people - yet most of the Left and the media (but I repeat myself) haven’t a clue about it. Frankly, they’re too stupid to have power.
Does Hillary pay more in taxes than she legally owes? She even deducted used underwear back in the day, and there’s this small matter of the Clinton Foundation. Donating to your own charity so as to reduce your tax burden hardly sounds like someone who wants to pay more than her “fair share” of taxes.
I haven’t heard any talk about Bill and Hill’s tax returns. What did they put under “Bribes and Payoffs”?
It is the Democrat's foundational premise that the money belongs to the government instead of the individual who made it.
Funny thing is, all the Democrats do everything *they* can to avoid taxes too. They are just hypocrites.
She sounded like she really knows what’s in Trumps IRS returns as though someone sent them to her...
It’s astounding that libs are so upset that Trump didn’t pay income tax - half the families in this country pay no income tax and that’s considered perfectly fine - in fact, libs would increase that number if they could at the expense of those “rich” people whom they would like to see pay more and more - that they’re so upset about a rich person escaping the punishment they would like to visit on him for being more accomplished and successful than they are only confirms the envy and resentment which really drives their push to “help the poor”.....
They already now that because that is what they do.
LOL! I was looking through the thread to see if anyone had mentioned that yet.
Trump should bring it up the next time she says anything about his taxes ;-)
Clinton’s tax returns for 2007 burned up. They were in Indiana. BJ was there. An arsonist was seen running away, with the fire starting from the soaking of the papers that were the returns.
I wonder if IRS employees ever wonder what would happen to them in the 2nd American Civil War. With today’s technology and hacking they would be totally exposed. They would all have to move into federal compounds in order to stay alive. I doubt that even that would help.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.