RATS don't know the difference tween Avoidance and EVASION!!!
Posted on 09/28/2020 8:17:43 AM PDT by bitt
Washington is a cesspool of waste, fraud, and abuse.
All taxpayers, to avoid having their income squandered in D.C., should go above and beyond the call of duty to minimize the amount they send to the IRS.
Which is why today’s column is a bipartisan love fest for Donald Trump and Joe Biden – both of whom have been very aggressive in limiting their tax liabilities.
Here are some details from the report in the New York Times about Trump’s leaked tax returns.
Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750. He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made. …His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. …They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. …Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year. …Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.
(Excerpt) Read more at danieljmitchell.wordpress.com ...
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It’s not just $750. It is more than a million, per the NYT itself. Check the source again.
RATS don't know the difference tween Avoidance and EVASION!!!
Every company I’ve ever worked for bought equipment and vehicles at the end of the year to lower their tax burden. It’s completely normal.
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