May I recommend to the NYT the Flat Tax could solve most of these issues.
So the man is audited, and nothing is found wrong....
Our Fake Government wouldn't be able to weaponize its Fake Tax Laws if we had the Flat Tax.
This argument over “what Trump should have paid” is very easily resolved - institute a 5-10% max flat tax on all Americans. No deductions whatsoever
What are the chances corrupt Washington DC does this?
Ask me if I really GAS. You fags enjoy your copy of Trump’s tax returns your RAT leaders gave you for Festivus. I’m going to have a Merry Christmas.
The old “Show me the man, I’ll find you the crime” is proving difficult.
“Here is the man. Look at his taxes and find a crime.”
“I have looked. I have found nothing wrong.”
“Look harder. I can provide more resources. Keep looking until you find the crime.”
“I understand.”
“Do you?? Someone is going to suffer. Who that is, depends on how much you find.”
Which is why the Democrats should not have been allowed to get his tax returns.
I think all rich people are audited often. Rush was audited continuously.
I’m triggered.
Fair Tax!!
Maybe the real problem is the complexity of the tax code. But no, leave it to the MSM to conclude the problem is we aren't wasting enough tax dollars on hiring more agents to harass people about compliance to said tax code.
Kevin McCarthy, supposed (God forbid) House leader come Jan 3, sez, ““On that very first day that we’re sworn in, you’ll see that it all changes,” McCarthy said. “Because on our very first bill, we’re going to repeal 87,000 IRS agents. Our job is to work for you, not go after you.”
Later in the article there is this: The House passed the legislation Thursday, although it appears to have little prospect of passage by the Senate.
IF, big IF, McCarthy is selected as leader and they do indeed pass legislation to do away with the 87,000 agents, the above sentence will apply. The chance of the Senate passing a bill like this is slim and none. Same with most every other bill passed by the House.
Trump is a tax paying American. Congress has their taxes paid by the people.
Making more of a big deal out of nothing. The only reason for complex returns is the damn tax code. It is a creature and feature of the gooberment’s own making.
Even fuxnews smeared the returns with innuendo calling the credits and deferrals legally used by Trump’s accountants “loopholes” implying nefarious activity.
Tax avoidance is not just legal but smart and required to survive. Tax evasion is a crime. If you are a smart and good businessman you find people who can avoid and minimize taxes any way possible that is legal.
My advice to friends entering business has always been to understand the tax code as it applies to them better than the IRS and use that understanding to to their maximum advantage.
Nobody wants to understand any of this. They are filled with envy and their minds are warped because of it.
Anyone who gets an “earned income tax credit” is using a tax “loophole” to their advantage and not just avoiding taxes but taking money from others who have paid taxes. I’d call that the greatest tax evasion of them all.
Democrats truly believe that Trump's tax returns are going to have deductions for "Payment to Russian hookers for pee games" and "Bribes to Vladimir Putin" and because they don't it's only because they didn't have enough IRS agents combing through them.
House Ways and Means Committee this week as part of its oversight of the mandatory presidential audit process.
And did they check on all the millions Biden flipped around.
Only democrats have crime family’s in office.
The federal return was over 300 pages, but the California state return was nearly 400 pages, NY state return was over 300 pages, and NYC return was 350 pages. Each store was a separate corporation, requiring a federal return for each store.
Until there is a consumption tax that replaces the income tax, it will only get worse.
Here's my prediction for those new IRS agents: they'll be hired as GS-7s, at roughly $40K a year (plus benefits), hiring will be primarily based on diversity, instead of qualifications, inprocessing and training will take a minimum of six months. Their training will be conducted by IRS supervisors, who are not noted for their skill, either.
These new agents will be unleashed, not on billionaires, but on middle income taxpayers who file a Schedule C (self employment) and claim the Child Tax Credit. Why? These filers generally file their own tax returns, with many being prepared by hand.
IRS swoops in, denies a couple of deductions for expenses, which increases SE income, AND reduces the Child Tax Credit. For a couple of hours work, the IRS gets at least a few thousand back in additional taxes, makes their stats look good.
They aren't going after any returns I prepare. One individual I knew was raising quarter horses, for his retirement activity. He didn't make much money his first 3 years, claiming losses of over $100K. IRS went after him for "hobby" losses.
Over the course of 4 hours, I gave the earnest young agent a class on the economics of raising quarter horses, and the importance of demonstrating a business purpose to his expenses. End result? Every dollar claimed was allowed as a deduction, vs. a hobby loss which would have limited his losses.
The tax code has many rules and deductions available to real estate developers and investors...all legal. The numbers on Trump's returns do not surprise me at all. It's ironic that all of these congress critters complain, when they're the ones who promulgated these regulations.
I now work in the tax department of a large real estate company. These returns are the most sophisticated and complex returns I have ever seen...I'm still trying to grasp the myriad of rules pertaining to real estate development. The individual returns? LOL, I've seen some personal returns where they have over 50 K-1s from their various partnerships. We are very diligent on making sure these returns comply with the tax laws. IRS can audit us all they want, but it will be a fool's errand on their part.
Judge Learned Hand:
“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.”
Gregory v. Helvering, 69 F.2d 809, 810 (2d Cir. 1934)
“Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.”
Commissioner v. Newman, 159 F.2d 848, 851 (2d Cir. 1947) - dissenting opinion
In spite of IRS efforts in their rule writing, your account or tax lawyer still functions as your advocate and not an IRS spy.
“It’s legalized theft. The future earnings on your retirement nest egg are being sacrificed to advance a woke agenda.”
https://nypost.com/2022/12/06/team-bidens-401k-heist-could-raid-your-retirement-for-a-woke-agenda/