Posted on 03/08/2016 11:54:52 AM PST by GIdget2004
annual income of $500,000 or less does not equal a measure of wealth.
I know millionaires who pay literally no income tax. Munis baby...
Simple minded BS. These sick people are really reaching. They live in la la land.
Trump for President.
CPA’s preparing tax returns automatically take every deduction possible.
Looks like when he bought politicians, he got his money’s worth!
Sounds like something Charlie Rangel would do.
Not unusual. He owns tremendous wealth outright; that doesn’t mean his INCOME is high. There are a number of major CEOs (Steve Jobs a prime example) who have/had an annual income of literally $1. Route your income into un- & delayed-tax forms (401k, stocks & options, etc) and merge life with business (expensive dinner out? fancy car? home doubling as conference center? business expenses). Also consider bulk & pre-paid discounts (oil changes for life? yeah, that’ll be 75% off, sir) to reduce long-term predictable expenses. Or just turn every expense into a business (oil changes for life? how about I just _buy_ the oil change franchise, run it at a profit, and pay nothing of my own to get my oil changed?).
You don’t need much of an income if you own everything you have, don’t need more, and can write most of your costs off as business expenses or even turn it into a profitable business venture.
That’s one of the perverse aspects of “soak the rich”: the _really_ rich know how to drive their income to near $0, if they haven’t done so already. Steve Jobs and George Bush live[d] rather humble lives, their homes about 4000 sq ft on modest properties and living simply therein (Steve was often seen thru the kitchen window washing dishes by hand).
Trump might very well be worried at public reaction when everyone discovers his income is no larger than the guy in the McMansion nearby.
His company provides it as a perk, it doesn't count as income.
It could be the income he claims AFTER all his other expenses are paid.
Most of his income would be within corporations where it is offset by lots of business expenses. He may allow very little income to reach him but his companies and properties would pay all kind of taxes.
As to the statement that most billionaires wouldn’t take the tiny deduction, how many billionaires do they have, did they search all their tax records, and what’s wrong with taking a legal deduction?
Isn’t the game plan with taxes and the IRS to show as little profit and total worth as possible? Everyone I know that has a business does everything they can to NOT pay more in taxes.
He’s a scot! LOL!
Assets are what counts.
"Basic STAR: Beginning July 1, 2011, the total combined household income must be $500,000 or less. Previously, there was no income limit."
He probably got the exemption years ago and the assessor's dept just never caught up with him to submit a tax return to show income.
And I doubt he knew about it or noticed either.
Simple bureaucratic error IMO.
Go take a look at last months Forbes magazine. They show all of his holdings, including mortgages. Trump is richer than shiite : )
Company probably owns it.
http://www.trump.com/real-estate-portfolio/
http://www.trump.com/hotel-collection/
http://www.trump.com/golf/
And don't forget - Trump hates the current system. That's why he is running for president. He is committed to changing the system. Trump really wants to change the system he has been using so that he can pay more in taxes. Count on it.
That's what the man says.
Possible.
I guess in the many many audits.. (we still do now know for sure how many ) this was never found. Mable he only gets audited by the feds..
Wow. People don’t get it.
Wealthy people put their assets in LLCs and NOT in their own name.
From the article:
“By the way, the city finance department checks with New York state tax authorities every year to make sure applicants for the STAR benefit have income under $500,000.”
Not a “simple bureaucratic error”.
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.