Trump stiffs the IRS

[trochetier]

Says who? Bernie and AOC? The top 1% of taxpayers pay about 40% of federal income taxes. The top 10% pays about 70% of federal income taxes. In New York City, the top 5% of earners pays about 60% of income taxes to the city. How is this not their fair share? I suppose anyone who makes $1 more than you do should pay more taxes.

Source of your comment please!!

 

[Old Onkyo]

We are talking about what Donald Trump paid in tax’s nobody else, not the tax code or anything.

How much he pays has to do with how the rules are used against the IRS and I'm going to bet that he has some really good tax lawyers, so he's set up as some kind of entity that doesn't actually require him to be paid directly, or have much tax liability. The people who use the IRS against itself don't pay much, if at all and it takes a long time to get to the point where they're found to have skirted the tax laws. Warren Buffet has owed taxes for several years and at his level, it costs far more than what Trump would owe. Make them pay.

Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

www.huffpost.com

Al Sharpton has had his own problems with the IRS-

Fact check: Stacey Abrams paid outstanding taxes, but the Rev. Al Sharpton still owes

Financial disclosures reveal the high-profile Democrats paid off individual income taxes. We rate this claim partly false.

www.usatoday.com

The IRS would need a crystal ball to guess how people will screw the system.

A new low for you Hifi, warren buffet and al sharpton, the tax code, anything but your guy is a crook and thief. Call a spade a spade, you can still vote for him. But the mental gymnastics people of your ilk are going through to justify it is incredible.

 

[Irvrobinson]

Source of your comment please!!

The IRS:

SOI Tax Stats - Individual income tax rates and tax shares | Internal Revenue Service

Access data, articles and tables on individual income tax rates and tax shares.

www.irs.gov

And for NYC:

NYC's high-income tax habit - Empire Center for Public Policy

The highest earning one percent of New York City residents generated 43 percent of city income taxes and 51 percent of the New York State income taxes collected from individuals living in the city as of 2016, according to newly released data from the Independent Budget Office (IBO). The IBO's...

www.empirecenter.org

There have been various NYC income tax problem stories in the news lately, so I just picked one with detailed statistics at random.

 

[Old Onkyo]

Keep the main thing the main thing.

 

[GO-NAD!]

IMO, there are two root causes of the inefficiency of our tax codes. First, Congress tries to "encourage" or "discourage" certain behaviors with the tax laws, and these are often the result of intense lobbying. I've ranted about some of these problems in previous posts in other threads. The other is that we somehow think that progressive flat tax rates are a bad idea. How about no deductions, no exemptions, no differentiating between wage income and investment income, no special consideration for LLCs and S-corps, or whatever? But somehow every year the tax laws get more complicated, which makes them more subject to cheating. And in my experience it isn't just billionaires who are doing this. Millions of people cheat or stretch the law, especially in my experience a lot of small to medium business owners.

If the IRS is anything like the CRA - and I suspect it is - when it comes to audits and tax evasion investigations, they go after the low-hanging fruit, i.e. those less able to hide their assets and/or can't afford to fight it out. The wealthier you are, the more you can afford to hire good accountants and tax lawyers to hide assets or negotiate sweetheart deals with the taxman.

https://www.cbc.ca/news/politics/cra-tax-avoidance-evasion-1.4787781

 

[WookieGR]

The worse Trump gets the more his enablers double down on how great he is for being a horrible person. As long as clueless idiots support him and his web of lies the harder it will be to ever see the true America we once had.

 

[Swerd]

We are talking about what Donald Trump paid in tax’s nobody else, not the tax code or anything.

I agree with Old Onkyo.

I posted this because Trump's previously hidden tax returns clearly demonstrate his long record of dishonesty. We must not tolerate that in presidents or presidential candidates.

Mentioning Warren Buffet or Al Sharpton is irrelevant. Neither of them are presidents, nor have they run for national elected office.

Blaming this on the tax code or the IRS also misses the point. All citizens taxpayers face the same federal tax code.

But I can mention a previous president, Tricky D!ck Nixon, who was run out of office because, among other reasons, the public was angered and dismayed when his tax returns were revealed. His highly questionable deductions resulted in ZERO taxes paid.

 

[Swerd]

The Trump tax deduction that made me laugh was the $70,000 deduction for hair styling while he was on that so-called reality TV show. $70,000 for that bad looking Elvis hairdo?

Trump has long had a reputation for stiffing small contractors for work they already did. He claimed he paid them what their work was really worth, despite the written contracts with them. I think he should have applied the same "business practice" to the hair stylist.

 

[John Parks]

Opinion | How the Bidens Dodged the Payroll Tax

They used an S-corp to avoid paying more than $500,000 in levies for Medicare and ObamaCare.

www.wsj.com

 

[Swerd]

Opinion | How the Bidens Dodged the Payroll Tax

They used an S-corp to avoid paying more than $500,000 in levies for Medicare and ObamaCare.

www.wsj.com

Your opinion is noted, but it fails as a defense of Trump. Unlike Trump, Biden has released his tax returns. There is no audit or investigation on his taxes.

 

[John Parks]

BTW, this Trump tax story is something the NYT conveniently recycles for the elections:

Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found (Published 2016)

The Republican nominee reported nearly $1 billion in losses in 1995, opening the door to tax avoidance in subsequent years.

www.nytimes.com

 

[Ponzio]

BTW, this Trump tax story is something the NYT conveniently recycles for the elections:

Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found (Published 2016)

The Republican nominee reported nearly $1 billion in losses in 1995, opening the door to tax avoidance in subsequent years.

www.nytimes.com

Of course you don't want to recycle a true story ... people might get the wrong idea.

 

[its phillip]

 

[Ponzio]

Say it ain't so

 

[mtrycrafts]

...

He didn’t change his domicile from New York to Florida on a whim. He knows the United States District Court for the Southern District of New York is waiting for him to finish his term to prosecute him on various charges.

....

That is not the only reason. From what I remember, OJ moved to Florida for tax benefit reasons. So, I bet that may be another reason, more favorable tax treatment.
And, birds of a feather....

 

[mtrycrafts]

If only that were true, but more likely the worst-case scenario is that he might have to pay some back taxes and penalties. The combination could cost him millions, though I highly doubt it, but prison time is, IMO, a 1:1000 shot.

....

Al Capone comes to mind?

 

[mtrycrafts]

OK, it was late Sunday night when I saw that news report. So far, I haven't seen anything that is directly criminal about Trump's tax returns. But I also haven't seen anything that rules it out.

For what it's worth, Stormy Daniels took a lie detector test – and passed. One of Trump's previous personal attorneys, John Dowd, reportedly claimed Trump should never testify under oath. Dowd claimed he was incapable of not perjuring himself, and could "end up in an orange jump suit". When I saw the tax returns story last night, I got excited.

It takes time to find all the laundering and criminal tax evasions and he may not live that long. Perhaps his family will pay being part of the company.

 

[mtrycrafts]

How much he pays has to do with how the rules are used against the IRS and I'm going to bet that he has some really good tax lawyers, so he's set up as some kind of entity that doesn't actually require him to be paid directly, or have much tax liability. The people who use the IRS against itself don't pay much, if at all and it takes a long time to get to the point where they're found to have skirted the tax laws. Warren Buffet has owed taxes for several years and at his level, it costs far more than what Trump would owe. Make them pay.

Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

Warren Buffett's Berkshire Hathaway Owes Taxes Going Back To 2002

www.huffpost.com

Al Sharpton has had his own problems with the IRS-

Fact check: Stacey Abrams paid outstanding taxes, but the Rev. Al Sharpton still owes

Financial disclosures reveal the high-profile Democrats paid off individual income taxes. We rate this claim partly false.

www.usatoday.com

The IRS would need a crystal ball to guess how people will screw the system.

Well, Abrams didn't screw the system as that implies criminal activity.
It seems from the article that Abrams had family medical issues and needed to pay medical bills. So, IRS took a back seat on repayment . Net worth of $108k?

 

[Old Onkyo]

I'm not making excuses for anyone- wealth shouldn't absolve anyone of their tax debt. The problem is that the IRS makes it possible for the tax code to be abused.

No, the problem is Donald Trump cheated it. Hard for you to tell where the orange stops and the brown begins!

 

[highfigh]

We are talking about what Donald Trump paid in tax’s nobody else, not the tax code or anything.


A new low for you Hifi, warren buffet and al sharpton, the tax code, anything but your guy is a crook and thief. Call a spade a spade, you can still vote for him. But the mental gymnastics people of your ilk are going through to justify it is incredible.

He's not "my guy" but if he has gone fro so long without paying taxes, either he/his tax preparers/lawyers are in cahoots with someone at the IRS or somewhere higher up the food chain and in either case, someone needs to be prosecuted. If it was a favor from someone really high up, they need to be prosecuted, too.

My point in bringing up the tax code and Sharpton is that Trump isn't the first and he won't be the last to do this, if the claims are true (I haven't looked into it yet, so don't kill me before we see it all).

New low? Bite me. If you haven't thought about how taxes are avoided before dumping on someone who brings up possibilities, you're going after the wrong person. Jesus! How many times do I have to write that he needs to be prosecuted if it's proved that he broke laws? I don't care who is in that office, I want a clean government but our government is run by people who don't want that. Blame them, not me.

I don't remember seeing your age but this crap has been going on for longer than my years and I have a great memory, so I remember that a lot of corruption occurred in the early-'60s, when I was a kid. EVERY administration had bad people who skated.