I perfectly aware of what a write off is…per the rules, he was allowed to offset a portion of his income for 10 years following that loss, thereby getting to keep that money rather than pay the requisite taxes on it.
That being what it is, we the taxpayers basically paid him back for his poor business decisions.
Its not that hard.
He lost the money or there would have been nothing to write off.
Nope…
And then he spent the next 10 years getting it back.
Why is that part so hard for you to grasp?
Well, I’m sure that that Sneaky person wouldn’t appreciate being dismissed as nobody.
You’re normally much kinder and more considerate than that.
It boils down to the same question I have been asking for years…
How is money that is reinvested back into the company NOT income, and why should gains made that are then spent not be taxable? As they say, isn’t there a cost to doing business?
He didn’t get it back, he got to write off the loss against future income.
You really don’t understand how this works at all.
All the write off does is let you essentially adjust your income back to zero to cover the loss. You don’t gain a thing out of it.
Which has nothing to do with what’s being discussed.
If a business is reinvesting in itself that money which is spent doing so is not profit.
We tax businesses on the basis of profit, not on raw earnings.
How do you not gain anything from it?
If your income was 1000 dollars, and you get to claim you made nothing, you still made 1000 dollars. I mean really, whos fault is it you lost the 1000 dollars in the first place?
The dictionary shows otherwise.
You had to profit the money to have it to spend in the first place, didn’t you?
The money was lost, the income was-1000.00
No, it’s income.
Last time I checked, we paid INCOME taxes, not profit taxes.
Individuals pay on their total income, businesses pay on profit.
It costs actual real money to operate a business and those costs are deducted from your total income and what’s left is called profit.
You’re just proving you haven’t got the first clue what it takes to operate a business.
IIRC, trump got to write off losses that didn’t come out of his pocket. The tax law has since been changed to prevent that.
I thought corporations were people?
That aside…why does a business not have to shoulder the burden of doing business?
Well thats a good thing, I suppose.
No it doesn’t.
More to that subject…
You say that like it doesn’t take real actual money to have a place to live, gas up the car to get to work and eat. These are the exact same expenses that you advocating for businesses not to have to actually account for, but individuals should.
Makes no sense.
