122

What are you talking about? Biden paid far more in taxes than Trump yet you are worried about Biden?

Hard to take you guys seriously.

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123

None. He’s a democrat. Which makes any law breaking or corruption impossible. It’s just not in their DNA. :innocent:

:joy:

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124

Cool. Cuz we’re not asking you to. BTW be sure to wish your birthing person a happy birthing person day!

125

Trump primarily wasn’t paying a lot in taxes, because he lost a ton of money and tax law allows you to carry the loss over multiple years.

126

Sure…but if the outraged were capable of hearing and retaining that fact, they would already have heard the explanation and accepted it.
Well, they have heard it…but it didn’t fit the narrative.

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127

So basically a legal tax dodge.

Allan

128

Biden paid millions in taxes with an effective rate in the 30% range.

Trump seems to have paid virtually nothing.

So yes, Biden paid closer to a fair share for sure. And he is working to raise taxes on people like himself. As opposed to giving people like himself tax cuts.

129

So he is a loser?

130

We actually don’t know that because we never saw his tax returns.

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131

Not really. Generally speaking we don’t tax losses, only profits. The idea being to help a business stay afloat should they incur a loss, not for the benefit of the owner but for the benefit of the state and the employees.

132

Then how do you know how much he paid in taxes?

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133

Wonder if any Chinese money gets declared? :thinking:

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134

We only know from that partial return - or was it a summary? that the NYT obtained.

135

Well, you knew the answer then.

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136

what was done? as far as anyone knows there were none.

137

Start with “All County Building Supply and Maintenance” and go out from there.

138

This is part of the problem we have in politics. Right and wrong is not defined why any sense of morality but by whether or not the person engaged in the act is on the same team.

139

Basically not. Loss carryforwards prevent the situation where you lose a large amount of money over a three year period and yet you have to pay taxes as if you had made a lot of money over that same period.
It prevents an unfair tax burden rather than helping people avoid fair taxes.

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[quote=“DougBH, post:139, topic:239101”]

The issue (still pending) with Trump’s claimed tax loss is how he calculated it and whether it is a valid calculation. As far as I know this is still in dispute within the IRS.

In a nutshell he made an arrangement in the Atlantic City casino bankruptcy whereby he transferred shares in a corporation holding his interests. One might think the value of shares of a bankrupt venture would be small, but Trump valued them very large (like a billion dollars) and gave them up to his creditors. Then he called this a huge loss and claimed them as an offset for the next decade.

So from the outside he borrowed a billion, the venture failed, he gave up the venture to his creditors for pennies on the dollar in real value… but somehow on paper and tax filings he lost a billion of his own dollars by giving up the failed company financed by others.

The IRS has not rejected his filings to my knowledge but they do have rules that prohibit these types of claims.

The other big hitter regarding his filings is the forgiven $50 million loan he appears to be holding on his internal books… preventing taxes on the forgiveness, but also not paying back the loan.

These two loopholes may ultimately be ruled impermissible. As might Biden’s pass through loophole.

EDIT: refreshed my memory on the casino losses and the reported details are a bit different than my summary above. But the dispute with the IRS is similar in that he claimed casino losses for giving up the company to creditors may ultimately be rejected.

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i don’t care about your fantasies. what laws were broken and who was charged?