To be fair he ran on the premise of a broken tax system though. That 4T dollar corporate welfare indeed will not pay itself. Will be paid by you and me. I am sure we both pay our fair share, and then some

that’s why I’m saying none of this should be surprising which is why the ones who deny these reports probably also have trump posters in their bedroom lol

You can trust me that I am not a lefty, but just how I take my work I feel accountability is important. I can’t say I am going to do something, and simultaneously not remotely attempt to accomplish that task. He also ran on the whole outsider argument, given lack of standards and accountability that is rampant in our politics, I don’t think one can argue against the idea he clearly fits right in.

This post was edited by Bazi on Sep 28 2020 08:00am

right but we do salaried work which is nearly impossible to reduce your tax burden on in a sizable manner. sure you get some deductions here and there but its not like business taxes. I’ve paid more in taxes each of the 3 tax years that Trump’s been President ($ value and %wise) mainly due to wage increases/promotions whatever. the tax cut did not help me, do i care? nah not really.

if they figure out a way to reduce carry-forward losses thats a start on cleaning up things, although i love it that some stocks i sold at a loss a few years back my accountant will remember to use them

This post was edited by excellence on Sep 28 2020 08:07am

i wonder if that has ANYTHING to do with campaign financing laws, with legalised bribes and lobbyism in washington, or if it's pure coincidence...

Income tax is payed on you guessed it income.

When Trump became president he separated himself from many of his business dealings because of conflicts of interests. By doing this, whatever cash flows or net income he was generating from business was no longer going to him but going to whatever kid/business partner/shareholder structure that was in place.

So while his assets could have appreciated in value and maybe even were generating positive net income every year, they weren't in his name, therefore his taxes would not reflect that tax obligation.

I brought up Bezos so let me just delve into a little more. Currently Amazon is worth 1.5 trillion dollars and at the end of 2019, they generated about 13.b billion in net income. Guess how much they paid in income tax last year? 165 million dollars. That's like a 1% tax rate. And guess what they owe close to a billion dollars in federal income tax which they haven't paid yet, so a company worth 1.5 TR owes a billion dollar in fed income taxes?

Many of you are just showing your ignorance on how taxation works in the United States. There's pretty much nothing controversial here. But carry on, hivemind gave you another thing to hate Trump for and you are uncritically accepting it.

Except Trump didn't do any of that. He has his assets in a revocable trust run by his kids, which is still in his name.

So he's not getting a salary from being the CEO or whatever, but he still owns his assets and it's in a trust he can draw from at any time.

So does the trust pay taxes on income or is it only paid when Trump withdraws from it?

This post was edited by Thor123422 on Sep 28 2020 08:12am

Amazon is a terrible comparison

Did trump pre Presidency employ hundreds of thousands of Americans?

Factually incorrect, if the truth is something you care about.

ayup. Trump isn’t allowed to be involved with his family company as President, and he donates his presidential salary so exactly what income is he even being taxed on? maybe he had a bake sale with Barron and Melania or something. maybe he sold some advice on how not to spraytan lmao.

which is why i mentioned the wealth tax will be put forward again. these lunatics will stop at nothing to get other people’s money!

We don’t have to, we can start a fake LLC to show losses, and continue our salaried work. Seems like everyone else does it. What’s stopping you and I?

This post was edited by Bazi on Sep 28 2020 08:13am

Name an entity trump has been apart of that to can compare to others in said billionaire class. One liner shit posts are cool