Donald’s taxes

[zeke4ahs]

Read a long twitter thread that suggests the end game with the financials is proof of money laundering. He was looking at one of Trump’s properties in Scotland and said there is hard to understand how the amount of money was used for anything else. I’ll see if I can find it.

 

[jsig]

Great. Another person who hates national parks, highways and the military. I’m sure we could figure out how to do all that in the free market though.

Yeh, lets not give that idea a chance. The current national govt figured it out by going trilions upon trillions of dollars in debt., plus running the health and educational systems into the ground. Then there is Fedex and UPS which are profitable businesses. How does the govt lose all this money running the USPS.

 

[mcmurtry66]

Great. Another person who hates national parks, highways and the military. I’m sure we could figure out how to do all that in the free market though.

No hate seeing our govt absolutely piss away hard earned money. Anyone “okay” with more taxes is nuts

 

[UncleMark]

Then there is Fedex and UPS which are profitable businesses. How does the govt lose all this money running the USPS.

You can't get FedEx or UPS to deliver an envelope for 50 cents or a package for $3.00.

 

[Cortez88]

No hate seeing our govt absolutely piss away hard earned money. Anyone “okay” with more taxes is nuts

Have you been to a National Park and spoken to a park ranger? Government is not inherently bad nor is all government spending pissing away money. We should call for good and effective government.

 

[mcmurtry66]

Have you been to a National Park and spoken to a park ranger? Government is not inherently bad nor is all government spending pissing away money. We should call for good and effective government.

i'm a huge fan of the national parks. my dad retired and is an avid fisherman. he spends a set amount of hours each week at national parks out west in return for lodging. our national parks are a treasure. that's one example of a three trillion dollar budget fraught with waste and dereliction. again, no one should want to pay more taxes.

 

[Cortez88]

i'm a huge fan of the national parks. my dad retired and is an avid fisherman. he spends a set amount of hours each week at national parks out west in return for lodging. our national parks are a treasure. that's one example of a three trillion dollar budget fraught with waste and dereliction. again, no one should want to pay more taxes.

The way to fix all this pissing away of money by the federal government is to have the guy who lost over $1B in ten years in private business take over the reins.

No one wants to pay taxes. Or for braces. Or iPhones. But shit cost money.

 

[Spartans9312]

The way to fix all this pissing away of money by the federal government is to have the guy who lost over $1B in ten years in private business take over the reins.

No one wants to pay taxes. Or for braces. Or iPhones. But shit cost money.

And....we waste money on to much shit

 

[mcmurtry66]

The way to fix all this pissing away of money by the federal government is to have the guy who lost over $1B in ten years in private business take over the reins.

No one wants to pay taxes. Or for braces. Or iPhones. But shit cost money.

yeah. i didn't say anything about trump. but your logic is still off. more accurate would be no one wants to pay for broken braces or broken iphones

 

[Cortez88]

yeah. i didn't say anything about trump. but your logic is still off. more accurate would be no one wants to pay for broken braces or broken iphones

And your painting with a very broad brush to say everything government does is broken. That’s simply false.

 

[mcmurtry66]

And your painting with a very broad brush to say everything government does is broken. That’s simply false.

I hope I didn’t bc if I did I certainly didn’t mean it. Our gov does endlessly wonderful, necessary things. That said they don’t need more tax money. They waste an obscene amount. They need a fleecing of everything they do to get leaner and meaner. The golden rule of budgeting and allocations is to never ask for less than the year before. The cdc in our biggest moment of need showed us just how much we’re getting out of tax dollars.

 

[Sope Creek]

I hope I didn’t bc if I did I certainly didn’t mean it. Our gov does endlessly wonderful, necessary things. That said they don’t need more tax money. They waste an obscene amount. They need a fleecing of everything they do to get leaner and meaner. The golden rule of budgeting and allocations is to never ask for less than the year before. The cdc in our biggest moment of need showed us just how much we’re getting out of tax dollars.

I agree that the government should provide good value for the tax dollars it receives. We haven't gotten that from the wars and tax cuts GOP presidents have put on the national credit card. And I'll let you explain any dollars spent by the US government at Trump properties . . . .

The CDC made some mistakes early in the coronavirus response, most notably with respect to the failure of the testing kits. But I'd take the CDC's return on our investment a thousand times before I'd take anything from the Trump family. The whole bunch has been a disaster, and everything that The Donald touches turns to crap . . .

. . . if that includes the country when all is said and done . . . .

 

[mcmurtry66]

I agree that the government should provide good value for the tax dollars it receives. We haven't gotten that from the wars and tax cuts GOP presidents have put on the national credit card. And I'll let you explain any dollars spent by the US government at Trump properties . . . .

The CDC made some mistakes early in the coronavirus response, most notably with respect to the failure of the testing kits. But I'd take the CDC's return on our investment a thousand times before I'd take anything from the Trump family. The whole bunch has been a disaster, and everything that The Donald touches turns to crap . . .

. . . if that includes the country when all is said and done . . . .

At the beginning? The cdc was still screwing up last week. And again who brought up trump? No one. The topic is taxes.

 

[Sope Creek]

At the beginning? The cdc was still screwing up last week. And again who brought up trump? No one. The topic is taxes.

You brought up spending in relation to taxes. I brought up Trump in relation to spending public monies . . .

. . . I see you have no response other than to deflect.

 

[mcmurtry66]

You brought up spending in relation to taxes. I brought up Trump in relation to spending public monies . . .

. . . I see you have no response other than to deflect.

Oh no dispute on trump pissing money away too. 100 percent true.

 

[Circlejoe]

And....we waste money on to much shit

Too.

 

[Spartans9312]

Too.

👍

 

[sglowrider]

 

[Mas-sa-suta]

This is truly awful, and the realization that he pays less in taxes than most of his working-stiff supporters should piss them off to no end. But it won't because the Trump propaganda machine will immediately spin this as a wealthy, successful businessman merely taking advantage of legal loopholes in the tax code.

You've identified what I think may be Trump's bigger legal problem - - the overvaluation of his properties in connection with loan applications and, alternately, undervaluing them to reduce his real estate taxes. He's the subject of pending criminal investigations by both the New York AG and the Manhattan DA in connection with these and other financial irregularities, and he knows better than anyone that the presidency is likely the only thing standing between him and an orange jumpsuit. That's why he'll lie, cheat, steal, defame and take a sledgehammer to American democracy in a desperate attempt to remain in power until after the Statute has run on most or all of this stuff.

TOTAL Bullshit!

His AMT Federal tax was $7,435,857.

The tax was paid IN FULL..
$7,435,107 using proceeds from credits previously applied, and $750 cash. This information was printed in the same _YT article used by fake news purveyors and their shills on internet boards to misinform readers.

And no, you aren't "better than this".

 

[Bill4411]

TOTAL Bullshit!

His AMT Federal tax was $7,435,857.

The tax was paid IN FULL..
$7,435,107 using proceeds from credits previously applied, and $750 cash. This information was printed in the same _YT article used by fake news purveyors and their shills on internet boards to misinform readers.

And no, you aren't "better than this".

Net $750.

 

[Marvin the Martian]

It might be more serious for Trump. First, in 2011 the Tax Court ruled against an NBC news anchor who tried to write off hair and makeup expenses. The court ruled this was a personal expense and could not be written off. That ruling was not the first, a similar ruling happened in 1980.

But wait, that's not all. If you subscribe now you will learn that most contracts for stars require the studios to reimburse them for their hair and makeup costs. The TV studios would have to hire union people if they provide such assistance as they once did, so they just find it easier to let the star pay and let them deal with everything.

So there is a distinct possibility that Trump took a deduction he is not at all allowed and at the same time he took a deduction for something he was reimbursed for.

Trump took $70,000 in tax deductions for hair care. Experts say that’s illegal.

Tax experts told me that deducting what is ordinarily considered a personal expense is prohibited under almost any circumstances.

www.baltimoresun.com

 

[UncleMark]

It might be more serious for Trump. First, in 2011 the Tax Court ruled against an NBC news anchor who tried to write off hair and makeup expenses. The court ruled this was a personal expense and could not be written off. That ruling was not the first, a similar ruling happened in 1980.

But wait, that's not all. If you subscribe now you will learn that most contracts for stars require the studios to reimburse them for their hair and makeup costs. The TV studios would have to hire union people if they provide such assistance as they once did, so they just find it easier to let the star pay and let them deal with everything.

So there is a distinct possibility that Trump took a deduction he is not at all allowed and at the same time he took a deduction for something he was reimbursed for.

Trump took $70,000 in tax deductions for hair care. Experts say that’s illegal.

Tax experts told me that deducting what is ordinarily considered a personal expense is prohibited under almost any circumstances.

www.baltimoresun.com

This is why IANAL. [ @Sope Creek ] When that story broke, I thought that would probably be an allowable expense, being that his image and appearance were part of what he was selling. Wouldn't a model be allowed to deduct the expenses she (or he) would have in maintaining her appearance?

 

[Marvin the Martian]

This is why IANAL. [ @Sope Creek ] When that story broke, I thought that would probably be an allowable expense, being that his image and appearance were part of what he was selling. Wouldn't a model be allowed to deduct the expenses she (or he) would have in maintaining her appearance?

Given the cases involving news anchors, I doubt it. But according to a website for peeformers https://www.backstage.com/magazine/article/dos-donts-deductions-62612/:

There are several areas that always cause substantial frustration for entertainers. These include the money they spend on hair, makeup, nails, clothing, and gym membership. In general, these are areas you should avoid when it comes to deductions, unless you can define very specifically how the expense applied to your business.

But none of that matters if he was reimbursed.

 

[UncleMark]

Given the cases involving news anchors, I doubt it. But according to a website for peeformers https://www.backstage.com/magazine/article/dos-donts-deductions-62612/:

Wait... when did we start talking about Russian taxes...

 

[Sope Creek]

This is why IANALA. [ @Sope Creek ] When that story broke, I thought that would probably be an allowable expense, being that his image and appearance were part of what he was selling. Wouldn't a model be allowed to deduct the expenses she (or he) would have in maintaining her appearance?

FIFY.

"A" is for "accountant", BTW . . . not the alternative.

Check with stoll . . . he's the resident expert on deductions . . . .

 

[MrBing]

Given the cases involving news anchors, I doubt it. But according to a website for peeformers https://www.backstage.com/magazine/article/dos-donts-deductions-62612/:

There are several areas that always cause substantial frustration for entertainers. These include the money they spend on hair, makeup, nails, clothing, and gym membership. In general, these are areas you should avoid when it comes to deductions, unless you can define very specifically how the expense applied to your business.

But none of that matters if he was reimbursed.

Peeformers! 😄

 

[hoosboot]

Given the cases involving news anchors, I doubt it. But according to a website for peeformers https://www.backstage.com/magazine/article/dos-donts-deductions-62612/:

There are several areas that always cause substantial frustration for entertainers. These include the money they spend on hair, makeup, nails, clothing, and gym membership. In general, these are areas you should avoid when it comes to deductions, unless you can define very specifically how the expense applied to your business.

But none of that matters if he was reimbursed.

My tax accountant reps a lot of actors and is pretty creative, but he says that deducting personal grooming and clothing are no-nos. The challenge for a performer is that there is typically hair and makeup staff provided on a production of any decent size, which negates the professional need for your spend. And if the production doesn't feel hair and makeup is necessary, then it negates the professional need for your spend.

 

[Bill4411]

Given the cases involving news anchors, I doubt it. But according to a website for peeformers https://www.backstage.com/magazine/article/dos-donts-deductions-62612/:

There are several areas that always cause substantial frustration for entertainers. These include the money they spend on hair, makeup, nails, clothing, and gym membership. In general, these are areas you should avoid when it comes to deductions, unless you can define very specifically how the expense applied to your business.

But none of that matters if he was reimbursed.

I’ve always been under the impression that someone like Stormy Daniels could deduct her costumes for her stage show and even her breast implants. I would think Trump’s deductions for hair would be more problematic since he could achieve a better effect with a simple toupee.

 

[hoosboot]

I’ve always been under the impression that someone like Stormy Daniels could deduct her costumes for her stage show and even her breast implants. I would think Trump’s deductions for hair would be more problematic since he could achieve a better effect with a simple toupee.

I would suspect that Stormy is an incorporated entity, so if her "company" is engaged for and produces the performance, those expenses are deductible as costs-of-business. She couldn't deduct clothing she wears outside of the performance or hair/makeup not specifically for the performance. It's the same for Trump, but does not apply for anything he does outside of performance where his business is the entity producing the performance.

 

[Bill4411]

I would suspect that Stormy is an incorporated entity, so if her "company" is engaged for and produces the performance, those expenses are deductible as costs-of-business. She couldn't deduct clothing she wears outside of the performance or hair/makeup not specifically for the performance. It's the same for Trump, but does not apply for anything he does outside of performance where his business is the entity producing the performance.

I still say a toupee would probably be a better scam,,,I mean argument for the deduction