. By comparison, the bottom 90% of Americans have only 6% of their assets in unrealized capital gains.The 2017 tax bill passed signed into law by Trump allowed for a 20% deduction on certain business income that passes through partnerships, sole proprietorships and S-corporations.
This setup is most likely to help the wealthy: 61% of the benefits go to the wealthiest 1% of Americans, according to the Joint Committee on Taxation. “There’s a notion that there are lots of tips and tricks that only the wealthy can take advantage of,” De Simone said. “The provisions weren’t written to try to help the wealthy get away with things.”“You don’t have to be super-rich in order to claim a business loss," she said.The tax code allows Americans to build wealth through deferred capital gains, then pass those assets tax-free along to their heirs upon death.
‼️TRUMP'S FATHER AND GRANDFATHER: The following was announced on German television in the Markus Lanz talk show (ZDF, Sept, 30th 2020): 'TRUMP'S GRANDFATHER got rich as a PIMP IN GOLDRUSH CAMPS and his FATHER got rich using MAFIA-LIKE METHODS IN the New York REAL ESTATE world.'
trump's 'tax avoidance strategy' is outright fraud.
Abolish the IRS . Shift towards the FairTaxOfficial . Then everyone is on the same playing field and we all know and can afford to play by the rules.
Tax courts already ruled years ago that celebrities cannot claim hair and makeup expenses on their taxes, definitely not $70,000, hey realDonaldTrump go directly to jail, do not pass go, do not collect $200.
And poor ignorant Americans keep voting for Republicans who specialize in this because the Republican Party caters to their racism, misogyny, and general sense of grievance.
Poor can invest as well instead of buying every new crap that comes out.
In other words, they cheat.
How is it that Obama/Biden had 8 years to fix this, yet they didn't. Is it because they didn't want to upset all of their wealthy donors?
So we are in the everyone commits these crimes phase of his newest crimes
'BUT ITS ONLY THE RICH PEOPLE WE DONT LIKE. ALL THE RICH PEOPLE WE DO LIKE NEVER DO THIS'
Depreciating business assets is not a sophisticated avoidance strategy. Its the law.
yes
this wasn’t “sophisticated” - TrumpTaxCheat
“This country has socialism for the rich, and rugged individualism for the poor.”
This is true at every level of society. The ultra-wealthy are just enjoying scaled-up versions of scams like home owner tax exemptions.
And how does he have supporters still? How is this okay?
They also are greedy and engage in outright fraud
True, but they’re usually not the President of the United States.
flat tax.
True, 130 billionaires and Wall Street support Harris/Biden but will avoid consequences of that support. Still, top 1% of earners pay 37% of the taxes the government collects, top 10% pay more in taxes that bottom 90% and bottom 45% don't pay any income taxes.
Prudent tax strategy is always welcome
If the wealthy can pay no taxes, the American workers making under 100K should not be paying any taxes.
How much money does a person need any way? Not like they can take it with them.
Most people do that, not just rich
It all makes sense as to why he wants to be president for life. It's to avoid prosecution. As long as he's president he's covered. He has ZERO money and is spending money he's borrowed and has no means to pay it back. Wonder who he owes it all to?
Yea, like the 2017 tax/cut /con trump and Republicans rammed thru !
Trump pays millions to tax lawyers to avoid paying millions in taxes.
You want to blame the rich for loopholes created by government? Flat tax plain and simple.
Yep. Yet he's still in debt. Not very smart.
Who voted for those laws to be approved into fed tax laws....both Congressional Democrats and Republicans.
This isn’t new news people.... of course the rich do this.... all of them
Talking Points No real News
Company? Who else pays $750 and is a billionaire?
Do people really not know this? So there are people that think other people don’t try to legally reduce their tax liability?
Are u making excuses for white collar criminals Wow!
Does it make it right? Especially when hard working Americans that aren’t wealthy have to pay their fair share & probably take up the slack for ppl like trump.
this has been my point from day1. Its the tax loopholes that people dont like...not TrumpsTaxes - they just have misplaced anger
Mr Existential thread(aka donald trump) is a total failure, a crook snd a looser.
The news media writes too many 'stories' using anonymous sources and/or documents that they don't show the public. Or is it your artificial intelligence reporters that are doing it?
And who makes these tax laws?! Lawyers and corrupt politicians.
most corporations are avoiding US tax so they use Ireland as tax base Trump turbo charged the corporations by tax cuts worth trillions
and I guarantee Bette Middler and Chelsea Handler, who are bitching non stop about it (but have yet to mention the 3.5 million Hunter Biden secretly got from China) have tax attorneys doing the same thing
UST forgets that the top 1% pays 80% of the total tax revenue of the country - I would say more than their fair share ... It's not tax avoidance when tax codes are written by Congress for their explicit use.
So, , what you are saying, is that Trump didn't cheat, he uses the loopholes and breaks that our past politicians put into place. Damn, Trump is smart. Trump2020LandslideVictory
Ironically he pledged to simplify taxes down to a postcard.
whynow quitflappinyolips FakeNewsMediaClowns nobodycares Donedeal Treason indictments justlikeScotus EpsteinIsland SteeleDossier Antifa BLM Trump2020LandslideVictory
Biden helped pass these tax codes over his 47 years in politics and utilizes them himself.
FundTheIRS & audit realDonaldTrump, top 10%, & corporate tax avoiders Starbucks amazon CenturyLink JohnDeere LEVIS FedEx principal GM Halliburton OwensCorning MohawkFlooring MolsonCoors MGMResortsIntl Chevron netflix honeywell Delta RockwellCollins goodyear
Make a list of how many of them are president! Let me help, only one.
That’s what the rich pay armies of tax attorneys and accountants to do. Who wants to pay one cent more in taxes than they have to .. especially to a government that spends like a drunk on Amazon?
They, like us all, should pay their fair share in taxes. Federal taxes pay for technology; education; for medicare; social security; our vets...State taxes pay for infrastructure; roads; bridges; transportation. I am disgusted by the sheer greed of it all.
Trump can release his tax returns which would support his claims. But he won't using the IRS audit as the reason. Just like he won't provide a DNA sample to prove he is innocent of a rape charge
The lawmakers responsible for writing tax laws are those who benefit from the loopholes. They change the rules and line their pockets.
Nothing Burger
It’s called a really good expensive tax accountant. Lol!
Who writes the tax code?
Those whining the most, wrote the tax code. We all use them to our benefit. Anyone that says they dont, lies.
Except Trump went farther and started and ended businesses with the intent to scam investors, launder money and then IRS fraud so there is a difference. A criminal difference
And more political bs from usatoday Pathetic journalism.
Now will USA Today put out a list of USA owners/board members (Rich Americans), and Dems (Rich Pelosi, Biden, etc) who also paid very little tax? Trump obeyed the tax code, which means Dems can't say he did anything illegal... yet they said it... cuz they lie.
This is just in time release to affect election. That’s quite normal and IRS allow it. However, it won’t impact election as everyone in US knows the tax system.
But he’s the President of the United States
THE ENTIRE WORLD 🌎 KNEW WHAT AGENT ORANGE 45 WAS AND WHAT HE WAS ALL ABOUT BEFORE HE BECAME PRESIDENT. YET, THEY ELECT HIM TO THE HIGHEST OFFICE .NOW WHAT'S ALL THIS CRYING 😢 ABOUT WHEN HE'S BLATANTLY CONNING THE ENTIRE WORLD? 🤣🤣🤣🤣
Obviously you have never been self employed or built a company !
Like Google and Amazon
Maybe one day “the people” will get fed up with getting the short end of the straw in America. Otherwise, shit will stay the same as the rich get richer and the middle class is slowly whittled away.
All brought to you by two corrupt political parties. The tax code evolves from legislation and regulation adopted by Congress. Want to point fingers? Point to you elected representatives!
Avoidance is ok. Evasion is illegal
It is quite revealing that some of the richest Americans have pledged to charitably donate 50% of their wealth to make our lives better. Trump seems to be only focused on himself and possibly his family. This says a great deal about his values.
THE PEOPLE WITHIN THE SYSTEM WRITING THESE TAX CODE .GIVING THE WEALTHY THESE LOOPHOLES TO AVOID PAYING THERE FAIR SHARE OF TAXES IS TO BE BLAME. THE FACT MOST WEALTHY AMERICANS TAKE ADVANTAGE OF THESE TAX CODE LOOPHOLES. THEY'RE BASICALLY ON GOVERNMENT WELFARE IN SO MANY WORDS.
The principle: that real investment internally is acceptable and welcome..As for fraud or exploiting loopholes in the tax system, it is unacceptable ... especially if the system includes all segments of society without exception.
The ultra, sneaky rich when filing their taxes...
KAG2020 🇺🇸
The IRS is broken
But they’re not president.
Nothing to see here, move along now move along. Better luck with next week's bombshell revelation!
Loopholes are also referred to as legal tax strategies.
Don’t get mad at the person that takes advantage of a, quoting Elizabeth Warren, a “... broken, corrupt, and unequal system ...”, CHANGE THE SYSTEM. Both Republicans & Democrats including Warren, had their chances to change the system, but haven’t. Why, to line their pockets.
This is jail time for anybody including the President no favorites....
NOT A FAIR SYSTEM!
And poor folks vote for them...in both parties, ugh.
To Burisma and other Biden Tax & Election Cheating Scemes.
All the rich do it including the Bidens the Clintons and Obamas the Schumer's, Pelosi, Nadler, Soros, Bloomberg, Zuckerberg, Gates, Bezos and more
Who's to blame? This happend in Trump's Administration, Obama, Bush, Clinton, Bush Sr. etc., etc., Now our elected officials, regardless of parties realizes how unfair & unpatriotic it is.
No matter how you cut it or slice it. I do not believe there is another executive in the world who will deduct $70,000 of expenses for hair cut of the blond wig he has attached to his stupid head a dude called Donald.
There should be no write offs or NOL if the business isn't new, and losses reporting all the time which scrutinize gain and taxable income versus loss, obviously covid is a real problem, but are simple losses which manifested to specifically lose to pay less taxable income to
The rest of us don't have teams of accountants and lawyers to avoid anything.
Cease worshipping riches & wealth And thieves & robbers will be no more
Member when all those CEOs stepped down earlier this year?
Not the same. He actually went beyond avoidance to tax fraud, a felony. Stop normalizing and justifying this.
If you got a problem then get mad at tax code and liberal messiah Barry O bomber who signed the law that he used
You mean to tell me that Trump isn't the only person who pays as little in taxes as is legally required?
VERY SMART!
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