Posted on 10/04/2016 12:12:46 PM PDT by Sean_Anthony
There's no such thing as a tax loophole
I’ve argued, on several occasions that there’s no such thing as a tax loophole. It simply doesn’t exist. There’s the tax code as written. That’s it. Nothing more, nothing less.
The term “tax loophole” is a loaded term used by liberals who want to imply that someone has committed the crime of tax evasion when they haven’t. What they’re really doing is attacking successful people for being smart enough to know the tax laws and follow them.
I’ve been explaining this to people until I’m blue in the face. They liken it to people gaming the welfare system.
There is not a company I’ve worked for, or prepared a corporate tax return for, that has not used an NOL at some point in their cycle. NOL’s and the laws around them (2 back 20 forward) have been around for decades.
This has backfired on the leftists. It was an intended smear that got wiped away like bird dookie on a windshield. Trump looks so good on this . First it was legal and second he came back from a loss 21 years ago. What a fighter. But something is being missed. The Clinton’s live off of salaries and “ reimbursements” in a NON PROFIT 501C3!! It is common knowledge that notwithstanding only 5% of the money goes to anything close to what it is supposed to, 95% of the hundreds of millions from foreign governments seeking favors goes to the Clinton pockets. How else did the amass a 300 million dollar estate from “dead broke”? That is not only illegal per se but it is a TAX FRAUD!! NO TAXES— on those millions? That is cheating the poor of their fair share!! Where in Jake Tapper and the New York Slimes on that?
This is a fake scandal. They don’t know what Trump did. They only know what the law allows him to do, and have assumed that he probably did what anyone would do. They are pretending to be scandalized that he probably did what anyone would do, because thats what the law says you should do.
No one is interested in knowing that every other company, every other individual does exactly the same thing in the same situation. The numbers may be different, your loss may be $10,000, but the procedure you follow is the same.
The Noise Machine is in high gear. We are led to believe its working, because the polling companies are cranking out new polls in high gear to prove its working. They are not interested that the Clintons shelter their considerable wealth in a fake foundation, or that they evidently embezzle money by the billions.
I remember when the Democrats decided to replace Howard Dean with Kerry, even though Dean was winning and had an extremely energetic following, similar to Bernie’s. They had nothing to justify dropping him, so they seized upon the “scream”, where he let out an exuberant whoop as he was celebrating with his followers who were as excited as he was. The press used that, and pounded on that, as being evidence he was crazy, and while you would think no one would believe that it was all they needed to do what they had already decided to do. Like mind-dead robots, the public accepted it as true and Dean was gone. Poof. Gone.
So, never underestimate the power of the press to control idiot minds. And to cover up skulduggery by the DNC.
Since Saturday, things have been braking Trump’s way. It may take till Thursday to see it however. We still have beyond an eternity to go.
Just ask people how they prepare their own taxes. Do they try to pay as little as possible? An honest person would say yes.
The Clintons (who deducted the donation of used underwear) and virtually every other taxpayer takes advantage of every deduction to offset their taxes. Trump’s was almost $1 blliion because he was a major-league developer who incurred major-league losses. But in no way does not make him immoral while the millions of others who availed themselves of the same relief are virtuous. Who should care how much he saved in taxes? He obeyed the existing law,
Unfortunately it’s making an impact on the Sheeple ...all I’m hearing at top of the hour news on the radio, all tv news outlets have been banned in my house, have been vicious and gleefully attacks on trump and his deceiving act not paying his taxes while all Americans have to pay......I KID YOU NOT!! I’m still waiting for the backlash from the American people and perhaps a few honest reporters can take a stand and speak out against this crime!!
There are tax lawyers. There are tax laws. There are ways to maximise your return based on the tax laws, within the boundaries of the law, in any civilised country. He did nothing wrong, and yet the media will attempt to spin this as wrongdoing. Something so mundane, any business will utilise accountants and tax lawyers to ensure they don’t break the law.
And yet, it is spun as if he’s some form of crook, by operating within normal circumstances. Unreal.
I’ve been doing taxes for almost 30 years. An honest person will tell you they CHEAT on their taxes.........
"What they’re really doing is attacking successful people for being smart enough to know the tax laws and follow them."
FR: Never Accept the Premise of Your Opponent’s Argument
Note that while I agree with Mr. Laurie’s statement about following tax laws in principle, it ignores that rich people are probably bribing lawmakers to put loopholes which favor the rich into tax appropriations bills, many such bills actually based on stolen state powers.
Otherwise, although successful people might be smart enough to know MOST of the tax laws and follow them, the one official statement that they’ve evidently overlooked which would likely make a HUGE difference in the taxes that they and everybody else pays is shown below.
The statement by a previous generation of state sovereignty-respecting justices clarifies that Congress is prohibited from appropriating taxes in the name of state power issues, essentially any issue which Congress cannot justify under its constitutional Article I, Section 8-limited powers.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
Noting that the Gibbons excerpt is also shown below, please consider the following material from related threads.
Once again, it’s time for "Federal Government Annual Budget 101,” the constitutionally limited power federal government's annual budget as the Founding States had likely intended for the budget to be understood.
Note that a previous generation of state sovereignty-respecting justices had clarified that Congress is prohibited from appropriating taxes in the name of state power issues, essentially any issue that Congress cannot justify under its constitutional Article I, Section 8-limited powers. This is evidenced by the excerpt below.
"Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
In fact, based on the Court’s statement above, here is a rough estimate of how much taxpayers should be paying Congress annually to perform its Section 8-limited power duties.
Given that the plurality of clauses in Section 8 deal with defense, and given that the Department of Defense budget for 2015 was $500+ billion, I will generously round up the $500+ billion figure to $1 trillion (but probably much less) as the annual price tag of the federal government to the taxpayers.
In other words, the corrupt media, including Obama guard dog Fx Noise, should not be reporting multi-trillion dollar annual federal budgets without mentioning the Supreme Court’s clarification of Congress’s limited power to appropriate taxes in budget discussions.
In fact, Constitution-savvy patriots need to get constitutionally low-information Trump up to speed with the idea that much of the federal taxes that he and his rich friends have always been paying are unconstitutional.
Remember in November !
When patriots elect Trump / Pence they also need to elect a new, state sovereignty-respecting Congress that will work within its Section 8-limited powers to support the new president, including putting a stop to unconstitutional federal taxes and unconstitutional interference in state affairs.
Also consider that such a Congress would probably be willing to fire state sovereignty-ignoring activist justices.
And one of the most common cheats is dual use property. The company car that you claim you never use for personal use. The printer that you use at home for a small business is probably more personal use than business use.
And what did the Clinton’s do on their taxes? The shifted the server costs to offset the taxable income of Bill Clinton and away from the non-taxable Clinton foundation. They have no shame.
Bi-polar?
I did a NOL myself, for the first time, last year. Doesn't require "genius".
Basic addition and subtraction. Add income, subtract expenses, is the result positive (income) or negative (loss).
Duh. Granted, the form is a PITA, but the reason for using it is a no brainer.
I've heard the commies harp on this as a "credit" for Trump, or even a "bank account" from which he can "avoid" paying taxes.
Total B.S.. Note the process begins with a LOSS.
So, in layman's terms, if you get laid off from work and don't have any income, do you pay income taxes anyway? That's basically what's being asked for here.
Businesses have good times and bad times, yet the tax forms are to be filed annually. You do not wait until you incur a tax liability before filing forms. If you're negative at the last day of your fiscal year, it's negative.
If you don't want businesses to be able to deduct expenses, they would basically have to shut their doors as soon as they have a loss.
Government types can't comprehend this because they feed off a pool of tax money.
Trump could take advantage of this by saying "See, H is gov 30 years and still doesn't know how taxes work.
There is actually not much hope for the majority of the population to understand this because 99% of the public think it's a good thing to get a refund at the end of the year. No comprehension of the difference between withholding and taxes.
bkmk
Joe Walsh Talk Radio Chicago is talking now about how none of the Republican leaders have been at any rallys with Donald Trump, and That Trump in on his own against Hillary and top Democrat leaders who have been on the road with her.
Joe Walsh just said that we need to remember that if he loses to Hillary that when Donald Trump needing the backing of the GOP, they never showed up for him.
Listen to the Joe Walsh Show, heard each weekday evening in Chicago from 5-7pmCT / 6-8pm ET by clicking here. You can download the AM 560 mobile app for iPhon
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I’m floored...
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