Posted on 10/04/2016 12:38:21 PM PDT by Sir Napsalot
GrandmaHolm missed the biggest TAX DODGERS OF THEM ALL.
THE POOR!!!
The poor pay NO TAXES. THEY NEED TO BE TAXED MUCH MORE HEAVILY!
Not every American donates their used underwear to charity and deducts the value. See JG on the dated game on youtube.
There’s no such thing as a loophole. There is the tax code. Period.
Guys, she is right.
Most libs I’ve run into don’t “look for loopholes”
they outright LIE on their returns.
Charitable donations? The MAXIMUM!
Deductions? Make ‘em up.
Have had several lib idiot brag about how much they lie on their tax forms (and have a tax agent do it for them, they claim they can get their agent to cover if they ever get audited).
Jen is right. Most don’t work within the law, most (like her) break it.
What I think is hilarious is these Democrats that seem to think Trump is sitting at his desk looking through volumes of tax law for obscure deductions. I hate to break it to them, but the only time Trump sees his tax return is when he signs it. He has a Manhattan office building or two full of accountants and tax lawyers that work on his personal taxes and taxes for all his businesses 365 days a year.
I’ve been yammering about a National Sales Tax for years——and no income tax.
I’m not too popular in some circles. :-)
.
It’s not a loophole, but a pillar of the tax code.
Every American with an accountant does. If this loss were even a gray area, we'd be hearing much more about it. It wasn't, it was a legitimate loss and deduction that has apparently survived numerous audits.
Business losses are allowed to be taken against income so businesses can survive and then so can the employees.
He took a near billion dollar loss with Atlantic cit casinos. His come back and what he achieved is amazing.
People like this author does not get the amount of money someone had to earn to bank 9-11 billion.
He between employee salaries, expenses, reinvesting in companies and such probably generated 34 billion in gross income at a bare minimum in his company.
He paid taxes, because over all these years that 960 million loss did not prevent taxation on most all of that income at all.
Bill Clinton pardoned the biggest tax cheat in American history(Marc Rich) on the last day he was President for one million dollars in cash,, the Democrats are beating a dead horse
Which conclusively proves that to Democrats April 15th is their day of national celebration.
The latter exists. They're unicorns, but they exist.
The former? LOL.
The media and the democrats deliberately and intentionally chose not to say that this was a BUSINESS income tax filing. With some businesses you can carry forward a business loss.
This does not apply to mere mortals who get a salary.
The choice of words was intentional.
Most “loopholes” are designed by the govt to drive behavior.
Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.— Judge Learned Hand
Commissioner v. Newman, 159 F2d 848 (1947)
Staggeringly idiotic
Granholm must be thinking of things like the used underwear deduction. No one in their right mind would be so venal as to take such a deduction.
Warren showed a big loss in 2014.
Every American using Tax Cut or Turbo Tax does it, as well.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.