Skip to content
 
If you can read this, either the style sheet didn't load or you have an older browser that doesn't support style sheets. Try clearing your browser cache and refreshing the page.

(Forbes)   A peasant's guide to Trump's Tax returns by a Tax attorney. TL/DR: Yes some of what his did is very shady, but what's REALLY crooked is the incredible extent to which rich people and corporations have set up the tax code to their own advantage   (forbes.com) divider line
    More: Murica, Tax, Taxation in the United States, Taxation, President Trump's tax returns, Tax refund, tax return, Former IRS Commissioner Koskinen, New York Times  
•       •       •

1337 clicks; posted to Politics » on 28 Sep 2020 at 11:25 AM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



89 Comments     (+0 »)
 
View Voting Results: Smartest and Funniest


Oldest | « | 1 | 2 | » | Newest | Show all

 
2020-09-28 9:52:29 AM  
Blame the system.
 
2020-09-28 10:15:27 AM  

Marcus Aurelius: Blame the system.


Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.
 
2020-09-28 10:34:50 AM  
We know.

Let me tell you, under rich guy rules, I could probably have $50 million to my name.
 
2020-09-28 10:41:35 AM  

Magorn: Marcus Aurelius: Blame the system.

Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.


Point of order: you're right, but don't focus on their market cap.  That's just looking at what people think Amazon is worth.  Amazon doesn't have that money sitting in the bank and they collected a tiny.portion of it.

Focus on profit or even revenue. Focus on the state and local income taxes they now collect that they didn't before (assuming you're on the other side and think they already 'pay' taxes), but market cap is a craptastic way to determine what taxes a company should pay.
 
2020-09-28 10:42:04 AM  
I keep telling people:  I WISH I could file my taxes the same way these corporations do.  You know, the ones that whine about a 30+% tax rate?  I wish I could file my taxes like they do.  Corporations don't pay taxes on 'revenue'...

That's what most people don't get about corporate taxes.  They don't pay taxes on 'revenue'...only on 'profit'.  They get to deduct EVERY cost of doing business.  Rent, office supplies, chairs, food, advertising, ANYTHING related to the cost of doing business is tax free.

I would HAPPILY pay the full corporate tax rate if I could deduct all my 'expenses' before paying taxes.
 
2020-09-28 10:52:37 AM  
external-content.duckduckgo.comView Full Size
 
2020-09-28 11:10:47 AM  
Well if I didn't get that ROI on my lobbying and influence-peddling efforts, I wouldn't be a very good businessman now would I?

/lights cigar with benjamin
 
2020-09-28 11:25:13 AM  

Marcus Aurelius: Blame the system.


it is almost like everyone in government on both sides of the aisle have one thing in common.
 
2020-09-28 11:27:02 AM  
The issue before us is not the tax code is really complicated. It is not that all rich people do this. It is not that corporations don't pay their fair share, or that Trump's accountant should be in jail, or the IRS should have moved on this faster. All this is true, but it's just spin, to make you look away from the little shiatweasel behind the curtain.

The issue right here, right now, is that the man who is the president and wants to be president again is a liar, a cheat, a fraud, a thief and a crook; the evidence is before us; and THAT is all we should be talking about.
 
2020-09-28 11:28:09 AM  
bUt tHe rIcH pAy mOrE iN iNcOmE tAx!
 
2020-09-28 11:28:28 AM  

enry: Magorn: Marcus Aurelius: Blame the system.

Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.

Point of order: you're right, but don't focus on their market cap.  That's just looking at what people think Amazon is worth.  Amazon doesn't have that money sitting in the bank and they collected a tiny.portion of it.

Focus on profit or even revenue. Focus on the state and local income taxes they now collect that they didn't before (assuming you're on the other side and think they already 'pay' taxes), but market cap is a craptastic way to determine what taxes a company should pay.


Perhaps a 1% federal SALES tax. . .
 
2020-09-28 11:29:17 AM  
Seriously?  How is this news to anyone with more than 2 brain cells?

Rich people game the system to avoid paying taxes?  The hell you say!

Next thing you'll tell me they offshore money in tax havens and never get nailed for it.  Meanwhile if you or me make a simple error in filing we get embroiled in a world of shiat.
 
2020-09-28 11:30:20 AM  
Yeah, blame the system, especially since he's hiding his tax returns like they are murder weapons. If he was abusing the rules of the system, he'd show them off like the 2016 electoral vote count. He was hoping to ride the clock out past Election Day since he knows he will never be impeached in the Senate.
 
2020-09-28 11:31:02 AM  
And lest anyone forgets, he advocated for and made sure to minimize any estate taxes his kids may incur (assuming he's not actually broke).
 
2020-09-28 11:31:07 AM  
If only there was someone running for office who has been a part of writing those tax laws for years who I could vote against in the coming election.
 
2020-09-28 11:31:28 AM  
A capitalist system should tax capital not labor, because capital is receiving the benefits of government.

The fact that we even have an income tax, or corporate income taxes in a system that is supposed to be a free market of some sort is an extreme perversion.

Companies and people should be paying taxes based on their net worth. Are you worth $100B dollars? Congrats you are paying $2B per year. When you sell a company for $50B that you claimed was worth $20B for years, you have to pay all the back taxes and interest, and penalties as part of the transaction. Etc etc
 
2020-09-28 11:32:17 AM  

The Perineum Falcon: enry: Magorn: Marcus Aurelius: Blame the system.

Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.

Point of order: you're right, but don't focus on their market cap.  That's just looking at what people think Amazon is worth.  Amazon doesn't have that money sitting in the bank and they collected a tiny.portion of it.

Focus on profit or even revenue. Focus on the state and local income taxes they now collect that they didn't before (assuming you're on the other side and think they already 'pay' taxes), but market cap is a craptastic way to determine what taxes a company should pay.

Perhaps a 1% federal SALES tax. . .


Regressive taxes are not the correct answer.
 
2020-09-28 11:35:05 AM  

Avigdore: If only there was someone running for office who has been a part of writing those tax laws for years who I could vote against in the coming election.


Is that the same guy who is currently running on raising taxes for anyone making over 400k?  How does that compare to the current tax cheat in office?
 
2020-09-28 11:36:32 AM  

Gyrfalcon: The issue before us is not the tax code is really complicated. It is not that all rich people do this. It is not that corporations don't pay their fair share, or that Trump's accountant should be in jail, or the IRS should have moved on this faster. All this is true, but it's just spin, to make you look away from the little shiatweasel behind the curtain.

The issue right here, right now, is that the man who is the president and wants to be president again is a liar, a cheat, a fraud, a thief and a crook; the evidence is before us; and THAT is all we should be talking about.


This.

Trump and Moscow Mitch have been able to get one obscene tax cut for billionaires passed and are chomping at the bit to get another passed.

Step number one is, GET THOSE MOTHERFARKERS THE HELL OUT OF POWER!!!!!

Then we can start working on the rest.
 
2020-09-28 11:38:21 AM  
I watched The Dark Knight Rises this weekend. I hadn't seen it since it came out, so I was curious to see how it would hit me years later.

A surprising number of quotes from the movie are remarkably prescient today.

"I take what I need from those who have more than enough."
"So, Robin Hood?"
"I think do more good for society than anyone else in this room."

"A storm's coming, Mr. Wayne. You and your rich friends better batten down the hatches, because someday soon you're going to wonder how you lived so large and left so little for the rest of us."

"This is a stock exchange. There isn't any money for you to steal."
"Really? Then why are you here?"

"It's not much, but it's better than what you have now."
"They're letting me keep the house, actually."
"So the rich don't even go broke like the rest of us do, huh?"
 
2020-09-28 11:38:27 AM  
"Shady, but not illegal! Shady is just another word for shrewd or clever!"

/papermate, libbys-libbys-libbys on the label-label-label
 
2020-09-28 11:39:32 AM  

APO_Buddha: [external-content.duckduckgo.com image 792x1032]


And on that day, the rich will pay 30% of us to eat the rest of us, and another 30% to tell every left alive that we should blame ourselves for letting the cannibals get out of control.
 
2020-09-28 11:40:15 AM  
Address capital gains.

One of the biggest farkings is where a corporation (or just a rich person) owns a profit-making asset (like a single business). They make it look like there's no net profit so they don't pay income tax on revenues. This goes on for ten years.

Then they sell that asset for many times over what they paid. The whole time they've been claiming they haven't been making a profit, the asset has been gaining value. When they sell it, they do pay taxes on the gains. But they likely balance those profits out with other losses.

One other approach is to make all costs of living deductible. Rent should be deductible. Money spent on food. All sorts of other things.

Or just scrap all deductions, lower the tax rates a bunch, and enforce those rates fully.
 
2020-09-28 11:43:02 AM  
Fark user imageView Full Size
 
2020-09-28 11:44:00 AM  

chucknasty: Marcus Aurelius: Blame the system.

it is almost like everyone in government on both sides of the aisle have one thing in common.


Maybe one day they'll figure out the lies told to us during the Red Scares 1 and 2 and the Cold War about socialism and capitalism.

England just banned the education of socialism from schools. Why? What is so terrifying about it that politicians and bankers piss their pants at the mere mention of it? Why are socialist leaders overthrown violently and countries undermined viciously that trend that direction?

And why do people keep warming to it if it is so bad? How did socialism become anti-American?
 
2020-09-28 11:44:19 AM  

dark brew: The Perineum Falcon: enry: Magorn: Marcus Aurelius: Blame the system.

Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.

Point of order: you're right, but don't focus on their market cap.  That's just looking at what people think Amazon is worth.  Amazon doesn't have that money sitting in the bank and they collected a tiny.portion of it.

Focus on profit or even revenue. Focus on the state and local income taxes they now collect that they didn't before (assuming you're on the other side and think they already 'pay' taxes), but market cap is a craptastic way to determine what taxes a company should pay.

Perhaps a 1% federal SALES tax. . .

Regressive taxes are not the correct answer.


Yeah, no shiat. Having more money than you spend is what being rich is. Sales taxes put the burden on people who spend every dollar they get.
 
2020-09-28 11:44:32 AM  

A Cave Geek: I keep telling people:  I WISH I could file my taxes the same way these corporations do.  You know, the ones that whine about a 30+% tax rate?  I wish I could file my taxes like they do.  Corporations don't pay taxes on 'revenue'...

That's what most people don't get about corporate taxes.  They don't pay taxes on 'revenue'...only on 'profit'.  They get to deduct EVERY cost of doing business.  Rent, office supplies, chairs, food, advertising, ANYTHING related to the cost of doing business is tax free.

I would HAPPILY pay the full corporate tax rate if I could deduct all my 'expenses' before paying taxes.



Thanks to the Trump Tax Break, my tax rate went down a couple of percent. But I lost all my itemized deductions (and I don't take many - zero business expenses), so the amount I paid went up a few thousand dollars. So yeah, the deductions that large corporations are taking is obscene.

Want to pay for single payer health care? There's enough money out there to do it, all you have to do is make one segment pay their fair share.
 
2020-09-28 11:45:17 AM  
his did

Yup.  Monday.
 
2020-09-28 11:46:53 AM  
Apparently everyone missed the article on here that pointed out that the rich on average pay waaaaay more in taxes than Trump did, even when he paid. Sure, the rich find loopholes and shelters, but this claim is whataboutism at its finest, because in average, they still pay in the millions. Fix Trump now, worry about tax shelters later.

Between the writing off veterans, the downplaying the Coronavirus, and this, Donnie has had a horrible 6 weeks or so, and I think it's eroding his base nicely.
 
2020-09-28 11:49:06 AM  

Fart_Machine: bUt tHe rIcH pAy mOrE iN iNcOmE tAx!


The funny thing is, they DON'T really.  The 1% control about 37% of all income in the US and pay ~37% of income taxes.  Nice and fair right?

Not really for two reasons

1) The folks at that end of the Tax bracket receive all sorts of money that isn't technically "income".  Since they only need a fraction of their paychecks for basic necessities, they can play all sorts of games with "deferred compensation" "carryover interest" stock options etc etc to avoid paying "income" taxes on money coming In to them.  Instead, if it's taxed at all it's at the "capital gains" (which is just a fancy name for income) rate which is much lower.

2) But even if they were paying on every penny that STILL wouldn't be fair because of a concept called "the Marginal Cost of Money" which is to day, How "expensive" it is to come up with a certain sum of money for you.  and of course the less you have, the more that same amount "costs"

For example: Your car needs a $400 repair.  What does that mean to you?   IF you are making $10/hr that's an entire week's work before taxes, and probably is unobtainable for you or represents financial ruin.  You'll have to be late on your rent, or avoid buying groceries, or not see the doctor, etc etc

Now, for the guy making $50/hr it's just a day's pay, inconvenient but likely no more than that.

to the guy Making $100/hr it's the same as dropping $20 at the McDonald Drive through

and to the millionaire making $1,000 it wouldn;t even register

same thing with say, a 10% flat tax that conservatives love to tout

to $10/hr guy  $2,000 is a HUGE sum of money and probably repsents all his discretionary income he could use to get out of his poverty

to $100/hr guy $20,000 is leasing the Mercedes AND the BMW or settling for just one

and $1000/hr guy may be forking over $200K but he has the $1.8 million left to dry his tears

now, the guy making 200K, would he really feel the bit if HIS tax rate was 11% and the $22K he paid allowed us to remove Mr $20K a year entirely from the tax rolls?

How about Mr. Millionare?  If he paid 15% and his $300K let us remove FIFTY low-income earners from the roles and gave them that $2k back, would it significantly crimp  his style living on 1.7 million a year as opposed to $1.8?

That's SUPPOSEDLY the system we have, a "Progressive Income Tax System"   but the righ have played so many games with it , we essentially do have a "flat tax" or even a regressive system
 
2020-09-28 11:53:53 AM  

Magorn: Fart_Machine: bUt tHe rIcH pAy mOrE iN iNcOmE tAx!

The funny thing is, they DON'T really.  The 1% control about 37% of all income in the US and pay ~37% of income taxes.  Nice and fair right?

Not really for two reasons

1) The folks at that end of the Tax bracket receive all sorts of money that isn't technically "income".  Since they only need a fraction of their paychecks for basic necessities, they can play all sorts of games with "deferred compensation" "carryover interest" stock options etc etc to avoid paying "income" taxes on money coming In to them.  Instead, if it's taxed at all it's at the "capital gains" (which is just a fancy name for income) rate which is much lower.

2) But even if they were paying on every penny that STILL wouldn't be fair because of a concept called "the Marginal Cost of Money" which is to day, How "expensive" it is to come up with a certain sum of money for you.  and of course the less you have, the more that same amount "costs"

For example: Your car needs a $400 repair.  What does that mean to you?   IF you are making $10/hr that's an entire week's work before taxes, and probably is unobtainable for you or represents financial ruin.  You'll have to be late on your rent, or avoid buying groceries, or not see the doctor, etc etc

Now, for the guy making $50/hr it's just a day's pay, inconvenient but likely no more than that.

to the guy Making $100/hr it's the same as dropping $20 at the McDonald Drive through

and to the millionaire making $1,000 it wouldn;t even register

same thing with say, a 10% flat tax that conservatives love to tout

to $10/hr guy  $2,000 is a HUGE sum of money and probably repsents all his discretionary income he could use to get out of his poverty

to $100/hr guy $20,000 is leasing the Mercedes AND the BMW or settling for just one

and $1000/hr guy may be forking over $200K but he has the $1.8 million left to dry his tears

now, the guy making 200K, would he really feel the bit if HIS tax rate was 11% and the $22K he paid allowed us to remove Mr $20K a year entirely from the tax rolls?

How about Mr. Millionare?  If he paid 15% and his $300K let us remove FIFTY low-income earners from the roles and gave them that $2k back, would it significantly crimp  his style living on 1.7 million a year as opposed to $1.8?

That's SUPPOSEDLY the system we have, a "Progressive Income Tax System"   but the righ have played so many games with it , we essentially do have a "flat tax" or even a regressive system


I want to make sweet, sweet love to your newsletter.
 
2020-09-28 11:55:36 AM  
He only paid $750 in taxes because he really is broke. He has to win reelection to keep his taxes in audit because the IRS will not go after a sitting president. He owes over 72 million in taxes and he can't pay it. Everything he does is a total disaster.
 
2020-09-28 11:55:55 AM  
Fark user imageView Full Size
 
2020-09-28 11:55:56 AM  
Tax wealth, not work.

Put marginal tax rates back to where they were before Ronald Reagan blew a nearly irreparable hole in the federal treasury by handing already-rich people even more money because they pinky-swore they'd create jobs, and because Reagan convinced gullible coke-addled yuppies that the problem wasn't the trillions of dollars being given to the wealthy, it was the tens of dollars being given to the poor.
 
2020-09-28 11:57:46 AM  

Marcus Aurelius: Blame the system.


And we should.   This goes far beyond Trump's character or lack thereof.   This thing blows the lid off deep systemic problems with the US tax code.  A game which is quite clearly rigged in favor of the rich, and it's been that way for decades.
 
2020-09-28 11:58:07 AM  
And he's right. If you were to randomly audit any person with a net worth over a million and most of their income coming from non-payroll sources, you would find something very similar. Hell, my taxes are similar, though obviously not nearly as bad.

Our tax system is broken beyond repair. Depending on how I direct my accountant to do my taxes, I could owe $5,000 or $100,000, and both would be completely legal and accurate. And there's no way to fix the current tax code to eliminate these problems. It needs to be retired, and rewritten from scratch. Some thoughts on what would help tremendously:

1. Eliminate income types. All income is treated identically. This includes investment income, capital gains (including from the sale of a primary residence,) staying free of charge in the penthouse of your hotel, whatever.

2. More and more granular tax brackets tied to median income. That is, your tax bracket is determined by your income as a percentage of median income, rather than just based on the raw dollar amount. No federal income tax below .5x median income. 75% top tax rate above 10x median income.

3. Strict AMT. Nothing can be deducted from your AMT. It becomes a hard floor that is immutable based on your raw top-line income.

4. Loses can't be carried forward. The government should but be in the business of paying for your bad business decisions.

5. That said, business owners can take 5 years of deferred taxes once in their lives for the creation of a new company. The first five years, you still file taxes but you don't need to pay them, and then they get spread out over the next 10 years.

I'm sure there's more I can think of, but these are some that have been bouncing around my head for a while.
 
2020-09-28 11:58:14 AM  

Magorn: Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.


I dunno.  For example, Amazon, until fairly recently, always lost money, and probably did earn various tax credits by doing various things (and said credits could be pushed forward until they did finally earn a profit).

IE, income taxes are, um, taxes on income, not net sales revenue.  If you have no income, you pay no income taxes.

This is by design.  Charging taxes on revenue, not income, is a bad idea and discourages entrepreneurship.
 
2020-09-28 11:59:30 AM  

sniderman: "Shady, but not illegal! Shady is just another word for shrewd or clever!"

/papermate, libbys-libbys-libbys on the label-label-label


Funnied for the slashy. 👍
 
2020-09-28 12:02:33 PM  
Remember, kids, every dollar the wealthy don't pay in taxes is a dollar that you have to make up. Or it comes out of a government service you (used to) use, which is practically the same.
 
2020-09-28 12:03:15 PM  
And president plagues tax returns show how much he loves America; cheating the country out of its fair share of taxes, spending 1000% more on his hair a year then on taxes, THATS putting America First!

Ugh. I remember a time when tax cheats were prosecuted, but the party of law and order feel this is now acceptable
 
2020-09-28 12:07:58 PM  
Bullshiat.

Paying your kids consulting fees for the company when they're already employees is straight-up ghost employment and a felony.

Declaring properties of the corporation as your your domicile and deducting their expenses means you're homeless. So either he's been voting illegally for years, or he owes some homestead taxes somewhere.
 
2020-09-28 12:14:12 PM  

The Perineum Falcon: enry: Magorn: Marcus Aurelius: Blame the system.

Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.

Point of order: you're right, but don't focus on their market cap.  That's just looking at what people think Amazon is worth.  Amazon doesn't have that money sitting in the bank and they collected a tiny.portion of it.

Focus on profit or even revenue. Focus on the state and local income taxes they now collect that they didn't before (assuming you're on the other side and think they already 'pay' taxes), but market cap is a craptastic way to determine what taxes a company should pay.

Perhaps a 1% federal SALES tax. . .


Yes. Because a sales tax will right this and not just largely be a tax on the people who are already living paycheck to paycheck. That sales tax will do wonders to get the billions being horded in safe investments and overseas account back flowing through our financial system.
 
2020-09-28 12:15:13 PM  

APO_Buddha: [external-content.duckduckgo.com image 792x1032]


I dunno. That might be true internationally, but in America one thing the powerful figured out early on is that if you can maintain access to cheap processed food, the poor will stay pretty sedate.
 
2020-09-28 12:16:00 PM  
Can somebody tell me what's going on here:

https://twitter.com/search?q=%22The%2​0​%24750%22&src=trend_click&vertical=tre​nds

It appears this person is calling BS, that he DID pay his taxes, $1 Mil and 4.2 Mil for 2016 and 2017, respectively, and everyone's freaking out over nothing.

"...every single story saying he paid $750 is a lie."
 
2020-09-28 12:16:07 PM  
Fark user imageView Full Size


/you didn't honestly think the rich people who wrote the tax laws would subject their own wealth to them, did you?
 
2020-09-28 12:18:30 PM  

Magorn: Marcus Aurelius: Blame the system.

Missing the point: He and a lot of people like him ARE the system.   Even if he'd followed the letter of the law (he clearly did not and broke the law)   his taxes would have been obscenely low for his income and that has to do with a system he and others like he designed for themselves.   Amazon, a company with a market cap of $1.58 TRILLION should not be paying zero in corporate taxes either.  Take Trump down and certainly lock him up, but don't indulge in high-fives all around and string up a "mission Accomplished" banner, there's a lot more work to be done after that.


I disagree, corporate taxes should be zero. Capital gains taxes on the other hand...
 
2020-09-28 12:18:52 PM  

jethroe: Seriously?  How is this news to anyone with more than 2 brain cells?

Rich people game the system to avoid paying taxes?  The hell you say!

Next thing you'll tell me they offshore money in tax havens and never get nailed for it.  Meanwhile if you or me make a simple error in filing we get embroiled in a world of shiat.


I think you are missing the point that, yes, we know that.  But this is extreme on SO MANY levels that it's absurd.

Like every other farking thing with this jerkoff...  There is SO much to unpack that he'll be dead before anyone can even get through it all
 
2020-09-28 12:25:37 PM  

Mrs. Snipes: Can somebody tell me what's going on here:

https://twitter.com/search?q=%22The%20​%24750%22&src=trend_click&vertical=tre​nds

It appears this person is calling BS, that he DID pay his taxes, $1 Mil and 4.2 Mil for 2016 and 2017, respectively, and everyone's freaking out over nothing.

"...every single story saying he paid $750 is a lie."


That person is an idiot and has never filled anything more complicated than a 1040ez. Otherwise, he would have recognized a very common accounting trick:

1. File for extension with an estimated tax number that looks correct.
2. You don't need to provide documentation for your estimated tax on the extension application.
3. Have accountants actually fill out tax paperwork with all of the deductions and loses accounted for with a much lower taxes due amount.
4. Recurve refund for estimated taxes, assuming you actually already paid.

I file a tax extension basically every year, because my taxes are rather complicated and my accountant charges me less to do them in the off season. I have never paid anywhere near as much as my estimated tax number on the extension application.
 
2020-09-28 12:26:54 PM  

Mrs. Snipes: Can somebody tell me what's going on here:

https://twitter.com/search?q=%22The%20​%24750%22&src=trend_click&vertical=tre​nds

It appears this person is calling BS, that he DID pay his taxes, $1 Mil and 4.2 Mil for 2016 and 2017, respectively, and everyone's freaking out over nothing.

"...every single story saying he paid $750 is a lie."


It appears what's going on here is that you mistakenly feel a lone Twitter account with the handle "boobs and hysteria" is a credible source of critique on the New York Times while literally a planet of journalists and tax experts are now checking up on them.
 
2020-09-28 12:29:42 PM  
With the focus on Trump, this is the major story that we are missing.  And it's not by accident.  The media should be shouting from the highest rooftops how this is just an example of how the tax code is rigged in favor of the wealthy and corporate America.  But that would be too dangerous. Could result in real change (NOT).
 
Displayed 50 of 89 comments


Oldest | « | 1 | 2 | » | Newest | Show all


View Voting Results: Smartest and Funniest

This thread is closed to new comments.

Continue Farking





On Twitter



  1. Links are submitted by members of the Fark community.

  2. When community members submit a link, they also write a custom headline for the story.

  3. Other Farkers comment on the links. This is the number of comments. Click here to read them.

  4. Click here to submit a link.