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(Town and Country)   Here's a good example of why it is practically impossible for us little people to know how much wealth the super-rich really have   (townandcountrymag.com) divider line
    More: Interesting, MacAndrews & Forbes Holdings, New York City, American billionaires, Donald Trump, Michael Bloomberg, American businesspeople, Ronald O. Perelman, longtime occupant of the Forbes  
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1766 clicks; posted to Business » on 30 Sep 2020 at 12:50 PM (3 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



20 Comments     (+0 »)
 
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2020-09-30 12:53:40 PM  
Because we dont make the bankers of the secret illegal accounts give up the info or they die?
 
2020-09-30 1:25:18 PM  
Wealth is illusionary.  How much an object is "worth" rarely goes for the guessed price we give them when you must liquidate them.
 
2020-09-30 1:35:38 PM  
Plenty of super rich used loans and leverage to get that way, and continue using it to get richer.

That's exactly how money works at those levels.

And that's why it looks like you have no income, when instead of paying you, your business entities continue to expand using loans and leverage. Your assets expand exponentially, but your income shows as bupkiss.

The truly disturbing part is not that Trump's taxes look the way they do, it's that they're likely not that materially different from ever other billionaire's taxes. (Or "billionaire")

None of them 'earn' above Biden's $400k income tax threshold, because their money is not taken as 'earnings'.
 
2020-09-30 1:40:40 PM  

Schlubbe: Plenty of super rich used loans and leverage to get that way, and continue using it to get richer.

That's exactly how money works at those levels.

And that's why it looks like you have no income, when instead of paying you, your business entities continue to expand using loans and leverage. Your assets expand exponentially, but your income shows as bupkiss.

The truly disturbing part is not that Trump's taxes look the way they do, it's that they're likely not that materially different from ever other billionaire's taxes. (Or "billionaire")

None of them 'earn' above Biden's $400k income tax threshold, because their money is not taken as 'earnings'.


Why do you think that orange pimple had to go to the drug cartels bank of choice to get a loan after EVERY BANK in the states denied him
 
2020-09-30 1:49:15 PM  
hips.hearstapps.comView Full Size

Three people having seizures and some asshole just decided to take a photo.
 
2020-09-30 1:52:45 PM  

lifeslammer: Schlubbe: Plenty of super rich used loans and leverage to get that way, and continue using it to get richer.

That's exactly how money works at those levels.

And that's why it looks like you have no income, when instead of paying you, your business entities continue to expand using loans and leverage. Your assets expand exponentially, but your income shows as bupkiss.

The truly disturbing part is not that Trump's taxes look the way they do, it's that they're likely not that materially different from ever other billionaire's taxes. (Or "billionaire")

None of them 'earn' above Biden's $400k income tax threshold, because their money is not taken as 'earnings'.

Why do you think that orange pimple had to go to the drug cartels bank of choice to get a loan after EVERY BANK in the states denied him


Sorry, I don't spend much time nurturing my hate-boner for him. I'll just let him know at the ballot box.

My point is that this is how all super-rich people do it, and that while he's certainly greasy, he's not the tax anomaly people are making him out to be.

If only Bloomberg had stayed in long enough to have released HIS taxes. That would have been some seriously eye-opening shiat. If people got a look behind the curtain at the shenanigans an actual billionaire uses on his income taxes, it'd be torches and pitchforks time.
 
2020-09-30 2:59:55 PM  
He's 77. He is probably liquidating because of a health condition.
 
2020-09-30 3:03:02 PM  
He's probably asset rich and cash poor, and needs to convert some assets into cash in order to keep the rest afloat.  Nothing new.
 
2020-09-30 4:29:03 PM  
Legitimate question.  Why would it be bad to make all tax returns public record?  Property tax payments are already.
 
2020-09-30 4:47:02 PM  
Because they pay someone a lot of money to keep it that way? And also, laws written in their favor.
 
2020-09-30 5:21:54 PM  
Already been covered, but yeah, finance is often a massive juggling game for the paragons of financial responsibility at the top of the wealth scale, at least those who aren't the heads of companies that make money in more understandable ways. Lots of loans to buy X to later sell for Y, and if you come out ahead, the difference is your gain.
Weird shiat happens when you have more money than you know how to use, and all that.
 
2020-09-30 6:25:47 PM  

naughtyrev: [hips.hearstapps.com image 768x510]
Three people having seizures and some asshole just decided to take a photo.


I see nipple.
 
Alo
2020-09-30 6:27:01 PM  

sleze: Legitimate question.  Why would it be bad to make all tax returns public record?  Property tax payments are already.


There are some legitimate reasons for tax returns to be public.  First of all, it's private data, such as health information, that you may not necessarily need or want other people to know.  Just as people hide wealth, people hide poverty for shame, fear, and other reasons.

Additionally, you may just not want to disclose your financial information to anyone with an internet connection.  You might think having $1m in assets is a lot if you live in New York, but if your kid goes on vacation in Mexico and someone can google them and find out, hey, Daddy's worth $1m, I can kidnap her, that's a lot different than heavily researching someone.  And that's just the first example I can think of off the top of my head, let alone things like relatives and exes and whatnot coming for you financially just because of greed or whathaveyou.
 
2020-09-30 6:46:38 PM  

sleze: Legitimate question.  Why would it be bad to make all tax returns public record?  Property tax payments are already.


Because a property tax bill doesn't disclose the source of your income or your deductions which can tell a lot about you like what medical conditions you have that a employer will use to decide not to hire you on.
 
2020-09-30 9:46:01 PM  
I doubt that many people think that the people with real money pay anywhere near 35% income tax. That's only for people that can't afford a full time staff to see that they don't. Raising the top rate will hardly affect the top 5%. Auditing the top 5%, however, would be a lot more effective. You know, since they always claim that they pay "all the taxes", conveniently leaving out state income tax, sales tax, property tax, license fees, etc. that normal people can't weasel out of.
 
2020-09-30 11:06:20 PM  
 
2020-09-30 11:53:16 PM  

sleze: Legitimate question.  Why would it be bad to make all tax returns public record?  Property tax payments are already.


Because, in addition to the reasons already given, it's none of your goddamn business.
 
2020-10-01 12:51:46 AM  

Gestalt: Probably disappearing it all in a South Dakota dynasty trust before he passes away.


This is the real reason. His kids will get all his assets and pay no tax on them. They can buy whatever houses and works of art they want with the money.
 
2020-10-01 8:35:51 AM  

Gestalt: Probably disappearing it all in a South Dakota dynasty trust before he passes away.


One of the glaring takeaways from that article is that SD's Susan Witmer should have Secret Service style protection. The amounts of money her opposition to these ridiculous trust haven practices puts into peril is astounding, and quite a bit of it belongs to some seriously ruthless mofos.

Wouldn't be at all surprised to hear about a freak 'accident' happening, like falling down an elevator shaft onto some bullets
 
2020-10-01 7:48:26 PM  
I couldn't give two shiats how much someone else makes, I get the mouth breathers in their mom's basement find it delicious twitter food as they wait for their next welfare check but really nunya is the correct answer here.
 
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