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Oculus Spirit [97738]
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Bombshell Trump Tax Document Dump
Oct 3, 2018, 8:29 AM
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https://www.dailymail.co.uk/news/article-6232985/Trumps-DADS-tax-returns-revealing-president-earning-200-000-year-aged-THREE.html
So I guess this means Trump really was rich. Who knew.
My own grandfather sidestepped many taxes. In fact, he split the family land into two equal tracts, and changed his will to leave one to his wife, and one to his son (my dad). That way, my grandmother and my father could each get their half without paying an estate tax. Then when my grandmother died, dad got her half back in her estate with no tax. If the land was not broken up and was left whole to my grandmother, they would have had to sell it to pay the estate taxes. Nothing illegal about it. He saved our family land from the government. Today the two tracts remain but the estate taxes have changed so it's not a problem. If democrats change the estate tax, I will change my will.
People avoid taxes all the time. It's a profession in fact. And the more money you have, the more options you have to mitigate tax expenses.
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All-In [34598]
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You know it's a nothingburger when Moaning Joe says
Oct 3, 2018, 8:34 AM
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it's a nothingburger
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110%er [5854]
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Re: Bombshell Trump Tax Document Dump
Oct 3, 2018, 8:39 AM
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Heisman Winner [137978]
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There's a fine line between tax avoidance and tax evasion.
Oct 3, 2018, 8:45 AM
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There's evidence that the Trump family engaged in pretty obvious evasion, but oddly, it seems the IRS accepted everything at the time, so I don't see how there's anything that could really come back on Donald now, unless Mueller has more recent stuff with Russian oligarchs, which may well be the case. The recent sale of a $40M house for $90M to a Russian, sight unseen, is sketchy af, and highly illegal under US tax code as it's generally done to obfuscate a payment for something else.
https://www.nytimes.com/2018/10/02/us/politics/donald-trump-wealth-fred-trump.html
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CU Medallion [73569]
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he just lost my vote in 2024***
Oct 3, 2018, 8:50 AM
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Heisman Winner [137978]
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You laugh now, but when he gets the rules changed to
Oct 3, 2018, 8:59 AM
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lifetime appointment for the Supreme Leader of the United States, and you can't "vote" for him because of this post in 2018, you'll be sorry.
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CU Medallion [73569]
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like we'll really have to vote anymore. lol***
Oct 3, 2018, 9:08 AM
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All-TigerNet [12851]
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CU Medallion [73569]
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the pubs cant even get on the same page
Oct 3, 2018, 9:14 AM
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for a semi-moderate judge and a watered down HC repeal. I'm surprised they even got tax cuts passed.
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Heisman Winner [119741]
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Oculus Spirit [97738]
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CU Medallion [73569]
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I'd love to see a Pelosi, McConnel, etc vote themselves
Oct 3, 2018, 9:15 AM
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out of a job.
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Oculus Spirit [97738]
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I'd rather see the 50 states do it.
Oct 3, 2018, 10:46 AM
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Or 35 of them.
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110%er [6101]
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Heisman Winner [137978]
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Re: Haha holy crap, off the deep end.***
Oct 3, 2018, 9:28 AM
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CU Guru [1596]
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Dude, if he posted something not retarded I'd be worried.***
Oct 3, 2018, 9:49 AM
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CU Medallion [73569]
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Oculus Spirit [93674]
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You should just hope he doesn't grant amnesty to illegals...
Oct 3, 2018, 9:33 AM
[ in reply to You laugh now, but when he gets the rules changed to ] |
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and extend to them a legitimate path to citizenship, the right to vote then put a lifetime appointment for the office on a referendum on the 2024 ballot.
Chit would get real.
Message was edited by: ClemsonTiger1988®
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CU Guru [1405]
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Re: Bombshell Trump Tax Document Dump
Oct 3, 2018, 8:53 AM
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You'd have had to sell the WHOLE farm to cover taxes?
I don't think you're very good at math. But your situation is still not illegal.
And the fact that as you get richer, you have more ways to avoid taxes is a big part of the problem.
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CU Medallion [73569]
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easy solution
Oct 3, 2018, 8:57 AM
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flat tax. Not sure why libs are 100% in favor of this.
get rid of all deductions and go lower flat tax. Ultimate fairness. You won't get companies paying 0%. You won't get rich people paying 10%.
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CU Guru [1405]
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Re: easy solution
Oct 3, 2018, 9:17 AM
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Because it shifts the tax burden to the poor.
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CU Medallion [73569]
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lol, of course it does***
Oct 3, 2018, 9:31 AM
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Rock Defender [54]
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No, it really does. This is pretty well established.***
Oct 3, 2018, 9:39 AM
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Oculus Spirit [97738]
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Because it's a numbers game and a money game
Oct 3, 2018, 9:28 AM
[ in reply to easy solution ] |
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And not a LABOR game, like it should be with taxes. Tax the wealthiest the most, they are relatively small in numbers (and votes). Don't tax the bottom 48% of income, so you get their votes right off. The gradually raise it from there.
Our current tax codes maximize the revenue available while maintaining the numerical vote advantage from the most people. It's custom designed to help democrats. But it is NOT the most efficient revenue generator because you have maximum incomes capped AND nearly half the country with zero skin in the game.
And the wealthiest .1%, the billionaires, pay even less taxes than someone making 250K a year because they are playing with capital gains and not earned income. Capital gains is a messy thing because it's not "real" money. Apple is worth a trillion dollars. If Apple wanted to come up with a trillion in cash they couldn't even get half that. Probably around 1/4 maybe. BUT, every day capital gains are monetized and 3/4 of that new money from a stock sale, for example, has not been earned and is tied to no actual labor or asset of the company. We tax capital gains lower for two reasons. One, it helps spur investment, and that drives the economy (too much of it really). Second, it is unearned money that has not been exchanged for labor. As such, that money creates inflationary pressures when it's transformed from a stock with a market value, to a dollar bill with absolute value. CEO's often are paid several hundred thousand in salary a year, and then have stock options in the tens of millions. So the CEO is taxed 40% on his salary, and 15% on the 10 million he sells in stock.
I'd do a flat tax too. I'd cut it off or taper it down as you near the poverty level. I'd also ramp it WAY up for capital gains over $1,000,000. With a 20% flat tax covering ALL income over the poverty level, and ramp that up to 60% for capital gains over some large amount, our tax revenue would probably double. The rich would pay more. The poor would pay none.
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All-TigerNet [13605]
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Re: Bombshell Trump Tax Document Dump
Oct 3, 2018, 9:08 AM
[ in reply to Re: Bombshell Trump Tax Document Dump ] |
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I dont think the government would allow him to break up the land in smaller portions to sell and be able to pay the taxes so yes, he would have to sell the entire farm.
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Heisman Winner [137978]
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I don't understand what you're saying.
Oct 3, 2018, 9:10 AM
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He couldn't sell 10 of his 100 acres if he wanted to? Why not?
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All-TigerNet [13605]
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Re: I don't understand what you're saying.
Oct 3, 2018, 9:13 AM
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I'm speaking after death. If you have a 1000 acre tract, your child can't sell 5 acres of it in order to pay the taxes.
At least I don't think so.
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Heisman Winner [137978]
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Sure they can.
Oct 3, 2018, 9:14 AM
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Tax bill is assessed, pay it however you see fit after that fact.
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All-TigerNet [13605]
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Re: Sure they can.
Oct 3, 2018, 9:21 AM
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My bad. I thought the tax had to be paid BEFORE the inheritor received property therefore it wasnt his to sell.
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All-TigerNet [13605]
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Hall of Famer [22393]
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All-TigerNet [13605]
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Re: You don't know what you're talking about.
Oct 3, 2018, 11:09 AM
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I think I said that above d.a. how about learn to read all of the posts.
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All-TigerNet [12851]
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are you serious clark?
Oct 3, 2018, 9:13 AM
[ in reply to Re: Bombshell Trump Tax Document Dump ] |
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they just want their money. If you owe them 200,000 and you have a farm worth $5mil.
you can sell $200k worth of land and keep the rest.
This aint Russia
YET
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110%er [6101]
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Re: Bombshell Trump Tax Document Dump
Oct 3, 2018, 9:18 AM
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Reads like a success story. Fred taking good care of his kids. Oh, and the "selling $15.5 million by Fred to Donald for $10,000 is tantamount to giving him a $15.49 million taxable gift which Fred never reported to the IRS". Something tells me they're leaving the part out that these were either option shares OR that Fred easily reported this as a loss. I wonder how many morons are reading this article without a clue about what options are available to the wealthy. Stopped reading when I saw "anonymous source" anyway, that usually means, "we're just making this shlt up". EAM.
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Replies: 33
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