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Thread: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

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    Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    This is why I support a wealth tax, because rich guys who own a lot of real estate deduct "depreciation".

    When is the last time NY Real Estate didn't go up in value? Well, they take a depreciation over a long schedule, and they can literally show a loss if they own enough real estate, all the while they are living high on the hog and not pay taxes, albeit legitimately, while the common folk take up the slack and/or there are huge deficits. On top of this, Trump might have paid a tax with the "alternate minimum tax" , but his tax bill got rid of that and the estate tax, so he dealt himself a nice hand while conning his followers that "he's looking out for the little guy". Yes, buildings deteriorate over time, but they don't actually depreciate in value, because the land on which the structures sit goes up a lot faster than the deteriorating buildings, so this deduction, which rich people have been getting away with for years, is a largess given to them from the poor/middle class to the rich ( if the rich don't pay their fair share, then everyone else must pay it, so that's a wealth transfer from lower to upper ).

    He has said "I'm just following the laws, if you don't like the law change it", well, guess what, he's president so I don't think he's going to change it, notably, what he did change was to give himself and his rich cronies more tax breaks, but republicans don't mind -- oh yeah, us little guys got crumbs, and many of us had to pay even more.

    Donald Trump Acknowledges Not Paying Federal Income Taxes for Years - The New York Times

    Asked directly during the debate if he would say how many years he had avoided paying federal income taxes, Mr. Trump responded, “No.”
    Last edited by OscarLevant; 10-21-19 at 01:51 AM.
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Before I get too bent out of shape I'd like for you to explain to us all what depreciation is, how it creates a loss and why only rich guys get to claim it on their taxes. I've heard the term before but my understanding of it doesn't seem to be the same as yours.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    This is one reason that i think we should abolish the income tax system and replace it with a consumption tax. It eliminates tax loopholes.

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by OscarLevant View Post
    This is why I support a wealth tax, because rich guys who own a lot of real estate deduct "depreciation".

    When is the last time NY Real Estate didn't go up in value? Well, they take a depreciation over a long schedule, and they can literally show a loss if they own enough real estate, all the while they are living high on the hog and not pay taxes, albeit legitimately, while the common folk take up the slack and/or there are huge deficits. On top of this, Trump might have paid a tax with the "alternate minimum tax" , but his tax bill got rid of that and the estate tax, so he dealt himself a nice hand while conning his followers that "he's looking out for the little guy". Yes, buildings deteriorate over time, but they don't actually depreciate in value, because the land on which the structures sit goes up a lot faster than the deteriorating buildings, so this deduction, which rich people have been getting away with for years, is a largess given to them from the poor/middle class to the rich ( if the rich don't pay their fair share, then everyone else must pay it, so that's a wealth transfer from lower to upper ).

    He has said "I'm just following the laws, if you don't like the law change it", well, guess what, he's president so I don't think he's going to change it, notably, what he did change was to give himself and his rich cronies more tax breaks, but republicans don't mind -- oh yeah, us little guys got crumbs, and many of us had to pay even more.
    You can't depreciate real estate.
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    This is one reason that i think we should abolish the income tax system and replace it with a consumption tax. It eliminates tax loopholes.

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    Flat tax.
    Quote Originally Posted by vegas giants View Post
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by trouble13 View Post
    This is one reason that i think we should abolish the income tax system and replace it with a consumption tax. It eliminates tax loopholes.

    Sent from my SM-G965U using Tapatalk
    That consumption tax would be highly destructive to the economy and the middle class because the poor and middle class spend far more of what they earn than the rich who only spend a small fraction.
    Condor060 said; Who was talking about Jesus? I posted scriptures from the bible. Try and keep up

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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by apdst View Post
    Flat tax.
    Billionaires love that idea. Do you might wonder why that would be? How do you plan to tax the poor at the same rate as multi billionaires?
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by apdst View Post
    You can't depreciate real estate.
    For commercial / rental property, I should have put that in there, now that you are pinning me down.
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by Lutherf View Post
    Before I get too bent out of shape I'd like for you to explain to us all what depreciation is, how it creates a loss and why only rich guys get to claim it on their taxes. I've heard the term before but my understanding of it doesn't seem to be the same as yours.

    I'm using a standard definition, so I don't know what your issue is, and I didn't say "only rich guys".
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    Re: Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

    Quote Originally Posted by OscarLevant View Post
    This is why I support a wealth tax, because rich guys who own a lot of real estate deduct "depreciation".

    When is the last time NY Real Estate didn't go up in value? Well, they take a depreciation over a long schedule, and they can literally show a loss if they own enough real estate, all the while they are living high on the hog and not pay taxes, albeit legitimately, while the common folk take up the slack and/or there are huge deficits. On top of this, Trump might have paid a tax with the "alternate minimum tax" , but his tax bill got rid of that and the estate tax, so he dealt himself a nice hand while conning his followers that "he's looking out for the little guy". Yes, buildings deteriorate over time, but they don't actually depreciate in value, because the land on which the structures sit goes up a lot faster than the deteriorating buildings, so this deduction, which rich people have been getting away with for years, is a largess given to them from the poor/middle class to the rich ( if the rich don't pay their fair share, then everyone else must pay it, so that's a wealth transfer from lower to upper ).

    He has said "I'm just following the laws, if you don't like the law change it", well, guess what, he's president so I don't think he's going to change it, notably, what he did change was to give himself and his rich cronies more tax breaks, but republicans don't mind -- oh yeah, us little guys got crumbs, and many of us had to pay even more.
    So other then being another anti-Trump masturbatory thread. This really doesn't add anything to any sort of dialogue.

    Trump was still following the law apparently and you people are still all too eager for a reason to cry about nothing, once again.
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    But even a cornered rat, with no choice, will fight.
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