I bet the NFL is hurting.

Any topic with a chance of polarization - Not for the easily offended.

Moderator: Team

mk e
Guru
Guru
Posts: 3970
Joined: Mon Sep 17, 2012 3:19 pm
Location: Elverson, PA

Re: I bet the NFL is hurting.

Post by mk e » Mon Oct 09, 2017 2:56 pm

David Redszus wrote:
Mon Oct 09, 2017 2:46 pm
We have a tax document that looks real, shows no tax, and implies he may have owed no tax for up to 20 years.
You spout sheer nonsense; there is no such valid document. There is an illegal tax return dating back to 2005 that indicates his tax losses could be carried forward for up to twenty years, BY LAW. There is no evidence he ever did so. Just leftist media bullshiit.
The 2005 return was confirmed real by the WH and said he paid $38M tax on $150M income and is beleived to have been "leaked" by Rump himself and have income much higher than normal years.

The document I was talking about is from 1995 and shows a loss of almost $1B, which could be applied against any profits for 20 years. Rump basically confirmed it was authentic in one of the debates.
Mark
Mechanical Engineer

David Redszus
Guru
Guru
Posts: 6235
Joined: Tue Nov 27, 2007 9:27 am
Location: Chicago
Contact:

Re: I bet the NFL is hurting.

Post by David Redszus » Mon Oct 09, 2017 3:19 pm

mk e wrote:
Mon Oct 09, 2017 2:56 pm
David Redszus wrote:
Mon Oct 09, 2017 2:46 pm
We have a tax document that looks real, shows no tax, and implies he may have owed no tax for up to 20 years.
You spout sheer nonsense; there is no such valid document. There is an illegal tax return dating back to 2005 that indicates his tax losses could be carried forward for up to twenty years, BY LAW. There is no evidence he ever did so. Just leftist media bullshiit.
The 2005 return was confirmed real by the WH and said he paid $38M tax on $150M income and is beleived to have been "leaked" by Rump himself and have income much higher than normal years.

The document I was talking about is from 1995 and shows a loss of almost $1B, which could be applied against any profits for 20 years. Rump basically confirmed it was authentic in one of the debates.
But Mark, that document did not indicate the amount of taxes he paid. All that shows is that tax losses can be spread across several years, an incentive provided by law.

Trump did nothing wrong, except lose money.

1989TransAm
Guru
Guru
Posts: 6119
Joined: Thu Feb 15, 2007 8:43 pm
Location: Cypress, California

Re: I bet the NFL is hurting.

Post by 1989TransAm » Mon Oct 09, 2017 3:42 pm

I would bet that people like Mk e take advantage of the tax laws available to them. However when others to it that is somehow bad. #-o

mk e
Guru
Guru
Posts: 3970
Joined: Mon Sep 17, 2012 3:19 pm
Location: Elverson, PA

Re: I bet the NFL is hurting.

Post by mk e » Mon Oct 09, 2017 3:48 pm

David Redszus wrote:
Mon Oct 09, 2017 3:19 pm
But Mark, that document did not indicate the amount of taxes he paid. All that shows is that tax losses can be spread across several years, an incentive provided by law.

Trump did nothing wrong, except lose money.
It shows a $1B loss and you only pay tax on profit, so there could be no tax due on that return, and that loss could be applied to future profits.

It's perfectly legal. We were talking about the millions he pays in taxes and I was just pointing out that the number is probably much smaller than you're thinking.

This points to another aspect of US tax law, the rates means almost nothing because nobody pays them. In 1944 the top rate was 94% on paper, but there were deductions for the number of breathes you took....our corporate rate is 39, the effective rate is about 27...unless you're a huge corporation then it's signal digit. For wage earners like me though, we pay much closer to the published rate.....
Mark
Mechanical Engineer

mk e
Guru
Guru
Posts: 3970
Joined: Mon Sep 17, 2012 3:19 pm
Location: Elverson, PA

Re: I bet the NFL is hurting.

Post by mk e » Mon Oct 09, 2017 3:51 pm

1989TransAm wrote:
Mon Oct 09, 2017 3:42 pm
I would bet that people like Mk e take advantage of the tax laws available to them. However when others to it that is somehow bad. #-o
Of course I do and I didn't say it was wrong or bad.

I will say there should be way fewer deductions available....but you'd be stupid not to take every deduction you are allowed.
Mark
Mechanical Engineer

David Redszus
Guru
Guru
Posts: 6235
Joined: Tue Nov 27, 2007 9:27 am
Location: Chicago
Contact:

Re: I bet the NFL is hurting.

Post by David Redszus » Tue Oct 10, 2017 1:48 pm

I will say there should be way fewer deductions available....but you'd be stupid not to take every deduction you are allowed.
That is exactly what Trump has been saying.

Any tax break will indeed benefit the rich since the rich pay most of the taxes.

Why do people who pay no taxes (49% of the population) feel entitled to services and benefits of society?

Because Obama, Sanders, and Clinton said so?

1989TransAm
Guru
Guru
Posts: 6119
Joined: Thu Feb 15, 2007 8:43 pm
Location: Cypress, California

Re: I bet the NFL is hurting.

Post by 1989TransAm » Tue Oct 10, 2017 2:00 pm

David Redszus wrote:
Tue Oct 10, 2017 1:48 pm
I will say there should be way fewer deductions available....but you'd be stupid not to take every deduction you are allowed.
That is exactly what Trump has been saying.

Any tax break will indeed benefit the rich since the rich pay most of the taxes.

Why do people who pay no taxes (49% of the population) feel entitled to services and benefits of society?

Because Obama, Sanders, and Clinton said so?
You are so correct David.

Post Reply