IRS is going to have problem collecting taxes from citizens if nothing happens to Trump

[Boogiemack]

over this. Yeah, I know, IRS is tough on the little guy but COVID19 has changed some things.

[hlthe2b]

1. Exactly

[Claustrum]

2. Trump's write off is known since 2015. He wrote off over 1b losses to this property and use it as

tax credit for the next 20 years. It's not illegal but a big Trump lobbying effort in the early 90s to benefit real estate developers. If anything, the rules should change so no stupid write off like this should happen.

Trump's illegal act isn't to get the write off, but how he inflate his numbers to get a bigger write off than he deserves.

[MaryMagdaline]

3. And the applications he fills out with banks where he over states his liquidity

[dawg day]

4. What about the Alternative Minimum Tax?

Back in the 90s, I think it was, there was a year the spouse's business had a great year, and we sold a property for a big profit. Even so, our income wasn't top 1% or anything (and never was that high again).

We had to pay the AMT, because our income was too high for the taxes that were due. It was some percentage-- it wasn't much more than we would have paid, but it was definitely more. The point is that no matter what, you're supposed to pay a minimum amount of taxes.

So how does this "billionaire" somehow manage to live in a gilded cage and not pay taxes for a decade????

[fescuerescue]

7. It's likely a complicated structure involved lots and lots of LLCs

ALT Min kicks in when all your deductions are on your personal return.


If you can structure your businesses so that expenses come out of the businesses returns (and this is norma), by the time any income reaches your person return it's just pure income, even though its been reduced by your expenses.

[dawg day]

9. Let's face it. To Trump, we taxpayers ...

are suckeres and loser like the soldiers.

[Turbineguy]

5. Be careful what you wish for.

They might need proof you spend 8 hours per day watching Fox News in order to get the trump tax rate.

[BigmanPigman]

6. Can I write off $70,000 for haircuts

when I cut my own hair? I am sure the IRS will say, "No problem".

[C_U_L8R]

8. I just got my hair cut. Can I deduct?

President set the precedent.