Biden and taxes
Oct 13, 2020 09:24:23 #
aphelps wrote:
Biden's plan to tax the wealthy will prove to be counter-productive. In order to pay for democrats spending he would have to HEAVILY tax the wealthy and corporations. This would result in far fewer new jobs being created. Remember, politicians don't create jobs, healthy, growing businesses do.
That's the standard nonsense line from the Right. The top marginal tax rate was 94% in 1945, when we won WWII. It was over 90% throughout the '50s, when the economy was roaring. It was 77% in 1969 when we landed a man on the moon.
Highh taxes have never stilfed innovation or job creation.
On the other hand, tax cuts under each Bush president led to recessions.
Oct 13, 2020 09:26:14 #
National Park wrote:
Wrong, but speaking of taxes, when do you think Trump is going to be charged with tax evasion? $750!!!!
You are out of touch quoting this debunked lie. Do some reading. Pay attention. Ignore DNC talking points.
Oct 13, 2020 09:27:03 #
aphelps wrote:
You are conveniently ignoring his large tax loss carry foward from prior years which reduced his tax bill.
O, you're saying that he's such a bad business man that one year's losses erased TWO years' profits?
Oct 13, 2020 09:29:02 #
aphelps
Loc: Central Ohio
JamesCurran wrote:
O, you're saying that he's such a bad business man that one year's losses erased TWO years' profits?
Read the tax law regarding tax loss carry forward or speak to a CPA.
Oct 13, 2020 09:33:13 #
FrumCA wrote:
You are out of touch quoting this debunked lie. Do some reading. Pay attention. Ignore DNC talking points.
Please, share with us the proof that this is a lie. All I heard was a blanket denial from the White House, without evidence.
Oct 13, 2020 09:47:44 #
aphelps wrote:
Read the tax law regarding tax loss carry forward or speak to a CPA.
From https://www.investopedia.com/terms/t/tax-loss-carryforward.asp
Quote:
-A tax loss carryforward allows taxpayers to utili... (show quote)
I think the key line there is "expenses are greater than revenue or capital losses are greater than capital gains", which would be the hallmark of a bad business man. As noted by the Times "Trump paid no federal income taxes in 11 of 18 years its reporters examined. Many of his businesses, including his golf courses, report significant financial losses – which have helped him to lower his taxes."
Oct 13, 2020 09:48:36 #
JamesCurran wrote:
Please, share with us the proof that this is a lie. All I heard was a blanket denial from the White House, without evidence.
Depends on who you believe; liberal or conservative media reports. I'm not disputing that he paid $750. The lie is that this is only part of the story. His accountants evidently used the tax code to his advantage. Don't you? I hate to say it again but Google is your friend.
Oct 13, 2020 09:54:29 #
aphelps wrote:
Read the tax law regarding tax loss carry forward or speak to a CPA.
The Times article counted on the Dem Useful Idiots not having a clue as to how income tax compliance and law works in practice--and as illustrated clearly in this very thread, they hit a home run in regards to their intended audience.
Oct 13, 2020 10:03:10 #
FrumCA wrote:
His accountants evidently used the tax code to his advantage. Don't you? I hate to say it again but Google is your friend.
The bottomline is, he either had ACTUAL business loses, or he lied on his taxes, i.e., he's either a bad business man, or a crook. I was giving him the benefit of the doubt.
Oct 13, 2020 10:08:12 #
JamesCurran wrote:
The bottomline is, he either had ACTUAL business loses, or he lied on his taxes, i.e., he's either a bad business man, or a crook. I was giving him the benefit of the doubt.
That you don't like Trump is very clear so of course you will speculate that he may not have had actual business losses and that he may have lied on his taxes. This kind of thought is all smoke screens, denial, and fundamentally nonsense.
Oct 13, 2020 10:15:05 #
FrumCA wrote:
That you don't like Trump is very clear so of course you will speculate that he may not have had actual business losses and that he may have lied on his taxes. This kind of thought is all smoke screens, denial, and fundamentally nonsense.
um.. Let's get this straight....
- *I* said he had business loses.
- *YOU* implied he did not, but instead "His accountants evidently used the tax code to his advantage. " -- in other words, he lied on his taxes about having loses. "Creative" accounting is still lying on your taxes.
Oct 13, 2020 10:44:31 #
Curtis_Lowe wrote:
This is the kind of reply from someone who does no... (show quote)
And I'm afraid this is a reply from someone who has been brainwashed by propaganda. Trumps return of his salary is a ploy. His cheating of the American people who pay their taxes is unfair and disproportionate.
Oct 13, 2020 11:11:30 #
JamesCurran wrote:
um.. Let's get this straight....
- *I* said he had business loses.
- *YOU* implied he did not, but instead "His accountants evidently used the tax code to his advantage. " -- in other words, he lied on his taxes about having loses. "Creative" accounting is still lying on your taxes.
- *I* said he had business loses.
- *YOU* implied he did not, but instead "His accountants evidently used the tax code to his advantage. " -- in other words, he lied on his taxes about having loses. "Creative" accounting is still lying on your taxes.
I implied no such thing. You attempting to spin what I said to make your characterization of Trump's business and tax situation correct makes your level of reading comprehension suspect. There is nothing wrong with accountants looking for ways to reduce a client's tax liability. It can't really be that difficult for you to accept the reality of the situation.
Oct 13, 2020 11:22:48 #
FrumCA wrote:
I implied no such thing. You attempting to spin what I said to make your characterization of Trump's business and tax situation correct makes your level of reading comprehension suspect. There is nothing wrong with accountants looking for ways to reduce a client's tax liability. It can't really be that difficult for you to accept the reality of the situation.
aphelps started us down this path by saying :"You are conveniently ignoring his large tax loss carry forward from prior years which reduced his tax bill." A loss carry forward requires a loss. If you have sustained losses across multiple business and several years, you are a bad businessman. If you did not have a loss, but your account found ways to make it look like you did, then you have lied on your taxes. Those are the only two possibilities we have here
Oct 13, 2020 11:25:40 #
LWW
Loc: Banana Republic of America
National Park wrote:
Wrong, but speaking of taxes, when do you think Trump is going to be charged with tax evasion? $750!!!!
Regurgitating disproven lies again I see.
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