USA TAX MOAN

Submitted by ub on

ON THIS LAST FRIDAY OF THE YEAR WHY IS DONALD TRUMP STILL BITCHING AND MOANING ABOUT HIDING HIS TAXES?

Have you ever listened to a politician speaking, and thought of an idiot? This is the best we got? Well, the short answer is: YES. Because of you, me, all of us...we allowed it to happen, or at least to those who voted for the liar and moron. 

The Congressional Joint Committee on Taxation says in a report released by Democrats that there are multiple issues that the IRS should be examining.

Trump had reportedly refused to release his returns when he ran for president and had waged a legal battle to keep them secret while he was in the White House. But the Supreme Court ruled last month that he had to turn them over to the tax-writing Ways and Means Committee.

MAMMOTH BUSINESS LOSSES: The single-biggest issue in Trump’s taxes is reportedly the massive losses he is claiming it is the primary reason he paid little or no tax between 2015 and 2020.

Without those losses, Trump’s taxes would look fundamentally different. In 2016, for example, when he paid just $750 in federal income taxes, he reported $30 million in earnings but also $60 million in losses.

LOANS TO HIS FAMILY: Trump reported receiving hundreds of thousands of dollars in interest payments on loans he gave Ivanka Trump, Donald Trump, Jr., and Eric Trump.

That raises eyebrows because that could be a way to get around the gift tax. If he gave money outright to his kids, it would likely be subject to a stiff 40 percent tax. The gift tax is designed to prevent people from escaping the estate tax by giving money away to their kids, for example, while they’re alive.

Calling that money a loan would avoid the gift tax while also allowing his children to deduct from their own taxes the interest they paid him.

U.S. House committee releases Trump tax returns, capping years-long battle

https://www.reuters.com/world/us/us-house-committee-set-release-trumps-…

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