Trump's Taxes

[NEO]

Are you saying your business could make that much money and get the return or you. Aren't we supposed to keep the business from the personal?

A pass through business never pays fed taxes......ever. All goes on a K1.

A c corp will only pay money if it is not zeroed out.

If the business is a pass through and zeroed out the k1 would show 0.

I have actually had negative k1s before.

It really comes down to the amortization and depreciation schedules and when something is placed into service.

 

[lawgator1]

Then change it to a consumption based tax with zero deductions.

No. That penalizes the middle and lower classes, and insulates the wealthy even more than the system already does.

Income tax with no deductions:

First $50,000 pay 8 %
Next $100,000 pay 10 %
Next $250,000 pay 12 %
Next $1 million pay 15 %
Everything above $1.4 million pay 18 %

All income treated equally. All booked the year it is earned.

 

[DynaLo]

Are you saying your business could make that much money and get the return or you. Aren't we supposed to keep the business from the personal?

How’s the business structured, is it a Sole Proprietor, LLC, S-Corp or C-Corp? As a SP you fill out the required business forms on your personal tax return and you personally either owe or get a refund. S-corps are pass through entities and don’t pay federal taxes either so it’s also passed down to the shareholders personal taxes.

 

[Mick]

How’s the business structured, is it a Sole Proprietor, LLC, S-Corp or C-Corp? As a SP you fill out the required business forms on your personal tax return and you personally either owe or get a refund. S-corps are pass through entities and don’t pay federal taxes either so it’s also passed down to the shareholders personal taxes.

Why did you ask me and not NEO? Strange.

 

[NEO]

No. That penalizes the middle and lower classes, and insulates the wealthy even more than the system already does.

Income tax with no deductions:

First $50,000 pay 8 %
Next $100,000 pay 10 %
Next $250,000 pay 12 %
Next $1 million pay 15 %
Everything above $1.4 million pay 18 %

All income treated equally. All booked the year it is earned.

How does 8 percent flat on 50k with no deductions help more than a flat 2 percent Vat type tax?

Even if they spend the entire 50k they come out better?

 

[evillawyer]

 

[lawgator1]

How does 8 percent flat on 50k with no deductions help more than a flat 2 percent Vat type tax?

Even if they spend the entire 50k they come out better?

Because the wealthiest don't consume as much relative to their incomes as do the lower classes.

 

[NEO]

Because the wealthiest don't consume as much relative to their incomes as do the lower classes.

I agree but how does your idea not hurt low income workers more than a 2 percent consumption tax if you are not allowing for any write offs?

 

[DynaLo]

Why did you ask me and not NEO? Strange.

Because I was responding to your post so that’s why I quoted you. Asking about the business structure was a rhetorical question and not intended to solicit an actual answer from you personally on that issue.

 

[Mick]

Because I was responding to your post so that’s why I quoted you. Asking about the business structure was a rhetorical question and not intended to solicit an actual answer from you personally on that issue.

And I was asking him a question. A question based on his generic example.

 

[1972 Grad]

And I was asking him a question. A question based on his generic example.

He probably just figured that you know everything, and would have the answer.

 

[DynaLo]

And I was asking him a question. A question based on his generic example.

Here I was thinking that anyone could respond to any post on this board and not just those specifically addressed to a particular person, silly me. But don’t you feel somewhat special now that you got two similar and accurate answers to your question.

 

[hog88]

Yes, Trump is easily fooled. They probably flattered him and appealed to his ego.

They fooled a bunch of them.

 

[McDad]

Because the wealthiest don't consume as much relative to their incomes as do the lower classes.

Would you support an initiative to exempt overtime pay and income earned from a 2nd job (one which met well defined criteria)?

 

[lawgator1]

I agree but how does your idea not hurt low income workers more than a 2 percent consumption tax if you are not allowing for any write offs?

Well, if you want to allow people below a certain level, say, $100,000, to pay a consumption tax, but have people over that pay income tax, then okay.

Have ty be tinkered with. I think if you pay income tax but save, then in later life when you use those saved dollars to consume, they should not be taxed again. Don't know how you do that mechanically.

My whole goal, and it just mystifies me that politicians do not speak in these terms, is to help out in particular the middle class. The middle class spend most of what they make. Their restaurant visits pay waitresses and bus boys. Their new car leases bolster share income for the investment class. A healthy middle class and everybody wins.

 

[NEO]

Would you support an initiative to exempt overtime pay and income earned from a 2nd job (one which met well defined

This would really help single parents trying to get by.

Great idea!

 

[NEO]

Well, if you want to allow people below a certain level, say, $100,000, to pay a consumption tax, but have people over that pay income tax, then okay.

Have ty be tinkered with. I think if you pay income tax but save, then in later life when you use those saved dollars to consume, they should not be taxed again. Don't know how you do that mechanically.

My whole goal, and it just mystifies me that politicians do not speak in these terms, is to help out in particular the middle class. The middle class spend most of what they make. Their restaurant visits pay waitresses and bus boys. Their new car leases bolster share income for the investment class. A healthy middle class and everybody wins.

Politicians don't care about the middle class once the doors are closed.

Soros, Buffett, Gates are all Democrats.

If the Democrats suddenly came after their money, not on mic but in reality, they would be out of office immediately.

Neither party is gonna go after K street or their major donors.

But the middle class is a punching bag in our country and it needs to stop.

 

[DynaLo]

@Mick
Sorry dude. I’m just in a snarky, irritated as all get out mood about some other things and it’s not meant at you or anyone else on here if I’m coming across that way.

 

[AirVol]

Why does Trump's former campaign manager want to kill himself?

Brad Parscale, Trump's former campaign manager, hospitalized after reported suicide attempt - CNNPolitics

He doesn’t want the Clintons to kill him....duh

 

[AirVol]

@Mick
Sorry dude. I’m just in a snarky, irritated as all get out mood about some other things and it’s not meant at you or anyone else on here if I’m coming across that way.

It’s ok to be a dick to dick.

 

[Mick]

Here I was thinking that anyone could respond to any post on this board and not just those specifically addressed to a particular person, silly me. But don’t you feel somewhat special now that you got two similar and accurate answers to your question.

Wonder how many of Trumps "successful" businesses are passthroughs? I keep hearing about Trumps 500 successful businesses but know nothing about most of them.

 

[Rifleman]

Yes, Donald Trump Is Still A Billionaire. That Makes His $750 Tax Payment Even More Scandalous.

Interesting input from Forbes: Trump is a billionaire in both directions now, assets and debt.

In fact, Trump is a multibillionaire, worth $2.5 billion, by our count. His portfolio, which includes commercial buildings, golf properties and branding businesses, is worth an estimated $3.66 billion before debt. The president has a fair amount of leverage—adding up to a roughly $1.13 billion—but not enough to drag his net worth below a billion dollars.

Maybe the American people should know who he is one the hook to? Nah, should be fine.

 

[Mick]

@Mick
Sorry dude. I’m just in a snarky, irritated as all get out mood about some other things and it’s not meant at you or anyone else on here if I’m coming across that way.

I think that's the purpose of VN sometimes.

 

[BigOrangeMojo]

Wonder how many of Trumps "successful" businesses are passthroughs? I keep hearing about Trumps 500 successful businesses but know nothing about most of them.

Lots of LLCs and lots of companies holding marks (I.P.)

 

[golfballs]

Basically, the only thing illegal that went on is that someone leaked his taxes. Good one libs. This kind of **** is problematic. And people cry that quality candidates don’t run for office. Who would want to be subjected to this? In fact I’d wager that Trumps finances are more on the up and up than other politicians. The ones getting rich through public office...