multi-billionaire only paid $750 in taxes?

[airbud7]

just testing the IQ level around here...Happy Hump Day, y'all!

https://3.bp.blogspot.com/-din-wXqLfwU/Uw4klKJryaI/AAAAAAAABKw/pbAgA0WNzeo/s1600/45972-Hump-Day-Camel.jpg

[Thumper]

I always take things like that with a grain of salt. I had my own business and made a decent living at it for 20 years, but I never paid a penny in PERSONAL income taxes. When you're in business, you use whatever tax breaks or incentives are available. That's why I had a personal accountant. If the end of the year was approaching and she told me I "needed to spend some money", I knew to depreciate out a truck or some equipment etc. and buy new. Or make some other sort of capital improvement. It's what you do in business. I only needed a relatively small amount of income and knew where to set my pay level to come out smelling like a rose, taxwise. Now, I paid a TON of other taxes, so you have to take that into perspective. Even then, $750 sounds ridiculously low. But like Trump said, he was abiding by the existing tax codes, including those set up during the Obama era and he was not in politics at the time. If it was all legal and above board, where is the argument? What kind of moron, in business, would owe the IRS $100 and say, well, that's too low, I'll pay $1000?

[Buckrub]

I don't know of any.

Either the IRS has a libelous lying cheat somewhere that has violated his oath, or the NYT is a libelous lying rag. It's a binary thing. One or the other.

I am appalled at Trump for this, I admit. Literally appalled!!! I mean, if you can't find just one more deduction somewhere to wipe out a measly $750, then you're not very smart.

More appalling, in reality, is that no one is asking Biden how he made almost a Million bucks on a VP pension.......

I am uninterested in how a multi-millionaire decided on becoming a public servant. I'm MORE interested in how public servants became millionaires.

[Thumper]

I am uninterested in how a multi-millionaire decided on becoming a public servant. I'm MORE interested in how public servants became millionaires.

Dang it! You beat me to it. I saw that on a meme somewhere and was trying to find it when you posted it. I totally agree.

[Thumper]

Found it! I'm thoroughly convinced there's a meme for everything! ;)


11916

[airbud7]

Dang it! He beat me to it to Thump!.....that's the true question of the day^

[DeputyDog]

I don't know of any.

Either the IRS has a libelous lying cheat somewhere that has violated his oath, or the NYT is a libelous lying rag. It's a binary thing. One or the other.

I am appalled at Trump for this, I admit. Literally appalled!!! I mean, if you can't find just one more deduction somewhere to wipe out a measly $750, then you're not very smart.

More appalling, in reality, is that no one is asking Biden how he made almost a Million bucks on a VP pension.......

I am uninterested in how a multi-millionaire decided on becoming a public servant. I'm MORE interested in how public servants became millionaires.

Here is a link to a WSJ article about how the Biden’s avoided paying approx. $500k in payroll taxes (Medicare, SS) by using a s-Corp to cover $13mil in income from book royalties and such.

https://www.wsj.com/amp/articles/how-the-bidens-dodged-the-payroll-tax-11597083162

Sounds like Trump had better accountants. [emoji12]


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[Thumper]

Yep, I was incorporated under a sub-chapter S corporation with my business. As I stated earlier, there’s a difference between tax “avoidance” and tax “evasion”. Anybody in business would be a dumbass not to avoid taxes they’re not legally obligated to pay. The latter is illegal, so there’s a major difference between the two.