Reply to The BIG ONE: 20 years of Trump taxes obtained by NYTs

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I'm a small business owner. Own multiple small businesses and several real estate investments. high 6 to 7 figure/annum income depending on the year. DESPISE TRUMP and am disgusted he is president. But there is nothing here. I haven't paid much tax for decades but I do pay our CPA a nice chunk of change to legally and cleanly make most of my taxes disappear. I believe most entrepreneurs, business owners and real estate investors end up paying minimal income tax. I know lot of folks earning millions a year paying less in tax than our school bus driver. Why blame trump for doing the same?

I'm just so worried that all this desperation by Dems and mainstream media to bring him down is going to blow up in our faces.[/quote]

You’re a liar or your CPA is breaking the law.  I’m also a small business owner, revenue was $3 million in 2019.  Legally I can’t expense my clothes or haircuts.  Why can Trump? I can deduct mileage but legally I can’t expense a car.  Why can Trump?  Sure, some of this has to do with real estate depreciation...but his fraudulent expenses and deductions are outrageous.  You should get a new CPA before you’re audited.[/quote]

+1.  While there are lots of ways to manipulate that numbers, at the end of the day your deductions have to reflects actual expenses incurred.  While you may be able to manipulate numbers to show little or no tax obligations for a few years, eventually the chickens come home to roost.  If they don’t, you’re probably engaged in tax fraud.[/quote]

Im the small business owner who posted the original post. Actually the tax code and legal framework of USA rewards entrepreneurs and business owners. Capitalists who make the economy run and provide jobs. And yes it is perfectly legal to have minimal tax liability for years or even decades.  it’s not difficult to do if you are a serial entrepreneur like trump is. Understand the big picture he has 500 business entities and losses from some offset profits from another. Some of those losses incurred are paper loss due to legally used strategies like amortization depreciation etc. those paper losses offset real profit and you can continue to do this serially maybe perpetuallly. Yes I have been audited three times and once resulted in IRS sending me a refund back as well. I despise trump but there is no story here. Maybe it’s not ethical or moral but it possibly is legal use of loopholes created by generations of tax code and laws (by both parties). I’ve worked with my CPA two and a half decades and he has been in business two decades before that. No I dont think anything we do is illegal based on posts from strangers on internet who don’t understand specific tax scenarios [/quote]

A lot of us are not upset because we think it's illegal.  We're upset that regular working Americans pay 10x as much or more in income taxes per year than Trump.  You think it's justified because you benefit from the system.  We do not think so.  And Trump's tax reform made the problem worse.[/quote]

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