Donald Trump has a reputation for slashing his taxes using techniques that some experts find aggressive.
  • Buffalox@lemmy.world
    0·
    14 days ago

    No no no, that’s impossible. Of course everybody trust the tax system in USA completely. Trust it to favor the rich. And this case will 100% strengthen that trust.

  • bthest@lemmy.worldEnglish
    0·
    13 days ago

    LOOK AT ME EXPERTS! I DECLARE THAT I AM IMMUNE TO BULLETS, FIRE, EVIL EYE, OVERDRAFT FEES AND CHILD SUPPORT PAYMENT DEADLINES!

    OOOOOO BEWARE EXPERTS! BE SCARED AND SHOCKED!

        • btsax@reddthat.com
          0·
          13 days ago

          Any hobby you have where you someone could reasonably assume you could make money at it can be claimed to be a business and used to deduct expenses from your taxes. Since the Trump tax cut of 2017 you don’t even need to create a legal structure for that business anymore. You just literally fill out schedule C as a sole proprietor.

          “Middle class” landlords do this all the time, since they get rent as income they can deduct all their expenses at Lowes et. al., if you keep a garden in the summer and ever sell your produce, even if it’s just one tomato, you can deduct gardening expenses, if you own a boat and take people out on charter you can deduct your boat expenses, etc. (Make sure to follow other laws about this, I don’t know where you live and just came up with these off the top of my head.) I have even heard of people starting YouTube cleaning channels to teach people who to clean, and now you can reasonably deduct expenses for your cleaning products.

          Also business expenses are “above the line” so this has nothing to do with the standard deduction like charitable donations and mortgage interest do, those are below the line.

          Rule of thumb is there’s some length of time you can report losses before the IRS comes sniffing around so if you’re not filthy rich you may have to deal with an audit, but it’s not illegal to try to start a business and not make money. Word on the street is you can lose money running even a casino and deduct those losses too.

          This is not legal advice, go look it up on your own and don’t do anything some random on the internet says

    • ChexMax@lemmy.world
      0·
      14 days ago

      Well hard to undermine trust in a system everyone Already knows is rigged. Though I know this isn’t what was meant :(

  • GirthBrooksPLO@lemmy.world
    0·
    13 days ago

    Its funny how he thinks he and his pedo buddies think they are just going to get to walk away with all the shit they stole and a ruling from an institution they debased is going to protect them.

  • jonesey71@lemmus.orgEnglish
    0·
    13 days ago

    No billionaire should ever be audited. They should have their taxes done by a team of IRS agents and then have the taxes owed taken directly from their assets. No fancy accounting loopholes, just a bill of what is owed.

    • SabinStargem@lemmy.todayEnglish
      0·
      13 days ago

      I think that if there is a complete replacement of the economic workings in the USA, part of it would involve how taxes are assessed and collected. For the corporations, they shouldn’t be responsible for their book-keeping. Instead, the State and Federal governments jointly undertake this duty, assigning their own personnel.

      000

      Each quarter of the year, a coin is flipped. Tails, the State government does the IRS duties, and Heads, it is the Federal. Each of these governments respectively cover exactly half of the year’s book-keeping, but the timing and personnel is randomized.

      This helps mitigate corruption, because it randomizes who is looking at a company’s finances. Corruption relies on social trust between thieves to not sell each other out for mutual profit, which requires the thieves to figure out who can be worked with. By constantly replacing who they have to work with, the corporations can’t create ideal conditions to become corrupt.

      Having the federal and state governments comparing their records also helps keep them from becoming corrupt themselves: They don’t want to share the corrupt pie, so all three parties have to agree to be rotten if they want to do shady dealings. That is much harder when there are many loose lips and competing interests to sink ships.

  • SabinStargem@lemmy.todayEnglish
    0·
    13 days ago

    The taxation system has been a joke for a long time. When the wealthy get to essentially ignore their responsibilities to society, there isn’t much reason for that society to continue hosting them. Our elites, are simply parasites.

    • 14th_cylon@lemmy.zip
      0·
      13 days ago

      Yes. If you also run your own gestapo that can just snatch people off the street without any consequences, you can do that.

    • MinnesotaGoddam@lemmy.worldEnglish
      0·
      13 days ago

      It was one of the more fair and reliable parts of the US government, so long as you knew how to work with the system.

      That “so long as you knew how to work with the system”, intuit, the bloch brothers, and mister klynveldpeatmarwickgoerdeler (he’s south African Dutch but not Afrikaans? I really don’t understand accounting) have lobbied very hard, fast, and wet to keep difficult and out of reach for non practitioners