Trump's tax returns to be released to the Dems...

#351
#351
LouderVol said:
When did he claim he was going to fix the tax code to make billionaires pay?
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I remember him saying he was going to (at least try) simplify the filing process so you could do your own taxes on a postcard, if I’m remembering correctly.
 
#353
#353
volinSmyrna said:
So you are a proponent for taxing unrealized gains? If so, what happens if those same stocks take a downturn? Do we get money back?

For example. I have a good bit of AMD in my accounts. I'm not selling as it is a long hold for me. This time last year, it was over 100% gain in my account. Should I have paid a tax on that? What happens when it gives up most/all of those gains this year? Do I get the tax money I would have paid last year back this year?
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And what about ownership of private instead of public equities? Who will make up the valuations when the shares are not being traded in a public market?
 
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#354
#354
The envious liberals that are mostly motivated by confiscating the wealth of the richest Americans fail to consider that they can take ALL of their wealth and move to a different country.
 
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#355
#355
Thunder Good-Oil said:
And what about ownership of private instead of public equities? Who will make up the valuations when the shares are not being traded in a public market?
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I had an audit once on the valuation of a private company. That wasn't fun...

Getting appraisals for real estate each year seems burdensome too...
 
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#356
#356
BigOrangeMojo said:
I had an audit once on the valuation of a private company. That wasn't fun...

Getting appraisals for real estate each year seems burdensome too...
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Without a negotiated selling price between a buyer and a seller, there really can’t be a fair valuation created for levying taxes. That’s why there are income taxes. Bottom lines of businesses (and the gross pay of employees) is far easier for taxing authorities to determine. Taxing on a theoretical valuation of assets would create the most corrupt governmental revenue collection system that has ever existed.
 
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#357
#357
Thunder Good-Oil said:
The envious liberals that are mostly motivated by confiscating the wealth of the richest Americans fail to consider that they can take ALL of their wealth and move to a different country.
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If they took all the money from every billionaire and divided equally among every US citizen I'd guess that within 5 years most billionaires would again be rich and most poor would again be poor.
 
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#358
#358
BigOrangeMojo said:
I had an audit once on the valuation of a private company. That wasn't fun...

Getting appraisals for real estate each year seems burdensome too...
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The real estate assessments are at least based on location, square footage, and recent comparable sales. What does the government do about private businesses that have been in families for decades? And what happens when those assets are held by trusts, foundations, charities, and such? Liberals need to just stop with their wealth redistribution fantasies. Government entities need to learn to operate within their means which is the amount of income they already confiscate.
 
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#359
#359
Another flaw of the soak the rich and confiscate their wealth fantasy of the Radical Left is that those assessments would be made on a specific date. Income is measured over time and every day is factored in. With publicly traded securities is the government simply going to look at the closing prices on December 31st? The last trading day every year would be the wildest, most chaotic, disorderly market we’ve ever seen. Arbitrage would be insane. Algorithmic trading possibly drives valuations down at year end simply to reduce taxes.
 
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#360
#360
C-south said:
I remember him saying he was going to (at least try) simplify the filing process so you could do your own taxes on a postcard, if I’m remembering correctly.
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I think I remember something along those lines.
 
#361
#361
Post cards are fine for workers that have minimal other sources of income. The 1040-EZ could probably be scaled down to a postcard. Trump simplified most individual filings quite a bit by significantly increasing the standard deductions.
 
#362
#362
Thunder Good-Oil said:
Post cards are fine for workers that have minimal other sources of income. The 1040-EZ could probably be scaled down to a postcard. Trump simplified most individual filings quite a bit by significantly increasing the standard deductions.
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It could be simplified more by just lowering the rates and doing away with ALL deductions, credits, filing status, etc.
 
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#363
#363
C-south said:
It could be simplified more by just lowering the rates and doing away with ALL deductions, credits, filing status, etc.
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The huge increase in the standard deductions eliminated itemized deductions for millions of filers.

Married people are far better organized than single filers. No way they’ll allow their favorable tax treatment to end. But now they have to share the tax benefit with same sex couples.

Taking away favorable tax treatment of parents and legal guardians will be devastating to the bottom of the economic scale.
 
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#364
#364
utvolpj said:
So why do you claim these serious illegal acts exist without being able to provide a single detail? Maybe you're the true Trumpanzee
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No point in doing so, as all you Trumpanzees do is deny, deny, deny, and deny.
 
#365
#365
BigOrangeMojo said:
A lengthy history of losses for many of his holdings....

The creation of an AMT tax credit for the years he generated income from the Apprentice

More losses after he went heavier into hotels and golf courses the past 10-15 years..
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I'd love it if he winds up getting a big fat refund.
 
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#367
#367
WoodsmanVol said:
He isn't as rich as he says he is? So you agree with me that he is a liar. Now doesn't that just take the German chocolate-strawberry cake?
The IRS didn't really investigate, Trump-fear was in the federal agencies at the time, he and his cronies replaced, gutted, and intimidated agencies. He even promised that if reelected, he'd go even further in gutting them. In other words, bring forth round 2 of Trump-fear and stifle any true investigations to his illegal activities, including tax fraud.

First Office Actions

Second Office Promise
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YGHN
 
#368
#368
LouderVol said:
Trump was elected in what 2016? Plenty of pre-Trump presidency time for an "impartial" IRS to look into him. So I think your argument is BS that he is hiding something in his 1040s. By the same token it's been almost 3 years since he left office? Plenty of time for a vengeful IRS to dig in and find something.
I would also argue there is more anti-Trump people in DC than there ever were pro-Trump people. So your argument about them being scared is still bs imo.
Now as to Trump being a liar, I have no idea why you would think I wouldnt believe that. I hate Trump, i just hate him for actual policy issues instead of his Tweets.
All that to say the one thing you arent allowed to illegally mess with in this country, regardless of politics, are the taxes. If Trumo had something wrong there, we would know, the IRS has never pulled its punches, and I havent seenanything to indicate they started.
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It's coming. Have to wait for the usual rich folks lunge and parry legally maneuvering fencing games to play out.
 
#373
#373
BigOrangeMojo said:
In other words, PJ called you out on it and you have no clue how to respond...
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Sure I do. However, I've driven that truck before, and it always leads to the same parking lot. Facts be dayum, just deny, deny, deny, and deny.
I decline to drive the truck again as the journey is pointless, it just detours hither and yon, but always goes around in circles just the same.
 
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