How does US tax law allow billionaires not to pay? Read this and try to understand

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One of the great frustrations about US tax law for a lot of Americans is that everyday wage earners can often pay a higher tax rate than billionaire real estate investors. Here's what a tax law expert says. | Analysis by zbyronwolf

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The publishing of data about more than a decade of President Donald Trump's tax returns in The New York Times confirms he often paid little or no federal income tax and suggests running for president and being elected did nothing to awaken a patriotic sense of tax-paying duty in Trump.

Someone with extensive real estate holdings likely has interests in businesses where the owners are taxed on the operations of the business and where the business does not pay taxes on a separate return. For example, LLCs generally are not taxed directly; instead, the income, losses and deductions of the LLC are assigned to the owners by agreement with the tax consequences following from there and reported on the owners' individual returns.

Tax law generally allows deductions for ordinary business expenses and for business losses, including abandonment of projects. The key is that the payment must be for bona fide business purposes. Payments to close family and friends by those in control of businesses are subject to scrutiny on audit because of the potential to inflate deductions and to avoid transfer taxes.

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zbyronwolf

zbyronwolf Boy, you are sure showing your bias. Anything on HUNTER?

zbyronwolf Trump should be excluded from the election, with his debts he is a threat to the national security of the country!

zbyronwolf When in business you strive to show a loss. The less you profit the less you pay in taxes. If his only fault was to employ good accountants then I say good job! Who do you want running your country a smart businessman or a 50 year career politician w/ NO BUSINESS EXPERIENCE!

zbyronwolf Context matters...report the news

zbyronwolf fu cnn

zbyronwolf Try, why not say “I owe this”? Pay, and not be so rich and cocky enough to hold it up in courts for 10-15 years. Majority can’t afford that, lucky for your wealth and lawyers? Who, know pays as you golf? Always the “little people”?

zbyronwolf

zbyronwolf Set up a corporation to own everything, then take a small salary. Boom, you pay very little in personal taxes.🙃

zbyronwolf President Trump is the MOST VETTED POTUS in history. Yet, the Democrimefamily party still can't find any dirt on him.

zbyronwolf

zbyronwolf

zbyronwolf Trump 2020

zbyronwolf The tax system benefits business owners. Duh. Stop being a slave to your wages.

zbyronwolf .DonaldJTrumpJr is spot on. realDonaldTrump has actually created jobs, while Joe Biden has just talked about it for 50 years as a career politician.

zbyronwolf reading some comments here, it doesn't matter about taxes, bounties, affairs, russia, covid response, or corruptions...there is nothing you can tell TrumpSupporters it is all fake to them, they will sleep and never wake up from the spell their leader has them in...

zbyronwolf Election fraud concerns me more than rich people benefiting from current tax laws. Where’s your story on Ilhan Omar and her cashforballots scheme?

zbyronwolf Middle Class Republicans keep reelecting the ones who have created this wealthy rewarding society, even at their own expense for the last four decades, since the Reagan Administration created it. Delusional

zbyronwolf Because he has mutually taxed income, income taxed in other countries and in the US. He will get a credit based on that other countries tax.

zbyronwolf Amazon & Google pay nothing either.

zbyronwolf Biden’s CORRUPTION ❌ Hunter paid “nationals of Russia... linked to.. prostitution or trafficking ring” ❌ “lucrative ties between Hunter Biden’s firms & companies controlled by Chinese Communist Party” ❌ Hunter was wired $3.5M from Moscow mayor wife

zbyronwolf 'Real estate investors'😂 How bout billionaires, period? Change the damn laws, if you don't like it...

zbyronwolf Trump Tax Returns: 10 Things You Need to Know

zbyronwolf Here is who helped create them.

zbyronwolf JeffBezos

zbyronwolf Trump’s fault how Can I get his accountants number

zbyronwolf Is anyone paying attention to this fake news? Anyone?

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