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Originally Posted by RougeUnderoos
And I don't get this. By that measure, a man who claimed he will make $694,000,000 this year would be overpaying if he paid $1 in federal income tax.
Everyone wants to pay less taxes. I know I do. But this is clearly cheating the (apparently broken) system.
He isn't cheating any tax system, if he was, the audit would send him to jail.
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For the record, I despise him, I feel the need to say that!
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I'm not sure Rouge was implying that he is cheating on his taxes. But it's hard to interpret Donald's comments on this topic and make sense of it all. His claim is that he made 694 million in income last year. Is that what he made or what his businesses made? The way he said sure suggested that was his personal income, but almost no one would bat an eye if he really meant his businesses, because that is the kind of thing Trump does all the time.
So, if it is his businesses that made that much income, and he is complaining that business tax is too high and should be cut in half or more, then why didn't his business pay income tax? And if he can claim his company can net 700 million a year and not pay a dollar of fed income tax, how can he convince the public that what this country needs is a cut in business taxes? Of course, it is probably most likely, that his companies really didn't make 700 million in net income and he is taking liberties on his definitions of income and revenue.
If he is really claiming he personally took home 700 million in income, without any federal income tax, then someone with some knowledge of rich people taxes needs to explain how that is possible if he didn't have more than 700 million in losses to write off against his 700 million in income. That wouldn't surprise me at all either and would suggest the reason he doesn't want to release his tax returns is because he actually is making less money than the guys working on the automobile assembly lines.
All that wouldn't surprise me, because the way he talks about his finances is much like my FB friends claiming to make 3-4 thousand of dollars a month on their MLM nutrition products while ignoring the fact that they are spending 4-5 thousand dollars on inventory.