Quote:
Originally Posted by Azure
No, I think a business should absolutely minimize the amount of taxes they spend. A lot of the tax reduction strategies are based around encouraging growth and reinvestment into a company.
But we aren't talking about small business tax reduction here. We are talking about how billionares use real estate holdings to defer their tax payments, or even claim loses when in fact their asset value goes up and they are still 'rich.'
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It's a complicated topic that always seems to be discussed without any nuance.
If a billionaire is losing money every year, should he be paying taxes? Income is generally taxed, not wealth. Taxing wealth makes sense at some level, but every attempt to do so usually causes more problems than it creates.
Then there's the question if a pretend billionaire who owes more than he has should pay any kind of taxes.
It seems that Trump has always taken the position that he doesn't care about his actual wealth, and just enjoys using jets, mansions, penthouses to look rich and enjoy a rich lifestyle. He probably pushed the envelope on what is allowed by the tax code in that area, but it's a completely different issue than real wealthy people not paying a fair share of taxes.