Jared Kushner pays no taxes
- Thread starter blacbird
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In this case, blame lies with Congress as much as anything. They've put Hindenburg-sized loopholes in the tax code for real estate. As long as they can show "losses" and run on the edge, voila! No taxes.
Larry M
Banned
My Aunt worked for an accounting firm. One day she looked at her boss and said "Must be nice for the rich. The working class pays all the taxes and the rich get all the benefits."
Her boss responded "And they always will, because there are more working class people, and the rich control the power."
That was back in the 1970s. Nothing's changed.
Her boss responded "And they always will, because there are more working class people, and the rich control the power."
That was back in the 1970s. Nothing's changed.
The rich are mobile. They can afford to have mansions all over the place and pick their main place of living wherever taxes are the most advantageous. Any newly elected government with a "tax-the-rich" policy eventually faces a wealth exodus (example here) . The working class is stuck at the same place. Moving is very costly and owning multiple houses in different states or countries is impossible.
-cb
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It would be nice if we could return to cultural values which regard tax avoidance as unpatriotic and paying one's taxes as patriotic. For whatever reason, the majority of Americans don't make a connection between taxes and services that are good and necessary. The narrative that the government is stealing and wasting our money has been mounting since the 80s, at least. Yep, things like education, a clean environment, a safety net that will be there for anyone who is down on their luck, health care, parks and recreation, roads, bridges that don't collapse, building inspection, trained and professional fire and police forces, national security etc. are all wastes of money.
If wealthy, powerful people who avoid paying taxes were seen as unpatriotic deadbeats instead of heroes and role models...
If wealthy, powerful people who avoid paying taxes were seen as unpatriotic deadbeats instead of heroes and role models...
Individuals are entitled with the power to lower their tax bills as they see fit. That's the way it's supposed to work. What's wrong is the creation of loopholes that only the most wealthy can use, and the lack of oversight to close them and recoup the money.
-cb
-cb
Back in the 1930s, working-class people got together in mass movements and fought for the 8-hour-day, work-place safety, social security, the end to child labor, relief (later know as welfare). They won all those battles. Some of those battles had been fought for 50 years or longer. The rich were forced to pay higher taxes to keep the poor alive, but they didn't like doing it. So, I would disagree with your Aunt's boss, but it won't happen again without the kind of mass movement of the 1930s, or the Civil Rights Movement of the 1950s and 60s, or the anti-Vietnam War Movement of the 1960s and 70s.
Retired CPA here.
When I was in school one of my professors told us: pay every penny you are legally obligated to pay, and not one penny more.
If you don't like the tax system, don't complain about the people who work it to their advantage. Instead elect people to the House of Representatives who will craft a fairer and less cumbersome system.
MM
When I was in school one of my professors told us: pay every penny you are legally obligated to pay, and not one penny more.
If you don't like the tax system, don't complain about the people who work it to their advantage. Instead elect people to the House of Representatives who will craft a fairer and less cumbersome system.
MM
The thing is, Trump is conning people claiming he and his family were clever to use legal tax loopholes but he was actually using illegal means to pay less tax.
NYT*: Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father
*If you are blocked by the paywall, you can still read the article after Nov 1st. They allow a number of free articles every month.
NYT*: Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father
*If you are blocked by the paywall, you can still read the article after Nov 1st. They allow a number of free articles every month.
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Not really the deep issue here, is it? A hell of a lot of questions revolve around what the Trump family, dating back to good ol' Fred*, may have avoided paying via shady/illegal maneuvers. With, of course, the key question: Why won't Bone Spurs release his tax returns?
caw
*Fred Trump seems to have been one of the most odious, unpleasant, vile people ever to infest the New York real estate scene.
To the bolded: many on the right consider all taxes evil guv'mnt money-grabs and all tax laws to be same; him illegally skipping out on his tax bill, to them, is yet another reason to cheer him on. (And if he can get himself into power and change those pesky laws so he, and he alone, gets away with it, well, so much the better in their eyes. They project themselves and what they'd do if they had his money and power... and that is exactly what they'd do, screw everyone else and laugh all the way past the jail cell to the bank.)