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Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 9:41 am
by sardis
Okay, tax education. There is one lobby group that is more powerful than Wall St. and that is real estate developers. I know because I pounded the pavement in DC and Raleigh back in the day to help the industry because most of my tax clients are commercial developers. Real estate developers get the most loopholes than any other industry. When they build a building, they get to write off (depreciate) about 40% of the project in year one even though they may have leveraged the property 80% and have no personal risk on the debt. When they sell a building at a gain, they don't have to recognize taxable gain as long as they reinvest the proceeds into another piece of real estate. As long as they keep placing properties in service and always reinvest their sales they incur significant losses on the tax return and pay hardly any tax even though the project is economically successful. Most of my clients are like Trump. They take advantage of the loopholes and pay very little tax.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 9:51 am
by aTm
Surprise! Workers pay income tax. Wealthy property owners do not.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 10:40 am
by DooKSucks
sardis wrote: ↑Mon Sep 28, 2020 9:41 am
Okay, tax education. There is one lobby group that is more powerful than Wall St. and that is real estate developers. I know because I pounded the pavement in DC and Raleigh back in the day to help the industry because most of my tax clients are commercial developers. Real estate developers get the most loopholes than any other industry. When they build a building, they get to write off (depreciate) about 40% of the project in year one even though they may have leveraged the property 80% and have no personal risk on the debt. When they sell a building at a gain, they don't have to recognize taxable gain as long as they reinvest the proceeds into another piece of real estate. As long as they keep placing properties in service and always reinvest their sales they incur significant losses on the tax return and pay hardly any tax even though the project is economically successful. Most of my clients are like Trump. They take advantage of the loopholes and pay very little tax.
I have a friend who's family is in the tax credit business. They get millions in tax credits for building low income housing.
They get the apartments, make money off of them like Sardis describes AND they get to sell the tax credits for millions.
Of course they're massive Trumpers despite the fact that their wealth is derived from government programs.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 10:48 am
by eCat
does anyone know someone that pays more in taxes than they are legally obligated to?
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:08 am
by eCat
our fiscal year ends in 2 days. We were up 3 million over our projected numbers and were celebrating for having an amazing year during a pandemic
This morning we lost an $8m account
there is no joy in mudville.
our European and Asian zones had a 10% decline YOY. We anticipate 2021 doing that to us.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:18 am
by hedge
Irregardless of the tax laws and loopholes, it's not a good look for a guy claiming he's worth $10 billion and he's paying $750 a year in taxes. I mean, the fact that he paid $750 (if true) is a bigger insult than just paying nothing and claiming he was deducting previous losses. $750? Really?? Who came up with that number? At the very least, this whole thing should be a wake up call to revise the tax code...
Meanwhile: "The couple reported about $11 million in adjusted gross income in 2017, the documents from 2016 through 2018 show. They followed it up with another $4.6 million in adjusted gross income last year. Their income spiked from about $396,000 in 2016.
The Bidens paid about $3.7 million and $1.5 in taxes for 2017 and 2018, respectively — about a third of their adjusted gross income. They gave roughly $1 million and $275,000 to charity in 2017 and 2018, respectively."
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:20 am
by hedge
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:21 am
by hedge
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:31 am
by eCat
and that's assuming the $750 is actually correct. I suspect when the details come out its going to be substantially more
but no one will care because the internet has now declared it was $750
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:36 am
by hedge
Yeah, and Trump has already "declared" he's worth $10 billion...
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:36 am
by hedge
Brad Parscale, Ex-Campaign Manager for Trump, Is Hospitalized in Florida
The Fort Lauderdale police said that Mr. Parscale’s wife called the authorities to their home because he was armed and threatening to hurt himself.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:42 am
by eCat
hedge wrote: ↑Mon Sep 28, 2020 11:36 am
Yeah, and Trump has already "declared" he's worth $10 billion...
did anyone really believe Trump's statements about his worth?....ever?
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 11:46 am
by eCat
Looking forward to the debate tomorrow night.
Ok, its a given the media will declare Biden the winner. We've seen that pattern before.
But the real storyline is did Trump prepare for it and take it seriously, or did he think he could just wing it? and will Biden have to answer the hard questions that divide his party. He makes any declarations about defunding the police, medicare for all, arresting protestors - he's going to lose votes no matter what his take is.
However if he can take the initiative and attack Trump by being just as much of a jackass as Trump is, then that would probably win some Trump supporters over, and in doing so, it really won't matter if he answers debate questions or not.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 12:36 pm
by hedge
Trump doesn't have to worry about dividing his party, no matter what he says or does, he won't lose any support..
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 12:37 pm
by hedge
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 12:38 pm
by hedge
Only the best people...
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 12:48 pm
by aTm
eCat wrote: ↑Mon Sep 28, 2020 10:48 am
does anyone know someone that pays more in taxes than they are legally obligated to?
The last time this trick was tried I believe it turned out that moron Mitt Romney actually did pay more than he owed.
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 12:49 pm
by hedge
You can't spell "Mormon" without "moron"...
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 12:50 pm
by hedge
You bout can't spell "Romney" without "moron"...
Re: Florida State Seminoles
Posted: Mon Sep 28, 2020 1:11 pm
by hedge
Parscale was really living the MAGA dream. Drunk, lots of guns, wife beaten. That pretty much checks all the boxes...
