That's literally what loopholes are. They're just holes in the system that allow rich people to cut their taxes.
Biden sighting
- Thread starter aTUfan
- Start date
Exactly! And created by congress.
It won't matter how high biden raises taxes, Rich people pay cpas not taxes.
It won't matter how high biden raises taxes, Rich people pay cpas not taxes.
Biden asked, is it right that Trump paid less income taxes than most of us. And no, it is not right, be it is not illegal, or cheating. He just followed the tax code as written by congress. If Biden wanted to fix the tax code he had 43 years to do it.
A loophole is defined as “an inadequacy or ambiguity in the law or set of rules”. I would argue that is a poor way to define the tools people use to lower their taxable income. There are few ambiguities or inadequacies in our tax code. In fact the code tends to be very precise and those parts who lend itself to interpretation have been largely resolved via revenue rulings as well as litigation. Now if you want to argue that lobbyist have influenced the code in a similar manner they’ve influenced other laws then I’m in total agreement. Tax attorneys and quality CPAs are paid by their clients to take full advantage of the code as it is written.
If it was just taking advantage of legal loop holes, would Trump fight so hard to keep his returns from being examined by the State of New York? He has always claimed his low taxes were because he was 'smart'.
Cohen has told the state exactly where Trump lied on his returns and where he broke banking laws. That's a different kettle of fish.
Cohen has told the state exactly where Trump lied on his returns and where he broke banking laws. That's a different kettle of fish.
Keeping his returns from the State of New York was all about preventing the media from releasing this returns to the public because of public perception. Those returns have been audited up and down by the IRS. I’m very skeptical of the State of NY finding anything criminal there. I assume Trump’s tax attorneys are very good. Make no mistake, Trump didn’t prepare those returns nor did he use the code to reduce his taxable income. Those returns are far above my pay grade much less Trumps. S
Has anyone seen the video of the Biden bus in texas. What happened?
I haven't seen it but have heard several stories.
I haven't seen it but have heard several stories.
