Thanks for the clarifications. Though I thought the illicit copy of the tax returns the NYCrimes claims to have was for a period of time prior to 2017 tax year. Anyway, I fault no one for leveraging the tax code to their advantage while they can. However, their grand standing fear porning is ridiculous and frankly, kinda condescending on their readers, implying they are too stupid to understand tax law or even the simple concept that the IRS would be most interested and the correct authority to deal with Trump's filed taxes. I guess it is their Rachel Madcow moment - again.
In my Libertarian mind set, I would prefer the tax code be reduced to a much more simple and flat rate structure. Unfortunately, it is a behemoth of give-backs, take-backs, kick-backs and all manner of pay-offs to many political and business interests, subject to constant change and denial. Having said that, I'm a self-employed business owner (real estate related) and can leverage some items in the tax code. However, on the personal side of the tax code, I end up with the basic exemption instead of itemized thanks to the increase in the Tax act.
But you are still entirely and spectacularly wrong on masks for the general population. I will tell you this; I shepherd along a large-ish family circle, from age 1-92. I give different advice to different segments, based upon their age, conditions and risk groups.
No. It was part of the Tax Cuts and Jobs Act (TCJA) in 2017. For Trump, the deduction is 20% of "qualified business income" up to a maximum of 50% of wages paid, or 25% of wages plus 2.5% of the original cost of his real estate. In reading up on this, I discovered that the "2.5%" only applies for 10 years after the property is purchased, so it's not as much of a tax advantage to Trump as I'd thought before. And more importantly, based on recent reporting in the New York Times, Trump has aggressively and wisely taken advantage of the tax code so that he hasn't had to pay much federal income tax anyway in most years.
Translation: My post was B.S. I don't think Trump benefitted that much from the TCJA.
I'm still right about masks though.
Originally Posted by Tiny