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  1. #101
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    Re: Trump Engaged in Suspect Tax Schemes

    Quote Originally Posted by CowboyX View Post
    So we have a tax code that is understandable enough for an entire industry, full of professionals, to be built around it. One that is confident enough in its ability to understand the tax code to stand behind their work and products.
    There is "an entire industry, full of professionals" exactly because the tax code is so complex:

    https://www.washingtonexaminer.com/l...deral-tax-code

    "As they rush to file their taxes by April 18, Americans are rightfully frustrated with the complexity of the 74,608-page-long federal tax code."

    " Most of the growth in the tax code came in the past 30 years, growing from 26,300 pages in 1984 to nearly three times that length today."

    Sounds complex. That most of the growth is in the last 30 yrs is no shock to me :(


    Another interesting note (same source) is how tax law is being used for other than collecting taxes:

    "This growth in the tax code has not come without consequences. "Over the decades, lawmakers have increasingly asked the tax code to direct all manner of social and economic objectives, such as encouraging people to buy hybrid vehicles, turn corn into gasoline, purchase health insurance, buy a home, replace that home's windows, adopt children, put them in daycare, purchase school supplies, go to college, invest in historic buildings, spend more on research, and the list goes on,"


    Tax laws used as a social engineering tool...

  2. #102
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    Re: Trump Engaged in Suspect Tax Schemes

    Quote Originally Posted by Belthazor View Post
    There is "an entire industry, full of professionals" exactly because the tax code is so complex:

    https://www.washingtonexaminer.com/l...deral-tax-code

    "As they rush to file their taxes by April 18, Americans are rightfully frustrated with the complexity of the 74,608-page-long federal tax code."

    " Most of the growth in the tax code came in the past 30 years, growing from 26,300 pages in 1984 to nearly three times that length today."

    Sounds complex. That most of the growth is in the last 30 yrs is no shock to me :(
    I never argued that it wasn't complex.

    ---------- Post added at 07:29 AM ---------- Previous post was at 07:23 AM ----------

    Quote Originally Posted by Belthazor View Post
    Another interesting note (same source) is how tax law is being used for other than collecting taxes:

    "This growth in the tax code has not come without consequences. "Over the decades, lawmakers have increasingly asked the tax code to direct all manner of social and economic objectives, such as encouraging people to buy hybrid vehicles, turn corn into gasoline, purchase health insurance, buy a home, replace that home's windows, adopt children, put them in daycare, purchase school supplies, go to college, invest in historic buildings, spend more on research, and the list goes on,"


    Tax laws used as a social engineering tool...
    So? I'd also agree that it should be used for a business to invest in itself - such as expand and buy new equipment as opposed to moving its operations offshore. The latter also does happen currently. Seems like a good topic for a new thread what behavior we should and should not encourage as a society. If someone can be encouraged to buy a new drill press, why shouldn't a family be encouraged to buy a home?
    "Real Boys Kiss Boys" -M.L.

  3. #103
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    Re: Trump Engaged in Suspect Tax Schemes

    Quote Originally Posted by CowboyX View Post
    So? I'd also agree that it should be used for a business to invest in itself - such as expand and buy new equipment as opposed to moving its operations offshore. The latter also does happen currently. Seems like a good topic for a new thread what behavior we should and should not encourage as a society. If someone can be encouraged to buy a new drill press, why shouldn't a family be encouraged to buy a home?
    Agreed, I think it would make a great topic for it's own thread

  4. #104
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    Re: Trump Engaged in Suspect Tax Schemes

    The owners of a 70-story Panama City hotel tower formerly managed by President Donald Trump’s companies are accusing them of stiffing the Panamanian government.

    In a legal filing Monday in an ongoing lawsuit in Manhattan federal court, private equity manager Orestes Fintiklis and the company he leads, Ithaca Capital Partners, claimed that two Trump companies failed to pay Panamanian taxes equal to 12.5% of the management fees they drew from the hotel.

    Ithaca Capital’s suit, filed originally in January last year and amended Monday, is seeking at least $17 million in damages, alleging that Trump companies mismanaged the hotel and let it fall into disrepair. The suit claimed that the hotel sat “virtually empty,” with portions going uncleaned for years.

    In its complaint, Ithaca Capital also claims Trump’s son Eric and employees misled Ithaca when it was performing due diligence before buying into the hotel. The claims echo similar complaints made in other projects involving Trump businesses. ProPublica in October detailed how Trump and his children engaged in deceptive practices — including in Panama — while promoting at least a dozen development projects in the U.S. and abroad.

    At an August 2016 meeting, Eric Trump allegedly told Fintiklis and two other Ithaca board members that the hotel was outperforming the market in Panama, a claim the suit asserts was false. After the meeting, Trump companies sent Ithaca two brochures that reiterated his statements about the hotel “maintaining a leading market share” in Panama.
    "Real Boys Kiss Boys" -M.L.

 

 
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