03 Oct 2016

Trump Tax Brouhaha

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hillarytaxreturn
Detail from Hillary’s 2015 Tax Return: “Capital Loss Carryover: -699,540.”

Allan Sloan, at the Washington Post, inveighs against the shocking revelation(!) that the tax code actually allows business losses to be deducted from business income. The horror! The horror!

Despite what Donald Trump says, we really can learn a lot from his tax returns — even from the partial ones made public by The New York Times.

The major takeaway from the three pages of Trump’s 1995 returns that the Times made public is that Trump is right when he says the system is rigged. What he doesn’t say is that it’s rigged in his favor and in the favor of people like him — and against regular people, those of us who earn money, pay income tax on it, and financially support the country in which we live.

This is obviously balderdash. Regular people often have businesses, and carry forward and deduct business losses, too, just like Donald Trump, and just like Hillary Clinton it turns out.

Tyler Durden notes that there are no major party candidates this year who have not been deducting carried-forward capital losses.

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2 Feedbacks on "Trump Tax Brouhaha"

BrianE

I agree that it is a false characterization that the system is “rigged”.

That’s not what Trump meant when he described the system as being rigged.

And like you say, “regular” people own business and use the provision just like the fatcats.



Steve Gregg

You get taxed on your income, not your losses. What’s so hard to understand about that?



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