Moderator: FU!UK Committee
kyotebue2 wrote:Trump's Miniatures Page.
kawasaki wrote:Monkeyborg wrote:Funny, they're both still quite active over there too.
Well they just can't shut the fuck up can they? Cunts.
At least I can have General Apoplexy on ignore. MaccyD just refuses to log in half the time, so I'm stuck with his walls o' text.
Why did people see scandalous tax avoidance in this case? At issue is the “net operating loss,” an accounting term that means basically what it sounds like: When you net out your expenses against the money you took in, it turns out that you lost a bunch of money. However, in tax law, this has a special meaning, because these NOLs can be offset against money earned in other years. You can use a “carryforward” to offset the losses against income made in future years (as many as 15 future years, under the federal tax law of 1995). You can also use a “carryback” to offset those losses against income you made in past years (three in 1995, which when added to the 15-year carryforward term, gives us the 18 years the Times refers to).
To judge from the reaction on Twitter, this struck many people as a nefarious bit of chicanery. And to be fair, they were probably helped along in this belief by the New York Times description of it, which made it sound like some arcane loophole wedged into our tax code at the behest of the United Association of Rich People and Their Lobbyists. They called it “a tax provision that is particularly prized by America’s dynastic families, which, like the Trumps, hold their wealth inside byzantine networks of partnerships, limited liability companies and S corporations.”
Every tax or financial professional I have heard from about the New York Times piece found this characterization rather bizarre. The Times could have just as truthfully written that the provision was “particularly prized by America’s small businesses, farmers and authors,” many of whom depend on the NOL to ensure that they do not end up paying extraordinary marginal tax rates -- possibly exceeding 100 percent -- on income that may not fit itself neatly into the regular rotation of the earth around the sun.
rebelyell2006 wrote:Tax fraud is always funny.
Condottiero wrote:rebelyell2006 wrote:Tax fraud is always funny.
Lack of reading comprehension, not so much...