Thanks to Loopholes, Trump Legally Paid $750 in Taxes under Obama’s Tax Plan, will Biden’s Plan keep these Tax Loopholes?

Question

Thanks to Loopholes, Trump Legally Paid $750 in Taxes under Obama’s Tax Plan, will Biden’s Plan keep these Tax Loopholes?

Answer 1

My understanding is that trumps low tax rate was not a result of Obama's tax plan. Trump's relatively low taxes have mostly been due to his horrible record is a businessman. Trump was able to write off lots of his business losses which allowed him to zero out, or nearly zero out, his tax liability in most years. The one element of the Obama tax plan which he did take advantage of seems to have been illegitimate. Back during the Great Recession, Trump took advantage of a tax break which allowed business people to receive a rebate for having abandoned the business. Trump got around seventy-five million dollars in tax rebates from this, which eliminated a lot of the income taxes which she had paid on profits from his involvement in The Apprentice. But Trump seems to have a legitimately taken advantage of this probation. In order to qualify for it, that a business person could have received nothing of value for leaving the business in question. But the partnership with Trump used to qualify for the tax credit and did with him receiving shares of stock as compensation. Under the rules of the tax credit this entitled him to just $3,000 worth of rebates, not 75 million. Trump's case is currently being reviewed by the IRS and when they reach a decision he could be required to pay perhaps as much as 100 million dollars including interest and penalties.

Answer 2

you'll find out if they do that

Answer 3

They will add to them so rich liberals will once again be able to deduct state and local taxes.  https://www.breitbart.com/politics/2021/04/16/majority-of-california-house-democrats-push-biden-for-repeal-of-salt-cap-limitations/

Answer 4

Traitor trump never did anything legal.

Answer 5

How come fools fall for the spin which neglects to mention the millions paid in pre-paid taxes, leaving a tax liability of $750?

Oh, yeah. OMB 

(Orange Man Bad) 

Warning: MSM may be hazardous to your critical thinking skills.