Monday, September 28, 2020

About Trump's Taxes

Over at Monster Hunter Nation is a marvelous description of why our tax code is so messed up that even a billionaire could legally pay no taxes for several years.   With this riotous description of how tax accountants work:

Trump has those resources. I bet he’s got a room full of accountants, and their leader is probably a grizzled old CPA with an eye patch and a raven who sits on his shoulder. The raven also has an eye patch and an accounting degree. This man has wrestled bears, and he’s going to take advantage of every tax break in the US Code for his client, and do so gleefully, knowing that many of those laws were signed by Barack Obama and Bill Clinton.

On the other side, you know damned good and well that the IRS has sent their most fearsome auditor against him. This man sold his soul to the devil, and then fined the devil for failing to list that soul as a depreciable asset. When he shows up to audit your company, he appears a flash of fire and brimstone, as a Finnish death metal band plays his theme song. He is an auditor bereft of mercy, compassion, or pity, and beneath his leathery wings serve a legion of IRS goblins, who will crawl into every nook and cranny of the Trump Corporation’s P&L looking for errors, and if a mouse so much as shits a turd large enough to unbalance that ledger, there will be hell to pay. 


  1. No, no, NO! Trump wasn't supposed to pay someone to look in the tax code to find some way to pay less tax.

    Oh, prior years when I lost money I can carry that loss into later years?

    No, not you, Orange-Man-Bad, Be thankful I don't take it all, I'm the tax man.

  2. "When he shows up to audit your company, he appears a flash of fire and brimstone, as a Finnish death metal band plays his theme song."

    This theme-song wouldn't happen to be "The Devil is a Loser (and He's My Bitch)" by Lordi, would it?

  3. If he only paid $750 in taxes that one year, was it because he paid megabucks in AMT? I can see innuendo and half truths and an assertion that he paid little in income tax because to the breakfast table lawyers that's a different tax (like sales tax and excise tax on tires).

    I wonder if that was one of the years he was audited. In that case, who is the New York Times to question the operations of Obama's IRS?

  4. We don't need to look into the finances of a multimillionaire who became a politician. We need to look into the finances of politicians who became multimillionaires.

  5. Windy: It has been many years since I had to look at AMT (I avoided it by exercising my stock options in two separate years), but it is still reported on your 1040 as income tax.