Friday, October 7, 2016

Use your Tax Credits like Trump

Use your Tax Credits to avoid income taxes like Trump
Have money owed to you for your work given to your foundation like Trump does so you don’t have a 1099 (earnings report) to the IRS. The payor like Richard Ebbers can take a tax credit. You avoid income tax since your foundation got the money. Set up your foundation with help from Nolo. The top 1% of US households rake in 17% of all income. But it is what you keep that is important. The 1%ers get 27% of the tax breaks doled out by the federal government. A Tax Policy Center study shows $1.17 Trillion in federal revenue last year going to individual tax breaks. (Lawyers call them tax “expenditures”) They include tax credits like giving your inflated-value art collection to your own foundation. You can put your “art” in your own “art center” on your own property. Only friends visit your federally-funded museum.
Most of us receive only 4% of federal tax breaks like food stamps and Earned Income Credit if you are poor or the property tax and mortgage credit if you are middle class.
The Tax-Credit class pays less income tax with capital gains and dividends because it is “unearned.” So if you actually work; you are taxed MORE. For instance, Warren Buffett pays 17% on earnings while we pay 33% total tax. The tax-credit class pays NOTHING on assets they got from a “rich uncle” and on their home when they sell. Most people don’t “itemize” so we lose all kinds of tax credits. The Tax-Credit class takes off medical expenses, job hunting expenses, and work expenses not reimbursed by others, deferred compensation (bonus and stock portfolio worth more later), investment costs, investment losses, stuff they lose, stuff they own. They can eliminate income tax by listing losses from buildings, race horses, farms, leasing and businesses they own as partners, LLCs, C and S corps.  

 
How can Cornell’s advisors lose 3.3% by living in Ithaca?
Cornell’s endowment posted an investment loss of 3.3% for year ended 6/30, the worst among Ivy League schools that have reported their annual results. Other endowments with over $500 million lost a median 0.73%. Harvard, Pennsylvania and Dartmouth posted losses. If they had just put their money in Vanguard 500 Index they would not have lost money. The 3.3% loss was probably the fees and salary they pay professional “advisors” to lose money. You could do better. Instead of doing the smart thing, they are spending even more fees by moving its overpaid staff to expensive Manhattan so they can pay higher fees to “professionals.”
Don’t pay “professionals” to lose YOUR money: https://www.amazon.com/Warren-Buffett-Your-Investment-Advisor/dp/1518690963

Why does Don file bankruptcy so much?
Don claims he is a smart business man – master of the deal. He boosts of “paying as little as possible in taxes.” We know he is a sales person but his accountant says he knows nothing about taxes. He got friend Gov Christie to take 17 cents on the dollar he owed NJ. But why did he file bankruptcy 5 times? If he is such a great business man he shouldn’t have to admit defeat by filing. Bankruptcy used to be considered a moral failure but in the 1980s, it was successfully used to blackmail the government into giving one businessman $360,000 ($5 million today) in back pay despite losses and 60,000 workers laid off. Trump took this lesson to heart. His operations have filed for Chapter 11 bankruptcy four times between 1991 and 2009. Again in 2015! His golf club in Puerto Rico was built with $26.4 million in municipal bonds. It defaulted, leaving teacher’s pensions in shambles. Yet for Trump, “We made many millions of dollars on it but never invested a dime,” according to Eric. He put no money down but took a cut of the annual revenue — mostly for allowing the resort to bear his name. But he lives on the money from loans in many projects. "I'm the king of debt," Trump says.
If you show a depreciation “loss” on your tax return, you pay no taxes!

Cars that look great at $60,000; look even better at $40,000
Jaguar lost 33% of its value in just 1 year. Lincoln $42,000 to $14,000. Mercedes C250 lost 34%. Volvo S60 lost 34%. Best used car values: Lexus RX, Audi 5, Mercedes E.

Are “alternative” investments right for you?
With interest rates low and the 60/40 standard investments trending down, advisors and brokers are “coming to the rescue” with so called alternative investments. But do these investments fit your expectations? Some require more of your patience than you can give. For instance, peer-to-peer lending, owning individual bonds or a forest needs time to pay off. Are you ready to manage a rental property or precise metals? Can you see yourself putting your money with others in a new start-up company selling software? Your broker/advisor may suggest buying the ETF index of these investments with fees. Are you going to learn enough about these investments to make a good choice? Many hedge fund “professionals” have NOT done so lately. Are you really going to beat them?

Merrill BoA retirement accounts got more expensive
The bank told 14,000 brokers there will be no more commissions for retirement accounts. After April 10 2017 investors who want a retirement account at Merrill will need to pay a fee based on a percentage of their assets, instead of having the option of being charged for each transaction made in their account. This could mean much higher expenses and less retirement accumulation. For instance, you might pay $7 for the purchase of $5,000 Apple and not sell for 3 years. You will now pay $75 (1.5% is average) per year--even more if Apple increases in value. If Apple doubles in value in 10 years, you will be paying $150 a year. 70 cents vs $150 cost per year in 10 years. BoA has found the gold mine in the new Fiduciary Rule.


GOP using threat of prosecution to limit minority vote
Texas election official promises prosecution of voters who use the affidavit to vote instead of a picture ID. NC and other states are using various suppression tactics to scare mostly Dems from going to the polls in the name of election integrity. There have been very few cases of fraud. In the primary, certain controlled voter rolls were cleared of voters who tend to vote Democratic. OH voters are convinced that Trump will bring back their high-paying repetitive jobs and may be surprised to know he paid undocumented Polish workers under $5 for his Trump Tower. GOP candidate Trump asked his PA supporters (mostly white) to go to minority polls and “watch” the voters in “certain areas” because “bad things happen” and he does not want a large black turnout. Many states are limiting voting machines and hours.  

Don uses his poor management skills to claim ZERO tax for 20 years
Can you deduct enough business expenses to offset income and pay ZERO tax? Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out taxable income over an 18-year period. “He has a vast benefit from his destruction” of value of Atlantic City casinos. Contractors and investors lost $ billions. He even got a tax refund from NJ. He claimed a $15.8 million loss in real estate holdings and partnerships. Trump lost $82 mil. on the Plaza deal. He lost money on casinos, buildings, airline, yacht and helicopters. Most RE owners claim losses to offset their income. Don creates his $1 billion NOL loss with a dizzying array of deductions, business expenses, real estate depreciation, losses from the sale of business assets and even operating losses to flow from the balance sheets of those partnerships, limited liability companies and S corporations onto the personal tax returns. Those losses are used to cancel out taxable income from, say, book royalties or branding deals. “Here the guy was building incredible net worth and not paying tax on it,” his accountant said. If you don’t have enough business expenses to offset your income you can use a tax shelter.


Which liar will win American’s vote? Neither can re-create jobs of the good old days!
                        Do-Nothing Congress decides US future.
           
Don:    ”I can be nastier than she ever can be." “I don’t think she’s loyal to Bill”
            “I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them.”
            I have paid hundreds of millions of dollars in other taxes—RE & property taxes.
            The New York Times, and the media, is an extension of the Clinton campaign.
            I am a great negotiator. I love debt, but—net worth negative $1.4 Billion in 1995.
            The hedge fund managers use every tax loopholes to “pay practically nothing.”
            NYS shuts down my foundation so I will just use my sons—he hides income too.
            “watch” the voters in “certain areas” because “bad things happen” white on black
            “he [Trump] has the balls to do what’s right for the country.” OH voter age 73.
            Military members with mental health issues aren’t ‘strong’ and ‘can’t handle it’
            Half of Americans agree paying no taxes makes Don smart—Is it the same 47%?
            Romney said 47% don’t pay taxes—Trumpers or just unemployed poor?     
            I always give money to NYS AG—it pays to ‘support your local sheriff’ in case.
            Don’s mob verbal attack on mom and kid at ‘rally’ bec/ “left early”
            I do not know if I used “debt parking” to cut my taxes—“I’m genius” though
                                          
Giuliani: He’s a ‘Genius’ Lost $916 million. He would have been a fool not to take advantage
Forbes 400: Trump falls fell 35 spots to No. 156. Despite Don’s comments about immigrants, they set a new record of 400 list members born outside the U.S.
Accountant: “I am the one who did his taxes” Don’s tax brilliance: “None whatsoever,”

            I never said “Putin is a better leader than President Obama.” He’s “stronger.” This is code for taking action in a dictatorship like Russia. Putin invaded Crimea and Ukraine. Don has asked about using nuclear weapons. That is what I meant about “stronger.”


Hill:    Trump "apparently got to avoid paying taxes for nearly two decades—while tens of millions of working families paid theirs."      

Tim:    I really had to answer Mike’s lies. Can you imagine Prez Don tweeting all night?
            Don and GOP might shut the government again—did not help anyone.
            Don and Mike are not the new Reagans

Regulators are the only protection we have since we can’t sue anymore
            “It is nearly impossible for one individual to take on a corporation with vast resources.” (GOP bill                requires impossible: every person in class action suffer “same type and scope of injury”)
               Supremes stop us from suing—State courts no longer available to sue corporations!

GOP in OH cut voters from list – 1 million NOT get absentee ballot mailing
GOP in NJ raises gas taxes on everyone to give wealth no tax on kids’ inheritance.
We sold fighter parts to North Korea—via NZ—not smart move
Morgan Stanley caught encouraging sale of loans on securities with contests.
Laurence Balter Oracle Investment caught front running $500,000 from customers 
Mickey Long Plano TX caught putting too many assets in “highest risk/aggressive”.
India charged 70 call center employees with fraud and impersonating IRS agents.

We need regulation—GOP wrong—companies/cities wouldn’t fix bad products on own


Police want gun control.
When everyone has guns; your chance of being killed goes up. Police don’t know who to shoot. They assume everyone has gun hidden. You and real criminals both have guns.
If you are black, you get killed even with no gun, hands up, and after stun gunned. They assume you are a “bad dude”; don’t wait to find out. Later say “found PcP in car.” If you act erratically and ignore commands, you are “put down.”
MO just eliminated licensing and training for anyone to carry concealed weapon—crazy!
FL man called NRA group BEFORE victim died from “stand your ground” killing.

SCAMS
Earth quake readiness kit: $150 everything you need--“emergency evacuation tools.”
Uber accounts are being charged for services not used—Uber says not hacked.

Ignoramus Award: Christie raises gas tax 23 cents cuts estate tax for wealthy

How our government wastes our money
Feds take $5.4 billion not $14 billion in Deutsche Bank mortgage debacle—we lost $9 B.
15,000 Navy battleship shells not used against ISIS—taking them apart costs $ millions
All my Yahoo emails have been read by the Feds—I want to be paid for the info!!

Where have all the jobs gone?
Microsoft adds 5,000 computer scientists/engineers to standardize Artificial Intelligence. 
2,500 stores closing—over 10,000 jobs lost
Drones replace ground and air surveyors as well as some contractor staff

Who owns your account now?
Scottrade to _________?
Scion to history

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