#Trump May Owe $100 Million From #DoubleDip Tax Breaks, Audit Shows
A previously unknown focus of an #IRS audit is a dubious accounting maneuver that effectively meant taking the same write-offs twice on his #Chicago skyscraper.
Beyond the 2 episodes under audit, reporting by The NYTimes in recent years has found that, across his business career, #Trump has often used what experts described as highly aggressive — & at times, legally suspect — accounting maneuvers to avoid paying #taxes. To the 6 #tax experts consulted for this article, Trump’s #Chicago accounting maneuvers appeared to be questionable & unlikely to withstand scrutiny.
You may be privy to or unfamiliar with how the ultra-wealthy are taking advantage of the system. Either way, you’ll find this report by @ProPublica to be staggering. The facts are clear: there is a class war, and we’re losing.
“…it demolishes the cornerstone myth of the American tax system: that everyone pays their fair share and the richest Americans pay the most.”
NEW: IRS Audit of #Trump Could Cost Former President More Than $100 Million
The #tax agency concluded in its long-running investigation that Trump effectively claimed the same massive write-off twice on his failed #Chicago tower.
Parallels Between Archaic Entrepots and Modern Offshore Banking Centers
By Michael Hudson, originally published by Resilience.org May 10, 2024
"...To create such enclaves has been an objective of mercantile capital through the ages. It patronizes the world’s politically weakest areas as long as they do not do what real governments do: regulate their economies. The search for “neutral territory” expressed itself already in the chalcolithic epoch, many millennia before private enterprise developed as we know it. The result of this impetus is that neolithic towns...and the biblical cities of refuge share the following important common denominator with today’s offshore banking centers: Instead of being centers of local governing, legal, and military power, they were politically neutral sites established outside the jurisdictions of local governments..."
I understand the need to fund cybersecurity efforts to thwart criminals. However, this latest levy conveniently exempts the affluent by focusing on select transactions.
Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and pursuant to the provision of Section 44 (2)(a) of the Act, “a levy of 0.5% (0.005) equivalent to a half percent of all electronic transactions value by the business specified in the Second Schedule of the Act”, is to be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Advisor (ONSA). […]
The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
The deducted amount shall be reflected in the customer’s account with the narration: “Cybersecurity Levy”. (Central Bank of Nigeria 🇳🇬, PDF here)
The Premium Times provides reactions from Nigerians 🇳🇬, which is unfavorable as no one wants an increase in expenses during this age of inflation we are living in.
Although I do not desire to pay extra fees when conducting transactions, I understand the levy’s necessity, even if I do not appreciate the expense.
While it is understandable that there would be exemptions to the new Levy (for charities, payroll, school, transactions within the bank, government, etcetera), one exemption did capture my attention.
SCHEDULE OF EXEMPTIONS FROM CYBERSECURITY LEVY […]
Savings and deposits including transactions involving long-term investments such as Treasury Bills, Bonds and Commercial Papers. (Central Bank of Nigeria 🇳🇬)
Usually, the affluent invest long-term in bonds & treasury bills, so its appearance here as an exception is suspicious. Like any other nation, Nigeria 🇳🇬 needs investors, but they should not cater to their interests while asking the public to increase their burden.
Nigerians 🇳🇬 are threatening lawsuits against the Cybersecurity Levy. However, I doubt the government will suspend a new source of revenue when nations seek extra cash to maintain the upkeep of their respective countries.
It is funny, in Spain if you want to legally trade your own services, say you make websites, then you have to become "autonomo" - like self-employed, and pay between 60 to 100 euros a month taxes even if you make no money as self-employed. hahaha. That after you will have to pay a lawyer some 60 more euros a month to deal with the shitload of papers and nonsense.
You know these "taxes" in theory seem like a decent idea: take a bit of money from each citizen, to then put that money into healthcare and other things that will be free for these "citizens".
In practice it is shitshow of corruption and making the rich richer. And a huge pain in the ass for everyone. I would not mind contributing 20% of my "income" to a tribe if I get free healthcare and other benefits, but only if it was made simple and you could see the effect of your contribution.
Spain seems like the capital of papers and nonsense. But the entire world is like that one way of another...
Such a wasted time on the most "unique" planet in the universe. Deal with papers, try to survive, be busy with nothing things... No thank you!
So yeah, in a trade based society is not enough to "trade", you have to do it in a particular way. And if you are poor you are entirely fucked to begin with anyway.
Billionaires don’t like Ottawa’s capital gains tax hike, but you should: It’s an overdue step toward making our tax system fairer
“We don’t think it’s fair that a teacher or electrician pays taxes on 100% of their income while a multimillionaire pays taxes on only 50%,” said Trudeau
Grr - taxes filed, but my payable has an exta $3.90 added on.
I remember seeing this last year, where it claimed I paid something late, while their own payment records showed I was many days early. To my complaints then I was told it would go away. :(
So do I bother to try and track it down and spend hours on the phone again, or do I just pay the $4 Bureaucratic Ineptitude Tax and be done with it?
I just filed my tax return and paid the amount owing too, five days before the due date.
Tax office told me they assume I probably won't pay until oh, say… (wet finger in the wind) maybe May 6. They calculate an arrears interest charge for then and add it to my tab.
On phone they asked: "Oh you didn't pay that did you? It'll just go away when we settle the account."
They pre-charge a late fee before anything is late.
I filed my taxes over the weekend, and I was amazed at the dark patterns TurboTax gets away with to try to convince you to give up your data. The wording and style is similar to other legitimate tasks you need to complete in the final review stage.
Actually, US taxlaw isn't that peculiar in this aspect. Other countries have similar provisions. Why should criminal commercial activity be tax-free? OFC not. The criminal penalties come on top. 👍
In countries (e.g.those of the #EU) that have a value-added tax, the surcharge is even nicer (on top):
the gross turnover is divided by somwhere b/w 105-130%. The difference b/w the gross turnover and that value constitutes the VAT =100% additional tax. 😀 @msbellows@GottaLaff