Ciro wrote:
Doe Nation wrote:
Trump does NOT forgo taking a salary. He takes it and donates it. Why does it do it that way? Because he can claim the donation as a tax deduction to offset other income and maximize his loses.
The problem with trigged is that he’s easily manipulated, believes everything Trump says without any critical thinking.
Would have been a great candidate for Trump University.
Legally you are supposed to claim the both the income and the donation. They offset each other and the net result is zero. But in Trump's case he is known for failing to claim income (I forgot excuse), and doubling down on expenses.
Doubling down means claiming the same expense through multiple companies broken down to make it nearly impossible to connect the repeated deductions together.
Think: Deduct 50 items through company #1. Then deduction 20 of the 50 items in company #2, 15 of the 50 items through company #3, and 5 of the 50 items in company #4. And while you're accounting staff is at it (not his tax firm) tweak the names of the deduction to obfuscate the double down as much as possible.
Another expense example of Trump's is that he never pays for meals at his properties. No bill is created. The food he and his family eats are a loss. Trump is not the only "rich" person doing this. Image any normal taxpayer having a way to deduct meals eaten as a tax loss.