1. #2811
    IT Manager 5,000+ Posts bsm2's Avatar
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    Re: Latest on the Corona Virus

    Fauci says findings on a potential coronavirus vaccine are expected by early December but widespread availability will come later

    (CNN)Experts will know by early December whether a potential coronavirus vaccine is safe and effective, but widespread availability will probably not happen until next year, Dr. Anthony Fauci said Sunday.

  2. #2812
    Service Manager 1,000+ Posts
    Latest on the Corona Virus

    FrohnB's Avatar
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    Re: Latest on the Corona Virus

    Quote Originally Posted by SalesServiceGuy View Post
    In millions of Google searches,I cannot find reference to Donald Trump prepaying $5.4M of his US taxes taxes.

    Please provide your reference to this financial disclosure.
    What? That biased Ol' Google doesn't bring up Breitbart?
    Carney: NYT Is Wrong — Donald Trump Paid Millions in Taxes in 2017
    Why not use DuckDuckGo — Privacy, simplified. ? Very first thing that pops up, and it shows that Phil was close. Maybe got his 5 and 7 mixed up. It shows that in 2017 Trump paid 7.4 million in taxes.

    figures below, drawn from the New York Timesís own analysis of Trumpís tax-return data for 2017, show that Trump paid $7,435,857 in taxes in 2017.
    The Times says the tax return data show that Trumpís earnings were negative for the year, so he owned nothing in regular income taxes. But he was subject to the Alternative Minimum Tax (AMT), a parallel tax system aimed at making sure wealthy people cannot use deductions to eliminate their tax liability altogether. According to the Times, ďthe A.M.T. formula disallowed $45 million in losses that Mr. Trump had carried over from prior years.Ē
    As a result, Trump was left with an AMT bill of $7,435,857, according to the Times.
    There was no way for Trump to avoid this tax liability. He had to pay it down using his assets. And he did.
    What confused the Times is Trump did not pay the liability with a check. He used a credit issued to him earlier by the government, a credit that can only be used to pay taxes.
    It turns out that Trump has a big tax credit issued to him by the U.S. government with the intention that it would someday be used to pay his taxes.

    More simply: Trump used a government-created tax asset to pay his taxes.



    The loss carryforward provision in the tax code allows an individual to spread current losses into subsequent years to offset future tax bills.
    This is an extremely common tax workaround that businesses use, according to Ebong Eka, CPA. For example, Amazon used the carryforward tax provision in addition to other tax credits to offset more than $11 billion in profits ó a move that drew criticism from Sen. Bernie Sanders and Rep. Alexandra Ocasio-Cortez in 2019.
    For its first 17 quarters, Amazon consistently operated at a loss, losing a combined $2.8 billion during that span. Amazon's strategy was to direct more funds towards growing the company and acquiring market share. And Amazon's strategy took it from an online book seller to the e-commerce giant it is today.
    Everyday people can use a similar tax rule

    Donald Trump Tax Return Revealed on Rachel Maddow | Time
    https://www.bloomberg.com/news/artic...me-white-house
    Back in 2005 Trump paid 25% in taxes to the tune of 38 MILLION dollars.
    The document shows that Trump paid $5.3 million in taxes and another $31.2 million due to his obligations under the Alternative Minimum Tax (AMT),which is designed to ensure a baseline tax payment for some payers.

    He also pays taxes in MANY other countries due to his properties.
    Omertŗ

  3. #2813
    IT Manager 5,000+ Posts bsm2's Avatar
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    Re: Latest on the Corona Virus

    Quote Originally Posted by FrohnB View Post
    What? That biased Ol' Google doesn't bring up Breitbart?
    Carney: NYT Is Wrong — Donald Trump Paid Millions in Taxes in 2017
    Why not use DuckDuckGo — Privacy, simplified. ? Very first thing that pops up, and it shows that Phil was close. Maybe got his 5 and 7 mixed up. It shows that in 2017 Trump paid 7.4 million in taxes.

    figures below, drawn from the New York Times’s own analysis of Trump’s tax-return data for 2017, show that Trump paid $7,435,857 in taxes in 2017.
    The Times says the tax return data show that Trump’s earnings were negative for the year, so he owned nothing in regular income taxes. But h8e was subject to the Alternative Minimum Tax (AMT), a parallel tax system aimed at making sure wealthy people cannot use deductions to eliminate their tax liability altogether. According to the Times, “the A.M.T. formula disallowed $45 million in losses that Mr. Trump had carried over from prior years.”
    As a result, Trump was left with an AMT bill of $7,435,857, according to the Times.
    There was no way for Trump to avoid this tax liability. He had to pay it down using his assets. And he did.
    What confused the Times is Trump did not pay the liability with a check. He used a credit issued to him earlier by the government, a credit that can only be used to pay taxes.
    It turns out that Trump has a big tax credit issued to him by the U.S. government with the intention that it would someday be used to pay his taxes.

    More simply: Trump used a government-created tax asset to pay his taxes.



    The loss carryforward provision in the tax code allows an individual to spread current losses into subsequent years to offset future tax bills.
    This is an extremely common tax workaround that businesses use, according to Ebong Eka, CPA. For example, Amazon used the carryforward tax provision in addition to other tax credits to offset more than $11 billion in profits — a move that drew criticism from Sen. Bernie Sanders and Rep. Alexandra Ocasio-Cortez in 2019.
    For its first 17 quarters, Amazon consistently operated at a loss, losing a combined $2.8 billion during that span. Amazon's strategy was to direct more funds towards growing the company and acquiring market share. And Amazon's strategy took it from an online book seller to the e-commerce giant it is today.
    Everyday people can use a similar tax rule

    Donald Trump Tax Return Revealed on Rachel Maddow | Time
    https://www.bloomberg.com/news/artic...me-white-house
    Back in 2005 Trump paid 25% in taxes to the tune of 38 MILLION dollars.
    The document shows that Trump paid $5.3 million in taxes and another $31.2 million due to his obligations under the Alternative Minimum Tax (AMT),which is designed to ensure a baseline tax payment for some payers.

    He also pays taxes in MANY other countries due to his properties.
    Wow taxes in the Virus thread
    Yep another MORON
    HILARIOUS as Mr Trump Still WON'T Release his tax Returns. Because???????????? Yep you guessed it

  4. #2814
    IT Manager 5,000+ Posts bsm2's Avatar
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    Re: Latest on the Corona Virus

    Another Trump Record 226,000 Dead Americans

    No president whose lies and failures have cost 225,000 American lives should keep his job. Period.
    Last edited by bsm2; 10-26-2020 at 11:23 PM.

  5. #2815
    Retired 10,000+ Posts slimslob's Avatar
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    Re: Latest on the Corona Virus

    Quote Originally Posted by FrohnB View Post
    What? That biased Ol' Google doesn't bring up Breitbart?
    Carney: NYT Is Wrong ó Donald Trump Paid Millions in Taxes in 2017
    Why not use DuckDuckGo ó Privacy, simplified. ? Very first thing that pops up, and it shows that Phil was close. Maybe got his 5 and 7 mixed up. It shows that in 2017 Trump paid 7.4 million in taxes.

    figures below, drawn from the New York Timesís own analysis of Trumpís tax-return data for 2017, show that Trump paid $7,435,857 in taxes in 2017.
    The Times says the tax return data show that Trumpís earnings were negative for the year, so he owned nothing in regular income taxes. But he was subject to the Alternative Minimum Tax (AMT), a parallel tax system aimed at making sure wealthy people cannot use deductions to eliminate their tax liability altogether. According to the Times, ďthe A.M.T. formula disallowed $45 million in losses that Mr. Trump had carried over from prior years.Ē
    As a result, Trump was left with an AMT bill of $7,435,857, according to the Times.
    There was no way for Trump to avoid this tax liability. He had to pay it down using his assets. And he did.
    What confused the Times is Trump did not pay the liability with a check. He used a credit issued to him earlier by the government, a credit that can only be used to pay taxes.
    It turns out that Trump has a big tax credit issued to him by the U.S. government with the intention that it would someday be used to pay his taxes.

    More simply: Trump used a government-created tax asset to pay his taxes.



    The loss carryforward provision in the tax code allows an individual to spread current losses into subsequent years to offset future tax bills.
    This is an extremely common tax workaround that businesses use, according to Ebong Eka, CPA. For example, Amazon used the carryforward tax provision in addition to other tax credits to offset more than $11 billion in profits ó a move that drew criticism from Sen. Bernie Sanders and Rep. Alexandra Ocasio-Cortez in 2019.
    For its first 17 quarters, Amazon consistently operated at a loss, losing a combined $2.8 billion during that span. Amazon's strategy was to direct more funds towards growing the company and acquiring market share. And Amazon's strategy took it from an online book seller to the e-commerce giant it is today.
    Everyday people can use a similar tax rule



    Donald Trump Tax Return Revealed on Rachel Maddow | Time
    https://www.bloomberg.com/news/artic...me-white-house
    Back in 2005 Trump paid 25% in taxes to the tune of 38 MILLION dollars.
    The document shows that Trump paid $5.3 million in taxes and another $31.2 million due to his obligations under the Alternative Minimum Tax (AMT),which is designed to ensure a baseline tax payment for some payers.

    He also pays taxes in MANY other countries due to his properties.
    The government-created tax asset is available to anyone. Looking back at some of my old returns, on Form 1040 it used to be Line 75 under the grouping Refund. On Form 1040A it was Line 49. It allowed you to designate an amount of your refund you wanted to apply to the next years estimated tax. From what I have heard, and I have some very reliable sources, Trump has been doing this for years.

    On the subject of Loss Carryforward, there a number of losses that apply. For businesses there is the Net Operating Loss, NOL. A business that has a net loss in a given year can carry that forward to the next year or years, current law allows up to 20 years. Currently a maximum of 80% of a previous year NOL may be applied in any subsequent year. Individuals with investments make deduct loss on any investment up to I believe the current amount is $2000 but might be higher. People like Trump or Buffet who have multiple investments the total loss in a down year can add up.

  6. #2816
    IT Manager 5,000+ Posts bsm2's Avatar
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    Re: Latest on the Corona Virus


  7. #2817
    IT Manager 5,000+ Posts bsm2's Avatar
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    Re: Latest on the Corona Virus

    The Trump Covid19 Plan infect Everyone and if you die so what.

  8. #2818
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    BillyCarpenter's Avatar
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    Re: Latest on the Corona Virus

    Quote Originally Posted by bsm2 View Post
    The Trump Covid19 Plan infect Everyone and if you die so what.
    I'd just as soon do that as opposed to the Biden lockdowns that are surely coming if he's elected. The scare tactics by the dems will be coming to an end on Nov. 4. They just need to scare you until the election is over.

  9. #2819
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    SalesServiceGuy's Avatar
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    Re: Latest on the Corona Virus

    I had to travel to Moncton, New Brunswick yesterday on business. I was there about a month ago and there were notable changes.

    1). When I crossed the provincial border from Nova Scotia there was no longer a manned COVID checkpoint at the crossing. You could drive across the border without being stopped.

    2). Everybody and I mean 100% of everybody was wearing a mask. A month ago I had a sales meeting with my sales people and nobody wore a mask. This trip, as soon as we got within six feet of each other, everybody automatically put on a mask. Nobody complained. It is a very small price to pay for a very low COVID infection rate.

    3). I was in a customer location and everybody was wearing a mask and all persons who came in the door were wearing a mask. If they did not have a mask, a free mask was provided to them. This was the first copier install where I wore a mask 100% of the time I was on the customer's premises.

  10. #2820
    IT Manager 5,000+ Posts bsm2's Avatar
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    Re: Latest on the Corona Virus

    Quote Originally Posted by BillyCarpenter View Post
    I'd just as soon do that as opposed to the Biden lockdowns that are surely coming if he's elected. The scare tactics by the dems will be coming to an end on Nov. 4. They just need to scare you until the election is over.

    Really 8 million infected 226,000 dead Americans Some Scare tactic some HOAX

    No president whose lies and failures have cost 226,000 American lives should keep his job. Period.

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