All taxes on it by Nice Quarantine Christmas 2020 Santa Claus Face Mask Toilet Paper Gift Shirt carrying forward $1M of that $10M loss from three years ago, therefore legally reporting a $100,000 “loss”. This is what allows literal billionaires to only pay a few hundred dollars in taxes per year. The United States badly needs tax reform otherwise this sort of thing will keep happening. Any idea why the NYT won’t just reveal the documents? How would they “reveal the source” as they claim. It’s not legal to claim losses on your taxes and positive cash flow on your bank disclosures. That’s a fraud.
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Also, Trump fraudulently Nice Quarantine Christmas 2020 Santa Claus Face Mask Toilet Paper Gift Shirts claimed a $72 million tax refund the IRS has been trying to get back from him. It’s paused since he became president. On top of that, he’s claiming bogus deductions consulting fee’ paid to his daughter with no relevant experience and relies heavily on abusive depreciation accounting. In other words, what he’s doing isn’t completely or even partially legal. The primary reason for taxes is to generate revenue for the government. It is not to make sure everyone pays some taxes. So, the govt. is still generating revenue on the $10M dollars that Person A is saying they lost.
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