30 Dec 2022 8:46 am
"Explaining the Trump Tax Reform Plan"Selaphobia » 30 Dec 2022, 9:37 am » wrote: ↑ The records show Trump's income and tax liability fluctuated dramatically from 2015 through 2020, during his first presidential bid and subsequent term in office. They show Trump and his wife Melania Trump claimed large deductions and losses and paid little or no income tax in several of those years.
Large deductions and losses can be used to pay less taxes.
Yeah, they got these rules you follow and if you are smart you hire a good tax team to do your taxes.
Who wants to pay more taxes than legally required?
https://www.investopedia.com/taxes/trum ... explained/
"For the wealthy, banks, and other corporations, the tax reform package was considered a lopsided victory given its significant and permanent tax cuts to corporate profits, investment income, estate tax, and more. Financial services companies stood to see huge gains based on the new, lower corporate rate (21%), as well as the more preferable tax treatment of pass-throughcompanies.3 Some banks said their effective tax rate would drop under 21%."