OnePercenter
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More bloviating......
GOP candidate with a Ferrari pays no federal income taxes for third year
- Thread starter OnePercenter
- Start date
More bloviating......
OnePercenter
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I did. Every tax code change during Republican administrations and/or written by Republicans since 1970.
Toddsterpatriot
Diamond Member
Liar says what?
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- #24
As usual you're completely full of shit and a prolific liar. Democrats take advantage of all of these loopholes as well and they've made no effort to repeal any of this stuff. They had two years of a filibuster proof Congress during which time they could have tackled all of this stuff and they wasted all their time on the failed ObamaCare law that nobody wants.
OnePercenter
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All of those I listed were fined and/or imprisoned. Who in the Obama Administration were fined and/or imprisoned?
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Right after he took office in 2009 four of Obama's very liberal cabinet nominees had to withdraw their nominations because they didn't pay their tax obligations. The fifth ended up becoming the head of the IRS.
Only in America.OnePercenter
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Loopholes are strategically placed by Republicans for the rich to benefit. The incompetence is your inability to understand.
None, because the Attorney General is Eric Holder.
asterism
Congress != Progress
He manipulated the same tax code you did. Didn't you say you only pay 4%? So if we shouldn't trust him, why should we trust you?
OnePercenter
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Right after he took office in 2009 four of Obama's very liberal cabinet nominees had to withdraw their nominations because they didn't pay their tax obligations. The fifth ended up becoming the head of the IRS.
So whom, and particulars.
asterism
Congress != Progress
You're a hypocrite because you don't put your money where your mouth is. You think people should pay more in taxes but you refuse to do so yourself if you can get away with it.
I think charities should receive more money so I donate a substantial portion of my income to charities. Sometimes I take the deductions, sometimes I don't.
If you think the government should have more money you should voluntarily donate more to it, but you don't. Therefore you are a hypocrite.
asterism
Congress != Progress
For someone who (supposedly) has a huge portfolio and two Teslas... you are one stupid ass.
I'm wealthy because I'm smarter than you.
Are you sure about that? Not everyone has the inclination to increase their wealth. Many are happy with their current work/life balance, many just never got a good break, and plenty have eschewed materialism altogether.
Do you use wealth as a measure of intelligence? Value to society?
asterism
Congress != Progress
Please list the corporations you have created that employ union members.
asterism
Congress != Progress
The Professor
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Just because someone owns valuable property and pays little or no taxes for several years does not mean that he cheated on his taxes or took advantage of obscure tax loopholes. Most of you are overlooking something important here and that is WHEN all the valuable property was purchased by Foley.
There is no doubt that at one time Foley made a lot of money and also paid a lot of taxes. The only information I have is for tax year 2010 in which he had taxable income of $876,350 and paid taxes of $278,034. If previous years were also lucrative, there is no mystery about how Foley could afford the property he acquired and it has nothing to do with unfair tax avoidance. It seems that after 2010 his income plummeted and he suffered heavy business losses which explains his limited tax liability in those particular years. This is from one link:
“In 2010, Foley paid $278,034 in taxes on taxable income of $876,530, for an effective tax rate of 32 percent. His total income of $1.1 million came primarily from taxable interest of $765,572.
“By 2012, his taxable interest income fell to $149,227, which was offset by $79,128 in alimony and about $60,000 in business losses. He paid $8,393 in taxes on an adjusted gross of little more than $20,000. In 2011, his adjusted gross was negative $65,705 and he reported capital losses of $2.8 million.”
It 8217 s a trick question Who earns more Malloy or Foley The CT Mirror
Conclusion: Foley paid his tax obligations the same way we all do. When our taxable income is high, our tax liability is high; when our taxable income is low, our tax liability is low. There is no evidence that Foley's low tax liabilities after 2010 were anything other than the result of greatly reduced income and legitimate business losses. Also, there is no evidence that the Ferrari and other property were acquired during the years of low tax liability. I don't know when Foley purchased the Ferrari, but apparently he purchased the planes in 1990.
“Foley purchased the planes when the British government auctioned some of its old Royal Air Force vehicles in 1990. He reportedly leapt at the opportunity and bought two for $200,000 apiece from Sotheby's. He then spent about a million dollars "modernizing and civilizing" one of the jets.”
Tom Foley Apparently Owns A Fighter Jet - Business Insider
There is no doubt that at one time Foley made a lot of money and also paid a lot of taxes. The only information I have is for tax year 2010 in which he had taxable income of $876,350 and paid taxes of $278,034. If previous years were also lucrative, there is no mystery about how Foley could afford the property he acquired and it has nothing to do with unfair tax avoidance. It seems that after 2010 his income plummeted and he suffered heavy business losses which explains his limited tax liability in those particular years. This is from one link:
“In 2010, Foley paid $278,034 in taxes on taxable income of $876,530, for an effective tax rate of 32 percent. His total income of $1.1 million came primarily from taxable interest of $765,572.
“By 2012, his taxable interest income fell to $149,227, which was offset by $79,128 in alimony and about $60,000 in business losses. He paid $8,393 in taxes on an adjusted gross of little more than $20,000. In 2011, his adjusted gross was negative $65,705 and he reported capital losses of $2.8 million.”
It 8217 s a trick question Who earns more Malloy or Foley The CT Mirror
Conclusion: Foley paid his tax obligations the same way we all do. When our taxable income is high, our tax liability is high; when our taxable income is low, our tax liability is low. There is no evidence that Foley's low tax liabilities after 2010 were anything other than the result of greatly reduced income and legitimate business losses. Also, there is no evidence that the Ferrari and other property were acquired during the years of low tax liability. I don't know when Foley purchased the Ferrari, but apparently he purchased the planes in 1990.
“Foley purchased the planes when the British government auctioned some of its old Royal Air Force vehicles in 1990. He reportedly leapt at the opportunity and bought two for $200,000 apiece from Sotheby's. He then spent about a million dollars "modernizing and civilizing" one of the jets.”
Tom Foley Apparently Owns A Fighter Jet - Business Insider
asterism
Congress != Progress
What was his income for those three years?
Mojo2
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If he did it legally, tough stuff!
You should go and live in Cuba and then tell us about the evils of Capitalism.
Of course, but we don't have a tax on wealth in this country, so once you pay tax on what you earn, it doesn't get taxed again until you die.
Warren Buffet comes to mind. One trick he uses is to take most of his income in capital gains, which is taxed at a much lower rate than ordinary income. Most of the wealthy do this.
Actually, the Republican most democrats love to hate closed a lot of loopholes when he cut the top rate to 28%.
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