“I pay less taxes than my secretary…”Warren Buffet
“Trump does not pay taxes …” said Hillary Clinton, the presidential candidate for the Democratic party of the United States of America. The candidate running for the Republican party, now President, snapped back to her as he tends to do, “That makes me smart …”
It may be many years or even decades to see another person as controversial living in the White House as current President Donald J. Trump. Although similar scenario was experienced during the Ronald Reagan’s administration, who is considered by many as one of the best presidents ever. The greater the efforts the greater the glory.
Donald John Trump comes from a wealthy family, he started his career with money borrowed from his father and he managed to multiply that fortune enormously, mainly through real estate. He is possibly the wealthiest amongst all the US presidents to ever resides in the White House and he is also the antithesis of all political correctness. Trump comments, tweets, speaks or reflects on social networks the first thing that comes to mind directly and without decorations. Those qualities, such a sincerity and impulsiveness have caused a real deadly clash between his admirers and detractors.
In our business, we have emphasized that the Income Tax Return is an affidavit. It is almost a hidden gauge of people’s honesty. Many people, of whatever class or lineage, are not honest with that important statement. Many famous people such as Al Capone, Wesley Snipes, Floyd Mayweather, Lindsay Lohan et al, have had major for not paying taxes or finding that they were not transparent enough with their statements.
The federal income tax return that we have today started back in 1913, officially established during the term of President Woodrow Wilson. In the beginning it was applied only to the wealthiest and was just a simple form of just a single sheet. Later, as the population of the country grew, more money was needed for the government coffers, it began to be expanded to the middle and poor classes. There is an old phrase that says “Do not ever play a game without knowing the rules first”, and yes indeed the rich class began to study the rules of the “game” and looked for holes, “legal” ways and means to minimize these taxes. I think sometimes we forget that defense is allowed.
It was Jimmy Carter, the first United States president who showed off his Personal Income Tax Returns to the public, afterwards all the candidates and presidents, Democrats and Republicans copied his actions. Even the controversial Ronald Reagan did it. There was one man that broke the momentum rule, his name Donald John Trump. I do not know if the once wealthy candidate, Ross Perot, revealed his intimacies before the public eager to know the financial intimacies of others …
Personal Income taxes are private, and no other natural person has a right to break into anyone’s privacy. There are authorities and institutions such as auditors or even the same Internal Revenue Department (IRS) to demand and analyze the taxes of other persons. Also, in some special cases like financial transactions where the Personal Income Taxes are mandatory to be shown off such as Personal Loans, Insurance, Affidavit of Supports and other places.
In our case, company wise, you can look at our page 2DataSolutions the premises of confidentiality, where the information is not shared or to the couples, unless the spouses make the declaration as married filing jointly or if a court order is issued and serve otherwise. We highly respect the privacy of each of our clients in an absolute way, confidentiality in a superlative mode.
For so many years, our company have been helping the community to prepare their Corporate, state and federal Income taxes and to “plan and strategize” taxes. This document is extremely confidential and is as particular as our privacy, our private parts. You may go to the beach and see persons who want to expose their bodies and their privacy; However, it does not mean that it is a mandatory action whatsoever.
In the world of taxes there are many rules, mechanisms and tools that can be used to save money, mainly among people who produce food, energy, create jobs, provide housing, accommodation, services and more. There are a variety of mechanisms according to the way the money is produced. Unfortunately, there are not so many incentives to the middle class such as the credits for the College students and the credits for the persons that have kids, even adopted and foster kids. Also, most of the money refunds are calculated around what is known as the poverty limits for a family.
Unlike the failed systems communism, socialism, etc. that led wealthy countries to extreme poverty; In the capitalist system (at least the United States and Canada), stimulus variables are applied to the economy and some of them are tax relieves.
The president may not be so far “smart” for that kind of controversial answer with no more explanations, as well as other laughable mistakes he has had in these years at the executive commander of the country, but he has been extremely smart to surround himself with very intelligent people who advise him to have his accounts ready and almost immaculate. Perhaps most American are not aware that Donald Trump’s companies are audited every year, first by internal auditors, on a mandatory basis, and then by external auditors and the IRS.
(to be continued)
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