Politicspoliticstrumppretendsbedminstergolfresortisgoatfarmtocheat

Wed Aug 9, 2017, 01:40 AM

Donald Trump, New Jersey Goat Herder?

Trump is a tax cheat https://patch.com/new-jersey/marlboro-coltsneck/donald-trump-new-jersey-goat-herder

COLTS NECK, NJ - Much has been made about Donald Trump's failure to release his tax returns, but our President has certainly bragged about paying as little in taxes as possible.

Well, one of the ways he does that is by maintaining a small herd of goats on his golf courses in Colts Neck and Bedminster.

According to this Wall Street Journal article, Trump keeps a small herd of goats on his Trump National course in Colts Neck. That herd, combined with hay farming and wood cutting done on the property, allows him to qualify for a special New Jersey farmland tax break, saving him tens of thousands of dollars a year in property taxes. While it is not known exactly how much Trump pays or saves (because he declined to release his tax returns), the Journal estimated the tax break could mean he pays less than $1,000 on land that would otherwise be taxed at $80,000 a year.

New Jersey's farmland tax break was established in 1963, and was meant as an incentive to keep the state from being overdeveloped and encourage private ownership of large amounts of open land. Former Gov. Christine Todd Whitman and Bruce Springsteen have both taken advantage of the tax credit, according to the article.

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Response to Letmypeoplevote (Original post)

Wed Aug 9, 2017, 02:10 AM

1. It's time to overhaul our outdated tax system. ...

There's a lot of really nice tax loopholes in the current system that the rich and the big corporations get to take advantage of. Let's lower the tax rate and throw out the loopholes.

Of course since we have the best Congress money can buy that will never happen.

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Response to batcat (Reply #1)

Wed Aug 9, 2017, 02:16 AM

3. Loopholes are more officially known as allowable deductions.

Not only for the rich either. I take advantage of as many deductions as I can.

Using the tax code to one's advantage is good financial practice.

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Response to bfox74 (Reply #3)

Wed Aug 9, 2017, 02:26 AM

4. So do I. I hire an accountant to do my taxes. ...

However it would be nice if I could fill out my tax return on a postcard.



But as I pointed out it will never happen.

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Response to batcat (Reply #4)

Wed Aug 9, 2017, 02:33 AM

5. Yes, I agree

But I still think there needs to be breaks for certain situations, for example people raising children and people with large medical bills. Some countries actually send families with children money every month. They pay higher taxes in these countries, however. So there's a trade-off.

Also, our taxes are kept relatively low because of charitable contributions. Without those contributions many worthy organizations would need to be funded through tax dollars, which means higher taxes for everyone. I support a deduction for charitable contributions.

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Response to bfox74 (Reply #5)

Wed Aug 9, 2017, 03:55 AM

6. I think such breaks could be put into the new tax system if it is ever created. ...

Of course in a few years the lobbyists would manage to insert a few really nice loopholes for the rich and the big corporations. In a couple of decades we would probably end up with another monster tax code.


(source: http://www.hardhatters.com/2013/04/what-does-the-federal-tax-code-look-like/)

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Response to bfox74 (Reply #3)

Wed Aug 9, 2017, 09:59 AM

8. To do anything else is a disservice to you and your family

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Response to Letmypeoplevote (Original post)

Wed Aug 9, 2017, 02:14 AM

2. I know a few people in Colorado who take advantage of running an alpaca herd on their land.

It's legal and allowed. Do you have a problem with that? If so, talk to your congressperson about changing it. But don't try to make a person a criminal for following the law.

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Response to Letmypeoplevote (Original post)

Wed Aug 9, 2017, 09:57 AM

7. Why does anyone think that corporate business items would be on his personal taxes?

Mine certainly are not.

As for the farmland tax avoidance, everyone who can uses it and I don't blame them.

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Response to Letmypeoplevote (Original post)

Wed Aug 9, 2017, 10:02 AM

9. Mmmmmmmmmmm - a big, fat, juicy nothing burger with nothing on it.

Another fail by goth

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