"The government allows income to be sheltered from taxation for hundreds of different reasons...." - Hallo friend USA IN NEWS, In the article you read this time with the title "The government allows income to be sheltered from taxation for hundreds of different reasons....", we have prepared well for this article you read and download the information therein. hopefully fill posts Article HOT, Article NEWS, we write this you can understand. Well, happy reading.

Title : "The government allows income to be sheltered from taxation for hundreds of different reasons...."
link : "The government allows income to be sheltered from taxation for hundreds of different reasons...."

"The government allows income to be sheltered from taxation for hundreds of different reasons...."

"[T]he formidable complexity of the tax code makes it difficult to tell when wealthy taxpayers have crossed legal lines. For the rich, taxation often becomes a kind of structured negotiation between the taxpayer’s experts and the government’s experts... Mr. Trump claimed a tax refund of $72.9 million in 2010, according to the Times report; the government paid the claim, and then opened an investigation. If Mr. Trump loses, he could owe the government more than $100 million in repayment, interest and penalties. It should not take federal authorities more than a decade to determine whether Mr. Trump has paid the full amount he owes.... On Tuesday night, when Mr. Trump and his Democratic opponent, Joe Biden, take the stage for their first presidential debate, both men should be asked what steps they will take to ensure that all Americans pay the full amount they owe...."

So says the Editorial Board of the NYT in "The Picture of a Broken Tax System/Donald Trump’s tax returns illustrate the profound inequities of the tax code and the shambolic state of federal enforcement."

I read the whole thing, and here's what bothers me. First, they suggest that there are too many loopholes in the tax code that rich people take advantage of. The code is so complicated, that motivated tax payers will interpret what they can to their advantage, use it, and argue with the government about it.

It makes me think of my old law school tax professor who liked to say that a tax return is an offer, and you see if the government accepts it or makes a counteroffer. Trump made his offer in 2010, and the government accepted it, and sent him $72.9 million refund but also kept investigating. It's 10 years later, and they're still hovering over him, threatening to take it back — with interest and penalties.

The NYT editors say that the IRS needs more more funding so it can quickly and aggressively enforce the existing tax code. The headline speaks of "the profound inequities of the tax code," but the editors never get around to proposing eliminating loopholes and complexity. Why not? Is it because what they want is to get Trump, and changing the law prospectively is irrelevant to that goal? The only thing that relates to Trump is that the investigation is taking too long. If only the IRS could be more aggressive perhaps they could have figured out by now whether it agrees with Trump's interpretation of the over-complicated law or not.

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