What Hillary, Kaine, and the New York Times do not understand about taxes

It is clear from the attacks on Trump about his deduction of legitimate losses that the media, Hillary, and Tim Kaine, need a lesson on the difference between proper, sensible, necessary loss deductions and tax loopholes. Wealthy individuals like Mark Zuckerberg, Bill Gates, and Warren Buffett get to deduct the market value of their stock instead of their purchase cost when they donate it to charity, including their own foundations.  They pay no capital gains tax on the full market value and greatly reduce their tax burden, therefore they are heavily subsidized.  When a wealthy person buys a piece of art for $100,000 and gets an appraiser to say it is worth $2 million to a museum, we all subsidize that – and it certainly does not help the poor.  This is a major loophole Facebook also uses a major loophole on stock options to reduce its tax bill on its billions in annual income to zero.  Has the NYT or Hillary lectured Mark Zuckerberg that he...(Read Full Post)

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