John Oliver Used Trump Tax Loophole On $9.5 million Manhattan penthouse

Discussion in 'Politics, Religion, Social Issues' started by jdillings, May 11, 2017.

  1. jdillings macrumors 65816

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    #1
    http://observer.com/2017/05/john-oliver-property-tax-scam-trump/
     
  2. smallcoffee macrumors 6502a

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    #2
  3. unlinked macrumors 6502a

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    #3
    I'm more surprised that someone is surprised by that.
     
  4. NT1440 macrumors G4

    NT1440

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    #4
    I'm surprised that anyone thinks someone with money (be it Trump or anyone else) is actually involved in their taxes instead of having someone handling it (and using standard practices, which this is).
     
  5. smallcoffee macrumors 6502a

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    #5
    Why wouldn't you be? Are you serious?

    But even that aside, once he finds out about using the same loopholes he should return his money to the government. Practice what you preach.
     
  6. NT1440 macrumors G4

    NT1440

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    #6
    Why wouldn't you be....what? Doing your own taxes when you're a millionaire? That's a good question, why the hell would you?
     
  7. DrewDaHilp1 macrumors 6502a

    DrewDaHilp1

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  8. smallcoffee macrumors 6502a

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    #8
    Doing != knowing what is going on
     
  9. poloponies macrumors 68030

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    #9
    Oh, so Oliver built his business on tax dodges that benefit the wealthy? Oh, wait, he's an entertainer who is highly compensated and used a tax scheme to preserve his wealth on the purchase of his home. He didn't gain wealth as a business pursuit. I don't think anyone would blink an eye at Trump's use of a tax strategy to preserve his wealth on the purchase of his residence - no more than I could give a hoot how the wealthy structure the tax benefits of their multi-million dollar homes.

    Do you people not understand equivalence or are you just distracted by shiny objects?
     
  10. MacNut macrumors Core

    MacNut

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    #10
    I don't think this thread is going as the OP planned. Where is all the outrage! :p
     
  11. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #11
    He just says what the writers tell him to say.
    --- Post Merged, May 13, 2017 ---
    Trump never took a leftist stance against wealth and tax inequality. To criticize the same loopholes you are using to get rich is a bit "rich" in itself.
     
  12. Huntn macrumors G5

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    #12
    You are saying someone like Trump or the subject of this thread would put their investments on autopilot and not make a make a decision like this giving the go/no go?
    --- Post Merged, May 13, 2017 ---
    Considering the OP made no comment, or expressed no opinion. it's hard to tell exactly. I assume he disapproves as I do of these types of loop holes designed to benefit the wealthiest of society. But you know, the poor babies need the help. :rolleyes:
     
  13. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #13
    Also not sure how this tax loophole is attributed to Trump, I didn't realize he was a legislator in the 70s.
     
  14. VulchR macrumors 68020

    VulchR

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    #14
    Erm... two things: Oliver didn't run for President or get elected. He purports to be an entertainer, not a national leader. Second, just exactly how were the details of Oliver's tax arrangements known? The article cited by the OP doesn't seem to say.

    In any case, tax the rich more, including Trump, Oliver and anybody else in the top 1% who are paying historically low tax rates for that kind of wealth.



     
  15. smallcoffee macrumors 6502a

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    #15
    His contractual dealing with his employers (plus whatever other things he makes money on) are, in fact, business. Both buying real estate and being a useless opinion person are forms of business. Trying to draw a distinction between the two in order to defend the dealings of one rich business person over others is ridiculous. Calling it a tax scheme? Please. Everything is a tax scheme.
     
  16. NT1440 macrumors G4

    NT1440

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    #16
    Then read up on the NYC and Trump in the 70's. Do your own homework.
     
  17. Eraserhead macrumors G4

    Eraserhead

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    #17
    I think he didn't make the claim so he doesn't have to.
     
  18. NT1440 macrumors G4

    NT1440

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    #18
    I'm just tired of people like ZA facetiously posting about things they haven't even bothered to do a simple google (the lowest bar there is) search on. The tax codes of NYC were completely overhauled in the 70's after the banks refused to buy the city's bonds, major concessions were made to Trump (the largest tax break in NYC history at the time) for him coming in to make one sweet deal for himself.

    Adam Curtis does a great job breaking down Trump (and his mob associates) influence on the political functioning of NYC in the late 70's through the 80's in his documentary Hypernormalization (4 hours long, Trump is not the focus but is important in context).
     
  19. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #19
    I don't need to Google search to know that Trump was never a legislator and thus could not have proposed or passed a law. If he had a bad influence in the process then you are blaming the wrong person.
     
  20. NT1440 macrumors G4

    NT1440

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    #20
    No, I'm not going to pretend that political power dynamics lie only in elected officials, that's just stupid.

    You're going to tell me the likes of Carl Ichann, Warren Buffet, Robert Mercer, or George Soros don't have inordinate amounts of influence over politicians? That's rich....

    Your post reads as essentially "I only stick to the most literal (and therefore farcical) understanding of how the country/world operates, and I refuse to fire any more neurons to consider the actual dynamics of power". That's just laziness or a willful ignorance of the world.
     
  21. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #21
    My post reads: Trump was never a legislator so there's no way he can be given credit for a law that was passed. Pretty cut and dry.
     
  22. NT1440 macrumors G4

    NT1440

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    #22
    Yes, and my post was pointing out that your nuance free understanding of the world and power dynamics (particularly regarding Trump's influence in NYC, as he got the largest tax break in the city's history) makes it kind of hard to actually discuss matters.
     
  23. BernyMac macrumors regular

    BernyMac

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    #23
    PRSI involves no discussion. Both sides believe they are right and trying to prove the other wrong. Both analyzing each other's word, exploiting nuances and using it against each other. It is a bickering, school yard fight at 3 o'clock.
     
  24. BaldiMac macrumors 604

    BaldiMac

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    #24
    You could just read the article. It explains why he is credited with creating the loophole.
    TL;DR He sued to expand an exemption.
     
  25. Cartaphilus, May 17, 2017
    Last edited: May 17, 2017

    Cartaphilus macrumors 6502a

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    #25
    This is silly. 421-a isn't a "loophole", it's simply a dimunition of NY real estate property taxes enacted to encourange development. Apparently the policy works as development in NY is booming and a lot more top-earners now live in New York, with those living in Manhattan being subject to an overall marginal income tax rate over 50%. New York's married-filing-jointly rate tops out at nearly 9%, and the City's at nearly 4%, a pretty powerful incentive to entice people like John Oliver by using a property tax break in order to collect a nice chunk of his $2 million annual HBO salary alone.

    And using an LLC (not a "trust" as the OP characterized it) so that a celebrity's residence isn't published all over the internet, is a common practice. It can't save a dime in taxes, first because there wouldn't be any profit in simply owning the apartment you live in, and second because any profits earned by an LLC are taxed to the owners of the LLC.
     

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