There is no tax on a loss. When someone loses money the IRS does not charge them tax on the money they lost. If they did it would increase the loss.
When Donald Trump lost $926 million the left wing-nut media thinks he should have paid taxes on the non-existent money.
A loss of money means there is no money. Somehow Liberals think Trump should have paid income taxes on the $916 million he lost. Even the IRS is not so stupid that they tax money that isn’t in existence.
Trump paid someone $916 million which is why he shows it as a loss. Income is money that comes in. No come in, no tax due.
Is it smart to tell the IRS you lost $916 million? Certainly. Otherwise you will have to pay income tax on $916 million which in 1998 was 39.6% which would have been .396 x $916,000,000.00 equals $365,538,000. the Loss for 1998 would have been $1,218,528,000.00. Roughly $1.2 Billion.
But when an individual loses money the IRS does not tax the loss. Trump instead paying $365 million in taxes paid nothing but he still was out $916 million. Liberals don’t get the idea of losing money because they are supported by welfare and other tax money so they never lose money. That’s why they are flumfloxed by Trumps business loss.
Some Liberals want to start a fight about Trump losing money in 1998. Why? Because they want Hillary to win regardless of how much she and they cheat to win.
Liberals are no only not business people, they detest and hate business. they demand a 100% welfare state where government takes care of everyone. Their heaven on earth doesn’t need money. They don’t have income, just benefits. An EBT card, aka. “Electronic Benefit Transfer” card to transfer money from Trump to them. A transfer is not income. They don’t do anything which is why they get OPM, “Other People Money”. Money people like Trump pay to government who gives it to the Liberal Welfare collectors is not “Income” so they pay no Income Tax on EBT card money. When Trump showed $916 million loss in 1998 the Welfare collectors, that would be the Left, the Liberals, still collected their free, non-income taxable money. People who never have income never pay income tax. People who pay income tax make sure they don’t pay income tax on money that isn’t income. Money that goes out is expense. The IRS taxes income. Expenses aren’t Income.
Th name of the IRS offers a clue. Revenue. Revenue is taxes. No taxes, no revenue. The Welfare collectors pay nothing to the government so they never have to bear the burden of paying taxes. Trump pays taxes. He paid millions and millions to the government. He pays taxes to foreign governments. Part of the reason for his $916 loss may be taxes be paid to foreign government for fees and services in foreign lands. that means he no longer had the money. When he paid $916 million a lot of the things he spent the money on had taxes included in their price. Trump paid that price. He paid those taxes. The Liberals don’t get that. They don’t pay taxes so they don’t understand what a loss on money is.
These are not smart people.