Originally published at: https://boingboing.net/2020/10/29/donald-trump-was-paid-61045-in-consulting-fees-by-his-own-company-while-in-office.html
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Congratulations, you’ve discovered the stupidest tax loophole (and biggest audit flag) in existance.
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This also makes me think: I consult myself all the time for work I’m doing. Maybe I need to start to a new, separate LLC for consulting, that outsource my usual workload to another LLC, which is also me, and in turn my outsourced me company pays me for consulting services, which I provide to myself. And then I can just write it all off as business expenses, so that I’m not technically making any personal income, and thus, cannot be taxed; meanwhile, both my outsource work LLC and my consulting LLC both fail to turn a profit, because all their income is invested right back into their work, which is me. I think that’s how it works, right?
Yep.
And what Bonivus said, above.
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Has anyone from the IRS responded to the Ivanka Trump “consulting fees” scam? It’s really obvious criminal behavior, and I’d like to know if anything was done, or will be done, about it. Or does the IRS only enforce these rules on “the little people”?
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Any questions?
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He’s clearly earning 20K every month by being his own boss…
https://bbs.boingboing.net/t/a-horror-story-earn-20k-every-month-by-being-your-own-boss/183210/6
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Keep going back and forth over which of the three, donny smallhands, donny cokenose or “Jared” has the most punchable face…
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Well since they are in the real estate business, I say we put them in a small room on a construction site with a 2x4, a sledgehammer, and wrench.
Let the three stooges effect sort it out.
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Is this ‘technically’ legal?
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The IRS has had its enforcement budget cut and cut. They avoid auditing the rich because the rich fight back and it becomes a time and money issue for the IRS. https://www.gq.com/story/no-irs-audits-for-the-rich
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Meh. It costs the White House cleaning staff more than $61,045 every time Mass-Murdering Traitor Trump over-fills his adult diapers.
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This is pretty common. A friend had an LLC that owned a hair salon. She (the individual) did the laundry for the LLC, thereby reducing the profits of the LLC. You just need to figure out if your personal or LLC income has a better tax rate.
The better scam was when Trump’s kids had a separate corporation that provided building maintenance services. Say one of Trump’s buildings needed a new boiler. The maintenance service does the work at a huge (100% +) markup over normal rates. The extra profits then go to the kids, since they own the corporation. A great way to shelter transferring cash to your kids.
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I’d pay Trump to $61,045 for a “consultation”; but only if he uses Auto-haruspicy.
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So I have a hunch that Trump will find himself in Brazil or Russia to stay some time soon. I doubt anyone in Europe or the Middle East or most of Asia would shelter him from extradition to the US to face a wide range of charges.
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Ughhhhhhh. If it were fiction, it’d be panned as unrealistic.
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But, but he donates his salary! /s
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I think that’s how it works, right?
Yeah, but only if you have enough money that the IRS doesn’t want to get tangled in litigation with you…
Is this a rhetorical question?
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OMG Trump has engaged in most likely illegal activities, an impeachable offense, that further denigrates the office of the President and undermines our democracy!
Somebody DO SOMETHING!!!
Hahahahaha just kidding. Nobody will do anything about it, because fuck it, we’re all too busy preparing for the imminent civil war.
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…“picked away”?!
I dunno, maybe I am being Annie Wilkes here, but it sure feels like anyone who’s still dancing around the reality to this degree is (to put it mildly) not part of the solution.
Documenting the precise details of Turmp’s mind-blowingly overt corruption has some value. I’m not scorning that. It may come in handy if anyone ever decides to do their job. But if it’s couched like this, I honestly don’t see how it does a god damn thing about the problem it’s supposedly so concerned about. Turmp took a consulting fee from the business we always knew for certain was paying him? Well, we should definitely launch an investigation into the meaning of words like “consulting” and “fee” and “from”. Perhaps that will raise further concerns leading to an investigation of the difference between up and down. We cannot relent in this struggle. We must observe harder than we’ve ever observed before!
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