1 00:00:00,240 --> 00:00:02,400 Speaker 1: Where do you host a nightly dinner party for two 2 00:00:02,520 --> 00:00:06,000 Speaker 1: or five. Keeping your eating and dining area clean helps 3 00:00:06,040 --> 00:00:08,080 Speaker 1: keep your mind on the dinner party and not on 4 00:00:08,160 --> 00:00:11,680 Speaker 1: a clean up afterwards. Viva paper towels clean like cloth, 5 00:00:11,920 --> 00:00:15,240 Speaker 1: trapping splatters and sauces that could become countertop stains are 6 00:00:15,280 --> 00:00:17,919 Speaker 1: stuck on messes, and there are two times more durable 7 00:00:17,920 --> 00:00:20,760 Speaker 1: when wet compared to the leading value brand For an 8 00:00:20,760 --> 00:00:24,720 Speaker 1: exceptional cloth like paper towel, there's Viva visit Viva towels 9 00:00:24,760 --> 00:00:27,080 Speaker 1: dot com to soak up the clean filling of home. 10 00:00:28,920 --> 00:00:32,080 Speaker 1: The Times before Donald Trump lost more money than nearly 11 00:00:32,240 --> 00:00:37,880 Speaker 1: any other individual US tax theyer from the total loss 12 00:00:37,960 --> 00:00:40,280 Speaker 1: is more than one billion dollars, and that's just the 13 00:00:40,320 --> 00:00:43,280 Speaker 1: beginning of it, according to The Times. Okay, so this 14 00:00:43,840 --> 00:00:46,960 Speaker 1: is running revelations. This is why I'm not part of 15 00:00:47,000 --> 00:00:49,680 Speaker 1: the sevent of Americans that think it ought to be 16 00:00:49,720 --> 00:00:53,840 Speaker 1: a law that candidates have to reveal the taxes because 17 00:00:53,880 --> 00:00:57,800 Speaker 1: it's so poorly handled by the media. When Trump was 18 00:00:57,840 --> 00:01:00,520 Speaker 1: a candidate and some tax stuff came out about how 19 00:01:00,520 --> 00:01:02,680 Speaker 1: he wrote off all these losses, and everybody went crazy. 20 00:01:02,800 --> 00:01:06,560 Speaker 1: I remember, it was shocking. Nobody said he did anything illegal, 21 00:01:06,760 --> 00:01:10,080 Speaker 1: and and nobody in Congress said we should change the law. 22 00:01:10,440 --> 00:01:13,120 Speaker 1: Yet the tone was, look at this awful thing that happened, 23 00:01:13,760 --> 00:01:16,679 Speaker 1: but obviously you don't think it's too awful. Hillary Clinton 24 00:01:16,720 --> 00:01:18,920 Speaker 1: didn't say change the law because she's gonna do the 25 00:01:18,959 --> 00:01:21,120 Speaker 1: same thing when she's running a business. I'm not hearing 26 00:01:21,120 --> 00:01:24,920 Speaker 1: you to understand the depths of depravity of what we've learned. 27 00:01:24,920 --> 00:01:28,440 Speaker 1: We've invited our favorite tax expert, Stephen Moscowitz at tax 28 00:01:28,480 --> 00:01:31,559 Speaker 1: attorney from Moscowitz LLLP, to join us on the show 29 00:01:31,600 --> 00:01:34,399 Speaker 1: to discuss so what has been revealed. Stephen, thank you 30 00:01:34,480 --> 00:01:37,880 Speaker 1: for the time. First of all, how are you? Um? Great? 31 00:01:37,920 --> 00:01:40,040 Speaker 1: I'm actually happy because I get to talk about taxes. 32 00:01:40,520 --> 00:01:43,560 Speaker 1: You are the most enthusiastic person in any field I've 33 00:01:43,600 --> 00:01:49,640 Speaker 1: ever known, and I've known pro athletes and musicians. So so, Stephen, 34 00:01:49,680 --> 00:01:52,760 Speaker 1: what is your reaction to what's been revealed about the 35 00:01:52,840 --> 00:01:56,880 Speaker 1: Donald's taxes in the eighties and nineties. Good job for 36 00:01:57,160 --> 00:02:02,400 Speaker 1: Donald's tax attorneys. My entire career, which spans over thirty years. 37 00:02:02,440 --> 00:02:07,360 Speaker 1: This is typical real estate investing. What you have is 38 00:02:07,360 --> 00:02:10,640 Speaker 1: a positive cash flow. So suppose you took in rental 39 00:02:10,880 --> 00:02:12,880 Speaker 1: of three million from your building. You wrote checks of 40 00:02:12,919 --> 00:02:16,240 Speaker 1: expenses of two million, you have a cash profit of 41 00:02:16,280 --> 00:02:19,440 Speaker 1: a million, but then you have depreciation of five million, 42 00:02:19,840 --> 00:02:22,520 Speaker 1: so you have a paper loss a tax laws, and 43 00:02:23,200 --> 00:02:25,680 Speaker 1: then you can write that off against four million of 44 00:02:25,680 --> 00:02:28,239 Speaker 1: your other income and not pay tax on that. That's 45 00:02:28,320 --> 00:02:31,320 Speaker 1: what our Congress, in their infinite wisdom, have provided us. 46 00:02:31,320 --> 00:02:35,160 Speaker 1: It's always been around. And to see how favorite is 47 00:02:35,520 --> 00:02:40,640 Speaker 1: this most recent tax act? The government has allowed more 48 00:02:40,720 --> 00:02:45,800 Speaker 1: of that. They've increased bonus deppreciation from fifty to a 49 00:02:46,120 --> 00:02:50,080 Speaker 1: hundred percent for our properties that have a useful life 50 00:02:50,080 --> 00:02:53,120 Speaker 1: of twenty years or less. That means that Donald could 51 00:02:53,120 --> 00:02:56,160 Speaker 1: have done more losses with the new law than the 52 00:02:56,200 --> 00:02:58,920 Speaker 1: old one. It's favored by Congress. They give it to us. 53 00:02:59,720 --> 00:03:04,480 Speaker 1: So what percentage of these monsters take these so called deductions? Stephen? 54 00:03:05,919 --> 00:03:09,240 Speaker 1: Everybody that has real estate takes it? One? Can I 55 00:03:09,360 --> 00:03:11,800 Speaker 1: use a word that gets your bleeper ready? Because this 56 00:03:11,880 --> 00:03:14,080 Speaker 1: might be an offensive word? Are you ready? I can't wait. 57 00:03:15,960 --> 00:03:19,360 Speaker 1: It's a valid here it comes tax shelter. I said, 58 00:03:19,360 --> 00:03:23,040 Speaker 1: the dirty word. But so is your mortgage interest, so 59 00:03:23,240 --> 00:03:27,040 Speaker 1: is your charitable deductions. This is Congress saying, look, they'd 60 00:03:27,040 --> 00:03:29,160 Speaker 1: like you to do certain behaviors. They like you buying 61 00:03:29,160 --> 00:03:32,200 Speaker 1: rental buildings, they like you doing charitable They can't order you. 62 00:03:32,240 --> 00:03:35,360 Speaker 1: We're still a democracy. So the Congress says, okay, they'll 63 00:03:35,360 --> 00:03:38,120 Speaker 1: pay part of the freight by giving you tax deductions. 64 00:03:38,280 --> 00:03:41,040 Speaker 1: So that's how the Congress gets us to do things. 65 00:03:41,040 --> 00:03:43,839 Speaker 1: There's two purposes of the tax law. One we all 66 00:03:43,880 --> 00:03:47,280 Speaker 1: know extraction of money from us. But the other one 67 00:03:48,240 --> 00:03:50,360 Speaker 1: is a system of incentives. When the government wants you 68 00:03:50,400 --> 00:03:53,040 Speaker 1: to do something, can't order it, says luck, we'll pay 69 00:03:53,080 --> 00:03:55,400 Speaker 1: part of it through tax savings. This is what our 70 00:03:55,440 --> 00:03:57,800 Speaker 1: tax law is all about. And again, as you were 71 00:03:57,960 --> 00:04:00,920 Speaker 1: saying earlier, nobody says if he didn't, even when he's 72 00:04:00,920 --> 00:04:04,760 Speaker 1: been criticized for taking the advantage of what our Congress, 73 00:04:04,760 --> 00:04:08,480 Speaker 1: in their infinite wisdom, has provided, if anybody didn't do that, 74 00:04:08,960 --> 00:04:11,840 Speaker 1: save the nuts. So I'll ask you this, not knowing 75 00:04:11,880 --> 00:04:14,440 Speaker 1: what you're gonna say. If this is gonna be uh 76 00:04:14,600 --> 00:04:17,760 Speaker 1: something that MacDonald look better or worse? How much of 77 00:04:17,800 --> 00:04:21,919 Speaker 1: an indication, um that the stuff that's come out is 78 00:04:21,960 --> 00:04:24,120 Speaker 1: it of to whether you're a good business person or 79 00:04:24,160 --> 00:04:28,120 Speaker 1: a bad business person. There's a bigger the tax laws 80 00:04:28,160 --> 00:04:31,039 Speaker 1: you can take Earlier, the better. For example, there's something 81 00:04:31,040 --> 00:04:35,440 Speaker 1: called cost segregation analysis, where a rental building, a commercial 82 00:04:35,520 --> 00:04:39,120 Speaker 1: building is depreciated for thirty nine years, a commercial building 83 00:04:39,320 --> 00:04:41,960 Speaker 1: a residential building twenty seven and a half years. But 84 00:04:42,120 --> 00:04:44,719 Speaker 1: with cost segregation analysis, you sent an engineer into the 85 00:04:44,760 --> 00:04:47,080 Speaker 1: property and he or she says, okay, you have some 86 00:04:47,200 --> 00:04:51,400 Speaker 1: thirty nine year property, but some fifteen, some ten, some five, 87 00:04:51,839 --> 00:04:55,799 Speaker 1: and you greatly accelerate the appreciation. It's called time value 88 00:04:55,800 --> 00:04:58,360 Speaker 1: of money. You'd rather have a benefit today than thirty 89 00:04:58,440 --> 00:05:01,640 Speaker 1: nine years from today. And then if you continue to 90 00:05:01,760 --> 00:05:04,559 Speaker 1: buy or build buildings, you can do this over the years. 91 00:05:04,600 --> 00:05:07,040 Speaker 1: And that's how you can do this for years and years, 92 00:05:07,800 --> 00:05:10,039 Speaker 1: use it as part of your financing for the buildings 93 00:05:10,120 --> 00:05:12,280 Speaker 1: and save money. So the more you can do, the better. 94 00:05:12,360 --> 00:05:14,800 Speaker 1: We do this for clients. It's perfectly legal. And is 95 00:05:14,839 --> 00:05:19,640 Speaker 1: this a loophole or is Congress perfectly aware of how 96 00:05:19,760 --> 00:05:23,120 Speaker 1: the law is used. Well, of course they're perfectly rare. 97 00:05:23,120 --> 00:05:26,679 Speaker 1: And again this year in our most recent tax law, 98 00:05:28,120 --> 00:05:33,400 Speaker 1: Congress increase to depreciation. So now if the Donald had 99 00:05:33,400 --> 00:05:36,640 Speaker 1: the same transactions today, he could have written off even 100 00:05:36,720 --> 00:05:39,760 Speaker 1: more than he did in those earlier years. The Congress 101 00:05:39,960 --> 00:05:42,640 Speaker 1: not only favors it. They gave us more in our 102 00:05:42,680 --> 00:05:46,960 Speaker 1: most recent tax law. Steve Muskwitz tax Attorneys online. So 103 00:05:47,040 --> 00:05:50,200 Speaker 1: the way math works, if you cut taxes one percent 104 00:05:50,279 --> 00:05:54,160 Speaker 1: for everybody, a politician can claim most of the benefits 105 00:05:54,160 --> 00:05:56,800 Speaker 1: went to the rich, because one percent of a billion 106 00:05:56,839 --> 00:06:03,279 Speaker 1: dollars is more than one percent of dollars a year. Similarly, um, 107 00:06:03,320 --> 00:06:06,120 Speaker 1: they're talking about Trump lost more money than most people. 108 00:06:06,240 --> 00:06:08,560 Speaker 1: Is that just because he's dealing with bigger numbers, he's 109 00:06:08,640 --> 00:06:11,880 Speaker 1: he's a bigger player. Well, of course, and and again 110 00:06:11,920 --> 00:06:15,480 Speaker 1: we're talking about paper losses. Suppose you bought a giant 111 00:06:15,520 --> 00:06:20,039 Speaker 1: building it was very expensive, you would have massive depreciation 112 00:06:20,160 --> 00:06:23,120 Speaker 1: on that, as opposed to say you bought a residential house. 113 00:06:23,120 --> 00:06:25,680 Speaker 1: But the bottom line is what he's done is just 114 00:06:25,800 --> 00:06:29,200 Speaker 1: bigger numbers. But the idea of business, of course, is 115 00:06:29,240 --> 00:06:31,560 Speaker 1: to make the maximum amount of money and pay them 116 00:06:31,600 --> 00:06:33,480 Speaker 1: their amount of taxes. And look at the fortune five 117 00:06:33,680 --> 00:06:36,800 Speaker 1: dred with all those companies that make billions in profit 118 00:06:36,839 --> 00:06:39,360 Speaker 1: and pay zero taxes. So when you hear the reporting 119 00:06:39,400 --> 00:06:41,720 Speaker 1: on the stuff in the mainstream media doesn't make you 120 00:06:41,760 --> 00:06:43,640 Speaker 1: just want to tear your hair out or do you 121 00:06:43,680 --> 00:06:48,039 Speaker 1: just ignore it? It makes me crazy because you have 122 00:06:48,200 --> 00:06:52,520 Speaker 1: people that don't understand things, like this certain politician who 123 00:06:52,560 --> 00:06:57,480 Speaker 1: was instrumental in keeping Amazon out of New York City saying, well, good, 124 00:06:57,680 --> 00:06:59,200 Speaker 1: you know we keep them out. We'll wait a minute. 125 00:06:59,200 --> 00:07:01,680 Speaker 1: The reason fit in New York gave those incentives was 126 00:07:01,720 --> 00:07:04,760 Speaker 1: to bring twenty five thousand jobs. The ripple effect. Those 127 00:07:04,800 --> 00:07:08,440 Speaker 1: people make money, pay taxes, spend money, new businesses open, 128 00:07:08,720 --> 00:07:13,080 Speaker 1: they have taxes. That's basic economics, and that's why the 129 00:07:13,120 --> 00:07:17,200 Speaker 1: Congress does this because they want economic prosperity for everyone. 130 00:07:17,440 --> 00:07:20,040 Speaker 1: When somebody invest in a building like that, there's a 131 00:07:20,040 --> 00:07:22,320 Speaker 1: lot of people other than the owner of the building 132 00:07:22,600 --> 00:07:25,960 Speaker 1: that benefits. Steven Moscow, it's tax attorney Moscow. It's l 133 00:07:26,200 --> 00:07:28,680 Speaker 1: l P. If you need to get a hold of him, 134 00:07:28,680 --> 00:07:32,720 Speaker 1: he's at one triple a tax deal, one tax deal. 135 00:07:32,840 --> 00:07:36,320 Speaker 1: Hey Steven, it's always enlightening. Thanks a million, guys, Thanks 136 00:07:36,320 --> 00:07:37,720 Speaker 1: so much. I have a great time. Good to talk 137 00:07:37,720 --> 00:07:40,160 Speaker 1: to you. So this is a credit to Stephen, not us. 138 00:07:40,160 --> 00:07:41,800 Speaker 1: So how that we chose to have him on, But 139 00:07:42,280 --> 00:07:44,640 Speaker 1: tell me you heard a better discussion of Trump's taxes 140 00:07:44,680 --> 00:07:47,280 Speaker 1: than mat since they came out last night. He didn't 141 00:07:47,280 --> 00:07:50,840 Speaker 1: make fun of him once you can if you'd like. 142 00:07:50,920 --> 00:07:52,840 Speaker 1: But my point is if you don't like it, and 143 00:07:52,880 --> 00:07:55,360 Speaker 1: you you can decide you don't like that, but then 144 00:07:55,720 --> 00:08:00,920 Speaker 1: argue to change the law. Whoever's criticizing this, there is 145 00:08:00,920 --> 00:08:05,560 Speaker 1: not a single allegation of illegality or as far as 146 00:08:05,600 --> 00:08:11,400 Speaker 1: I can tell, unethical behavior in any of this. Now, again, 147 00:08:11,480 --> 00:08:13,520 Speaker 1: I don't think Trump's a saying. He has some business 148 00:08:13,520 --> 00:08:18,400 Speaker 1: practices I think are way out about absolutely absolutely, but 149 00:08:18,760 --> 00:08:22,720 Speaker 1: this ain't one of them. So and I tell you what, 150 00:08:23,360 --> 00:08:25,920 Speaker 1: New York Times is working as hard as they can 151 00:08:26,800 --> 00:08:31,120 Speaker 1: with the WAPO and and CNN and MSNBC and the 152 00:08:31,200 --> 00:08:33,920 Speaker 1: A C l U to get Trump reelected. I still yeah, 153 00:08:33,960 --> 00:08:37,480 Speaker 1: I still say, just my guests, it's a net positive 154 00:08:37,520 --> 00:08:40,880 Speaker 1: for Trump this story in that it will motivate people. 155 00:08:41,280 --> 00:08:43,440 Speaker 1: Trump supporters are gonna vote for anyway. Trump paters are 156 00:08:43,480 --> 00:08:45,440 Speaker 1: gonna vote against him. But that the crowd in there, 157 00:08:45,480 --> 00:08:48,200 Speaker 1: that's like, I don't know, I'm happy with some stuff, 158 00:08:48,200 --> 00:08:50,720 Speaker 1: but the kind of guy is drives me crazy. These 159 00:08:50,760 --> 00:08:54,000 Speaker 1: stories make that crowd want to vote for Trump. It's like, 160 00:08:54,040 --> 00:08:56,240 Speaker 1: what are you doing? Now? What is this? This has 161 00:08:56,280 --> 00:08:59,600 Speaker 1: nothing to do with Russia anything? Now is this? And 162 00:08:59,600 --> 00:09:01,920 Speaker 1: and it has absolutely nothing to do with me and 163 00:09:01,960 --> 00:09:04,440 Speaker 1: my family and our safety and our ability to make 164 00:09:04,480 --> 00:09:07,640 Speaker 1: a living and the rest of it. Anyway, we'll see 165 00:09:07,640 --> 00:09:09,920 Speaker 1: how it turns out. We only have Can you put 166 00:09:09,960 --> 00:09:12,160 Speaker 1: the other screen up there, Hanson away. We're getting close 167 00:09:12,240 --> 00:09:17,280 Speaker 1: to the election. We're down to the final crucial days. 168 00:09:17,800 --> 00:09:21,040 Speaker 1: The big five forty five they call him. I'll tell 169 00:09:21,040 --> 00:09:22,959 Speaker 1: you what though, this the coverage of it in the 170 00:09:23,040 --> 00:09:27,280 Speaker 1: WAPPO includes the Donald and his wife Ivana at the 171 00:09:27,360 --> 00:09:31,640 Speaker 1: time in the eighties. I think, yeah, getting aboard their 172 00:09:31,760 --> 00:09:36,000 Speaker 1: yacht and she's got the big poofy eighties hair going, 173 00:09:37,000 --> 00:09:40,160 Speaker 1: and uh it finally dawned. He's got the big poofy 174 00:09:40,200 --> 00:09:44,080 Speaker 1: eighties hair too, but he kept it. He still rocks it. 175 00:09:44,559 --> 00:09:46,520 Speaker 1: The big hair sprayed hair, well, the big hair for 176 00:09:46,600 --> 00:09:50,880 Speaker 1: the women come back, like my all my early girlfriends. 177 00:09:51,160 --> 00:09:53,800 Speaker 1: Absolutely everything comes back, question of time. I would have 178 00:09:53,840 --> 00:09:55,760 Speaker 1: never thought high waisted jeans would come back. And I 179 00:09:55,800 --> 00:09:57,439 Speaker 1: see I live in a college nown I see college 180 00:09:57,440 --> 00:09:59,160 Speaker 1: girls were in them all the time. I think, why 181 00:09:59,240 --> 00:10:01,920 Speaker 1: why don you there at this time? Big hair will 182 00:10:01,960 --> 00:10:05,560 Speaker 1: come back though, Oh yeah, where you spend like half 183 00:10:05,640 --> 00:10:07,559 Speaker 1: an hour with a full can of hair spray to 184 00:10:07,600 --> 00:10:09,720 Speaker 1: make it just giant Oh, you tease it up, you 185 00:10:09,840 --> 00:10:12,160 Speaker 1: blow it dry and empty the can on it. It's 186 00:10:12,480 --> 00:10:18,120 Speaker 1: enormous hair halo exactly, I'd like a helmet boy. The 187 00:10:18,200 --> 00:10:25,320 Speaker 1: arms show strong. Whether you have your own bathroom or 188 00:10:25,360 --> 00:10:27,760 Speaker 1: you share one with your family. A little extra help 189 00:10:27,880 --> 00:10:30,839 Speaker 1: keeping the bathroom seeing counter and Mere Clean goes a 190 00:10:30,880 --> 00:10:34,079 Speaker 1: long way. 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