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Speaker 1: The Times before Donald Trump lost more money than nearly
Speaker 1: any other individual US tax theyer from the total loss
Speaker 1: is more than one billion dollars, and that's just the
Speaker 1: beginning of it, according to The Times. Okay, so this
Speaker 1: is running revelations. This is why I'm not part of
Speaker 1: the sevent of Americans that think it ought to be
Speaker 1: a law that candidates have to reveal the taxes because
Speaker 1: it's so poorly handled by the media. When Trump was
Speaker 1: a candidate and some tax stuff came out about how
Speaker 1: he wrote off all these losses, and everybody went crazy.
Speaker 1: I remember, it was shocking. Nobody said he did anything illegal,
Speaker 1: and and nobody in Congress said we should change the law.
Speaker 1: Yet the tone was, look at this awful thing that happened,
Speaker 1: but obviously you don't think it's too awful. Hillary Clinton
Speaker 1: didn't say change the law because she's gonna do the
Speaker 1: same thing when she's running a business. I'm not hearing
Speaker 1: you to understand the depths of depravity of what we've learned.
Speaker 1: We've invited our favorite tax expert, Stephen Moscowitz at tax
Speaker 1: attorney from Moscowitz LLLP, to join us on the show
Speaker 1: to discuss so what has been revealed. Stephen, thank you
Speaker 1: for the time. First of all, how are you? Um? Great?
Speaker 1: I'm actually happy because I get to talk about taxes.
Speaker 1: You are the most enthusiastic person in any field I've
Speaker 1: ever known, and I've known pro athletes and musicians. So so, Stephen,
Speaker 1: what is your reaction to what's been revealed about the
Speaker 1: Donald's taxes in the eighties and nineties. Good job for
Speaker 1: Donald's tax attorneys. My entire career, which spans over thirty years.
Speaker 1: This is typical real estate investing. What you have is
Speaker 1: a positive cash flow. So suppose you took in rental
Speaker 1: of three million from your building. You wrote checks of
Speaker 1: expenses of two million, you have a cash profit of
Speaker 1: a million, but then you have depreciation of five million,
Speaker 1: so you have a paper loss a tax laws, and
Speaker 1: then you can write that off against four million of
Speaker 1: your other income and not pay tax on that. That's
Speaker 1: what our Congress, in their infinite wisdom, have provided us.
Speaker 1: It's always been around. And to see how favorite is
Speaker 1: this most recent tax act? The government has allowed more
Speaker 1: of that. They've increased bonus deppreciation from fifty to a
Speaker 1: hundred percent for our properties that have a useful life
Speaker 1: of twenty years or less. That means that Donald could
Speaker 1: have done more losses with the new law than the
Speaker 1: old one. It's favored by Congress. They give it to us.
Speaker 1: So what percentage of these monsters take these so called deductions? Stephen?
Speaker 1: Everybody that has real estate takes it? One? Can I
Speaker 1: use a word that gets your bleeper ready? Because this
Speaker 1: might be an offensive word? Are you ready? I can't wait.
Speaker 1: It's a valid here it comes tax shelter. I said,
Speaker 1: the dirty word. But so is your mortgage interest, so
Speaker 1: is your charitable deductions. This is Congress saying, look, they'd
Speaker 1: like you to do certain behaviors. They like you buying
Speaker 1: rental buildings, they like you doing charitable They can't order you.
Speaker 1: We're still a democracy. So the Congress says, okay, they'll
Speaker 1: pay part of the freight by giving you tax deductions.
Speaker 1: So that's how the Congress gets us to do things.
Speaker 1: There's two purposes of the tax law. One we all
Speaker 1: know extraction of money from us. But the other one
Speaker 1: is a system of incentives. When the government wants you
Speaker 1: to do something, can't order it, says luck, we'll pay
Speaker 1: part of it through tax savings. This is what our
Speaker 1: tax law is all about. And again, as you were
Speaker 1: saying earlier, nobody says if he didn't, even when he's
Speaker 1: been criticized for taking the advantage of what our Congress,
Speaker 1: in their infinite wisdom, has provided, if anybody didn't do that,
Speaker 1: save the nuts. So I'll ask you this, not knowing
Speaker 1: what you're gonna say. If this is gonna be uh
Speaker 1: something that MacDonald look better or worse? How much of
Speaker 1: an indication, um that the stuff that's come out is
Speaker 1: it of to whether you're a good business person or
Speaker 1: a bad business person. There's a bigger the tax laws
Speaker 1: you can take Earlier, the better. For example, there's something
Speaker 1: called cost segregation analysis, where a rental building, a commercial
Speaker 1: building is depreciated for thirty nine years, a commercial building
Speaker 1: a residential building twenty seven and a half years. But
Speaker 1: with cost segregation analysis, you sent an engineer into the
Speaker 1: property and he or she says, okay, you have some
Speaker 1: thirty nine year property, but some fifteen, some ten, some five,
Speaker 1: and you greatly accelerate the appreciation. It's called time value
Speaker 1: of money. You'd rather have a benefit today than thirty
Speaker 1: nine years from today. And then if you continue to
Speaker 1: buy or build buildings, you can do this over the years.
Speaker 1: And that's how you can do this for years and years,
Speaker 1: use it as part of your financing for the buildings
Speaker 1: and save money. So the more you can do, the better.
Speaker 1: We do this for clients. It's perfectly legal. And is
Speaker 1: this a loophole or is Congress perfectly aware of how
Speaker 1: the law is used. Well, of course they're perfectly rare.
Speaker 1: And again this year in our most recent tax law,
Speaker 1: Congress increase to depreciation. So now if the Donald had
Speaker 1: the same transactions today, he could have written off even
Speaker 1: more than he did in those earlier years. The Congress
Speaker 1: not only favors it. They gave us more in our
Speaker 1: most recent tax law. Steve Muskwitz tax Attorneys online. So
Speaker 1: the way math works, if you cut taxes one percent
Speaker 1: for everybody, a politician can claim most of the benefits
Speaker 1: went to the rich, because one percent of a billion
Speaker 1: dollars is more than one percent of dollars a year. Similarly, um,
Speaker 1: they're talking about Trump lost more money than most people.
Speaker 1: Is that just because he's dealing with bigger numbers, he's
Speaker 1: he's a bigger player. Well, of course, and and again
Speaker 1: we're talking about paper losses. Suppose you bought a giant
Speaker 1: building it was very expensive, you would have massive depreciation
Speaker 1: on that, as opposed to say you bought a residential house.
Speaker 1: But the bottom line is what he's done is just
Speaker 1: bigger numbers. But the idea of business, of course, is
Speaker 1: to make the maximum amount of money and pay them
Speaker 1: their amount of taxes. And look at the fortune five
Speaker 1: dred with all those companies that make billions in profit
Speaker 1: and pay zero taxes. So when you hear the reporting
Speaker 1: on the stuff in the mainstream media doesn't make you
Speaker 1: just want to tear your hair out or do you
Speaker 1: just ignore it? It makes me crazy because you have
Speaker 1: people that don't understand things, like this certain politician who
Speaker 1: was instrumental in keeping Amazon out of New York City saying, well, good,
Speaker 1: you know we keep them out. We'll wait a minute.
Speaker 1: The reason fit in New York gave those incentives was
Speaker 1: to bring twenty five thousand jobs. The ripple effect. Those
Speaker 1: people make money, pay taxes, spend money, new businesses open,
Speaker 1: they have taxes. That's basic economics, and that's why the
Speaker 1: Congress does this because they want economic prosperity for everyone.
Speaker 1: When somebody invest in a building like that, there's a
Speaker 1: lot of people other than the owner of the building
Speaker 1: that benefits. Steven Moscow, it's tax attorney Moscow. It's l
Speaker 1: l P. If you need to get a hold of him,
Speaker 1: he's at one triple a tax deal, one tax deal.
Speaker 1: Hey Steven, it's always enlightening. Thanks a million, guys, Thanks
Speaker 1: so much. I have a great time. Good to talk
Speaker 1: to you. So this is a credit to Stephen, not us.
Speaker 1: So how that we chose to have him on, But
Speaker 1: tell me you heard a better discussion of Trump's taxes
Speaker 1: than mat since they came out last night. He didn't
Speaker 1: make fun of him once you can if you'd like.
Speaker 1: But my point is if you don't like it, and
Speaker 1: you you can decide you don't like that, but then
Speaker 1: argue to change the law. Whoever's criticizing this, there is
Speaker 1: not a single allegation of illegality or as far as
Speaker 1: I can tell, unethical behavior in any of this. Now, again,
Speaker 1: I don't think Trump's a saying. He has some business
Speaker 1: practices I think are way out about absolutely absolutely, but
Speaker 1: this ain't one of them. So and I tell you what,
Speaker 1: New York Times is working as hard as they can
Speaker 1: with the WAPO and and CNN and MSNBC and the
Speaker 1: A C l U to get Trump reelected. I still yeah,
Speaker 1: I still say, just my guests, it's a net positive
Speaker 1: for Trump this story in that it will motivate people.
Speaker 1: Trump supporters are gonna vote for anyway. Trump paters are
Speaker 1: gonna vote against him. But that the crowd in there,
Speaker 1: that's like, I don't know, I'm happy with some stuff,
Speaker 1: but the kind of guy is drives me crazy. These
Speaker 1: stories make that crowd want to vote for Trump. It's like,
Speaker 1: what are you doing? Now? What is this? This has
Speaker 1: nothing to do with Russia anything? Now is this? And
Speaker 1: and it has absolutely nothing to do with me and
Speaker 1: my family and our safety and our ability to make
Speaker 1: a living and the rest of it. Anyway, we'll see
Speaker 1: how it turns out. We only have Can you put
Speaker 1: the other screen up there, Hanson away. We're getting close
Speaker 1: to the election. We're down to the final crucial days.
Speaker 1: The big five forty five they call him. I'll tell
Speaker 1: you what though, this the coverage of it in the
Speaker 1: WAPPO includes the Donald and his wife Ivana at the
Speaker 1: time in the eighties. I think, yeah, getting aboard their
Speaker 1: yacht and she's got the big poofy eighties hair going,
Speaker 1: and uh it finally dawned. He's got the big poofy
Speaker 1: eighties hair too, but he kept it. He still rocks it.
Speaker 1: The big hair sprayed hair, well, the big hair for
Speaker 1: the women come back, like my all my early girlfriends.
Speaker 1: Absolutely everything comes back, question of time. I would have
Speaker 1: never thought high waisted jeans would come back. And I
Speaker 1: see I live in a college nown I see college
Speaker 1: girls were in them all the time. I think, why
Speaker 1: why don you there at this time? Big hair will
Speaker 1: come back though, Oh yeah, where you spend like half
Speaker 1: an hour with a full can of hair spray to
Speaker 1: make it just giant Oh, you tease it up, you
Speaker 1: blow it dry and empty the can on it. It's
Speaker 1: enormous hair halo exactly, I'd like a helmet boy. The
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