WEBVTT - Trump Committed...Good Tax Planning.  Steven Moskowitz talks to Armstrong & Getty

0:00:00.240 --> 0:00:02.400
<v Speaker 1>Where do you host a nightly dinner party for two

0:00:02.520 --> 0:00:06.000
<v Speaker 1>or five. Keeping your eating and dining area clean helps

0:00:06.040 --> 0:00:08.080
<v Speaker 1>keep your mind on the dinner party and not on

0:00:08.160 --> 0:00:11.680
<v Speaker 1>a clean up afterwards. Viva paper towels clean like cloth,

0:00:11.920 --> 0:00:15.240
<v Speaker 1>trapping splatters and sauces that could become countertop stains are

0:00:15.280 --> 0:00:17.919
<v Speaker 1>stuck on messes, and there are two times more durable

0:00:17.920 --> 0:00:20.760
<v Speaker 1>when wet compared to the leading value brand For an

0:00:20.760 --> 0:00:24.720
<v Speaker 1>exceptional cloth like paper towel, there's Viva visit Viva towels

0:00:24.760 --> 0:00:27.080
<v Speaker 1>dot com to soak up the clean filling of home.

0:00:28.920 --> 0:00:32.080
<v Speaker 1>The Times before Donald Trump lost more money than nearly

0:00:32.240 --> 0:00:37.880
<v Speaker 1>any other individual US tax theyer from the total loss

0:00:37.960 --> 0:00:40.280
<v Speaker 1>is more than one billion dollars, and that's just the

0:00:40.320 --> 0:00:43.280
<v Speaker 1>beginning of it, according to The Times. Okay, so this

0:00:43.840 --> 0:00:46.960
<v Speaker 1>is running revelations. This is why I'm not part of

0:00:47.000 --> 0:00:49.680
<v Speaker 1>the sevent of Americans that think it ought to be

0:00:49.720 --> 0:00:53.840
<v Speaker 1>a law that candidates have to reveal the taxes because

0:00:53.880 --> 0:00:57.800
<v Speaker 1>it's so poorly handled by the media. When Trump was

0:00:57.840 --> 0:01:00.520
<v Speaker 1>a candidate and some tax stuff came out about how

0:01:00.520 --> 0:01:02.680
<v Speaker 1>he wrote off all these losses, and everybody went crazy.

0:01:02.800 --> 0:01:06.560
<v Speaker 1>I remember, it was shocking. Nobody said he did anything illegal,

0:01:06.760 --> 0:01:10.080
<v Speaker 1>and and nobody in Congress said we should change the law.

0:01:10.440 --> 0:01:13.120
<v Speaker 1>Yet the tone was, look at this awful thing that happened,

0:01:13.760 --> 0:01:16.679
<v Speaker 1>but obviously you don't think it's too awful. Hillary Clinton

0:01:16.720 --> 0:01:18.920
<v Speaker 1>didn't say change the law because she's gonna do the

0:01:18.959 --> 0:01:21.120
<v Speaker 1>same thing when she's running a business. I'm not hearing

0:01:21.120 --> 0:01:24.920
<v Speaker 1>you to understand the depths of depravity of what we've learned.

0:01:24.920 --> 0:01:28.440
<v Speaker 1>We've invited our favorite tax expert, Stephen Moscowitz at tax

0:01:28.480 --> 0:01:31.559
<v Speaker 1>attorney from Moscowitz LLLP, to join us on the show

0:01:31.600 --> 0:01:34.399
<v Speaker 1>to discuss so what has been revealed. Stephen, thank you

0:01:34.480 --> 0:01:37.880
<v Speaker 1>for the time. First of all, how are you? Um? Great?

0:01:37.920 --> 0:01:40.040
<v Speaker 1>I'm actually happy because I get to talk about taxes.

0:01:40.520 --> 0:01:43.560
<v Speaker 1>You are the most enthusiastic person in any field I've

0:01:43.600 --> 0:01:49.640
<v Speaker 1>ever known, and I've known pro athletes and musicians. So so, Stephen,

0:01:49.680 --> 0:01:52.760
<v Speaker 1>what is your reaction to what's been revealed about the

0:01:52.840 --> 0:01:56.880
<v Speaker 1>Donald's taxes in the eighties and nineties. Good job for

0:01:57.160 --> 0:02:02.400
<v Speaker 1>Donald's tax attorneys. My entire career, which spans over thirty years.

0:02:02.440 --> 0:02:07.360
<v Speaker 1>This is typical real estate investing. What you have is

0:02:07.360 --> 0:02:10.640
<v Speaker 1>a positive cash flow. So suppose you took in rental

0:02:10.880 --> 0:02:12.880
<v Speaker 1>of three million from your building. You wrote checks of

0:02:12.919 --> 0:02:16.240
<v Speaker 1>expenses of two million, you have a cash profit of

0:02:16.280 --> 0:02:19.440
<v Speaker 1>a million, but then you have depreciation of five million,

0:02:19.840 --> 0:02:22.520
<v Speaker 1>so you have a paper loss a tax laws, and

0:02:23.200 --> 0:02:25.680
<v Speaker 1>then you can write that off against four million of

0:02:25.680 --> 0:02:28.239
<v Speaker 1>your other income and not pay tax on that. That's

0:02:28.320 --> 0:02:31.320
<v Speaker 1>what our Congress, in their infinite wisdom, have provided us.

0:02:31.320 --> 0:02:35.160
<v Speaker 1>It's always been around. And to see how favorite is

0:02:35.520 --> 0:02:40.640
<v Speaker 1>this most recent tax act? The government has allowed more

0:02:40.720 --> 0:02:45.800
<v Speaker 1>of that. They've increased bonus deppreciation from fifty to a

0:02:46.120 --> 0:02:50.080
<v Speaker 1>hundred percent for our properties that have a useful life

0:02:50.080 --> 0:02:53.120
<v Speaker 1>of twenty years or less. That means that Donald could

0:02:53.120 --> 0:02:56.160
<v Speaker 1>have done more losses with the new law than the

0:02:56.200 --> 0:02:58.920
<v Speaker 1>old one. It's favored by Congress. They give it to us.

0:02:59.720 --> 0:03:04.480
<v Speaker 1>So what percentage of these monsters take these so called deductions? Stephen?

0:03:05.919 --> 0:03:09.240
<v Speaker 1>Everybody that has real estate takes it? One? Can I

0:03:09.360 --> 0:03:11.800
<v Speaker 1>use a word that gets your bleeper ready? Because this

0:03:11.880 --> 0:03:14.080
<v Speaker 1>might be an offensive word? Are you ready? I can't wait.

0:03:15.960 --> 0:03:19.360
<v Speaker 1>It's a valid here it comes tax shelter. I said,

0:03:19.360 --> 0:03:23.040
<v Speaker 1>the dirty word. But so is your mortgage interest, so

0:03:23.240 --> 0:03:27.040
<v Speaker 1>is your charitable deductions. This is Congress saying, look, they'd

0:03:27.040 --> 0:03:29.160
<v Speaker 1>like you to do certain behaviors. They like you buying

0:03:29.160 --> 0:03:32.200
<v Speaker 1>rental buildings, they like you doing charitable They can't order you.

0:03:32.240 --> 0:03:35.360
<v Speaker 1>We're still a democracy. So the Congress says, okay, they'll

0:03:35.360 --> 0:03:38.120
<v Speaker 1>pay part of the freight by giving you tax deductions.

0:03:38.280 --> 0:03:41.040
<v Speaker 1>So that's how the Congress gets us to do things.

0:03:41.040 --> 0:03:43.839
<v Speaker 1>There's two purposes of the tax law. One we all

0:03:43.880 --> 0:03:47.280
<v Speaker 1>know extraction of money from us. But the other one

0:03:48.240 --> 0:03:50.360
<v Speaker 1>is a system of incentives. When the government wants you

0:03:50.400 --> 0:03:53.040
<v Speaker 1>to do something, can't order it, says luck, we'll pay

0:03:53.080 --> 0:03:55.400
<v Speaker 1>part of it through tax savings. This is what our

0:03:55.440 --> 0:03:57.800
<v Speaker 1>tax law is all about. And again, as you were

0:03:57.960 --> 0:04:00.920
<v Speaker 1>saying earlier, nobody says if he didn't, even when he's

0:04:00.920 --> 0:04:04.760
<v Speaker 1>been criticized for taking the advantage of what our Congress,

0:04:04.760 --> 0:04:08.480
<v Speaker 1>in their infinite wisdom, has provided, if anybody didn't do that,

0:04:08.960 --> 0:04:11.840
<v Speaker 1>save the nuts. So I'll ask you this, not knowing

0:04:11.880 --> 0:04:14.440
<v Speaker 1>what you're gonna say. If this is gonna be uh

0:04:14.600 --> 0:04:17.760
<v Speaker 1>something that MacDonald look better or worse? How much of

0:04:17.800 --> 0:04:21.919
<v Speaker 1>an indication, um that the stuff that's come out is

0:04:21.960 --> 0:04:24.120
<v Speaker 1>it of to whether you're a good business person or

0:04:24.160 --> 0:04:28.120
<v Speaker 1>a bad business person. There's a bigger the tax laws

0:04:28.160 --> 0:04:31.039
<v Speaker 1>you can take Earlier, the better. For example, there's something

0:04:31.040 --> 0:04:35.440
<v Speaker 1>called cost segregation analysis, where a rental building, a commercial

0:04:35.520 --> 0:04:39.120
<v Speaker 1>building is depreciated for thirty nine years, a commercial building

0:04:39.320 --> 0:04:41.960
<v Speaker 1>a residential building twenty seven and a half years. But

0:04:42.120 --> 0:04:44.719
<v Speaker 1>with cost segregation analysis, you sent an engineer into the

0:04:44.760 --> 0:04:47.080
<v Speaker 1>property and he or she says, okay, you have some

0:04:47.200 --> 0:04:51.400
<v Speaker 1>thirty nine year property, but some fifteen, some ten, some five,

0:04:51.839 --> 0:04:55.799
<v Speaker 1>and you greatly accelerate the appreciation. It's called time value

0:04:55.800 --> 0:04:58.360
<v Speaker 1>of money. You'd rather have a benefit today than thirty

0:04:58.440 --> 0:05:01.640
<v Speaker 1>nine years from today. And then if you continue to

0:05:01.760 --> 0:05:04.559
<v Speaker 1>buy or build buildings, you can do this over the years.

0:05:04.600 --> 0:05:07.040
<v Speaker 1>And that's how you can do this for years and years,

0:05:07.800 --> 0:05:10.039
<v Speaker 1>use it as part of your financing for the buildings

0:05:10.120 --> 0:05:12.280
<v Speaker 1>and save money. So the more you can do, the better.

0:05:12.360 --> 0:05:14.800
<v Speaker 1>We do this for clients. It's perfectly legal. And is

0:05:14.839 --> 0:05:19.640
<v Speaker 1>this a loophole or is Congress perfectly aware of how

0:05:19.760 --> 0:05:23.120
<v Speaker 1>the law is used. Well, of course they're perfectly rare.

0:05:23.120 --> 0:05:26.679
<v Speaker 1>And again this year in our most recent tax law,

0:05:28.120 --> 0:05:33.400
<v Speaker 1>Congress increase to depreciation. So now if the Donald had

0:05:33.400 --> 0:05:36.640
<v Speaker 1>the same transactions today, he could have written off even

0:05:36.720 --> 0:05:39.760
<v Speaker 1>more than he did in those earlier years. The Congress

0:05:39.960 --> 0:05:42.640
<v Speaker 1>not only favors it. They gave us more in our

0:05:42.680 --> 0:05:46.960
<v Speaker 1>most recent tax law. Steve Muskwitz tax Attorneys online. So

0:05:47.040 --> 0:05:50.200
<v Speaker 1>the way math works, if you cut taxes one percent

0:05:50.279 --> 0:05:54.160
<v Speaker 1>for everybody, a politician can claim most of the benefits

0:05:54.160 --> 0:05:56.800
<v Speaker 1>went to the rich, because one percent of a billion

0:05:56.839 --> 0:06:03.279
<v Speaker 1>dollars is more than one percent of dollars a year. Similarly, um,

0:06:03.320 --> 0:06:06.120
<v Speaker 1>they're talking about Trump lost more money than most people.

0:06:06.240 --> 0:06:08.560
<v Speaker 1>Is that just because he's dealing with bigger numbers, he's

0:06:08.640 --> 0:06:11.880
<v Speaker 1>he's a bigger player. Well, of course, and and again

0:06:11.920 --> 0:06:15.480
<v Speaker 1>we're talking about paper losses. Suppose you bought a giant

0:06:15.520 --> 0:06:20.039
<v Speaker 1>building it was very expensive, you would have massive depreciation

0:06:20.160 --> 0:06:23.120
<v Speaker 1>on that, as opposed to say you bought a residential house.

0:06:23.120 --> 0:06:25.680
<v Speaker 1>But the bottom line is what he's done is just

0:06:25.800 --> 0:06:29.200
<v Speaker 1>bigger numbers. But the idea of business, of course, is

0:06:29.240 --> 0:06:31.560
<v Speaker 1>to make the maximum amount of money and pay them

0:06:31.600 --> 0:06:33.480
<v Speaker 1>their amount of taxes. And look at the fortune five

0:06:33.680 --> 0:06:36.800
<v Speaker 1>dred with all those companies that make billions in profit

0:06:36.839 --> 0:06:39.360
<v Speaker 1>and pay zero taxes. So when you hear the reporting

0:06:39.400 --> 0:06:41.720
<v Speaker 1>on the stuff in the mainstream media doesn't make you

0:06:41.760 --> 0:06:43.640
<v Speaker 1>just want to tear your hair out or do you

0:06:43.680 --> 0:06:48.039
<v Speaker 1>just ignore it? It makes me crazy because you have

0:06:48.200 --> 0:06:52.520
<v Speaker 1>people that don't understand things, like this certain politician who

0:06:52.560 --> 0:06:57.480
<v Speaker 1>was instrumental in keeping Amazon out of New York City saying, well, good,

0:06:57.680 --> 0:06:59.200
<v Speaker 1>you know we keep them out. We'll wait a minute.

0:06:59.200 --> 0:07:01.680
<v Speaker 1>The reason fit in New York gave those incentives was

0:07:01.720 --> 0:07:04.760
<v Speaker 1>to bring twenty five thousand jobs. The ripple effect. Those

0:07:04.800 --> 0:07:08.440
<v Speaker 1>people make money, pay taxes, spend money, new businesses open,

0:07:08.720 --> 0:07:13.080
<v Speaker 1>they have taxes. That's basic economics, and that's why the

0:07:13.120 --> 0:07:17.200
<v Speaker 1>Congress does this because they want economic prosperity for everyone.

0:07:17.440 --> 0:07:20.040
<v Speaker 1>When somebody invest in a building like that, there's a

0:07:20.040 --> 0:07:22.320
<v Speaker 1>lot of people other than the owner of the building

0:07:22.600 --> 0:07:25.960
<v Speaker 1>that benefits. Steven Moscow, it's tax attorney Moscow. It's l

0:07:26.200 --> 0:07:28.680
<v Speaker 1>l P. If you need to get a hold of him,

0:07:28.680 --> 0:07:32.720
<v Speaker 1>he's at one triple a tax deal, one tax deal.

0:07:32.840 --> 0:07:36.320
<v Speaker 1>Hey Steven, it's always enlightening. Thanks a million, guys, Thanks

0:07:36.320 --> 0:07:37.720
<v Speaker 1>so much. I have a great time. Good to talk

0:07:37.720 --> 0:07:40.160
<v Speaker 1>to you. So this is a credit to Stephen, not us.

0:07:40.160 --> 0:07:41.800
<v Speaker 1>So how that we chose to have him on, But

0:07:42.280 --> 0:07:44.640
<v Speaker 1>tell me you heard a better discussion of Trump's taxes

0:07:44.680 --> 0:07:47.280
<v Speaker 1>than mat since they came out last night. He didn't

0:07:47.280 --> 0:07:50.840
<v Speaker 1>make fun of him once you can if you'd like.

0:07:50.920 --> 0:07:52.840
<v Speaker 1>But my point is if you don't like it, and

0:07:52.880 --> 0:07:55.360
<v Speaker 1>you you can decide you don't like that, but then

0:07:55.720 --> 0:08:00.920
<v Speaker 1>argue to change the law. Whoever's criticizing this, there is

0:08:00.920 --> 0:08:05.560
<v Speaker 1>not a single allegation of illegality or as far as

0:08:05.600 --> 0:08:11.400
<v Speaker 1>I can tell, unethical behavior in any of this. Now, again,

0:08:11.480 --> 0:08:13.520
<v Speaker 1>I don't think Trump's a saying. He has some business

0:08:13.520 --> 0:08:18.400
<v Speaker 1>practices I think are way out about absolutely absolutely, but

0:08:18.760 --> 0:08:22.720
<v Speaker 1>this ain't one of them. So and I tell you what,

0:08:23.360 --> 0:08:25.920
<v Speaker 1>New York Times is working as hard as they can

0:08:26.800 --> 0:08:31.120
<v Speaker 1>with the WAPO and and CNN and MSNBC and the

0:08:31.200 --> 0:08:33.920
<v Speaker 1>A C l U to get Trump reelected. I still yeah,

0:08:33.960 --> 0:08:37.480
<v Speaker 1>I still say, just my guests, it's a net positive

0:08:37.520 --> 0:08:40.880
<v Speaker 1>for Trump this story in that it will motivate people.

0:08:41.280 --> 0:08:43.440
<v Speaker 1>Trump supporters are gonna vote for anyway. Trump paters are

0:08:43.480 --> 0:08:45.440
<v Speaker 1>gonna vote against him. But that the crowd in there,

0:08:45.480 --> 0:08:48.200
<v Speaker 1>that's like, I don't know, I'm happy with some stuff,

0:08:48.200 --> 0:08:50.720
<v Speaker 1>but the kind of guy is drives me crazy. These

0:08:50.760 --> 0:08:54.000
<v Speaker 1>stories make that crowd want to vote for Trump. It's like,

0:08:54.040 --> 0:08:56.240
<v Speaker 1>what are you doing? Now? What is this? This has

0:08:56.280 --> 0:08:59.600
<v Speaker 1>nothing to do with Russia anything? Now is this? And

0:08:59.600 --> 0:09:01.920
<v Speaker 1>and it has absolutely nothing to do with me and

0:09:01.960 --> 0:09:04.440
<v Speaker 1>my family and our safety and our ability to make

0:09:04.480 --> 0:09:07.640
<v Speaker 1>a living and the rest of it. Anyway, we'll see

0:09:07.640 --> 0:09:09.920
<v Speaker 1>how it turns out. We only have Can you put

0:09:09.960 --> 0:09:12.160
<v Speaker 1>the other screen up there, Hanson away. We're getting close

0:09:12.240 --> 0:09:17.280
<v Speaker 1>to the election. We're down to the final crucial days.

0:09:17.800 --> 0:09:21.040
<v Speaker 1>The big five forty five they call him. I'll tell

0:09:21.040 --> 0:09:22.959
<v Speaker 1>you what though, this the coverage of it in the

0:09:23.040 --> 0:09:27.280
<v Speaker 1>WAPPO includes the Donald and his wife Ivana at the

0:09:27.360 --> 0:09:31.640
<v Speaker 1>time in the eighties. I think, yeah, getting aboard their

0:09:31.760 --> 0:09:36.000
<v Speaker 1>yacht and she's got the big poofy eighties hair going,

0:09:37.000 --> 0:09:40.160
<v Speaker 1>and uh it finally dawned. He's got the big poofy

0:09:40.200 --> 0:09:44.080
<v Speaker 1>eighties hair too, but he kept it. He still rocks it.

0:09:44.559 --> 0:09:46.520
<v Speaker 1>The big hair sprayed hair, well, the big hair for

0:09:46.600 --> 0:09:50.880
<v Speaker 1>the women come back, like my all my early girlfriends.

0:09:51.160 --> 0:09:53.800
<v Speaker 1>Absolutely everything comes back, question of time. I would have

0:09:53.840 --> 0:09:55.760
<v Speaker 1>never thought high waisted jeans would come back. And I

0:09:55.800 --> 0:09:57.439
<v Speaker 1>see I live in a college nown I see college

0:09:57.440 --> 0:09:59.160
<v Speaker 1>girls were in them all the time. I think, why

0:09:59.240 --> 0:10:01.920
<v Speaker 1>why don you there at this time? Big hair will

0:10:01.960 --> 0:10:05.560
<v Speaker 1>come back though, Oh yeah, where you spend like half

0:10:05.640 --> 0:10:07.559
<v Speaker 1>an hour with a full can of hair spray to

0:10:07.600 --> 0:10:09.720
<v Speaker 1>make it just giant Oh, you tease it up, you

0:10:09.840 --> 0:10:12.160
<v Speaker 1>blow it dry and empty the can on it. It's

0:10:12.480 --> 0:10:18.120
<v Speaker 1>enormous hair halo exactly, I'd like a helmet boy. The

0:10:18.200 --> 0:10:25.320
<v Speaker 1>arms show strong. Whether you have your own bathroom or

0:10:25.360 --> 0:10:27.760
<v Speaker 1>you share one with your family. A little extra help

0:10:27.880 --> 0:10:30.839
<v Speaker 1>keeping the bathroom seeing counter and Mere Clean goes a

0:10:30.880 --> 0:10:34.079
<v Speaker 1>long way. And Viva Paper Twels or for the long haul,

0:10:34.559 --> 0:10:37.400
<v Speaker 1>there are two times more durable when we compared to

0:10:37.440 --> 0:10:40.400
<v Speaker 1>the leading value brand, and they clean like cloth, helping

0:10:40.440 --> 0:10:43.480
<v Speaker 1>you keep the surfaces in your bathroom dry and fingerprint

0:10:43.520 --> 0:10:47.679
<v Speaker 1>and toothpaste free. For an exceptional bathroom clean, there's Viva

0:10:47.720 --> 0:10:51.200
<v Speaker 1>Paper Towels. Visit Viva Towels dot com to learn more