My taxes, your taxes, his taxes

QUINNSCOMMENTARY

The New York Times article on the President’s taxes received a great deal of attention… and mislead many people. Forget for a moment who they investigated or what you may think of him. That is irrelevant. What is relevant is the tax code and how it operates … the same for every American.

The article created false impressions about our taxes, who pays what and why. It was, in essence, well timed political propaganda.

Here’s why.

In 1987 I bought a vacation home. To afford that property I rented it during the summer and my personal use was limited by the IRC. The house was new construction so I had to buy appliances and furnish the entire house. All those expenses were tax deductible because it was rental property. I also took depreciation and deducted mortgage interest and the property taxes. The rent I collected was income. My expenses always…

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It makes sense for us to formalise and codify what we believe into 2 distinct descriptions;

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