Trump In Worcester – Little On Tax – Much On How Rich He Is
I was hoping to pick up some tax news at the Donald Trump rally in Worcester last night, but did not come up with very much. Still it was an enjoyable evening, although...
Ownership Through LLC Kills Local Charitable Property Tax Exemption
The decision actually illustrates two of Reilly’s Laws of Tax Planning. As far as the exemption being lost to a technicality, the first law states “It is what it is. Deal with it.”. Then there is the fifth law “A tax plan that ignores AMT or SALT is not much of a tax plan.”. Somebody decided that the LLC was fine to use because of it being a disregarded entity for federal income tax purposes apparently not considering that the rules might not be the same for purposes of real estate taxes.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.