ProPublica has obtained a vast cache of IRS information showing how billionaires like Jeff Bezos, Elon Musk and Warren Buffett pay little in income tax compared to their massive wealth — sometimes, even nothing.
Business loss should not be able to be used against personal income though. Business income and business taxes and business expenses for executives is a whole other can of worms, but that shouldn’t affect “income” and tax offsets.
The maximum is much higher if it’s, say, a business loss.
Business loss should not be able to be used against personal income though. Business income and business taxes and business expenses for executives is a whole other can of worms, but that shouldn’t affect “income” and tax offsets.