Drudge Retort: The Other Side of the News
Thursday, April 25, 2019

Real estate is a cyclical business. Markets crash. Deals sour. But hard landings are rare for a savvy property mogul, thanks to the U.S. tax code.

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"The real estate industry is notorious for throwing off lots of deductions, and real estate developers are notorious for paying very few taxes," says Steven Rosenthal, a senior fellow with the Urban-Brookings Tax Policy Center. "As Leona Helmsley said, 'Only the little people pay taxes.' "

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Become a televangelist.

Make millions tax free selling a product to morons who won't use it until they're dead.

#1 | Posted by Nixon at 2019-04-25 01:17 PM | Reply | Newsworthy 1

I have made most of my money in real estate and I haven't paid tax on any of that. All legal. As a matter of fact, I shelter a lot of my consulting income from tax as well due to my real estate investments.

If the middle class knew how badly the rules are skewed in favor of rent seekers they would want blood.

#2 | Posted by bored at 2019-04-25 10:25 PM | Reply

"Ninety percent of all millionaires become so through owning real estate. More money has been made in real estate than in all industrial investments combined. The wise young man or wage earner of today invests his money in real estate." - Andrew Carnegie, billionaire industrialist

People need a place to live ... and the government is constrains development to keep developers (lobbyists) happy!

#3 | Posted by AndreaMackris at 2019-04-26 12:00 AM | Reply

"People need a place to live ... and the government is constrains development to keep developers (lobbyists) happy!
#3 | POSTED BY ANDREAMACKRIS"

So what's your alternative?

You don't have one, do you?

#4 | Posted by snoofy at 2019-04-26 12:19 AM | Reply

Reduce government constraints on development.

#5 | Posted by visitor_ at 2019-04-26 12:39 AM | Reply

Reduce government constraints on development.
#5 | Posted by visitor_

Cool and the next day i'll build a trash-to-steam plant/drug rehab/abortion clinic combo right next to your house.

#6 | Posted by truthhurts at 2019-04-26 12:57 AM | Reply | Newsworthy 1

Because government only comes in two levels, Marxist totalitarianism and Somalia?

#7 | Posted by visitor_ at 2019-04-26 07:00 AM | Reply

#1 | Posted by Nixon

Prosperity Gospel - Creflo Dollar is a PRIME example of fleecing the flock.

#8 | Posted by GalaxiePete at 2019-04-26 09:32 AM | Reply

I've never been a real estate speculator flipper type... however I have done well for not really putting tons of effort relative to the investment. I have found it to be something I can own that generates income when I need it to do that... I am convinced I have saved tons by owning the home I live in. It is a responsibility with some risk... and it costs money to do it right... but the returns are worth it. For me it has been sort of slow and steady kind of investment for me.

#9 | Posted by RightisTrite at 2019-04-26 10:48 AM | Reply

"Reduce government constraints on development.
#5 | POSTED BY VISITOR_"

Would only benefit real estate developers.

Plus it would give the banks another mortgage bubble to inflate.

I can see why wealth apologists think it's a good idea, but it won't do anything to help regular people.

#10 | Posted by snoofy at 2019-04-26 12:27 PM | Reply | Newsworthy 1

One of the reasons housing prices are so high is what is called the investor premium. investors both home and abroad (Chinese investors are pumping $150 billion/year into real estate in the US) inflate prices. The exact amount is difficult to determine but some economists claim a 30% investor premium nationwide and as much as 500% in popular markets

#11 | Posted by hatter5183 at 2019-04-26 12:28 PM | Reply

Andrea, a mattress thinks if we build more homes for rich foreigners to buy, it will help average Americans.

#12 | Posted by snoofy at 2019-04-26 12:33 PM | Reply

How funny... Try not paying Property Taxes in Texas...

Many foreign and out of state investors have tried that and had their property seized and auctioned off on the steps of the country court house.

Big Ranches, Motels, Apartments and individual houses....Don't matter... it all goes under the hammer.

Truth is... only the State of Texas owns property... everyone else just rents it from them on a yearly basis.

#13 | Posted by Pegasus at 2019-04-26 08:49 PM | Reply

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