 About That Trump University Fine – There’s A Huge Catch; You And I Will Pay ItAfter Trump s latest Twitter rant over the performance protest, or rather, polite urging of Mike Pence, the true big story of the day had some daylight, but not near enough. Trump, who claims he never settles lawsuits, did just that on Saturday when he agreed to pay $25 million in the Trump University fraud suits. While that might seem like a bit of justice served, it was revealed on Sunday that it will be the taxpayers who will pick up the bill.To be fair, it s not Trump s fault. It s the fault of the US tax code, which, as usual, favors the wealthy   you know, the people who can afford to pay $25 million in lawsuit settlements.Of course, the real cost to Mr. Trump is after tax, not before it. And most business settlements are fully tax deductible. The only part that arguably may not be here is the $1 million in penalties. But barring express non-deductibility commitments, many penalties can be deducted, too. In general, fines and penalties paid to the government are not deductible. Section 162(f) of the tax code prohibits deducting  any fine or similar penalty paid to a government for the violation of any law. Despite punitive sounding names, though, some fines and penalties are considered remedial and deductible. That allows some flexibility. Companies often deduct  compensatory penalties,  a maneuver affirmed in a recent Circuit Court ruling. Some defendants insist that their settlement agreement confirms that the payments are not penalties and are remedial. Conversely, some government entities insist on the reverse. Explicit provisions about taxes in settlement agreements are becoming more common.Source: ForbesYes, that is tax code, but there are exceptions which the Justice Department can enforce. For example, Credit Suisse was forbidden from writing off its fine of $2.6 billion for tax evasion.This all brings us back to the fact that we still don t have access to Donald Trump s tax returns. He doesn t pay taxes at all and in fact, one year, he reported a near billion dollar loss.Trump supporters paint him in a passive light. After all, it s not his fault the tax code is so easy for the wealthy to manipulate. The fact is, though, it s wealthy people like him who have been writing the tax laws for decades. That s why they are able to pay far less, as a percentage of income, than most Americans.If you expect this will get better with Trump in office, let s hope you re not holding your breath. Trump was caught just last week promising a restaurant full of wealthy people that he would be lowering their taxes. Of course, he didn t need to be caught on a hot mic. Analysts have already figured out that Trump s tax plan will benefit the wealthy, and only the wealthy, all while putting the country deeper and deeper into debt.Featured image via Chip Somodevilla/Getty Images.News
about that trump university fine there a huge catch you and i will pay after trump latest twitter rant performance protest rather polite urging mike pence true big story day daylight near enough trump claims never settles lawsuits saturday agreed pay million trump university fraud suits while might seem like bit justice served revealed sunday taxpayers pick fair trump fault it fault us tax code usual favors wealthy know people afford pay million lawsuit course real cost trump tax and business settlements fully tax deductible the part arguably may million penalties but barring express commitments many penalties deducted in general fines penalties paid government deductible section f tax code prohibits reducing fine similar penalty paid government violation law despite punitive sounding names though fines penalties considered remedial deductible that allows flexibility companies often deduce compensatory penalties maneuver affirmed recent circuit court ruling some defendants insist settlement agreement confirms payments penalties remedial conversely government entities insist reverse explicit provisions taxes settlement agreements becoming forbesyes tax code exceptions justice department enforce for example credit suisse forbidden writing fine billion tax brings us back fact still access donald trump tax returns he pay taxes fact one year reported near billion dollar supporters paint passive light after fault tax code easy wealthy manipulate the fact though wealthy people like writing tax laws decades that able pay far less percentage income expect get better trump office let hope holding breath trump caught last week promising restaurant full wealthy people would lowering taxes of course need caught hot mic analysts already figured trump tax plan benefit wealthy wealthy putting country deeper deeper image via chip
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT:  About That Trump University Fine – There’s A Huge Catch; You And I Will Pay ItAfter Trump s latest Twitter rant over the performance protest, or rather, polite urging of Mike Pence, the true big story of the day had some daylight, but not near enough. Trump, who claims he never settles lawsuits, did just that on Saturday when he agreed to pay $25 million in the Trump University fraud suits. While that might seem like a bit of justice served, it was revealed on Sunday that it will be the taxpayers who will pick up the bill.To be fair, it s not Trump s fault. It s the fault of the US tax code, which, as usual, favors the wealthy   you know, the people who can afford to pay $25 million in lawsuit settlements.Of course, the real cost to Mr. Trump is after tax, not before it. And most business settlements are fully tax deductible. The only part that arguably may not be here is the $1 million in penalties. But barring express non-deductibility commitments, many penalties can be deducted, too. In general, fines and penalties paid to the government are not deductible. Section 162(f) of the tax code prohibits deducting  any fine or similar penalty paid to a government for the violation of any law. Despite punitive sounding names, though, some fines and penalties are considered remedial and deductible. That allows some flexibility. Companies often deduct  compensatory penalties,  a maneuver affirmed in a recent Circuit Court ruling. Some defendants insist that their settlement agreement confirms that the payments are not penalties and are remedial. Conversely, some government entities insist on the reverse. Explicit provisions about taxes in settlement agreements are becoming more common.Source: ForbesYes, that is tax code, but there are exceptions which the Justice Department can enforce. For example, Credit Suisse was forbidden from writing off its fine of $2.6 billion for tax evasion.This all brings us back to the fact that we still don t have access to Donald Trump s tax returns. He doesn t pay taxes at all and in fact, one year, he reported a near billion dollar loss.Trump supporters paint him in a passive light. After all, it s not his fault the tax code is so easy for the wealthy to manipulate. The fact is, though, it s wealthy people like him who have been writing the tax laws for decades. That s why they are able to pay far less, as a percentage of income, than most Americans.If you expect this will get better with Trump in office, let s hope you re not holding your breath. Trump was caught just last week promising a restaurant full of wealthy people that he would be lowering their taxes. Of course, he didn t need to be caught on a hot mic. Analysts have already figured out that Trump s tax plan will benefit the wealthy, and only the wealthy, all while putting the country deeper and deeper into debt.Featured image via Chip Somodevilla/Getty Images.News
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: about that trump university fine there a huge catch you and i will pay after trump latest twitter rant performance protest rather polite urging mike pence true big story day daylight near enough trump claims never settles lawsuits saturday agreed pay million trump university fraud suits while might seem like bit justice served revealed sunday taxpayers pick fair trump fault it fault us tax code usual favors wealthy know people afford pay million lawsuit course real cost trump tax and business settlements fully tax deductible the part arguably may million penalties but barring express commitments many penalties deducted in general fines penalties paid government deductible section f tax code prohibits reducing fine similar penalty paid government violation law despite punitive sounding names though fines penalties considered remedial deductible that allows flexibility companies often deduce compensatory penalties maneuver affirmed recent circuit court ruling some defendants insist settlement agreement confirms payments penalties remedial conversely government entities insist reverse explicit provisions taxes settlement agreements becoming forbesyes tax code exceptions justice department enforce for example credit suisse forbidden writing fine billion tax brings us back fact still access donald trump tax returns he pay taxes fact one year reported near billion dollar supporters paint passive light after fault tax code easy wealthy manipulate the fact though wealthy people like writing tax laws decades that able pay far less percentage income expect get better trump office let hope holding breath trump caught last week promising restaurant full wealthy people would lowering taxes of course need caught hot mic analysts already figured trump tax plan benefit wealthy wealthy putting country deeper deeper image via chip