But interest on a mortgage is tax deductible.

You're assuming interest only loans.

In Germany, foreign bribery was allowed.

Something, so you want more?

The tax agent allowed the deduction.

An income tax is levied on any income that exceeds deductions.

It doesn't matter what it is.

Investments are supposed to make money.

Zero and the deductible Superhigh, right? No.

And we're a non profit foundation, you can give us the property and take a hell of a tax deduction.

So, taxes, this is property tax.

If you net out all of his little financial engineering, he had to pay 3,000 more in interest, if you net out his profit he made on his little cash bets, his side bets.

They make you pay more in withholding just to help their cash flow out.

When legislators and others think about economic development, what they first of all think about are business tax incentives, property tax abatements, job creation tax credits, you know, there are a million of these programs all over the place.

Donations to philanthropic programs are tax exempt.

This is, if I didn't have this great tax shelter with this house.

And then of course at a party, when I start to explain this, it's like, ah ha.

Subtract from memory

This amount includes tax.

Yes, red eye

He advocated reduction of taxes.

He advocated the reduction of taxes.

The government lightened taxes.

The opposition party put forward a bill to reduce income tax.

I'm very much in favor of cutting taxes.

It's a tax writeoff, I needed that.

Here in Los Angeles, in the Bay Area in San Francisco, it became tax deductible in the United States.

You have a personal tax exemption of 500,000 yen.

Flash with red eye reduction mode

Yes, red eye, return light

The government has declared its intention to reduce taxes.

And you get 540,000 per job.

But it's the case in many parts of the U.S. So actually to some degree, this, the dollar value, the property tax is driven by this home value assumption up here.

So here are some amazing goals that I think we can deal with now.

Yes, compulsory, red eye

Yes, auto, red eye

Net income plus interest. So they're adding back your interest.

But that's a pretty good proxy.

So let me recap.

He is immune from taxes.

Assuming we had a basic income of 1000 1000 Euros.

And now we are left with our we're getting close to where we need to get to pre tax income.

Yes, red eye, no return light

Hi. I just wanted to say that they gave us a shorter sentence.

(Laughter)