Write-Off: The Tax Blog

How Joe Biden wants to keep companies from pulling a Kylie Jenner — and why it’s a bad idea — From The Hill

Friday June 12, 2020 • Jeff Hoopes, UNC

Kylie Jenner allegedly falsified information in order to appear wealthier than she really is. Joe Biden wants to impose a tax based on the financial accounting earnings of corporations (in addition to their taxable income). What do these two facts have in common? It turns out, a lot.

Jenner allegedly provided fraudulent tax returns to Fortune which made her appear wealthier than she really is. For whatever reason, Fortune has become the arbiter of who the wealthiest people in the world are, and, for people like Jenner, who are mostly famous for being famous, being on that list is a big deal. This is why Donald Trump allegedly lied to Fortune to get on the Fortune 400 list. People who seek attention want Fortune to think they are rich, which results in the Jenners and Trumps of the world allegedly lying to make themselves look richer than they really are.

Read the rest at The Hill.

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