Donald’s taxes

[Circlejoe]

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Donald isn’t a billionaire. Hell, with the amount he owes in loans coming due within a couple of years, he might not be a millionaire. Add that he might lose a tax ruling that could cost him well over $100,000,000. And that doesn’t even consider that he likely overstated the value of several properties which could land serious criminal charges for him and family members. The Donald has serious financial issues. I’m so surprised. 😮

 

[Bowlmania]

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Donald isn’t a billionaire. Hell, with the amount he owes in loans coming due within a couple of years, he might not be a millionaire. Add that he might lose a tax ruling that could cost him well over $100,000,000. And that doesn’t even consider that he likely overstated the value of several properties which could land serious criminal charges for him and family members. The Donald has serious financial issues. I’m so surprised. 😮

This is truly awful, and the realization that he pays less in taxes than most of his working-stiff supporters should piss them off to no end. But it won't because the Trump propaganda machine will immediately spin this as a wealthy, successful businessman merely taking advantage of legal loopholes in the tax code.

You've identified what I think may be Trump's bigger legal problem - - the overvaluation of his properties in connection with loan applications and, alternately, undervaluing them to reduce his real estate taxes. He's the subject of pending criminal investigations by both the New York AG and the Manhattan DA in connection with these and other financial irregularities, and he knows better than anyone that the presidency is likely the only thing standing between him and an orange jumpsuit. That's why he'll lie, cheat, steal, defame and take a sledgehammer to American democracy in a desperate attempt to remain in power until after the Statute has run on most or all of this stuff.

 

[sglowrider]

This is truly awful, and the realization that he pays less in taxes than most of his working-stiff supporters should piss them off to no end. But it won't because the Trump propaganda machine will immediately spin this as a wealthy, successful businessman merely taking advantage of legal loopholes in the tax code.

You've identified what I think may be Trump's bigger legal problem - - the overvaluation of his properties in connection with loan applications and, alternately, undervaluing them to reduce his real estate taxes. He's the subject of pending criminal investigations by both the New York AG and the Manhattan DA in connection with these and other financial irregularities, and he knows better than anyone that the presidency is likely the only thing standing between him and an orange jumpsuit. That's why he'll lie, cheat, steal, defame and take a sledgehammer to American democracy in a desperate attempt to remain in power until after the Statute has run on most or all of this stuff.

Tax evasion is only a crime when you’re poor or not very smart. When you’re rich or Trump, it’s considered being an intelligent businessperson and protecting what’s yours.

Case in point:

Fyi. In 2016, Trump paid $129,250 more to Stormy Daniels than to the USA government.


Raise your hand if you’ve paid more to the IRS in the last decade than the President...

 

[sglowrider]

and the inevitable tweet.....

 

[sglowrider]

 

[dbmhoosier]

Did Maddow get a page from one of his returns showing he paid 10s of millions in taxes?

 

[ribbont]

Tax evasion is only a crime when you’re poor or not very smart. When you’re rich or Trump, it’s considered being an intelligent businessperson and protecting what’s yours.

Case in point:

View embedded media

Fyi. In 2016, Trump paid $129,250 more to Stormy Daniels than to the USA government.


Raise your hand if you’ve paid more to the IRS in the last decade than the President...

Who wrote the tax laws?

Don't hate the player, hate the game.

 

[JamieDimonsBalls]

Who wrote the tax laws?

Don't hate the player, hate the game.

People get angry at Trump's tax accountants ITT for doing their job.

 

[Marvin the Martian]

Who wrote the tax laws?

Don't hate the player, hate the game.

You don't think all those political donations went to get his tax laws written? If so, what makes you think he wants the swamp drained?

 

[mcmurtry66]

People get angry at Trump's tax accountants ITT for doing their job.

We should be more pissed over our miserable govt’s stewardship over our taxes. CDC gets 7 bil a year with 2.5 bil earmarked for infectious diseases and they can’t get a single message straight on Covid.

Trump’s days are numbered. Thankfully. But I don’t give two shits about his taxes.

 

[ribbont]

Funny how neither party ever seems to fix the problems with the tax code.

 

[dbmhoosier]

Who wrote the tax laws?

Don't hate the player, hate the game.

Joe will change everything. Don't worry. Year 48 will finally be the charm.

 

[Bill4411]

People get angry at Trump's tax accountants ITT for doing their job.

His preparers are pushing the envelope but the deductions have been permitted. The IRS doesn't want to deal with the army of accountants and attorneys that someone like Trump will throw at them. The service lives off of the smaller fish not the big ones-the little guy. We need tax reform but fat chance the lobbyist will want to see their congressmen pursue that course.

 

[UncleMark]

His preparers are pushing the envelope but the deductions have been permitted. The IRS doesn't want to deal with the army of accountants and attorneys that someone like Trump will throw at them. The service lives off of the smaller fish not the big ones-the little guy. We need tax reform but fat chance the lobbyist will want to see their congressmen pursue that course.

This. Until the IRS is given the resources and the ammunition to take on the big boys, the only people who will get hammered are those who can't put up a fight.

 

[ribbont]

You don't think all those political donations went to get his tax laws written? If so, what makes you think he wants the swamp drained?

Many of the tax laws have been written for decades and neither party wants them changed.

And the swamp is not just the lifelong politicians like Joe Biden or Orrin Hatch, it's the lawyers, PACs, think tanks, unions, lobbyists, etc, that have permeated every level of govt and every politician.

 

[ribbont]

His preparers are pushing the envelope but the deductions have been permitted. The IRS doesn't want to deal with the army of accountants and attorneys that someone like Trump will throw at them. The service lives off of the smaller fish not the big ones-the little guy. We need tax reform but fat chance the lobbyist will want to see their congressmen pursue that course.

And you know this how? Is there data that I am not aware of to back your claim the service lives off the little guy and does not want to deal with the army of accountants? TIA for the data or link.

 

[Bill4411]

And you know this how? Is there data that I am not aware of to back your claim the service lives off the little guy and does not want to deal with the army of accountants? TIA for the data or link.

That's pretty much a dirty little secret that the IRS has to suffer with:

Only the Little People Pay Taxes - WSJ

www.wsj.com

 

[ribbont]

That's pretty much a dirty little secret that the IRS has to suffer with:

Only the Little People Pay Taxes - WSJ

www.wsj.com

I don't subsceibe but I assume there is no data showing the IRS is scared of the rich (pls define income level) and want the middle class.

 

[UncleMark]

I don't subsceibe but I assume there is no data showing the IRS is scared of the rich (pls define income level) and want the middle class.

Is it okay I assume you just don't want to hear what you don't want to hear? I don't have any data or links to back me up.

 

[cosmickid]

Many of the tax laws have been written for decades and neither party wants them changed.

And the swamp is not just the lifelong politicians like Joe Biden or Orrin Hatch, it's the lawyers, PACs, think tanks, unions, lobbyists, etc, that have permeated every level of govt and every politician.

In what world is someone who has been corrupt for 40 yrs (Trump) not part of any Swamp?

 

[hookyIU1990]

I don't subsceibe but I assume there is no data showing the IRS is scared of the rich (pls define income level) and want the middle class.

You're wasting your time with this. If there's one thing the two tribes agree on, it's that it's the other tribe who is taking advantage of the system to the detriment of everyone else. They both believe they're the only ones capable of controlling it for the good of the country. To admit that it is the system that is the biggest issue, is an admission of guilt since they both had a hand in perverting it to their advantage.

 

[ribbont]

Is it okay I assume you just don't want to hear what you don't want to hear? I don't have any data or links to back me up.

He made a statement that I asked if it had any data to support it? Is that wrong? He linked a pay site that I could read a little. It didn't seem to provide the data I thought it should provide, but maybe it did, IDK.

But if it did, I would think the data is from the IRS and the WSJ doing organic research of millions of tax returns over multiple years to prove the poster's point the IRS is scared of the big guys and focuses on the little guys.

I found this on a quick search.

What Are the Chances of Being Audited?

Find out more about IRS audit rates and your chances of being audited.

www.nolo.com

 

[ribbont]

In what world is someone who has been corrupt for 40 yrs (Trump) not part of any Swamp?

Trump has been in the local NY swamp. I am talking about the DC national swamp. The ones with Biden, Hatch, etc have been a part of. Here's a list via wiki. More Dems than Pubs, but enough of both to be in the swamp.

List of members of the United States Congress by longevity of service - Wikipedia

en.m.wikipedia.org

Not to mention law firms, lobbyists, etc.

Trump was a douchebag on mainly a local level, politically speaking. Now he is a douchebag on a national level, but is outdone by Biden's 47 years of douchebaggery.

 

[hondo314]

Joe will change everything. Don't worry. Year 48 will finally be the charm.

Weird that no one remembers the first 47 years of Biden’s presidency...

 

[UncleMark]

Donald isn’t a billionaire. Hell, with the amount he owes in loans coming due within a couple of years, he might not be a millionaire. Add that he might lose a tax ruling that could cost him well over $100,000,000. And that doesn’t even consider that he likely overstated the value of several properties which could land serious criminal charges for him and family members. The Donald has serious financial issues. I’m so surprised. 😮

It took me a while to get through the entire thing, but it looks like a more detailed accounting of what we all already knew was true. But it's the specifics you mentioned that are the most tantalizing. Who wouldn't relish seeing Donald Trump truly go broke?

 

[sglowrider]

Who wouldn't relish seeing Donald Trump truly go broke?

He apparently has $431m of loans coming due in his second term. So I can imagine after learning the ropes of the presidency, he will somehow find a way to 're-pay' those loans if re-elected.

 

[IUJIM]

This is truly awful, and the realization that he pays less in taxes than most of his working-stiff supporters should piss them off to no end. But it won't because the Trump propaganda machine will immediately spin this as a wealthy, successful businessman merely taking advantage of legal loopholes in the tax code.

You've identified what I think may be Trump's bigger legal problem - - the overvaluation of his properties in connection with loan applications and, alternately, undervaluing them to reduce his real estate taxes. He's the subject of pending criminal investigations by both the New York AG and the Manhattan DA in connection with these and other financial irregularities, and he knows better than anyone that the presidency is likely the only thing standing between him and an orange jumpsuit. That's why he'll lie, cheat, steal, defame and take a sledgehammer to American democracy in a desperate attempt to remain in power until after the Statute has run on most or all of this stuff.

You do understand that it is not his responsibility to tell the bank what his properties are worth, when applying for a loan. Also, undervaluing his properties to lower property taxes? In NY, do they just take you at your word, and let you determine how much property tax to pay.

 

[The Vid]

Who wrote the tax laws?

Don't hate the player, hate the game.

Never thought I would hear that expression used for the POTUS, but here we are. Do you feel proud?

 

[The Vid]

People get angry at Trump's tax accountants ITT for doing their job.

Yeah people are mad at the accountants... you’re not very bright. Happy to be part of the circus?

 

[ribbont]

Never thought I would hear that expression used for the POTUS, but here we are. Do you feel proud?

Yep! I am proud that our prez, like me, like you, and like millions of other Americans, utilize the tax laws to the fullest extent, to reduce their overall tax liability.

 

[SIhoosier26]

So he didn't do anything illegal? Another swing and a miss.

 

[The Vid]

Yep! I am proud that our prez, like me, like you, and like millions of other Americans, utilize the tax laws to the fullest extent, to reduce their overall tax liability.

Failed business ops and reality TV bore me. To each their own.

 

[ribbont]

Yeah people are mad at the accountants... you’re not very bright. Happy to be part of the circus?

Why be mad at the accountants? That's like being mad at the other team for playing defense. WTF?

 

[The Vid]

So he didn't do anything illegal? Another swing and a miss.

Sounds like he ran some businesses into the ground. At least he’s consistent.

 

[The Vid]

Why be mad at the accountants? That's like being mad at the other team for playing defense. WTF?

Exactly my point, try to keep up.

 

[ribbont]

Exactly my point, try to keep up.

Gotta admit, it's hard to keep up with stupid. I can't be dumbed down to your level.

 

[ribbont]

Failed business ops and reality TV bore me. To each their own.

So how is it out on left field?

 

[IUclover]

I read he owes $420M in loans within the next four years. Is that correct?

 

[IUclover]

Trump has been in the local NY swamp. I am talking about the DC national swamp. The ones with Biden, Hatch, etc have been a part of. Here's a list via wiki. More Dems than Pubs, but enough of both to be in the swamp.

List of members of the United States Congress by longevity of service - Wikipedia

en.m.wikipedia.org

Not to mention law firms, lobbyists, etc.

Trump was a douchebag on mainly a local level, politically speaking. Now he is a douchebag on a national level, but is outdone by Biden's 47 years of douchebaggery.

Can we assume you are voting for a third-party or write-in candidate?

 

[hondo314]

People get angry at Trump's tax accountants ITT for doing their job.

ya, he's clever like a fox (if foxes were known to be audited by the IRS and investigated by the Manhattan DA). lol