Donald’s taxes

[twenty02]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad that we all had to end up a victim of it too.

 

[TheOriginalHappyGoat]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad the we all had to end up a victim of it too.

Ironically, the one final true fact about Trump is the one thing his worshippers can't admit - he's a failure. They'll eventually nod that he's a racist and a sexist and an all around boor, but they can't admit he's a failure.

"Oh, don't blame the accountants for following the law and finding loopholes," they say. But that's not what it is. Our tax system is pretty farked up, and the rich get richer and the poor get shafted, but even our system isn't farked up enough to allow a successful billionaire to avoid paying any taxes whatsoever for ten out of fifteen years. The reason he doesn't pay taxes is because he's a failure, plain and simple.

 

[TheOriginalHappyGoat]

LOL I'm reading now that Ivanka just happened to claim consulting income that was equal to dollars that were written off as expenses by the Trump Org.

I mean, come on.

 

[twenty02]

Ironically, the one final true fact about Trump is the one thing his worshippers can't admit - he's a failure. They'll eventually nod that he's a racist and a sexist and an all around boor, but they can't admit he's a failure.

"Oh, don't blame the accountants for following the law and finding loopholes," they say. But that's not what it is. Our tax system is pretty farked up, and the rich get richer and the poor get shafted, but even our system isn't farked up enough to allow a successful billionaire to avoid paying any taxes whatsoever for ten out of fifteen years. The reason he doesn't pay taxes is because he's a failure, plain and simple.

Exactly. The tax code is very complex and messy.... but there is no way around paying taxes if you are actually making money. And that includes real estate depreciation..... which is a very real expense (even if not an annual cash outlay) ... buildings deteriorate and require capex spending over time. It's not in the tax code as some magic gift.

Trump just floats loans and lives off the loan proceeds for years on the belief that he'll eventually stumble into something that will bail him out. ... and that just happened to be a reality TV show.....

What's amazing is the hubris to restart the whole charade again by leveraging that windfall into round 2 of his same original downfall. Only this time it's building a bunch of golf resorts, rather than casinos.

It's no different than any local hustler, one step ahead of the loan shark.... just on a much larger scale.

 

[twenty02]

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.

Of course it is.... you haven't ever filled out/ seen a commercial loan applications and have to provide a general net worth statement? Fairly universal in doing commercial loans. And a lender isn't going to go out and appraise every property/asset you list on your statement. Pretty sure there's a line on every loan application that you are affirming the accuracy to the best of your knowledge.

This isn't a new issue:

How Trump used flexible valuations on financial documents

For instance, Trump’s financial statement for 2011 said he had 55 home lots to sell at his golf course in southern California. Those lots would sell for $3 million or more, the statement said…

www.mercurynews.com

 

[TommyCracker]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad that we all had to end up a victim of it too.

He's a fraud, always has been. It's who he is but he has always been able to get people to believe in him, so he's not a total loser.

I thought it was funny when it came out that he mis managed his campaign funds. He started with 1.1 billion and blew through 800 million of that going into September.

He can't even buy TV ads in battleground states.

It's not all bad. He did pay crazy amounts of cash to some consulting companies that his family had stake in, basically taking campaign donations and paying his family with them.

Loser

 

[Neves]

He's a fraud, always has been. It's who he is but he has always been able to get people to believe in him, so he's not a total loser.

I thought it was funny when it came out that he mis managed his campaign funds. He started with 1.1 billion and blew through 800 million of that going into September.

He can't even buy TV ads in battleground states.

It's not all bad. He did pay crazy amounts of cash to some consulting companies that his family had stake in, basically taking campaign donations and paying his family with them.

Loser

It's amazes me that some of his supporters believe that he is a brilliant business man. Every business he has managed results in taking on suffocating amounts of debt that he can't pay back. Not to mention all of the fraud involving Trump U, stealing money from his charity that was donated for kids with cancer, etc.

He is running the US Govt the same way - it's just a giant shell game. He can't get money from congress for the wall so he pulls it from other funds. It's all good in the beginning, but eventually the funds will run dry.

It didn't even take him 4 years to completely explode our deficit to $3.3T - the highest it's been since WW2 I believe?

Social Security was already in bad shape, but Trump's genius plan to suspend payroll tax would result in the fund being depleted by 2023. Luckily the pubs put their foot down on that one.

I'm just like what more evidence does one need? Look at how fast his campaign blew through $1B. Now he is struggling to buy TV ads in swing states as people are beginning to vote. Might have been a good idea to hold off on the Super Bowl ads, but Trump always has to be the center of attention. His campaign buying ads in DC is another perfect example of his narcissism and stupidity.

 

[sglowrider]

It's amazes me that some of his supporters believe that he is a brilliant business man. Every business he has managed results in taking on suffocating amounts of debt that he can't pay back. Not to mention all of the fraud involving Trump U, stealing money from his charity that was donated for kids with cancer, etc.

He is running the US Govt the same way - it's just a giant shell game. He can't get money from congress for the wall so he pulls it from other funds. It's all good in the beginning, but eventually the funds will run dry.

It didn't even take him 4 years to completely explode our deficit to $3.3T - the highest it's been since WW2 I believe?

Social Security was already in bad shape, but Trump's genius plan to suspend payroll tax would result in the fund being depleted by 2023. Luckily the pubs put their foot down on that one.

I'm just like what more evidence does one need? Look at how fast his campaign blew through $1B. Now he is struggling to buy TV ads in swing states as people are beginning to vote. Might have been a good idea to hold off on the Super Bowl ads, but Trump always has to be the center of attention. His campaign buying ads in DC is another perfect example of his narcissism and stupidity.

You have to admire a man who has a pattern of consistency.

Donald J Trump. Consistent Since 1984

 

[T.M.P.]

"Oh, don't blame the accountants for following the law and finding loopholes,"

Signed,

Al Capone



Cosigned,

Bernie Madoff

 

[sglowrider]

In times of a pandemic it only highlights What's wrong with the country. The value system needs a re-set.


btw. I pay more for my mobile/internet per year than the president paid in taxes in 2017.

 

[sglowrider]

He's a fraud, always has been. It's who he is but he has always been able to get people to believe in him, so he's not a total loser.

I thought it was funny when it came out that he mis managed his campaign funds. He started with 1.1 billion and blew through 800 million of that going into September.

He can't even buy TV ads in battleground states.

It's not all bad. He did pay crazy amounts of cash to some consulting companies that his family had stake in, basically taking campaign donations and paying his family with them.

Loser

 

[sglowrider]

The sad part is you wouldn't even get a job as a bank teller with his credit history. Yet, he's president....

 

[BCCHoosier]

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.

I can see saying don't be mad, but you saying how you are proud of your president for not playing taxes strikes me as really odd. The love you Trumpers have for your president is really something.

 

[dbmhoosier]

Mitt Romney was a very successful businessman and all you did was ridicule him for it. So what kind of President do you want? A successful one or a non successful one?

 

[ribbont]

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

I did last election.

 

[sglowrider]

 

[Mas-sa-suta]

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?

How does Donald Trump's going 'broke' improve conditions in the trailer park?

 

[Mas-sa-suta]

LOL I'm reading now that Ivanka just happened to claim consulting income that was equal to dollars that were written off as expenses by the Trump Org.

I mean, come on.

Link, breezeway dweller?

 

[ribbont]

I can see saying don't be mad, but you saying how you are proud of your president for not playing taxes strikes me as really odd. The love you Trumpers have for your president is really something.

I am proud of anyone who can legally maneuver through the tax code and pay less to a wasteful govt.

Maybe this story will show people our tax code is screwed up from people like Biden, Hatch, Shumer, Markey and everyone else who has been in DC for 40+ years.

 

[Bill4411]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad that we all had to end up a victim of it too.

The Republicans thought they were giving us Thurston Howell but instead they gave us Jim Backus.

 

[sglowrider]

Shouldn't the DOJ have at least a passing interest in who in the Southern District leaked the returns to the JYT?
That we be a Federal crime, no?

Right. 🙄

And you know this to be true becoz.... besides why shoot the messenger?

You arent concerned that your man is just a fantastic con-man and you have been suckered?

 

[twenty02]

Shouldn't the DOJ have at least a passing interest in who in the Southern District leaked the returns to the JYT?
That we be a Federal crime, no?

Always good to see you slip in a racist tweak, and show your true colors.

 

[Courtsensetwo]

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.

It sounds good...plays well with lots of folks...let's run with it.

 

[Cortez88]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad that we all had to end up a victim of it too.

Doesn’t this beg the question - why is DB private wealth loaning Trump the money?

 

[IUJIM]

Of course it is.... you haven't ever filled out/ seen a commercial loan applications and have to provide a general net worth statement? Fairly universal in doing commercial loans. And a lender isn't going to go out and appraise every property/asset you list on your statement. Pretty sure there's a line on every loan application that you are affirming the accuracy to the best of your knowledge.

This isn't a new issue:

How Trump used flexible valuations on financial documents

For instance, Trump’s financial statement for 2011 said he had 55 home lots to sell at his golf course in southern California. Those lots would sell for $3 million or more, the statement said…

www.mercurynews.com

Yes, i agree with you, and in reading your linked article, obviously there seems to be fraud involved there. I was speaking strictly on the perceived values of his real estate holdings. Exaggerating real estate values has been around for as long as real estate has been around, and will continue on. Stating to a bank that you have 2000 acres, when in fact you have 1200 is fraud, not being overly optimistic on the market value of some building.

 

[UncleMark]

LOL I'm reading now that Ivanka just happened to claim consulting income that was equal to dollars that were written off as expenses by the Trump Org.

I mean, come on.

There was a lot to wade through, but that one jumped out at me. Sounds like a classic case of tax fraud, and Ivanka was a willing participant. Gotta think that puts her in the crosshairs as well.

 

[UncleMark]

Yes, i agree with you, and in reading your linked article, obviously there seems to be fraud involved there. I was speaking strictly on the perceived values of his real estate holdings. Exaggerating real estate values has been around for as long as real estate has been around, and will continue on. Stating to a bank that you have 2000 acres, when in fact you have 1200 is fraud, not being overly optimistic on the market value of some building.

The problem arises when you coincidentally undervalue the same holding for tax or insurance purposes. Cohen said this was routine. This adds some meat to that contention.

 

[Cortez88]

This is a very good point. I see the Trump supporters giving this a big nothing, but it’s potentially a huge national security issue.

 

[Fro]

It's amazes me that some of his supporters believe that he is a brilliant business man. Every business he has managed results in taking on suffocating amounts of debt that he can't pay back. Not to mention all of the fraud involving Trump U, stealing money from his charity that was donated for kids with cancer, etc.

He's a great self-promoter at getting attention and has charisma, but that's the extent of his "brilliance".

If the dude actually cared and was smart he would have been cruising to reelection now and he would have gotten way more done by not being an @#$hole constantly for 5 years to everyone who disagreed with him.

 

[ButHerEmails]

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

If anyone “fixed it”, it would be Dems but then the rubes would put you guys right back in to f*** it all up again. The cons have convinced (maybe you could even say conned) the rubes into believing that the best thing for the working man is to give billionaires tax cuts. The cons will give permanent tax cuts to billionaires but the ones for the middle class always have an expiration date.

 

[Timmy!]

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.

Of course it is.... you haven't ever filled out/ seen a commercial loan applications and have to provide a general net worth statement? Fairly universal in doing commercial loans. And a lender isn't going to go out and appraise every property/asset you list on your statement. Pretty sure there's a line on every loan application that you are affirming the accuracy to the best of your knowledge.

This isn't a new issue:

How Trump used flexible valuations on financial documents

For instance, Trump’s financial statement for 2011 said he had 55 home lots to sell at his golf course in southern California. Those lots would sell for $3 million or more, the statement said…

www.mercurynews.com

I know, RIGHT!?! In what universe is this even debatable?

This claim that it's somehow not the responsibility of the loan applicant to accurately divulge the worth of his/her properties to the bank is, underrated, the most absurd claim I've seen around these parts; and that's saying a lot, because absurd claims on the Cooler, they are about as common as the sight of a high-society hooker on Rush street in Chicago (pre-pandemic of course).

It's like, what, the part on the loan application that literally states something to the extent of (SEE BELOW), that also literally requires said applicant's signature for confirmation isn't some sort of clear identification & acknowledgement that the applicant is duly, solely, wholly and unequivocally responsible for the information (information that is absolutely inclusive of property valuations) for which the applicant has provided on the form????

SIGNATURES. By signing below, Loan Applicant confirms that the information provided on all accompanying financial statements, valuations, and schedules for the purpose of obtaining credit and represents that the information submitted is accurate and complete. Loan Applicant acknowledges that representations made in this application will be relied on by Lender in evaluating this application and, if approved, in extending credit. Loan Applicant represents that none of the parties named in this application have relied on advice from the Lender in applying for or receiving any credit. Loan Applicant will promptly notify Lender of any subsequent changes which would affect the accuracy of this application, and will provide all documents and information that Lender decides are necessary to complete this application. Loan Applicant authorizes Lender to retain this application, whether or not Lender approves any extension of credit. Any intentional misrepresentation of the information contained herein could result in criminal action under federal law. By signing below, the undersigned agree(s) to all the terms and conditions of this Application

Date _____________________________
Applicant Name: _____________________________
Applicant Title: _____________________________
Applicant Signature: ______________________

Nope, the applicant (Donald J. Trump in this case) would bear no responsibility at all.

Ha! Now that's Rich!

Donald Trump though?

Apparently not so rich

 

[outside shooter]

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

Their job is to lie? To undervalue assets? To overvalue liabilities?

 

[Sope Creek]

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. 😮

What . . . are you saying that Trump isn't going to invest a whole bunch of his own money to assure that he gets reelected? Because he doesn't really HAVE any money?

There are going to be a whole lot of jilted folks out there . . . .

 

[Spartans9312]

His golf courses have allegedly lost $315 million since 2000. The Trump International Hotel in D.C. has lost $55 million.

 

[UncleMark]

His golf courses have allegedly lost $315 million since 2000. The Trump International Hotel in D.C. has lost $55 million.

And this is over and above what they have received from the US government from all trump's golf trips.

 

[ButHerEmails]

He's a fraud, always has been. It's who he is but he has always been able to get people to believe in him, so he's not a total loser.

I thought it was funny when it came out that he mis managed his campaign funds. He started with 1.1 billion and blew through 800 million of that going into September.

He can't even buy TV ads in battleground states.

It's not all bad. He did pay crazy amounts of cash to some consulting companies that his family had stake in, basically taking campaign donations and paying his family with them.

Loser

For a second I thought your post was going to be about Tom Crean.

 

[The Vid]

The story isn't really Trump's actual tax payments, nor the intricacies of federal tax law.

It's just a further confirmation Trump is a lifelong failure at operating any kind of real business.. other than a self- promotion business,

and has only been able to leverage into his fake persona via 1) initially his inheritance, which was fully blown..... then 2) a financial comeback being a reality TV personality.

Deutsche Bank Wealth Mgmt unit will likely end up being the final bag holder for Don's long- con. But Deutsche has made so many billions laundering money for Russian oligarchs, they likely just look at it as a business expense. Deutsche's commercial banking operation long ago quit loaning money to Don the Con...... after he continued his lifelong trend of defaulting on loans.... but the Private Wealth Mgmt business stepped in and provided his most recent lifeline, a year or two prior to running for President.

Eventually the long con will end. Too bad that we all had to end up a victim of it too.

Thanks for catching ribbont up. He/she needed further explanation.

 

[The Vid]

What . . . are you saying that Trump isn't going to invest a whole bunch of his own money to assure that he gets reelected? Because he doesn't really HAVE any money?

There are going to be a whole lot of jilted folks out there . . . .

He needs to reconsider his position on taking the presidential salary apparently.

 

[HillzHoozier]

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

We got lucky. He could have been another drug-addled, philandering son-of-a-bootlegger.

 

[ButHerEmails]

We got lucky. He could have been another drug-addled, philandering son-of-a-bootlegger.

When was John Boehner president? I missed that one.