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Breaking: Trump Tax Records Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades
- Thread starter Sunstone
- Start date
The Emperor of Mankind
Currently the galaxy's spookiest paraplegic
Yes. He's choosing to take advantage of tax loopholes for his own benefit. His rants about Mexicans and other immigrants being the woes of America's economy, that they pay no tax and just leech off the system are undiluted hypocrisy coming from a man who does business in America yet pays the country nothing back for using its labour hours & man power as well as presumably taking advantage of numerous loopholes, grants etc.
Sorry to be so blunt (and this isn't aimed at you so much as the dire obviousness of the situation), but a dyslexic chimp could have told us that America's tax laws are broken. That's not an adequate excuse for Trump to deliberately avoid paying any.
Parchment
Active Member
If it's legal it's legal, I'd say the same thing if it were Hillary and I don't believe that anyone here on RF from the states does not take advantage of tax laws when they can. My guesstimation is that it is another one of those last minute bids in the election game playing on the idea that big business is greedy and evil which seems a popular idea with those less well off who need someone or something to point the finger at instead of spending that energy working towards improving their situation. I see it as little different than the Jennifer Lin story Former Inquirer reporter recalls that time Trump called her the c-word According to her Trump called her the c-word and I don't think it was any of these c-words Positive Words That Start With C
I imagine when she got off the phone she probably said what an A-hole, prick, d-head or whatever else came to mind at the time just a guess- but why now?
james bond
Well-Known Member
The tax law is the tax law. It works for the USG and the taxpayer. Instead of focusing just on DT, the law or the situation should be applied to all. If DT was wrong and an audit (already done) is evidence that he underpaid, then he owes back taxes and penalties. The IRS is good at that and collecting it.
Now, let's look at Clinton and her Servergate. The breach of national security law states it is illegal for all federal legislatures, so she should be held accountable and face sanctions and possibly prison time. She also had a huge lapse in judgment with Obama on Benghazi where the US Ambassador Andrew Stevens was murdered.
"Diplomatic Security special agent David Ubben waits silently, his M-4 assault rifle at the ready as he hides deep in the dark inside the villa that serves as the United States Consulate in Benghazi, Libya. Ubben’s assignment is close protection for U.S. Ambassador J. Christopher Stevens, which isn’t always easy. Stevens, a former Peace Corps volunteer, likes to get out among the people in the countries where he serves, especially Libya, which he helped to liberate from Muammar Gaddafi during the war last year. But even he has started to believe that al Qaeda is gunning for him, and on this day, the 11th anniversary of the Sept. 11 attacks on the United States, Stevens has let himself be persuaded to hold all his meetings behind the nine-foot walls and the coils of concertina wire that surround the Benghazi consulate.
That hasn’t been enough. Now groups of armed men swarm through the compound, firing their AK-47s in staccato bursts, and every so often the air shakes with the concussion of a grenade. Behind Ubben, in a specially fortified suite called a safe haven, the ambassador and another diplomat, Sean Smith, should be well protected. There is a large closet, similar to a “panic room,” with supplies of water and food to withstand a siege of hours or even days, and Ubben has radioed the four other American security men holed up in other consulate buildings that he and the ambassador and Smith are OK. This is what the safe haven and the safe room have been built for. And he is there with his M-4 at the ready. He will make sure nobody gets through the steel grilles that protect them.
But now, watching from the dark, Ubben sees some of the attackers coming into the other, open side of the villa. They are carrying jerrycans full of diesel used to fuel the embassy’s electrical generators. They peer through the locked grate of the safe haven. They rattle it. They don’t seem to see him. Ubben watches. He waits. They are spreading diesel over the floor, pouring it onto the overstuffed Arab-style furniture. The fire begins. The flames start to spread. The fumes—the fumes are everywhere. And there is nothing Ubben can do to stop them."
http://www.newsweek.com/truth-behind-benghazi-attack-65289
"Like snowflakes on a frozen sidewalk, the latest damaging revelations about Hillary Clinton are starting to stick. More than that, Servergate raises the question: Why, precisely, should she become president anyway? This week brought news that then–secretary of state Clinton never had a State Department e-mail address. Instead, she exclusively used a private account to e-mail others in the Obama administration, including some of her staffers who communicated via their own private accounts. Clinton did not simply keep using an old account. She launched [email protected] as her Senate confirmation hearings opened. Rather than have her e-mails automatically available on government computers for permanent scrutiny, Team Clinton gave State 55,000 pages of handpicked e-mails. What they may have withheld is anyone’s guess. Clinton already has angered the Washington Post. As it editorialized Wednesday: “If people aspire to public service, they should behave as stewards of a public trust, and that includes the records — all of them.” Even worse, Clinton’s e-mails were not stored on a computer at State or in a secure facility deep inside a Utah salt dome. Instead, The Associated Press reports, they resided on a private server at her Chappaqua, N.Y., mansion. This story swiftly has mushroomed from yet another example of Clinton’s obsession with secrecy into fears of a possible breach of national security."
Servergate
http://www.nationalreview.com/article/414972/servergate-revelations-stick-hillary-deroy-murdock
There are lies by politicos and then there are damned lies. These two damned lies are against Hillary Clinton. Her nickname should be OJ for orange jumpsuit.
Now, let's look at Clinton and her Servergate. The breach of national security law states it is illegal for all federal legislatures, so she should be held accountable and face sanctions and possibly prison time. She also had a huge lapse in judgment with Obama on Benghazi where the US Ambassador Andrew Stevens was murdered.
"Diplomatic Security special agent David Ubben waits silently, his M-4 assault rifle at the ready as he hides deep in the dark inside the villa that serves as the United States Consulate in Benghazi, Libya. Ubben’s assignment is close protection for U.S. Ambassador J. Christopher Stevens, which isn’t always easy. Stevens, a former Peace Corps volunteer, likes to get out among the people in the countries where he serves, especially Libya, which he helped to liberate from Muammar Gaddafi during the war last year. But even he has started to believe that al Qaeda is gunning for him, and on this day, the 11th anniversary of the Sept. 11 attacks on the United States, Stevens has let himself be persuaded to hold all his meetings behind the nine-foot walls and the coils of concertina wire that surround the Benghazi consulate.
That hasn’t been enough. Now groups of armed men swarm through the compound, firing their AK-47s in staccato bursts, and every so often the air shakes with the concussion of a grenade. Behind Ubben, in a specially fortified suite called a safe haven, the ambassador and another diplomat, Sean Smith, should be well protected. There is a large closet, similar to a “panic room,” with supplies of water and food to withstand a siege of hours or even days, and Ubben has radioed the four other American security men holed up in other consulate buildings that he and the ambassador and Smith are OK. This is what the safe haven and the safe room have been built for. And he is there with his M-4 at the ready. He will make sure nobody gets through the steel grilles that protect them.
But now, watching from the dark, Ubben sees some of the attackers coming into the other, open side of the villa. They are carrying jerrycans full of diesel used to fuel the embassy’s electrical generators. They peer through the locked grate of the safe haven. They rattle it. They don’t seem to see him. Ubben watches. He waits. They are spreading diesel over the floor, pouring it onto the overstuffed Arab-style furniture. The fire begins. The flames start to spread. The fumes—the fumes are everywhere. And there is nothing Ubben can do to stop them."
http://www.newsweek.com/truth-behind-benghazi-attack-65289
"Like snowflakes on a frozen sidewalk, the latest damaging revelations about Hillary Clinton are starting to stick. More than that, Servergate raises the question: Why, precisely, should she become president anyway? This week brought news that then–secretary of state Clinton never had a State Department e-mail address. Instead, she exclusively used a private account to e-mail others in the Obama administration, including some of her staffers who communicated via their own private accounts. Clinton did not simply keep using an old account. She launched [email protected] as her Senate confirmation hearings opened. Rather than have her e-mails automatically available on government computers for permanent scrutiny, Team Clinton gave State 55,000 pages of handpicked e-mails. What they may have withheld is anyone’s guess. Clinton already has angered the Washington Post. As it editorialized Wednesday: “If people aspire to public service, they should behave as stewards of a public trust, and that includes the records — all of them.” Even worse, Clinton’s e-mails were not stored on a computer at State or in a secure facility deep inside a Utah salt dome. Instead, The Associated Press reports, they resided on a private server at her Chappaqua, N.Y., mansion. This story swiftly has mushroomed from yet another example of Clinton’s obsession with secrecy into fears of a possible breach of national security."
Servergate
http://www.nationalreview.com/article/414972/servergate-revelations-stick-hillary-deroy-murdock
There are lies by politicos and then there are damned lies. These two damned lies are against Hillary Clinton. Her nickname should be OJ for orange jumpsuit.
Sure, poor get tax breaks but the middle class get stiffed pretty hard so it is more than a little surprising that the richer you get the easier it gets to get so many breaks as to not having to pay a dime. I realize when people get a buttload of money the first thing they do is "donate" to offset the governments reach into our pockets. However Trump reported at the debate making over half a billion last year, and not having to pay a dime is quite disturbing. I mean can there possibly be a half a billion in offsets, crikey.
My, thats a broad brush you have there.
The tax return raises other questions. For someone who is running on the strength of his record as a businessman (since he can't run on the strength of his political experience, having none), a personal loss of nearly a billion dollars calls into question whether we should take his business record as a positive or a negative.
Parchment
Active Member
to my comment: My guesstimation is that it is another one of those last minute bids in the election game playing on the idea that big business is greedy and evil which seems a popular idea with those less well off who need someone or something to point the finger at instead of spending that energy working towards improving their situation.
Guesstimation was the key word in that sentence and from what I have personally observed in real life of those that do like to think the "old man" or whoever else is always sticking it to them it seems a fairly accurate assessment. There are a lot of ways to not pay taxes on income legally, cash is king and what the government doesn't know can't hurt you.
Sure and there are a lot of ways to do such without raising IRS flags for 15 years straight.
I've perused the internet for some good hard info about Trump's returns,
but I haven't yet found any. Why....what's the problem?
The Time & NYT articles are short on details, & long on partisan fueled
speculation which appears to ignore important facts.
What kind of loss did he suffer....was it an operating loss or capital loss?
Both can be carried forward to deduct from future income, but there are
limitations. Capital losses are deductible only against capital gains (with
a $3K yearly allowable deduction against ordinary income). If he has no
capital gains (which is common these days), then his loss would become
non-deductable. It's suspicious that his detractors ignore this scenario.
I see no controversy here. It's reasonable, good pubic policy, & perfectly
legal to use income averaging. Btw, I just read that the NYT paid no
income taxes in 2014. They're smart.
but I haven't yet found any. Why....what's the problem?
The Time & NYT articles are short on details, & long on partisan fueled
speculation which appears to ignore important facts.
What kind of loss did he suffer....was it an operating loss or capital loss?
Both can be carried forward to deduct from future income, but there are
limitations. Capital losses are deductible only against capital gains (with
a $3K yearly allowable deduction against ordinary income). If he has no
capital gains (which is common these days), then his loss would become
non-deductable. It's suspicious that his detractors ignore this scenario.
I see no controversy here. It's reasonable, good pubic policy, & perfectly
legal to use income averaging. Btw, I just read that the NYT paid no
income taxes in 2014. They're smart.
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Since he has said that he gets audited every year, I'm not sure he isn't raising IRS flags.
The issues I see:
- a billion-dollar personal loss calls his business acumen into question, which has been something that his campaign has played up.
- as Sunstone pointed out with the link he posted earlier, many of his past statements become either lies or hypocritical if he hasn't paid tax for 20 years.
- probably most damaging, at least in terms of his campaign: the idea that he's "establishment" enough to use creative but legal tax loopholes to avoid paying income tax altogether undermines his campaign's attempt to position him as an alternative to the establishment.
This is indeed the cromulent question.
The circumstances & handling of the failure are worth examining.
This is not only speculative, it presumes that businesses shouldn't minimize tax liability
when playing by the rules government has laid down. If Trump did not carry forward a
loss to reduce future tax liability, I'd find this both dumb & unethical. (A managing partner
has fiduciary obligations to partners & creditors. Been there & done that meself.)
It's entirely possible that Hillary eats live puppies while writing scripts for the Kardashians.
Show me some fact based accusations, & then we'll see what matters.
I do agree with Trump that one who games the tax code is the most qualified to change it.
His experience is in resisting taxation, while Hillary's experience is imposing it upon others.
In this regard, he's the stronger candidate.
tytlyf
Not Religious
He's never democrat because he's in the top 1%
That might be noteworthy for Trump if he was doing his own taxes year after year.
Yes lawyers ARE the most qualified ie. someone who went to Yale law school *cough cough hillary*.
Agreed. I know of no one who would not delight in finding and using a tax deduction. One can legitimately criticize the tax loopholes; one can legitimately criticize Trump's failure to release his tax returns; one can legitimately criticize a host of Trumpian business practices; but going after the use of tax deductions simply feeds the Trump narrative that the elite press is out to get him.
Few lawyers know much about taxation, which is a specialty.
(I recently went thru arbitration with lawyer who was also a judge. He knew absolutely
nothing about taxation, which was a big factor in calculating a financial matter. I ended
this process early because he was worse than useless. Lawyers....useful as ticks on a boar.)
CPAs are generally much more qualified.
Besides, lawyers are generally more of a problem than a solution in our society.
They write laws for their own benefit, encouraging the quantity, complexity & cost of litigation.
And when they become judges they feather the nests of their fellows.
Trump's not being a lawyer is a point in his favor.
Btw, Hillary went to Yale....Bill went to Yale.....Bush went to Yale....His dad went to Yale.....
Were it not for Jodi Foster & Eli Whitney also being schooled there, I'd think Yale is a deal breaker.
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Parchment
Active Member
As they say "don't hate the player, hate the game"