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Long-concealed Records Show Trump's Chronic Losses and Years of Tax Avoidance

apdst said:
Trump gamed the tax code and save millions in taxes. Good for him. This is a nothingburger.
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Ummm they got Al Capone on tax evasion. Trump could go to jail for similar stunts. But yeah, nothing burger. Lol. Do you like getting conned by con men ?


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Long-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance
https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

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.

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.
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This report from the NYT comes ahead of October, but this is an 'October surprise' for sure. Tax records obtained by the NYT show, among many other things, that Trump paid $750 in income tax for the tax year 2016.


 
PoliSciXtina said:
Ummm they got Al Capone on tax evasion. Trump could go to jail for similar stunts. But yeah, nothing burger. Lol. Do you like getting conned by con men ?


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Because Capone didn't file tax returns reporting his income. See the difference, yet?
 
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It will be interesting to see how this plays out. I predict that on Monday, Mr. Rush Limbaugh or his stand-in will concentrate on Mrs. Hillary Rodham Clinton and Benghazi. Another topic will be the new make-up of the Supreme Court. Mr. Joseph Biden's age may also be covered, as will the liberal's attempts to make the US a socialist nation.

Regards, stay safe 'n well. Remember the Big 3: masks, hand washing and physical distancing.
 
apdst said:
Trump gamed the tax code and save millions in taxes. Good for him. This is a nothingburger.
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You know, if it looks like dung, and it smells like dung, its probably dung. He is going to end up paying the IRS tens of millions of dollars. What a scum.
 
The New York Times said:
LONG-CONCEALED RECORDS SHOW TRUMP’S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE

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.


By Russ Buettner, Susanne Craig and Mike McIntire
Sept. 27, 2020


Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

bust-narrow.jpg

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president....
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So how will "the base" defend this one? A complete fraud top to bottom!
 
It's not often that you get a story like this with zero proof whatsoever and a refusal to provide any, but here we are.
 
Taylor said:
It's not often that you get a story like this with zero proof whatsoever and a refusal to provide any, but here we are.
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Oh the whinging, crying, and excusing of the Trumpanzees over the next week should be DELICIOUS!

He's under audit cuz he OWES a huge refund he STOLE back, but yet he's gonna show us his "big money" when the audit (which is on hold BECAUSE he's POTUS) is finished! You people got CONNED and epically so, I'd be embarassed too!:ROFLMAO:
 
PNW Guy said:
Oh the whinging, crying, and excusing of the Trumpanzees over the next week should be DELICIOUS!

He's under audit cuz he OWES a huge refund he STOLE back, but yet he's gonna show us his "big money" when the audit (which is on hold BECAUSE he's POTUS) is finished! You people got CONNED and epically so, I'd be embarassed too!:ROFLMAO:
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So... no documents?
 
apdst said:
I did show you, Rexedgar. If you're too lazy to read the information provided, that's your problem.
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Well you also have to count the other info we have learned where he deflates and inflates when needed for tax fraud.
You backed a broke fraud because that is the gop..frauds
 
apdst said:
You people have no clue how the tax code works, when it comes to corporations. I guess that's to be expected from folks who filled out the 1040EZ their entire lives, and/or qualified for the Earned Income Credit every year.
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So only you know how taxes work? Please.much smarter people than you know trump is a fraud and broke laws.
 
Plasmaball said:
So only you know how taxes work? Please.much smarter people than you know trump is a fraud and broke laws.
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I know more than the garden variety Liberal does. Hell, you people think tax returns shows money laundering...lol
 
Plasmaball said:
Well you also have to count the other info we have learned where he deflates and inflates when needed for tax fraud.
You backed a broke fraud because that is the gop..frauds
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Depreciation doesn't work like that. See what I mean about you people not knowing anything about the tax code?
 
we warned you Republicans. you just wouldn't ****ing listen.
 
apdst said:
Trump gamed the tax code and save millions in taxes. Good for him. This is a nothingburger.
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Bullshit. Read it again, or at least for the first time. Hell, I'll even quote a relevant section for you.
New York Times said:
A partner who walks away from a business with nothing — what tax laws refer to as abandonment — can suddenly declare all the losses on the business that could not be used in prior years. But there are a few catches, including this: Abandonment is essentially an all-or-nothing proposition. If the I.R.S. learns that the owner received anything of value, the allowable losses are reduced to just $3,000 a year.

And Mr. Trump does appear to have received something. When the casino bankruptcy concluded, he got 5 percent of the stock in the new company. The materials reviewed by The Times do not make clear whether Mr. Trump’s refund application reflected his public declaration of abandonment. If it did, that 5 percent could place his entire refund in question.

If the auditors ultimately disallow Mr. Trump’s $72.9 million federal refund, he will be forced to return that money with interest, and possibly penalties, a total that could exceed $100 million. He could also be ordered to return the state and local refunds based on the same claims.
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He lied to the IRS, and tried to steal 72.9 million dollars from all of us. That is by far more corruption than any other President in the history of this country. And he did other very shady shit too. Claimed Ivanka (his daughter) as a consultant so that he could deduct most of a million dollars. He's got more ties (both business and debts) with foreign countries than previously known. Do you not see why this could cause problems for national security? An American president drowning in personal debt can be strongarmed by dictators and bad actors around the globe. This would be true even if the president was a patriotic American who placed his duty above personal problems. This is EXACTLY WHY it's important to make presidents divest from personal businesses.

apdst said:
Trump does, or his business entity does. There's a difference, ya know.
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Trump does. He personally guaranteed the debt. Glad I could clear that up for you.
New York Times said:
What’s more, the tax records show that Mr. Trump has once again done what he says he regrets, looking back on his early 1990s meltdown: personally guaranteed hundreds of millions of dollars in loans, a decision that led his lenders to threaten to force him into personal bankruptcy.

This time around, he is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years. Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.
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