Donald Trump: 'I Fight Like Hell' To Pay Less In Taxes

[Desperado]

A question for those of you complain about Trump trying to pay the lowest tax allowable by law.
Come April 15th how much above you legal tax amount do you add to the check .
If your answer is zero.......STFU

 

[Iceweasel]

Meanwhile the left fights like hell to raise taxes as much as possible.

 

[bripat9643]

Meanwhile the left fights like hell to raise taxes as much as possible.

And then they claim the are for the working man.

 

[Iceweasel]

Meanwhile the left fights like hell to raise taxes as much as possible.

And then they claim the are for the working man.

...while paying as little as possible for themselves. Because they're special.

 

[Andylusion]

We look forward to Trump making his tax returns public.

Why?

Why? Don't you follow politics? Among other things, it would show that he has nothing to be ashamed of.

Don't you following the US Constitution, there is a presumption of innocence. There's no reason for him to make his tax returns public to prove he's innocent. Being rich is not a crime and Trump has his taxes prepared by an army of CPA's.

Romney also had his taxes prepared by an army of CPA's.

Yeah, most people who earn that much money, have their taxes prepared by an army of CPAs. Have you seen the tax code, that you leftards have created? It's now over 4 Million words long.

No one could possibly know every single aspect of the tax code.

The only reason the IRS doesn't haul every single tax payer in the entire country, before a judge, is because it simply isn't worth it. But if you have a million plus net worth... it's worth it.

So people with money, have to hire an arm of CPAs to protect themselves from the monstrosity that people like you created.

Quite frankly, I'm surprised people like Romney don't have CPAs on staff year round.

And please.... his tax filings was not the reason McCain picked one over the other. That's just another pure example of the "make it up and attack it" leftwing debate method. No evidence whatsoever, so let's just make unsupportable accusations, and attack people over it.

 

[Andylusion]

So the union was a secured creditor? Really? That's the only way they could be higher according to your links.

Yep, as they were being treated like a creditor I suspect but I haven't looked into that closely. Your turn...

Unions are not "secured" creditors.

I would tend to agree however it appears they were creditors, and creditors are before bondholders who are before stockholders.

Now I know you don't know jack. A bondholder *IS* a creditor.

Who Gets Paid First When a Company Goes Bankrupt Chron.com

If the bankrupt company still has money left over, it starts paying its unsecured creditors. These debts not based on a physical piece of property. Unsecured debts could be credit card bills, unpaid insurance premiums and bank loans that weren't backed up by property. It also includes payments to bondholders.​

I knew as soon as I read that, that you were farting on the forum.... again...

I don't get why you people make up crap, and think we won't find out.

Bottom line is this...

The Unions can only apply to be on the bankruptcy, if they can make a claim that they were owed unpaid union dues, or related contractual payments.

So clearly they had a case to be made against GM.

However, they would have been listed as unsecured creditor, just like all bondholders. They were not a superior position according to bankruptcy law.

That is exactly why Obama intervened illegal, oh behalf of the Unions.

While the Unions had some about of money to submit a claim on, the bond holders had far more.

GM filed a total debt of $172 Billion dollars. The unions had an unsecured creditor claim of $20 Billion.

The total remaining unsecured creditor claims, was $30 Billion.

Point being, no matter how you cut it, or check it, or what perspective you take on it.... by law, the Unions should have received the smallest portion out of the bankruptcy, just above the stock holders, which got zero.

Unfortunately, the Unions which caused the bankruptcy to begin with, were rewarded for destroying the company, and wiping out tens of billions of tax payer money..... by getting the second largest stake in the company. The exact opposite message we want to send.

More so, you people on the left, are the most irrational people on the planet... you actually support something that harmed jobs, harmed the economy, and drove up taxes on yourself. How dumb can you be.

Actually, I believe bondholders get paid second - after secured creditors.

Which is what I said. A bondholder is an unsecured creditor. They get paid with all the other unsecured creditors, after the secured creditors get paid.

 

[Andylusion]

So the union was a secured creditor? Really? That's the only way they could be higher according to your links.

Yep, as they were being treated like a creditor I suspect but I haven't looked into that closely. Your turn...

Unions are not "secured" creditors.

I would tend to agree however it appears they were creditors, and creditors are before bondholders who are before stockholders.

Now I know you don't know jack. A bondholder *IS* a creditor.

Who Gets Paid First When a Company Goes Bankrupt Chron.com

If the bankrupt company still has money left over, it starts paying its unsecured creditors. These debts not based on a physical piece of property. Unsecured debts could be credit card bills, unpaid insurance premiums and bank loans that weren't backed up by property. It also includes payments to bondholders.​

I knew as soon as I read that, that you were farting on the forum.... again...

I don't get why you people make up crap, and think we won't find out.

Bottom line is this...

The Unions can only apply to be on the bankruptcy, if they can make a claim that they were owed unpaid union dues, or related contractual payments.

So clearly they had a case to be made against GM.

However, they would have been listed as unsecured creditor, just like all bondholders. They were not a superior position according to bankruptcy law.

That is exactly why Obama intervened illegal, oh behalf of the Unions.

While the Unions had some about of money to submit a claim on, the bond holders had far more.

GM filed a total debt of $172 Billion dollars. The unions had an unsecured creditor claim of $20 Billion.

The total remaining unsecured creditor claims, was $30 Billion.

Point being, no matter how you cut it, or check it, or what perspective you take on it.... by law, the Unions should have received the smallest portion out of the bankruptcy, just above the stock holders, which got zero.

Unfortunately, the Unions which caused the bankruptcy to begin with, were rewarded for destroying the company, and wiping out tens of billions of tax payer money..... by getting the second largest stake in the company. The exact opposite message we want to send.

More so, you people on the left, are the most irrational people on the planet... you actually support something that harmed jobs, harmed the economy, and drove up taxes on yourself. How dumb can you be.

Bondholders are unsecured creditors, you are correct. The question was why was the union ahead of the bondholders?

"The plan for General Motors' bankruptcy is to auction off the company's assets in a section 363 sale.[2][3][4][45][47] Because the price that these assets are expected to sell for is very high, there is expected to be only one bidder in the auction, a new company NGMCO Inc.[1] This company is formed by the United States government with a 60.8% stake, the federal government of Canada and provincial government of Ontario with an 11.7% stake, the United and Canadian Auto Workers unions VEBA fund[2] with a 17.5% stake, and the unsecured bondholders of General Motors with a 10% stake.[45] The selling company is called Motors Liquidation Company (see below).[48]"
General Motors Chapter 11 reorganization - Wikipedia the free encyclopedia

So, what is VEBA?

I would suggest it doesn't matter. The fund is an attempt to move bad Union Contracted obligations on motor companies, off the books, into a trust fund managed by the Unions.

On the whole, without getting into the nitty gritty details, I agree with the plan.

But that assumes they stick to the plan. If they stay with the plan, then if the Union spends all the money in the trust fund, then the Union employees have no benefits... and that is it. Game over, sucks to be you.

I agree with that. But, I wager the reality would be that if the Unions spent themselves into oblivion, that they would use their pull in Washington to force tax payers to bail them out. Screwing all of us, for their incompetence.

However as I said, I don't think that matters to the question at hand.

There is absolutely zero legal justification for giving 17% of the company to the Unions (in this fund, or otherwise), when the Unions were only $30 Billion of the unsecured debt, and the creditors were $40 Billion of the unsecured debt.

If anything, the Unions should have gotten 10% of the company, and the creditors should have gotten 17%.

 

[Andylusion]

I find this most illuminating....

Donald Trump and Ted Cruz have best records for doing what they promise!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The Examiner ^ | August 2, 2015 | Jack Dennis, San Antonio Examiner
When Ted Cruz and Donald Trump meet on Thursday, it will be their second one-on-one get-together since mid-July. The two are gaining in popularity according to the latest polls released this weekend. They both know Jed Bush is the man to beat for the Republican nomination for President. Also recognized, by penetrating the sacred, powerful and shady capitalist’s protected turf, the vicious fury of the GOP and Democratic leadership is about to be unleashed against them in the media. Bush, with the power of the Republican establishment in his corner, has raised about $104 million in campaign funds from super...

I've noticed that every time you "find something illuminating", it's something that is either obvious, or biased.

I also find it funny how they describe the "power sacred shady captialist's protected turf", while ignoring the fact that most of the super wealthy are democrats. Hillary Clinton had an income of what.... $30 Million last year? But she's not a capitalist...... right?

 

[Andylusion]

WASHINGTON -- Donald Trump said on Sunday he fights "like hell" to pay as little as possible in taxes, telling CBS News that he hadn't yet made a decision on whether to release his tax return.

"I pay as little as possible," Trump said. "I fight like hell to pay as little as possible." Trump said he hates the way the government spends taxes.

"I hate the way they waste our money. Trillions and trillions of dollars of waste and abuse. And I hate it," he said.

Donald Trump: 'I Fight Like Hell' To Pay Less In Taxes

That will probably be his "excuse" for not releasing his tax returns. That was so predictable.

Fights like hell? He's got tax lawyers working for him, and there's no doubt in my mind that they've cooked up some pretty imaginative (but not illegal) ways for "The Donald" to pay as little as possible.

The more the better. The less money stolen by government, the more money is in the economy.

I would much rather have Trump with a million dollars to invest, and grow the economy, than another million flushed down the government toilet, and lost forever, on some Solydra green energy scam.

 

[Andylusion]

Why?

So we we can see how much work he puts into cheating. Taxes are for the little people...

Really.... then why do 47% or so of the population pay no income tax?

Oh, right. You're a liberal, and thus exempt from reality.

To pay an income tax you must have enough income. And we were discussing taxes, not income taxes.

I would suggest that if 47% of the population doesn't pay any income tax, then they have no right to claim someone else isn't paying enough.

If someone on food stamps accuses me of not paying enough for food, I'd laugh in their face.

Trump should do the same.

We're talking about taxes, not taxes. Got it.

Paying as little as possible, or playing games to pay less, is not being a patriot, especially when we aren't paying our bills.

Prove it. Show us your tax return. Better not have taken any tax deduction.

If I see a single tax deduction on your tax return, then you are playing games, and not being a patriot.

 

[Andylusion]

He uses our infrastructure to haul his crap on it
He uses our police to protect his buildings, workers, etc
He uses our economy to grow his wealth on
He depends on our nws for the latest forecast in order to know when to build to make the most money.
He hires kids that go to our public schools!

Yet, he doesn't want to pay taxes..lol

Roads are generally funded by local taxes. He hasn't complained about that.

Police are paid by local taxes. He hasn't complained about that.

"Our economy"? Working people create the economy. He works. It's as much HIS economy, as OUR economy. And honestly, he's created more of the economy, than any 1,000 of you liberals ever have.

No, he does not depend on forecasts. You don't know jack about running a business.

Yes, and he pays local taxes, that fund local schools. He hasn't complained about that.

Everything that you just listed, could be paid for, by a tiny tiny fraction of the taxes that we pay. We could cut taxes by over 50%, and pay for all that.