Why are liberals angry at Trump for using a tax loophole that was signed into law by Obama?

[Papageorgio]

Simple truth. The rich are provided tax credits, deductions and cuts by every administration since Bush I. Reagan and Speaker O'Neal were the last to a lot of deductions and loopholes out of the tax codes. Since then Congress has slowly added more and more and Presidents have gone along on it.

The rich is writing the tax codes for the rich, who do you think will benefit? It's an area where the two parties agree.

 

[AntonToo]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

What "dispute" is that?

Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.

...

Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.

Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.

5 takeaways from NY Times report on Trump’s tax returns

Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.

www.wcjb.com

$72 million? What is "outsized" about that for a billionaire?

Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.

Did you imagine he had $10 billion lying around in a bank account somewhere?

Tax returns don't show your net worth, moron.

Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.

...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.

you should try to actually READ what you reply to.

Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.

How does that work exactly?

Umm thats what this new reporting is about - his tax returns.

You should now have pretty good idea why he kept lying about releasing them.

not that you know the first thing about TRUMPs taxes. you are just an idiot hoping it goes somewhere---good luck

Well thats one way to

 

[AntonToo]

Simple truth. The rich are provided tax credits, deductions and cuts by every administration since Bush I. Reagan and Speaker O'Neal were the last to a lot of deductions and loopholes out of the tax codes. Since then Congress has slowly added more and more and Presidents have gone along on it.

The rich is writing the tax codes for the rich, who do you think will benefit? It's an area where the two parties agree.

We can talk about the legal tax structure, but thats only a small part of it with Trump.

 

[kaz]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

What "dispute" is that?

Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.

...

Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.

Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.

5 takeaways from NY Times report on Trump’s tax returns

Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.

www.wcjb.com

$72 million? What is "outsized" about that for a billionaire?

Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.

Did you imagine he had $10 billion lying around in a bank account somewhere?

Tax returns don't show your net worth, moron.

Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.

...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.

you should try to actually READ what you reply to.

Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.

How does that work exactly?

Umm thats what this new reporting is about - his tax returns.

You should now have pretty good idea why he kept lying about releasing them.

An AP article on a New York Times article on court documents that would have to have been leaked. What could go wrong?

You do lap up your fake news

 

[LeftofLeft]

Suggestion to Liberals who are pissed at Trump for paying little taxes: Change the tax code. I have yet to see where he stepped awry of the Code. All I see is a bunch of class warfare and class envy being played. What law(s) did he break? If he did, have at it. Otherwise, you look foolish implying that Trump committed crimes in and around his taxes.

 

[bripat9643]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

What "dispute" is that?

Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.

...

Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.

Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.

5 takeaways from NY Times report on Trump’s tax returns

Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.

www.wcjb.com

$72 million? What is "outsized" about that for a billionaire?

Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.

Did you imagine he had $10 billion lying around in a bank account somewhere?

Tax returns don't show your net worth, moron.

Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.

...which is exactly why I say that maybe he does have assets he can liquidate, but his stated income to IRS over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.

you should try to actually READ what you reply to.

The reason you say that is the fact that you're a fucking moron. As I already pointed out to you, but you are too stupid to understand, no billionaire has all his money in cash in a bank account. You pretend as if he would have to liquidate assets to produce $1 billion in cash is something he has to make excuses for. That's because you're an idiot.

You don't know what Trump's stated income is over the last 10 years. All you know is what some news story reported about his taxes.

The phrase "big time loser" is meaningless. It's purely a value judgement on your part based on nothing.

What the fuck is a "large liability evasion?" Is that supposed to be a crime? The IRS audited his taxes, moron. If he committed any crimes, then he would be in jail.

 

[g5000]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

You don't understand because you have not read the entire NYT article.

Imagine that.

They cite several examples of possible fraud on the part of Mr. Trump but most of Trump's sheep will never read it because it is far longer than a tweet.

Baaaaaa!

 

[bripat9643]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

Ah, so you can call him guilty over a "dispute" and an "investigation." Let's switch parties and watch you flip flop like a tuna on the deck of a fishing boat

I didn't call him guilty.

Yes you did, liar

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion Trump's never ending lying and otherwise unscrupulous conduct of bussiness.

That right - AT ISSUE is Trump's illegal tax evasion. I didn't say he was already found guilty of it.

No, but you said he is guilty.

To be guilty you need to be found guilty and there is no higher standard of that than being found guilty in the court of law.

I have no problem waiting for that but the newly revealed documents, along with what was already known certainly point to evasion and gross conflicts of interests by the POTUS. So next time you start to bring up Biden's son suppposedly creating a conflict of interest for Joe, do take a second to consider Trump's vast conflict for just a smidge of perspective.

You're not waiting for a conviction, you keep arguing all through the thread as if he has been convicted, which is the point I originally made

BS, I've never said Trump was convicted. What I said is that there is an ongoing investigation into this.

I quoted you stating he's guilty. Cut the stupid lying shit

Ok one more time - Trump was not convicted in the court of law just yet, but there are ongoing investigations. However given the reporting and his lawyer's testimony it looks like he was tax evading.

and the investigation of BARRAG o and BEIJING joe and the fat pig clinton for treasonous actions will continue.

There are no known investigations into any of them. But you keep on fantasizing and rationalizing.

There are multiple investigations, moron.

 

[bripat9643]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

You don't understand because you have not read the entire NYT article.

Imagine that.

He does understand. You don't. You're a moron.

 

[AntonToo]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

What "dispute" is that?

Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.

...

Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.

Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.

5 takeaways from NY Times report on Trump’s tax returns

Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.

www.wcjb.com

$72 million? What is "outsized" about that for a billionaire?

Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.

Did you imagine he had $10 billion lying around in a bank account somewhere?

Tax returns don't show your net worth, moron.

Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.

...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.

you should try to actually READ what you reply to.

Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.

How does that work exactly?

Umm thats what this new reporting is about - his tax returns.

You should now have pretty good idea why he kept lying about releasing them.

An AP article on a New York Times article on court documents that would have to have been leaked. What could go wrong?

You do lap up your fake news

NYT has had rock solid reporting on these matters. But hey, I get it, denial is all you got.

But there is a serious ongoing investigation and per the SC ruling Trump will be able to stall his financial documents release to the grand jury for only so much longer.

 

[AntonToo]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

Ah, so you can call him guilty over a "dispute" and an "investigation." Let's switch parties and watch you flip flop like a tuna on the deck of a fishing boat

I didn't call him guilty.

Yes you did, liar

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion Trump's never ending lying and otherwise unscrupulous conduct of bussiness.

That right - AT ISSUE is Trump's illegal tax evasion. I didn't say he was already found guilty of it.

No, but you said he is guilty.

To be guilty you need to be found guilty and there is no higher standard of that than being found guilty in the court of law.

I have no problem waiting for that but the newly revealed documents, along with what was already known certainly point to evasion and gross conflicts of interests by the POTUS. So next time you start to bring up Biden's son suppposedly creating a conflict of interest for Joe, do take a second to consider Trump's vast conflict for just a smidge of perspective.

You're not waiting for a conviction, you keep arguing all through the thread as if he has been convicted, which is the point I originally made

BS, I've never said Trump was convicted. What I said is that there is an ongoing investigation into this.

I quoted you stating he's guilty. Cut the stupid lying shit

Ok one more time - Trump was not convicted in the court of law just yet, but there are ongoing investigations. However given the reporting and his lawyer's testimony it looks like he was tax evading.

and the investigation of BARRAG o and BEIJING joe and the fat pig clinton for treasonous actions will continue.

There are no known investigations into any of them. But you keep on fantasizing and rationalizing.

There are multiple investigations, moron.

Well then you should have no problem sourcing your claim.

According to Barr there aren't.

 

[kaz]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

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

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

What "dispute" is that?

Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.

...

Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.

Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.

5 takeaways from NY Times report on Trump’s tax returns

Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.

www.wcjb.com

$72 million? What is "outsized" about that for a billionaire?

Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.

Did you imagine he had $10 billion lying around in a bank account somewhere?

Tax returns don't show your net worth, moron.

Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.

...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.

you should try to actually READ what you reply to.

Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.

How does that work exactly?

Umm thats what this new reporting is about - his tax returns.

You should now have pretty good idea why he kept lying about releasing them.

An AP article on a New York Times article on court documents that would have to have been leaked. What could go wrong?

You do lap up your fake news

NYT has had rock solid reporting on these matters. But hey, I get it, denial is all you got.

But there is a serious ongoing investigation and per the SC ruling Trump will be able to stall his financial documents release to the grand jury for only so much longer.

The NY Times has been repeatedly caught with their pants down lying like shit

 

[g5000]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

You don't understand because you have not read the entire NYT article.

Imagine that.

He does understand. You don't. You're a moron.

BZZZZZZ! Try again.

 

[g5000]

The biggest takeaway is that Trump is even more incompetent with large sums of money as he is as a fake President.

 

[Papageorgio]

Simple truth. The rich are provided tax credits, deductions and cuts by every administration since Bush I. Reagan and Speaker O'Neal were the last to a lot of deductions and loopholes out of the tax codes. Since then Congress has slowly added more and more and Presidents have gone along on it.

The rich is writing the tax codes for the rich, who do you think will benefit? It's an area where the two parties agree.

We can talk about the legal tax structure, but thats only a small part of it with Trump.

The OP is about people mainly liberals upset that Trump is taking legal deductions that Obama approved during his administration. That is what I commented on.

 

[AntonToo]

Suggestion to Liberals who are pissed at Trump for paying little taxes: Change the tax code.

Red herring. This is not about just legal tax avoidance.

This is also about seemingly illegal tax evasion, huge conflicts of interest and many lies Trump tells about his supposedly successful bussiness ventures.

 

[bendog]

The biggest takeaway is that Trump is even more incompetent with large sums of money as he is as a fake President.

imo the story is "aimed" at Trump supporters who think he's a successful businessman who understands their concerns. I'm not sure they'll get it that Trump is essentially a pyramid scheme based upon some demand for his bad debt that he can never repay, and he has not intention of trying to repay. Because the US can never pay its debt, and GE nearly collapsed because it needed people to buy it's bonds based on past profits. So is Trump really different? He is because Gnp and GE actually require real profits. But I don't see a lot of Trump voters being swayed

But his hairdresser bills and lack of paying any taxes may cut into his support.

The real question is to whom is he indebted and when is his principal due

 

[g5000]

Trump's propagandists are counting on the sheep not to read the article for themselves. They zeroed in on the least important item in it. This kind of smoke and mirrors is their stock and trade.

 

[AntonToo]

The biggest takeaway is that Trump is even more incompetent with large sums of money as he is as a fake President.

Well, we are looking at 4 Trillion dollar deficit this year...

 

[g5000]

The biggest takeaway is that Trump is even more incompetent with large sums of money as he is as a fake President.

Well, we are looking at 4 Trillion dollar deficit this year...

Keynesian stimulus is okay when Trump does it. Obama only spent a trillion for the worst recession since the 30s and he was vilified for it by the very same people who are now throwing several trillion at Trump's colossal disgraceful disaster.