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

[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.

Thank you. My number one issue I have discussed hundreds of times on this forum is that we need to ban tax expenditures.

But you will see pseudo-conservatives scream like welfare queens at the very prospect of having their government freebies taken away.

In other words, you want to increase taxes.,

 

[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.

From dumb to dumber Dumb being whether Trump is a good business man and dumber being you jackasses blaming him for a virus

I don't blame him for the virus. I blame him for his catastrophic bungling of the response to the virus. With only 4 percent of the total world population, we have by far the most deaths.

Trump is a total disaster.

All caught up now?

See the first line in my signature.

Of course you do, you fucking moron. If you blame him for the $3 trillion deficit, then you blame him for the virus.

Nope. The stimulus would not have been necessary if Trump had acted to mitigate the effect of the virus.

You yourself said if more than 17,000 people died, I could rightfully blame Trump.

You have been hoisted by your own petard, dumbass.

 

[kaz]

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.

From dumb to dumber Dumb being whether Trump is a good business man and dumber being you jackasses blaming him for a virus

I don't blame him for the virus. I blame him for his catastrophic bungling of the response to the virus. With only 4 percent of the total world population, we have by far the most deaths.

Trump is a total disaster.

All caught up now?

See the first line in my signature.

Of course you do, you fucking moron. If you blame him for the $3 trillion deficit, then you blame him for the virus.

Our death rate is lower than 5 European countries, Furthermore, 4 Blue states are responsible for half of our deaths.

You morons have nothing legitimate to attack Trump with, so you try to blame him for COVID. You're a bunch of douchebags.

Now that's WORD

 

[g5000]

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.

Thank you. My number one issue I have discussed hundreds of times on this forum is that we need to ban tax expenditures.

But you will see pseudo-conservatives scream like welfare queens at the very prospect of having their government freebies taken away.

In other words, you want to increase taxes.,

See, Fred? Bripat is one of the whiniest of the welfare queens.

He does not understand that if you eliminate tax expenditures, you can LOWER tax rates. He is completely innumerate.

 

[kaz]

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.

From dumb to dumber Dumb being whether Trump is a good business man and dumber being you jackasses blaming him for a virus

I don't blame him for the virus. I blame him for his catastrophic bungling of the response to the virus. With only 4 percent of the total world population, we have by far the most deaths.

Trump is a total disaster.

All caught up now?

See the first line in my signature.

Of course you do, you fucking moron. If you blame him for the $3 trillion deficit, then you blame him for the virus.

Nope. The stimulus would not have been necessary if Trump had acted to mitigate the effect of the virus.

You yourself said if more than 17,000 people died, I could rightfully blame Trump.

You have been hoisted by your own petard, dumbass.

We're going to forcibly close businesses and no stimulus to keep them alive would have been necessary. Another kool-aid swilling Democrat

 

[bendog]

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.

Thank you. My number one issue I have discussed hundreds of times on this forum is that we need to ban tax expenditures.

But you will see pseudo-conservatives scream like welfare queens at the very prospect of having their government freebies taken away.

Well, if Barrett unconstitutionalizes Obamacare despite the SC already holding the opposite, we may get to redo it again. If Barrett goes this route, hopefully they'll kick off all the Medicaid folks, folks with preexisting conditions and kids under 25. That will put a charge up Mitch and Leslie's shorts. LOL

 

[g5000]

Neither "conservatism" (whatever the hell that's supposed to mean anymore) nor libertarianism are represented by a man who is clearly a populist....Worrying about that is a total waste of energy.

As the nominal leader of the Republican party he is the public face of conservative values. I think it's important to make it clear that he is not a conservative - and the opposite of libertarian (ie an authoritarian). Especially when so many idiots on this board say otherwise.

I found Barry Obolshevik's haughty, kinow-it-all, punk-asssed behavior reprehensible, yet his supporters gobbled it up....Didn't send me into orbit as Trump's bull-in-a-china-shop manner obviously does with you.....

He's not a bull in a china closet. He's a troll. His divisive rhetoric is a deliberate attempt to sew confusion, fear and anger.

Trump is not the face of conservative values. He is the face of just how dead conservative values are in the Republican party.

He is a symptom of the disease which has killed the GOP.

You're the one who tried to claim you were a conservative for about 4 years, aren't you?

Yes, banning tax expenditures and lowering tax rates is as conservative as it gets, dumbass.

 

[bripat9643]

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.

From dumb to dumber Dumb being whether Trump is a good business man and dumber being you jackasses blaming him for a virus

I don't blame him for the virus. I blame him for his catastrophic bungling of the response to the virus. With only 4 percent of the total world population, we have by far the most deaths.

Trump is a total disaster.

All caught up now?

See the first line in my signature.

Of course you do, you fucking moron. If you blame him for the $3 trillion deficit, then you blame him for the virus.

Nope. The stimulus would not have been necessary if Trump had acted to mitigate the effect of the virus.

You yourself said if more than 17,000 people died, I could rightfully blame Trump.

You have been hoisted by your own petard, dumbass.

What should he have done? Tell us. You turds never say what your plan is.

I didn't say you could blame Trump. I said you could claim his prediction was wrong. That's all.

 

[bripat9643]

Neither "conservatism" (whatever the hell that's supposed to mean anymore) nor libertarianism are represented by a man who is clearly a populist....Worrying about that is a total waste of energy.

As the nominal leader of the Republican party he is the public face of conservative values. I think it's important to make it clear that he is not a conservative - and the opposite of libertarian (ie an authoritarian). Especially when so many idiots on this board say otherwise.

I found Barry Obolshevik's haughty, kinow-it-all, punk-asssed behavior reprehensible, yet his supporters gobbled it up....Didn't send me into orbit as Trump's bull-in-a-china-shop manner obviously does with you.....

He's not a bull in a china closet. He's a troll. His divisive rhetoric is a deliberate attempt to sew confusion, fear and anger.

Trump is not the face of conservative values. He is the face of just how dead conservative values are in the Republican party.

He is a symptom of the disease which has killed the GOP.

You're the one who tried to claim you were a conservative for about 4 years, aren't you?

Yes, banning tax expenditures and lowering tax rates is as conservative as it gets, dumbass.

Not unless you repeal the income tax. Otherwise it's just a leftwing tax increase.

 

[g5000]

When more than 17,000 Americans die from it (Covid-19), then you can legitimately attack Trump. - bripat9643

Boom.

 

[g5000]

Neither "conservatism" (whatever the hell that's supposed to mean anymore) nor libertarianism are represented by a man who is clearly a populist....Worrying about that is a total waste of energy.

As the nominal leader of the Republican party he is the public face of conservative values. I think it's important to make it clear that he is not a conservative - and the opposite of libertarian (ie an authoritarian). Especially when so many idiots on this board say otherwise.

I found Barry Obolshevik's haughty, kinow-it-all, punk-asssed behavior reprehensible, yet his supporters gobbled it up....Didn't send me into orbit as Trump's bull-in-a-china-shop manner obviously does with you.....

He's not a bull in a china closet. He's a troll. His divisive rhetoric is a deliberate attempt to sew confusion, fear and anger.

Trump is not the face of conservative values. He is the face of just how dead conservative values are in the Republican party.

He is a symptom of the disease which has killed the GOP.

You're the one who tried to claim you were a conservative for about 4 years, aren't you?

Yes, banning tax expenditures and lowering tax rates is as conservative as it gets, dumbass.

Not unless you repeal the income tax. Otherwise it's just a leftwing tax increase.

Nope. You are an idiot not worth wasting my time on any more.

 

[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.

Thank you. My number one issue I have discussed hundreds of times on this forum is that we need to ban tax expenditures.

But you will see pseudo-conservatives scream like welfare queens at the very prospect of having their government freebies taken away.

In other words, you want to increase taxes.,

See, Fred? Bripat is one of the whiniest of the welfare queens.

He does not understand that if you eliminate tax expenditures, you can LOWER tax rates. He is completely innumerate.

You already stated that you oppose lowering tax rates, moron.

 

[bripat9643]

Neither "conservatism" (whatever the hell that's supposed to mean anymore) nor libertarianism are represented by a man who is clearly a populist....Worrying about that is a total waste of energy.

As the nominal leader of the Republican party he is the public face of conservative values. I think it's important to make it clear that he is not a conservative - and the opposite of libertarian (ie an authoritarian). Especially when so many idiots on this board say otherwise.

I found Barry Obolshevik's haughty, kinow-it-all, punk-asssed behavior reprehensible, yet his supporters gobbled it up....Didn't send me into orbit as Trump's bull-in-a-china-shop manner obviously does with you.....

He's not a bull in a china closet. He's a troll. His divisive rhetoric is a deliberate attempt to sew confusion, fear and anger.

Trump is not the face of conservative values. He is the face of just how dead conservative values are in the Republican party.

He is a symptom of the disease which has killed the GOP.

You're the one who tried to claim you were a conservative for about 4 years, aren't you?

Yes, banning tax expenditures and lowering tax rates is as conservative as it gets, dumbass.

Not unless you repeal the income tax. Otherwise it's just a leftwing tax increase.

Nope. You are an idiot not worth wasting my time on any more.

No one is forcing you to replay to my posts, moron.

 

[g5000]

A poisonous snake bites a man on the leg. He decides to call the snakebite a hoax and ignore it. He waves away a doctor with anti-venom.

"It will go away. Like a miracle."

Later, as he lays dying, he exclaims, "I am not to blame for the snake!"

This is the type of profoundly retarded thinking we see among the Trump sheep.

How many people are dying solely from the snake bite vs. snake bite plus other pre-existing conditions? How many people’s deaths are being classified as the cause of death even though they never came in contact with the snake?

We have the MOST COVID DEATHS IN THE WORLD.

You can all jive and dance all day long, you aren't fooling anyone but yourselves.

 

[sartre play]

Just not happy that percentage wise I paid 10 times more taxes than a supposed billionaire born with a gold spoon in his mouth.

 

[dblack]

A poisonous snake bites a man on the leg. He decides to call the snakebite a hoax and ignore it. He waves away a doctor with anti-venom.

"It will go away. Like a miracle."

Later, as he lays dying, he exclaims, "I am not to blame for the snake!"

This is the type of profoundly retarded thinking we see among the Trump sheep.

How many people are dying solely from the snake bite vs. snake bite plus other pre-existing conditions? How many people’s deaths are being classified as the cause of death even though they never came in contact with the snake?

We have the MOST COVID DEATHS IN THE WORLD.

You can all jive and dance all day long, you aren't fooling anyone but yourselves.

But they do seem to be fooling themselves very effectively.

 

[LeftofLeft]

A poisonous snake bites a man on the leg. He decides to call the snakebite a hoax and ignore it. He waves away a doctor with anti-venom.

"It will go away. Like a miracle."

Later, as he lays dying, he exclaims, "I am not to blame for the snake!"

This is the type of profoundly retarded thinking we see among the Trump sheep.

How many people are dying solely from the snake bite vs. snake bite plus other pre-existing conditions? How many people’s deaths are being classified as the cause of death even though they never came in contact with the snake?

We have the MOST COVID DEATHS IN THE WORLD.

You can all jive and dance all day long, you aren't fooling anyone but yourselves.

What is the breakdown of COVID + Preexisting Conditions vs. COVID stand-alone deaths? What is your source?

 

[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.

OP is a red herring, thats what I'm talking about.

So liberals are happy that rich people are taking tax cuts set up by Obama? Since Bush gave tax cuts to the rich until Obama repealed them and to this day we hear about the tax cuts. There is no difference between tax cuts and tax credits and deductions. The effective tax rate is what matters, it is the bottom line on the taxes one pays. It's called talking out both sides of the mouth.

The rich that claim they want to pay higher taxes have the opportunity not to and they don't, they choose to pay only what they owe. People bitchin about lower tax rates say nothing about the huge loopholes the government provides the rich for tax avoidance, it is all legal.

Trump needs to pay what he is legally entitled to and no more. Trump is under no obligation to show his taxes and I have no issue with him not showing his taxes. The government can investigate his taxes if they wish and probably do. If in the future people are really want candidates to show their taxes, they can pressure Congress to write a law, otherwise it is just a stupid tradition.

You may feel the OP is a Red Herring, I don't believe it is. What government does for the rich is of legitimate concern to all Americans. Disagree all you like.

 

[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.

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.

OP is a red herring, thats what I'm talking about.

So liberals are happy that rich people are taking tax cuts set up by Obama? Since Bush gave tax cuts to the rich until Obama repealed them and to this day we hear about the tax cuts. There is no difference between tax cuts and tax credits and deductions. The effective tax rate is what matters, it is the bottom line on the taxes one pays. It's called talking out both sides of the mouth.

The rich that claim they want to pay higher taxes have the opportunity not to and they don't, they choose to pay only what they owe. People bitchin about lower tax rates say nothing about the huge loopholes the government provides the rich for tax avoidance, it is all legal.

Trump needs to pay what he is legally entitled to and no more. Trump is under no obligation to show his taxes and I have no issue with him not showing his taxes. The government can investigate his taxes if they wish and probably do. If in the future people are really want candidates to show their taxes, they can pressure Congress to write a law, otherwise it is just a stupid tradition.

You may feel the OP is a Red Herring, I don't believe it is. What government does for the rich is of legitimate concern to all Americans. Disagree all you like.

I personally think that writing off loss over longer period was a reasonable change.

Bussiness loss can easily wipe out many years of gains. 4 years is a reasonable window to write down those losses.

But again, the case against Trump is not primarily about legal loopholes, but rather illegal evasion and huge conflicts of interest. These are not someone's "feelings" as you want to talk about it.

When Cohen testified that Trump undervalued his assets to minimize his tax liability, thats not taking advantage of the loopholes, thats fraud.

 

[WTF19]

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.

its not denial---duh. its the fake news that you listen to. tell me if this sounds like anything you know...ready----to report the news without opinion, not to be biased do you have a clue what that is the definition of? i doubt it.....clue---its not nyt, nbc, cnn, hopefully you get the picture now