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rdean
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Trump's huge tax break: Was it legal? (Opinion) - CNN.com
The Real Scandal of Trump’s Massive Tax Deductions Is They’re Only Available to People Like Him
I'm looking at Trump's billion dollar loss and there is something no one is talking about. I'm no tax expert, but there are things even I know.
It's like this: If I have a business selling lemonade and you invest 100 dollars and my business fails. So I tell you I lost 80 dollars and all I have to give you back is 20 bucks and could you forgive the rest and you take the 20, say OK and forgive the rest.
Now, because you lost 80 bucks on that business venture, you can take a tax deduction on that 80 bucks.
But not me. When you forgave that 80 bucks, you basically made that 80 bucks my income. I didn't lose 80 bucks, you did. And when you forgave that 80 bucks, that means I have to report that 80 bucks as income. Because I never paid it back and in business, there are no free gifts. So if I counted that 80 bucks as a loss, then that same 80 bucks would be counted twice as a loss. Do you see how that would be illegal?
Now Trump, as we all know, says he uses OPM (other people's money) and it was three casino's that went bankrupt. So the only way Trump could claim a billion dollar tax write off was if he completely owned all three casino's. If there were no other investors.
So did Trump claim the losses of his investors as his own?
The IRS has to investigate those casino investors and find out what they lost and find out what Trump himself actually lost.
If they discover that Trump counted the loses of his investors as his own, and didn't count the forgiven money as income, then he has successfully scammed the US for a billion dollars. His tax returns would tell the tail.
So how probable is this? Well, he used the uncertified Trump foundation as a private fund for paying bribes and paying off lawsuits. The Trump foundation has never been audited. If it weren't for a single reporter, who knows how much longer that would have gone on?
So the Democrats need to keep up the pressure. He must release his tax returns. After all, we don't know this man at all. We need to know what his is doing and what he has done.
The Real Scandal of Trump’s Massive Tax Deductions Is They’re Only Available to People Like Him
I'm looking at Trump's billion dollar loss and there is something no one is talking about. I'm no tax expert, but there are things even I know.
It's like this: If I have a business selling lemonade and you invest 100 dollars and my business fails. So I tell you I lost 80 dollars and all I have to give you back is 20 bucks and could you forgive the rest and you take the 20, say OK and forgive the rest.
Now, because you lost 80 bucks on that business venture, you can take a tax deduction on that 80 bucks.
But not me. When you forgave that 80 bucks, you basically made that 80 bucks my income. I didn't lose 80 bucks, you did. And when you forgave that 80 bucks, that means I have to report that 80 bucks as income. Because I never paid it back and in business, there are no free gifts. So if I counted that 80 bucks as a loss, then that same 80 bucks would be counted twice as a loss. Do you see how that would be illegal?
Now Trump, as we all know, says he uses OPM (other people's money) and it was three casino's that went bankrupt. So the only way Trump could claim a billion dollar tax write off was if he completely owned all three casino's. If there were no other investors.
So did Trump claim the losses of his investors as his own?
The IRS has to investigate those casino investors and find out what they lost and find out what Trump himself actually lost.
If they discover that Trump counted the loses of his investors as his own, and didn't count the forgiven money as income, then he has successfully scammed the US for a billion dollars. His tax returns would tell the tail.
So how probable is this? Well, he used the uncertified Trump foundation as a private fund for paying bribes and paying off lawsuits. The Trump foundation has never been audited. If it weren't for a single reporter, who knows how much longer that would have gone on?
So the Democrats need to keep up the pressure. He must release his tax returns. After all, we don't know this man at all. We need to know what his is doing and what he has done.