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

easyt65

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It's their old, DIVISIVE strategy of 'CLASS WARFARE'.

President Trump, like every other citizen, is taking advantage of what is in the law.

'DEDUCTIONS' are intentionally called 'LOOP HOLES'. The term 'Loop Holes' is used to help Americans conjure up an image of a Tax Cheat. Multi-Millionaire Democrat politicians use the same deductions (Loop Holes) the President does, though they and the Fake News media will not tell you that. Also, those who work themselves into a lathered 'hate' would do well to realize that THEY do the same exact thing - take advantage of every possible EXEMPTION to prevent paying more taxes than necessary.

It's also their old, DIVISIVE strategy of 'CLASS ENVY'.

Democrats use the term 'Pay Their 'FAIR SHARE'....great, so the idea of 'TAX JUSTICE' being pushed by Democrats is based loosely on Bill Clinton's 'Definition of the word 'is''. What is 'fair share'? Who gets to decide that? Democrats have appointed themselves as that 'Judge'.

Democrats villainize those who have a great deal of wealth...while excluding THEMSELVES in this divisive con. A friend of mine used to say whenever you point a finger at someone you always have 3 pointing back at YOU. Democrats are HYPOCITES. Ironic that multi-millionaire Speaker of the House Nancy Pelosi is abandoning Americans struggling, needing COVID relief aid, yet she runs home to her 'mansion' and gives an interview in front of her $24,000 freezer while eating from a half dozen gallons of gourmet ice cream (a la Marie Antoinette) then later screeches at how 'evil' that 'rich' ol' President Trump is for not 'paying his fair share in taxes'.

Gee, you think Diane Feinstein, who enriched herself her entire career by taking money from China - even was caught facilitating Chinese espionage for DECADES, paid her 'fair share' of taxes on those millions she got from China. I wonder if Pelosi, Schumer, and other Democrats paid THEIR FAIR SHARE of money they have taken from China.

Before raising anyone else's taxes or make changes to the tax code, and since OUR tax dollars are being used to pay the salaries of OUR 'public servants', I think an AUDIT of every single federal politicians' taxes and financial records should be conducted. If the desire is to uncover illegal dealings by our federal officials, let's clean house - audit all of them.
- The problem with that is that THEY have passed legislation sealing off their own finances (pay/investments/etc...) from the FOIA. The criminal politicians 'stirring the 'Class Warfare/Envy pot' are guilty as hell of doing / being what they accuse others of being / doing...as usual.
 

theHawk

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People seem to forget about the housing and real estate crash of 2008-2012. He would had taken massive loses just like most all real estate owners.
 

ralfy

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President Donald Trump and the GOP leadership have vowed to reduce U.S. corporate taxes, arguing that the statutory 35 percent rate is far too high.

But thanks to loopholes and tax-minimization strategies, few large, profitable corporations actually pay that rate. Among the roughly half of Fortune 500 companies that were consistently profitable between 2008 and 2015, the effective federal income tax rate was 21.2 percent over that eight-year period, according to a study from the Institute on Taxation and Economic Policy. Eighteen of them, including General Electric (GE) and Priceline.com (PCLN), paid no federal income taxes during that time.
 

Billiejeens

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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?
I didn't get the impression that they're upset about the loopholes. It's more of an attempt to show that he's not the "successful businessman" he claims.

Doesn't seem as if that's working either.
 

easyt65

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Well, trump doesn't like anything else Obama did which is why he's trying to get millions of people kicked off the ACA. So, why should he use an Obama tax loophole? No, this turd in the white house is out for #1.
I completely agree ....and his #1 is American citizens, as proven by his actual reported, recorded, factual ldeeds and the results show:

Strongest economy in DECADES.
Lowest overall unemployment in DECADES (Financial benefit for Americans)
Lowest black unemployment rate in US HISTORY
Lowest Latino, Asian, Women, and young adult unemployment in HISTORY (Financial benefit for Americans)
Most American people working at 1 time EVER (Financial benefit for Americans)
Millions of Americans off Democrat hand-outs and became independent, working, earning
- Obama set a record for the number of Americans on Food Stamps / welfare / unemployment
More jobs, more opportunity, higher pay (without touching the Minimum Wage), raises, bonuses
Record Stock Market

The rising tide lifts / lifted all boats...

...and Biden wants to re-instate the same job killing, economy-stifling policies of economic-slavery.

Democrat-defending ignorant sheep/ snowflakes are too stupid to see that Democrats are DESPARATE to destroy the successes achieved for Americans under Trump and to prevent an economic comeback in his 2nd term. DEPENDENCE on the government, on DEMOCRATS rather than personal financial INDEPENDENCE (which should be the goal), is the life-blood of the Democratic Party and key to their success.

HERE'S A 'WAKE THE F* UP' MOMENT, IF PEOPLE CHOOSE TO SEE IT FOR WHAT IT IS:
All the Minority-earned economic success achieved under Trump his 1st 3 years was A THREAT to Democrats and their future. Remember, DEPENDENCE on Democrats is the key to their success...so how do they eliminate the threat?

IN THE NAME OF COVID-19 DEMOCRATS TRAMPLED BOTH CONSTITUTIONAL AND CIVIL RIGHTS, OPPRESSING AND STRIPPING AMERCIANS OF THEIR RIGHTS BY DICTATING LIMITS ON THEIR RIGHT TO PRACTICE RELIGION BUT PRIMARILY BY MANDATING THE CLOSURE OF BUSINESS:

IN THE LAST 8 MONTHS, DUE TO THESE MANDATES, INTENDED TO HURT THE ECONOMY GOING INTO THEELECTION AND DESTROY MINORITY-ACHIEVED SUCCESS/INDEPENDENCE TO FORCE MINORITIES TO RETURN TO THE DEMOCRAT 'PLANTATION':
46% (nearly HALF) of ALL black-owned small businesses in the United States have been wiped out - are GONE
31% (nearly 1/3rd) of ALL Latino-owned small businesses in the United States have been wiped out - are GONE
26% (1 in 4) of ALL Asian-owned small businesses in the United States have been wiped out - are GONE
25% (1 if every 4) Women-owned small businesses in the United States have been wiped out - are GONE


They are not even in power - don't have the WH yet - and STILL they devastated the economy and destroyed the life's work/dreams of millions of minority business owners in the United States just to regain power. If they get that power, as stated, Biden wants to eliminate the rest of all success achieved under President Trump and re-instate the policies and regulations of the Obama era...the policies and era that declared:

'WHAT WE HAVE NOW IS THE BESTWE CAN EXPECT / HOPE FOR...MANUFACTURING IS NOT COMING BACK TO THE UNITED STATES. JOBS ARE NOT COMING BACK TO THE UNITED STATES. THIS IS 'THE NEW NORM'!

President Trump had a response to that, and that response was NEW HEIGHTS OF ECONOMIC SUCCESS AND INDEPENDENCE Obama and Biden claimed were IMPOSSIBLE to achieve.



LORI HENDRY on Twitter: Obama: manufacturing jobs are just 'not going to  come back' Trump: Abracadabra bitch! Manufacturing jobs up 400k 37+ in July  alone
 

Billiejeens

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Democrats are frustrated, they can't defeat Trump on the issues, the economy, trade, foreign policy, jobs, none of these issues are winnable. So true to form Dems pin their hopes on personal attacks like Trumps taxes. It's sad really, the party that used to win on the issues has been reduced to rubble.
When did they win on issues?
 

hadit

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Well, trump doesn't like anything else Obama did which is why he's trying to get millions of people kicked off the ACA. So, why should he use an Obama tax loophole? No, this turd in the white house is out for #1.
When it comes to taxes, so is everyone else. Otherwise, those liberal millionaires clamoring for higher taxes wouldn't take all the breaks they do.
 

Billiejeens

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The big takeaway from this, is that our system rewards failure. Of course, this shit blows up in our faces constantly. Its just an unfriendly reminder.
That is actually not the take away.
 
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PatriotJohn888

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People seem to forget about the housing and real estate crash of 2008-2012. He would had taken massive loses just like most all real estate owners.
Are you trying to use logic? How fucking dare you!!! I am literally shaking right now.
 

Billiejeens

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Well, trump doesn't like anything else Obama did which is why he's trying to get millions of people kicked off the ACA. So, why should he use an Obama tax loophole? No, this turd in the white house is out for #1.
Doesn't appear as if you understand what is going on - at all.
 

Bootney Lee Farnsworth

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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:


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.
Of course they get pissed off when their enemy uses their bullshit against them. It is a clear sign of a lack of fundamental principles. It seems the only principle is win at all costs. anything that gets them more power is acceptable.

We libertarians need to seize power and never give it back to either of these parties. The problem is that doing so works entirely contrary to our own philosophy and principles.

Our libertarian principles (or liberal principles, as they should be called) are both our greatest asset and our biggest stumbling block.

It is for this reason I believe that war is inevitable.
 

kaz

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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?
I didn't get the impression that they're upset about the loopholes. It's more of an attempt to show that he's not the "successful businessman" he claims.
What do tax losses have to do with not being a successful business man?

Do you understand the difference between a business tax return and a GAAP financial statement? They are ENTIRELY different things
 

kaz

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The big takeaway from this, is that our system rewards failure. Of course, this shit blows up in our faces constantly. Its just an unfriendly reminder.
How so?
 

iceberg

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This is not about Obama or a loophole.

Yes it is. Democrats are complaining that Trump didn't pay any taxes.

One of the reasons that Trump didn't pay any taxes is because of a loophole that was signed by Obama.
what i don't get is -

he was never legally required to turn them over. their faux rage was known to be a bullshit hunt from the word go. so they FINALLY find them and dig through them and this is the best they can come up with?

he followed all tax laws?
NO RUSSIA LINKS FOUND?

they ate their own shit sammich and are bitching it didn't taste good. fucknuggets.
 

kaz

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President Donald Trump and the GOP leadership have vowed to reduce U.S. corporate taxes, arguing that the statutory 35 percent rate is far too high.

But thanks to loopholes and tax-minimization strategies, few large, profitable corporations actually pay that rate. Among the roughly half of Fortune 500 companies that were consistently profitable between 2008 and 2015, the effective federal income tax rate was 21.2 percent over that eight-year period, according to a study from the Institute on Taxation and Economic Policy. Eighteen of them, including General Electric (GE) and Priceline.com (PCLN), paid no federal income taxes during that time.
That's a lie. Those companies paid tons of taxes. You don't know WTF you are talking about
 

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