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

[WTF19]

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

Settle down, valiant Trumpster warrior! I was merely saying that's what they're trying to claim. Didn't say I agree with it. But I'm sure you know more about what I'm thinking than I do, eh?

so in other words you are promoting FAKE news. i see

Yep. He was. Then he claims he didn't get what he said. It's pathetically lame

Fuck you troll.

so you dont like the answer, so its gotta be a trolll

 

[dblack]

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

Settle down, valiant Trumpster warrior! I was merely saying that's what they're trying to claim. Didn't say I agree with it. But I'm sure you know more about what I'm thinking than I do, eh?

so in other words you are promoting FAKE news. i see

... here we go again. You think I'm a Democrat right ...

dblack: ... here we go again. You think I'm a Democrat right ...

Why do people keep thinking that I wonder?

Because Trumpsters are, mostly, fucking idiots.

 

[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.

But we are not talking about some bussinessman, we are talking about the POTUS - who is now in a postion of controll over the IRS that he has an 80 million dollar despute with, lenders to whom his 400 million dollar loans are coming due in a couple of years and countries subject to American foreign policy where Trump needs to make the money to pay off these debts.

The conflicts of interests here are through the roof and this is without keeping in mind Trump's unscrupulous cahracter.

Michael Cohen doesn't do Trump's taxes, so how would he know?

He was his close and personal lawyer who was intimately involved in many deals. His testimony is directly realted to currently ongoing investigation in NY.

Federal appeals court blocks release of Trump's tax returns to Manhattan DA

The 2nd Circuit will hear oral arguments in the legal battle between President Trump and Manhattan District Attorney Cyrus Vance on September 25.

www.cbsnews.com

 

[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.

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

 

[kaz]

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

Settle down, valiant Trumpster warrior! I was merely saying that's what they're trying to claim. Didn't say I agree with it. But I'm sure you know more about what I'm thinking than I do, eh?

so in other words you are promoting FAKE news. i see

... here we go again. You think I'm a Democrat right ...

dblack: ... here we go again. You think I'm a Democrat right ...

Why do people keep thinking that I wonder?

Because Trumpsters are, mostly, fucking idiots.

Gotcha. Republicans and libertarians are idiots. The aren't smart like Democrats. Which you claim you're not.

Didn't think that insult through, did you, Biden worshipper?

 

[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...though he sure stinks like one.

 

[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.

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 Trump's ILLEGAL tax evasion

 

[Drop Dead Fred]

Multi-Millionaire Democrat politicians use the same deductions (Loop Holes) the President does

The following rich liberals have all used legal tax shelters to legally lower their own taxes.

I am not criticizing their legal use of these legal tax shelters.

I am criticizing their hypocrisy, because every single one of these rich liberals has spoken out in favor of higher taxes for the rich.

Debbie Wasserman Schultz

The Weekly Standard reports:

Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.

Nancy Pelosi

The Daily Caller reports:

According to Pelosi’s 2011 financial disclosure statement, the Democratic House Minority Leader received between $1 million and $5 million in partnership income from ”Matthews International Capital Management LLC,” a group that emphasizes that it has a “A Singular Focus on Investing in Asia.”A quick trip to the company website reveals a featured post extolling the virtues of outsourcing.

Valerie Jarrett

fireandreamitchell.com reports:

Top Obama adviser and BFF Valerie Jarrett has a line of credit from a Bermuda insurance company valued between $100,000 and a quarter of a million dollars.

Barack Obama

Fox News reports:

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes.

Noam Chomsky

The Hoover Institution reports:

One of the most persistent themes in Noam Chomsky’s work has been class warfare. He has frequently lashed out against the “massive use of tax havens to shift the burden to the general population and away from the rich” and criticized the concentration of wealth in “trusts” by the wealthiest 1 percent. The American tax code is rigged with “complicated devices for ensuring that the poor—like 80 percent of the population—pay off the rich.”

But trusts can’t be all bad. After all, Chomsky, with a net worth north of $2,000,000, decided to create one for himself. A few years back he went to Boston’s venerable white-shoe law firm, Palmer and Dodge, and, with the help of a tax attorney specializing in “income-tax planning,” set up an irrevocable trust to protect his assets from Uncle Sam. He named his tax attorney (every socialist radical needs one!) and a daughter as trustees. To the Diane Chomsky Irrevocable Trust (named for another daughter) he has assigned the copyright of several of his books, including multiple international editions.

Chomsky favors the estate tax and massive income redistribution—just not the redistribution of his income. No reason to let radical politics get in the way of sound estate planning.

When I challenged Chomsky about his trust, he suddenly started to sound very bourgeois: “I don’t apologize for putting aside money for my children and grandchildren,” he wrote in one e-mail. Chomsky offered no explanation for why he condemns others who are equally proud of their provision for their children and who try to protect their assets from Uncle Sam.

John Kerry

The Boston Globe reports:

Documents obtained by the Globe detail John Kerry’s 1983 investment of between $25,000 and $30,000 in offshore companies registered in the Cayman Islands. The document below, signed by Kerry, shows his pledge to purchase 2,470 shares of Peabody Commodities Trading Corp. through Sytel Traders, registered in the Caymans.

Barney Frank

National Review reports:

When Massachusetts cut its top tax rate to 5.3 percent in 2001, it let guilty liberals pay the old 5.85 percent rate if they wished… Pro-tax U.S. Rep. Barney Frank (D., Mass.) spurned the higher rate. “No, I won’t” pay some $800 extra, Frank told Boston radio host Howie Carr in April 2003.

Michael Moore

ihatethemedia.com reports:

Moore’s most recent effort, Capitalism: A Love Story, took aim at businesses that used shelters to avoid paying taxes and took government bailouts during the market crash.

The thing is, Moore used similar tactics, taking advantage of a Michigan tax break to fund the making of his film–which raked in millions, by the way. Michigan taxpayers–already hit hard with the collapsing auto industry–were left holding the funny money bag for that one.

Bill Clinton

USA Today reports:

Former president Bill Clinton once made public a tax return on which he deducted $2 apiece for donated underwear.

 

[hadit]

Now why are we supposed to be outraged about this again?

 

[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.

 

[dblack]

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

Settle down, valiant Trumpster warrior! I was merely saying that's what they're trying to claim. Didn't say I agree with it. But I'm sure you know more about what I'm thinking than I do, eh?

so in other words you are promoting FAKE news. i see

... here we go again. You think I'm a Democrat right ...

dblack: ... here we go again. You think I'm a Democrat right ...

Why do people keep thinking that I wonder?

Because Trumpsters are, mostly, fucking idiots.

Gotcha. Republicans and libertarians are idiots. The aren't smart like Democrats. Which you claim you're not.

Didn't think that insult through, did you, Biden worshipper?

Fuck you troll.

 

[BS Filter]

Well, they aren't real true "liberals". They're ignorant indoctrinated marxists and they're ALWAYS angry. That's because they're disgruntled unhappy losers.

 

[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.

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. You made up the "found guilty," that wasn't part of our discussion.

Depoopoo again, flip, flop, flip, flop, Democrat, Republican, flip, flop ...

 

[Oddball]

Because Trumpsters are, mostly, fucking idiots.

I'm rather taken aback that you -an alleged libertarian- would paint with such a broad brush....Especially in light of what has transpired the last four years.

Imagine for a moment what would have happened had Harry Browne won in 1996.

Do you think that the reaction from the ruling class would have been one bit different?

How about the sheer hysteria from the leftbat press?...Think that would be much different that what we're seeing today?

How about the never-ending howling and smears from these establishment hacks, no matter what he did or didn't do, and when he did or didn't do it?

How about a two-year long "investigation" into his election, based upon nothing but illegally ginned-up warrants and wanton criminal activity on the part of the "investigators?

Then he was then impeached on the most flimsy of pretexts?

You think that people like you and I could be pried away from supporting him in 2000 with Earth moving equipment?

Answer honestly.

 

[kaz]

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

Settle down, valiant Trumpster warrior! I was merely saying that's what they're trying to claim. Didn't say I agree with it. But I'm sure you know more about what I'm thinking than I do, eh?

so in other words you are promoting FAKE news. i see

... here we go again. You think I'm a Democrat right ...

dblack: ... here we go again. You think I'm a Democrat right ...

Why do people keep thinking that I wonder?

Because Trumpsters are, mostly, fucking idiots.

Gotcha. Republicans and libertarians are idiots. The aren't smart like Democrats. Which you claim you're not.

Didn't think that insult through, did you, Biden worshipper?

Fuck you troll.

Note you ran away from the discussion about the difference between tax losses and income statements, even you knew you had no content and didn't want to learn anything

 

[WTF19]

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

Settle down, valiant Trumpster warrior! I was merely saying that's what they're trying to claim. Didn't say I agree with it. But I'm sure you know more about what I'm thinking than I do, eh?

so in other words you are promoting FAKE news. i see

I'm not promoting anything. Oh, boy - here we go again. You think I'm a Democrat right, and you'll fixate on that for the next three hours and troll me over it. How 'bout we just cut to the 'fuck you troll' and get it overwith, mkay?

it sounds like you just have issues w/anything. you should make a dr appt and find out where your hatred comes from

 

[TNHarley]

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?

Less taxes for having a bad year? Refunds for failing?

 

[kyzr]

"Only little people pay taxes" (Leona accidentally told the truth)

Big people create thousands of jobs that pay tons of taxes

Liar.
Big people move thousands of factories overseas, taking millions of jobs with them.

https://www.washingtonpost.com/news/fact-checker/wp/2018/03/26/president-trumps-claim-that-china-caused-60000-u-s-factories-to-close/

The Facts
Census figures show 59,794 manufacturing establishments closed in the United States from 2001 through 2015, erasing 4.3 million jobs. Data from the Bureau of Labor Statistics show a 4.7 million job loss in the manufacturing industry over the same period.

Trump is using an accurate number for factory closures since China joined the WTO, but he’s off by at least 1.3 million with his estimate for the resulting job losses.

 

[dblack]

Because Trumpsters are, mostly, fucking idiots.

I'm rather taken aback that you -an alleged libertarian- would paint with such a broad brush....Especially in light of what has transpired the last four years.

I'm dismissing a troll. Kaz follows me around insisting I'm a Democrat because I won't crawl up Trump's ass with him.

 

[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.

fuck ny---cuomo the homo should be investigated for corruption. this asswipe is a criminal, and a murderer