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

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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

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

Yes. dblack is angry that non-Democrats keep calling him a Democrat and he's upset and insults how stupid we are for not being Democrats and thinking he's a Democrat when he's a non-Democrat.

Couldn't make that shit up
 
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.
That's not an answer to the questions.

You are a fool to dismiss Trump supporters as you have.

The reason I often get mistaken for a Trumpster is that I have carefully considered the questions that were just posed....I understand them because I can put myself in their shoes and use their criteria....By the same token, you don't understand them because you're trying to cram them into your criteria.....That's idiocy on your part, not theirs.
 
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.

kaz does, Republicans do, libertarians do.

It's funny how you don't think I see all the other identical conversations on the board.

I even quoted you saying why do people keep saying you're a Democrat!!!!!

That one was pretty funny. Why, dblack? Why do people keep saying you're a Democrat?
 
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.

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???

:rolleyes:

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 new reporting, 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 oceans of conflicts for just a smidge of perspective.
 
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.
That's not an answer to the questions.

You are a fool to dismiss Trump supporters as you have.

And you are fool to defend them. Trump is the worst thing to happen to the cause of liberty in my lifetime. He's creating an entire generation of socialists.
 
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.

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???

:rolleyes:

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
 
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.

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???

:rolleyes:

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 oceans of conflicts for just a smidge of perspective.
show us the link to that comment
 
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.
That's not an answer to the questions.

You are a fool to dismiss Trump supporters as you have.

And you are fool to defend them. Trump is the worst thing to happen to the cause of liberty in my lifetime. He's creating an entire generation of socialists.

Dumbest crap ever. Democrats have been going socialist for the last 40 years that I followed politics. Trump isn't even been in politics for half a decade. That's just some stupid shit blaming Trump for the Democrats going socialist. The Democrats are responsible for their going socialist
 
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.
That's not an answer to the questions.

You are a fool to dismiss Trump supporters as you have.

And you are fool to defend them. Trump is the worst thing to happen to the cause of liberty in my lifetime. He's creating an entire generation of socialists.
wrong---BARRAG o---worst representation for AMERICA in history. this asswipe was/is a worthless POS
 
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.

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???

:rolleyes:

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.
 
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.

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???

:rolleyes:

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.

And note again you're trying to change the standard. I said you are assuming his guilt, you are. You keep trying to say now that you never claimed he was "convicted." That wasn't what you said and wasn't what I challenged. You assumed guilt and that's what I called you out on
 
He's creating an entire generation of socialists.

PLEASE...Democrats started down this path long ago with the indoctrination of students in the public education system. These kids have now grown up, physically at least, and viola, here we are. Democrats absolutely HATE, and ABHOR personable responsibility because it is the antithesis of Socialism. All you hear from today's Democrats is why they can't make it due to some inequality or hurdle which is certainly NOT their fault. It never is.
 
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.

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 BARRAG o passed it...whats the problem, its all legal.

did you even read what you quoted before you had that brain fart?

Writing off loss over time is not the problem here.
You have proof that he understated his taxes? Aside from Cohen, that is.
 
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.

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???

:rolleyes:

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.
 
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.
That's not an answer to the questions.

You are a fool to dismiss Trump supporters as you have.

And you are fool to defend them. Trump is the worst thing to happen to the cause of liberty in my lifetime. He's creating an entire generation of socialists.
Is understanding them really the same as rushing to their defense?...Really?

You think all this "socialism", "fascism", or what have you just beamed into existence on 20 Jan 2017?

Trump is just another in a long line of tramplers of liberty that stretches back to TR, at least....Calling him the worst thing that has happened to liberty -especially after what was done to him during the 2016 election and transition- is as hyperbolic as you can get.....Granted that he's no better, but claiming him as the worst is exaggeration that is off the scale.

Take a benzodiazapene and chill out.
 
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.

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 BARRAG o passed it...whats the problem, its all legal.

did you even read what you quoted before you had that brain fart?

Writing off loss over time is not the problem here.
You have proof that he understated his taxes? Aside from Cohen, that is.

Yes, he wants to believe it. That's absolute proof to a Democrat
 
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.

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???

:rolleyes:

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.
 
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.

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???

:rolleyes:

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.

OK, right. So one more time. Stop stating it as he is guilty, you don't know that
 
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.

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???

:rolleyes:

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.

It is another Democrat witch hunt. There is nothing illegal about paying Stormy Daniels for silence and that Trump deducted the expense is made up by the left. If he did, the IRS would have challenged it and they didn't.

The Southern District of New York is a leftist witch tribunal and they want to burn enemies of the Democrat party at the stake
 

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