He's the worst, by far, from a PR standpoint. He's created an image of conservatism that is utterly repulsive. And the acceptance of socialism, especially among younger people, has radically accelerated since his election. Simply put, I don't want conservatism, and by extension libertarianism, associated with such a repugnant person. And my experience has been that most of his followers like him because he's so repugnant. They actually get off on it.
Why are liberals angry at Trump for using a tax loophole that was signed into law by Obama?
- Thread starter Drop Dead Fred
- Start date
He's the worst, by far, from a PR standpoint. He's created an image of conservatism that is utterly repulsive. And the acceptance of socialism, especially among younger people, has radically accelerated since his election. Simply put, I don't want conservatism, and by extension libertarianism, associated with such a repugnant person. And my experience has been that most of his followers like him because he's so repugnant. They actually get off on it.
AntonToo
Diamond Member
- Jun 13, 2016
- 30,355
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- 1,340
What "dispute" is 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:
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
www.wcjb.com
And yet you look at Democrats calling us racists, misogynists, homophobes, xenophobes, lovers of the rich and corporations and haters of the poor and are like, what? You don't see anything.
You listen to Biden's hate filled, angry rants and hear nothing.
And that's all been going on for 40 years to your silence and complete lack of concern.
Then Trump comes along and fights back and you suddenly melt down and say Oh Your God, he crossed a line!
It's some seriously disingenuous shit.
On the bright side, I think I figured out why people keep calling you a Democrat ...
- Apr 1, 2011
- 169,942
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You said the "dispute" was 10 years ole. As far as I know, it's only 4 years old. Furthermore, a "dispute" doesn't mean he broke the law. People get autidted all the time, and they don't go to prison because the IRS disallows some of their deductions.What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
Just admit you are gas lighting your audience.
- Apr 1, 2011
- 169,942
- 47,187
- 2,180
Those "ongoing investigation" are political witch-hunts. They have no basis in reality.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.
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
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.
Anyone who bases anything on Cohen's testimony is a fool and a moron. He's convicted perjurer.
What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire? You're only arguing from implication and opinion.
As for his taxes, Trump doesn't owe you jack shit. What you are proving in this thread is why he won't give them to you. You don't care that they say, you just want to pull talking points out of them. Truth means nothing to you in your endless quest for free government cheese
You said the "dispute" was 10 years ole. As far as I know, it's only 4 years old. Furthermore, a "dispute" doesn't mean he broke the law. People get autidted all the time, and they don't go to prison because the IRS disallows some of their deductions.What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
Just admit you are gas lighting your audience.
Exactly. It's a stupid system. The IRS has people dedicated to auditing billionaires in places like New York just to constantly argue with them over tax deductions. What a waste of resources in our economy. When our tax system is that complicated, there's something seriously wrong with it and unjust about it
Neither "conservatism" (whatever the hell that's supposed to mean anymore) nor libertarianism are represented by a man who is clearly a populist....Worrying about that is a total waste of energy.
I found Barry Obolshevik's haughty, kinow-it-all, punk-asssed behavior reprehensible, yet his supporters gobbled it up....Didn't send me into orbit as Trump's bull-in-a-china-shop manner obviously does with you.....He is who he is, and there's not a got-dammend thing that you or I are going to do that is going to change that, or sway people who accept it.
Like I said, you're trying to cram others into your criteria.
Like the fool you are, you look at the news of Trump's financial losses as a "personal attacks". You're one of the ones who couldn't see the need for tax returns at all. The tax returns are proof that Trump has been lying to you since he came down the escalator. He's not a rich successful businessman. He a big, fat liar, who is in deep financial doggey doo, with $421 million coming due in the next few years and no way to pay it.
Democrats can beat Trump on the issues all day long. The economy is crashed. The trade deficit has grown in every year of Trump's Presidency. Countries you used to have a trade surplus with, you now have a deficit with - like Canada. Jobs - highest unemployment in history. Americans are dying at the rate of 1000 people per day from covid19.
But fools like you keep saying that Trump is a successful businessman, despite all evidence to the contrary. If you're basing your vote for Trump on your belief that he's a self-made billionaire, your vote is based on a lie. But Donald Trump's inability to run a successful business has been on full display in his mismanagement of the covid19.
You voted for the most unqualified, unsuccessful businessman in American history to run the country, and look at the mess he made of it. He lied about everything, and you're so stupid, you're going to vote for him anyway. There really is no cure for stupid.
AntonToo
Diamond Member
- Jun 13, 2016
- 30,355
- 8,764
- 1,340
What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his stated income in his tax returns he is no billionare, he is an indebted loser just scraping by.
- Apr 1, 2011
- 169,942
- 47,187
- 2,180
Did you imagine he had $10 billion lying around in a bank account somewhere?What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.
Tax returns don't show your net worth, moron.
Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.
Why is Obama living like he is worth hundreds of millions of dollars?What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his stated income in his tax returns he is no billionare, he is an indebted loser just scraping by.
What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his stated income in his tax returns he is no billionare, he is an indebted loser just scraping by.
How would you know someone is not a billionaire by looking at their tax returns? And particularly you only know a few random things about his tax returns.
My God, man, you know nothing about business. Do you need to emphasize that so clearly?
And what an arrogant ass you are. First you knew Trump was guilty of tax evasion. now you know he's not a billionaire. All hail the great swami Apoopoo, knower of all!
How do you get your head through doorways. Amazing how accurate your radar is with people you hate. Most people think hate leads to bias. But not you!
AntonToo
Diamond Member
- Jun 13, 2016
- 30,355
- 8,764
- 1,340
Did you imagine he had $10 billion lying around in a bank account somewhere?What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.
Tax returns don't show your net worth, moron.
Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.
...which is exactly why I say that maybe he does have assets he can liquidate, but his stated income to IRS over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.
you should try to actually READ what you reply to.
Did you imagine he had $10 billion lying around in a bank account somewhere?What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.
Tax returns don't show your net worth, moron.
Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.
...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.
you should try to actually READ what you reply to.
Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.
How does that work exactly?
AntonToo
Diamond Member
- Jun 13, 2016
- 30,355
- 8,764
- 1,340
Did you imagine he had $10 billion lying around in a bank account somewhere?What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.
Tax returns don't show your net worth, moron.
Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.
...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.
you should try to actually READ what you reply to.
Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.
How does that work exactly?
Umm thats what this new reporting is about - his tax returns.
You should now have pretty good idea why he kept lying about releasing them.
- Banned
- #117
and the investigation of BARRAG o and BEIJING joe and the fat pig clinton for treasonous actions will continue.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.
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
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.
- Banned
- #118
not that you know the first thing about TRUMPs taxes. you are just an idiot hoping it goes somewhere---good luckDid you imagine he had $10 billion lying around in a bank account somewhere?What "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
...
Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.
Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.
5 takeaways from NY Times report on Trump’s tax returns
Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden.
$72 million? What is "outsized" about that for a billionaire?
Trump claims to be a billionare and maybe he has assets he can liquidate to actually access that money...but just looking at his tax returns he is no a billionare, he is indebted loser just scraping by.
Tax returns don't show your net worth, moron.
Every time you post on this subject all you do is demonstrate your ignorance and sheer idiocy.
...which is exactly why I say that maybe he does have assets he can liquidate, but his income over the last 20 years or so show a big time loser or perhaps large liability evasion - either way, it doesn't add up well.
you should try to actually READ what you reply to.
Interesting how you're attacking Trump for not releasing his tax returns and yet you claim to know all about his tax returns.
How does that work exactly?
Umm thats what this new reporting is about - his tax returns.
You should now have pretty good idea why he kept lying about releasing them.
- Banned
- #119
very true---cant wait until the nra mops the floor with this twatWhat "dispute" is 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:
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.
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.
Well all know that the New York AG is a political hack. Nothing she does has anything to do with enforcing the law.
AntonToo
Diamond Member
- Jun 13, 2016
- 30,355
- 8,764
- 1,340
and the investigation of BARRAG o and BEIJING joe and the fat pig clinton for treasonous actions will continue.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.
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
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.
There are no known investigations into any of them. But you keep on fantasizing and rationalizing.
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