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

[AntonToo]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

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

The conflicts of interests here are through the roof and this is without keeping in mind Trump's never ending lying and otherwise unscrupulous conduct of bussiness.

 

[kaz]

Well, trump doesn't like anything else Obama did which is why he's trying to get millions of people kicked off the ACA. So, why should he use an Obama tax loophole? No, this turd in the white house is out for #1.

LOL, you're melting down at wanting handouts of money government robbed from other people at gunpoint then calling them greedy for not wanting to give it to you.

You're a useful fool for the Democrat party

 

[kaz]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

 

[Oddball]

Well, trump doesn't like anything else Obama did which is why he's trying to get millions of people kicked off the ACA. So, why should he use an Obama tax loophole? No, this turd in the white house is out for #1.

When it comes to taxes, so is everyone else. Otherwise, those liberal millionaires clamoring for higher taxes wouldn't take all the breaks they do.

Phauxcahonatas has never ever "checked the box" in Marxachusetts, to pay more taxes.

 

[LiberalsLIE]

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

Big people create thousands of jobs that pay tons of taxes

 

[WTF19]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

i suggest you reread it , but dont look at it in the eyes of the demoncrats. its real easy to do

 

[dblack]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

 

[bripat9643]

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.

The Dims are trying to make a huge loss sound like a windfall. Every business who suffers a loss uses that deduction. How did it become eveil all of a sudden? Here's the reason Trump didn't want to release his taxes: He knew the Dims would demagogue every deduction he took and make it sound like some kind of swindle.

 

[WTF19]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

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

 

[WTF19]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

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

 

[bripat9643]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

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

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

Michael Cohen doesn't do Trump's taxes, so how would he know? He was also convicted of perjury, and you're telling us to take his word on the matter.

Who are you trying to kid?

 

[kaz]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

I was responding to what you said, Biden slithering boot licker.

Do you understand the difference between tax statements and income statements? Not really, huh?

I'll give you an easy one. What is the main reason that profitable companies would have tax losses? Hint, it's good for the economy ...

 

[dblack]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

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

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?

 

[dblack]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

I was responding to what you said, Biden slithering boot licker

Fuck you troll.

 

[AntonToo]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

but 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.

 

[kaz]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

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

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

 

[dblack]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

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

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

Fuck you troll.

 

[AntonToo]

As a Libertarian, I’m against tax loopholes. I want the tax code to be as simple as possible, and with marginal tax rates as low as possible.

Democrats prefer higher marginal tax rates, so they can claim that they want to “soak the rich.”

But at the same time, these Democrats also favor giving rich people all sorts of loopholes, writeoffs, and deductions, so they don’t actually have to pay those taxes.

And now, liberals are angry at Trump for using a tax loophole that was signed into law by Obama.

The New York Times just reported:

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

Mr. Trump harvested that refund bonanza by declaring huge business losses — a total of $1.4 billion from his core businesses for 2008 and 2009 — that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.

Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.

Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.

The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.

His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.

At issue is NOT Trump's legal tax avoidance. At issue is Trump's ILLEGAL tax evasion.

It's not unreasonable to write off loss over time, but it IS wrong (and in fact criminal) to understate your income and assets to get out of paying taxes. Michael Cohen testified to Trump doing just that - inflating his assets on one side to take on credit and understating it for tax purposes.

To almost never pay taxes Trump has to be either a giant loser, giant cheat, or some mix of the two.

Trump has been audited every year for decades like every other billionaire. Funny how the IRS hasn't figured that out and you did.

Oh wait, I get it now, you're lying. OMG, how did I not see that sooner???

IRS has had a decade long despute with Trump and he is currently being investigated for tax fraud in NY.

 

[WTF19]

This is not about Obama or a loophole.

ok, but its about the loophole BARRAG o passed for his own greedy illicit purposes. i didnt see any of you whine asses whining when it was enacted!!! and theres a problem now? you evil demoncrats are fucking losers

 

[kaz]

Yeah, I'm not sure I understand the issue either.

The guy has taken losses, and lots of liberal elites admit to not paying taxes because of the tax code.

Is anyone really surprised?

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

What do tax losses have to do with not being a successful business man?

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

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

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

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

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

Why do people keep thinking that I wonder?