Someone leaked Trump's 1995 tax returns

[Anonymous]

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

If he's taking a loss on paper for 18 years, then he doesn't look like such a successful business man. But I think his problem is deeper than that. He's probably taken illegal deductions and doesn't want to be found out.

[Anonymous]

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

n

Yeah but losing 1 billion dollars in a year? That doesn't make it seem like you are a particularly good businessman. And that is his claim to fame.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Again no taxes paid, not even $1 contribution to NJ children fund. So now we know for sure he hasn't paid taxes for multiple years. Potentially he could have carried over his bankruptcy loss for decades without paying any taxes or anything to charity.

So we now know he hasn't paid taxes for sure in 1991,1993 and 1995 and for atleast two more decades. So his business MO is to accumulate debt and declare bankruptcy and use the loss to eliminate tax obligations since he uses S-Corp, which allows pass through of business loss to his personal tax returns.

Question: if you declare bankruptcy and get debts erased, can you still claim related losses on your taxes? If so that seems like a massive freaking loophole.

You need to answer that yourself. Research the federal tax code. You love it so much, now go work with it. LOLOLOLOLOL

[Anonymous]

Cancelled debt is supposed to be reported as taxable income. Trump's bankruptcy cases were corporate not personal. It appears that the businesses paid him and his other companies before filing to avoid paying other creditors.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

n

Yeah but losing 1 billion dollars in a year? That doesn't make it seem like you are a particularly good businessman. And that is his claim to fame.

That loss is not incurred in just one year. That lost is an accumulated loss and in 1990s Trump's business situation was in bankruptcies. He is a very bad businessman - is surviving because of the empire his dad left, tax accountants and TV reality shows.

However, his tax non-payment is not the main issue. He probably has serious business debt owed to Russia, China etc which will make national security in his hand a major conflict of interest. If years of tax records are released these dependencies, in addition to what a shitty businessman and how uncharitable he is, will come to light.

[Anonymous]

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

Yeah but here's the kicker from the article:

"The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan."

There's something wrong when someone can cause that much financial damage/ruin and not feel any of it himself. So many people over the years have lost so much because of his ineptitude and unscrupulous business practices. But he himself has never paid a price.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

If he's taking a loss on paper for 18 years, then he doesn't look like such a successful business man. But I think his problem is deeper than that. He's probably taken illegal deductions and doesn't want to be found out.

How good a businessman he is has nothing to do with claiming legitimate tax deductions. He may be a great businessman or a lousy one - that is neither here nor there in relation to whether he avoids taxes through the use of loopholes or other tax strategies.

Given that he is audited frequently, if he does something illegal, it will surface during an audit. I speak from personal experience - I have been audited in multiple years when I paid little or no taxes through claiming write-offs and other strategies. A minimal tax liability when one has sufficient income is a red flag for the IRS.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

Yeah but here's the kicker from the article:

"The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan."

There's something wrong when someone can cause that much financial damage/ruin and not feel any of it himself. So many people over the years have lost so much because of his ineptitude and unscrupulous business practices. But he himself has never paid a price.

Then one should change the tax laws ........but faulting someone for taking write offs or carrying forward losses against future income when that is allowed is where I have an issue.

[Anonymous]

Anonymous wrote:

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

n

Yeah but losing 1 billion dollars in a year? That doesn't make it seem like you are a particularly good businessman. And that is his claim to fame.

This was 1995. He also claimed to lose $900 Million in 1991. Did he do that twice?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1995 ?

You're really reaching.

Read the article. His losses will ensure he does not pay any taxes for 18 years. I have a feeling there is much more that just the $0 tax paid issue. I hope there would be more leak to understand the conman.

NO, IT DOESN'T ENSURE THAT. It could could have allowed him to deduct that based on his earnings in successive years. Got it?

I do recall Harry Reid telling us Mitt Romney paid no income taxes only to admit (proudly) he lied after the election and had no idea if he did or didn't (on camera no less).

Now wouldn't this go much easier if Hillary would release her 33,000 emails? Then Trump would release his taxes. What is she trying to hide?

People like you deserve to be screwed by Trump. If you enjoy getting conned so much please work for him or be a sub contractor. The country doesn't deserve to be royally messed up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It is legal and that is what matters ...... I say this as a liberal who uses every available loophole and strategy to pay as little in taxes as I can.

Who in their right mind would forgo legitimate deductions to pay more in taxes than they should? Trump can be faulted for many other things but minimizing his taxes using legitimate methods is not one of them.

n

Yeah but losing 1 billion dollars in a year? That doesn't make it seem like you are a particularly good businessman. And that is his claim to fame.

This was 1995. He also claimed to lose $900 Million in 1991. Did he do that twice?

Yeah, he really did a number of Atlantic City. He also lost big on his airplaine business, the Plaza Hotel in Manhattan, etc.

He's made some really impressive bad business deals and some really impressive loses.

[Anonymous]

So does this make Trump part of the 47%?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Again no taxes paid, not even $1 contribution to NJ children fund. So now we know for sure he hasn't paid taxes for multiple years. Potentially he could have carried over his bankruptcy loss for decades without paying any taxes or anything to charity.

So we now know he hasn't paid taxes for sure in 1991,1993 and 1995 and for atleast two more decades. So his business MO is to accumulate debt and declare bankruptcy and use the loss to eliminate tax obligations since he uses S-Corp, which allows pass through of business loss to his personal tax returns.

Question: if you declare bankruptcy and get debts erased, can you still claim related losses on your taxes? If so that seems like a massive freaking loophole.

Go read about S-Corp pass through. It is made easier in real estate business where there are so many more benefits similar to mortgage deduction on interest, depreciation, delay paying capital gains tax until the property is sold which can be indefinite.

The point is the tax laws are so loaded for the rich to get richer that even when they screw up big time, they can get away with it because of favorable tax laws. This benefit is not available for the average Joe who defaults on home mortgage or defaults on any loan.

https://www.biggerpockets.com/renewsblog/2015/05/20/tax-benefits-real-estate-investing-rental-properties/

[Anonymous]

I hope all of the lower middle class voters are seeing that they are paying the freight on the country while Trump is acting so smart.

[Anonymous]

How much tax has Amazon paid?

They have been running a huge loss for many years.