The BIG ONE: 20 years of Trump taxes obtained by NYTs

[Anonymous]

Anonymous wrote:For the sake of argument, let’s say all if this was legal (it wasn’t). He’s still an extraordinarily horrible business man. Maga decided we needed a businessman who would run this country like he runs his businesses. Welp, here we are! Hope you’re happy! The country is now another failed Trump business.

And he’s about to claim bankruptcy and leave is ALL hanging.

[Anonymous]

Anonymous wrote:Not a Trump supporter by a long shot. But as a CPA, I'd want to see the actual tax returns. $750 tells me nothing. He may have been taking deductions that are allowed according to the U.S. tax code. Show us the actual returns.

As a taxpayer this sort f commentary shows me how rigged the system is to favor the “wealthy” even when they are hugely in debt. Meanwhile people are getting evicted for being one month behind on $800 rent.

[Anonymous]

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Anonymous wrote:As an accountant I am not surprised by this number at all. He has lost a lot of money on a lot of businesses. Without more detail, the $750 has very little meaning. It's just being dropped to get people outraged

+1.
Another accountant here.

Agreed.

And, let's not forget that by the end of his 1st term, he will have donated $1,600,000 to various government agencies. He has had no salary during his term.

Oh please. There are enough democrats and third party voters. They could have teamed up to vote Hillary into office. But there truth is sh le wasn't well liked. At least enough for people to band together.

And how much has he grifted from the American taxpayer by spending time at his money losing golf properties? But sure, look at the $1.6 million in donated salary. You're missing the big picture. You supported a con man, a fraud and some one so indebted (with personal guarantees) that is all but compromised the moment he leaves office. And that's before considering his criminal and legal liabilities related to fraud and other misdeeds both during and prior to his Presidency. You elected the guy on the promise that he was a successful businessman. This proves he is anything but. But then, most of us knew this because he'd been running businesses into the ground at least since the late 80s.

[Anonymous]

Fox News isn’t covering it AT ALL. Not even a “Dems claim” or “leaked records allege.” Nothing. Meanwhile, one of the lead stories is Biden’s response to a request for a drug test and Trump taking the media to task for not covering more about Hunter Biden. WHAT?! Crazy that people consider it a legitimate news source...

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not a Trump supporter by a long shot. But as a CPA, I'd want to see the actual tax returns. $750 tells me nothing. He may have been taking deductions that are allowed according to the U.S. tax code. Show us the actual returns.

As a taxpayer this sort f commentary shows me how rigged the system is to favor the “wealthy” even when they are hugely in debt. Meanwhile people are getting evicted for being one month behind on $800 rent.

It's axiomatic that if you owe the bank a million dollars and you have no income, you have a problem. But if you owe the bank a billion dollars and have no income, the bank has a problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Not a Trump supporter by a long shot. But as a CPA, I'd want to see the actual tax returns. $750 tells me nothing. He may have been taking deductions that are allowed according to the U.S. tax code. Show us the actual returns.

As a CPA, you’re probably aware of the potential legal pitfalls of claiming massive losses to avoid paying federal income taxes while inflating your revenues and assets on bank documents for loan purposes. Wouldn’t you tell your client that constitutes fraud?

No. Not at all. The accounting systems for tax and for financial reporting purposes are substantially different beasts.

[Anonymous]

No matter the outcome, this kind of deflates the RWNJ flat taxers who claim its unfair that they pay more in dollar terms on two million dollars in income than does someone who only makes 35k per year. And God Forbid any poor person ONLY pay 1,000 dollars in taxes or receive a tax credit refund!

You know. The lazy bums who lie around in public housing with state provided transportation doing nothing but watching TV all day. Free food. Free health care. Free everything. Bums . . . Except for the Exalted One - Cultmaster 45 who, by his own admission lays around in free housing, eating free food, paying no taxes, watching TV all day.

[Anonymous]

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Anonymous wrote:I'm guessing a lot of people have never taken depreciation on real estate.

I have. That's a lot of depreciation, but that isn't the only issue on his returns. He has huge debts. This is what I always thought. It just reinforces my belief that he is actually broke on paper, staying just one step ahead his creditors.

Leverage, like depreciation, is part and parcel of anyone who is in real estate. You may as well blame a hokey player for having skates and a stick.

Yeah, I get it. So why did he hide it? You and I both know there only two reasons, one of which has just been confirmed and the other is under investigation by the DA.

Because he knows that ignorant people like many people in this thread would not understand and become useful idiots to Democrats looking to vilify him.

Yup, I'm ignorant, and I vote. Sorry he was afraid to just tell the truth. That's even worse.

*shrug*, I commend you on taking your civic duties seriously. Regardless of how you decide who to vote for, the important things is that you give it some thought and participate in the process. The more people that do this, the less useful idiots there would be. The reason wealthy people who have not broken any laws keep their finances private is for the same reason why lawyers advise innocent people to not talk to the police without representation.

The reason politicians release their tax returns is so stupid people like me can see they are transparent. If you don't want to do this, don't go into politics. People might think yoi are hiding something. And apparently they'd be right. I assumed he paid $0 tax and he didn't want me to know that, and voted accordingly. Now I see he paid $0, he's right, I don't like it, and I'm still voting the same way.

Well, clearly, this thread proves that you are wrong. As you can see from the reactions in this thread, people are accusing Trump of breaking the law due to their lack of understanding of real estate investments, depreciation, and debt leverage. I grant that the lay person can understand other people's tax returns which are similar to theirs - within a few multiples, but not an order of magnitude or more. Heck, I would even grant that most people would be able to digest financial information if they could rely on a fair and balanced media to provide useful analysis and context. We are in an environment where the media is there to hide/distort the truth on both sides - Fox, MSNBC, CNN, and NYT, to name a few. The common lay person simply has no relevant knowledge or reliable authority to make any meaningful judgement on the information. Again, the wild accusations thrown around in this thread *PROVES* this point.

Oh look, one of Trump's propaganda staff is on DCUM.

Analytics and phraseology show that it’s Stephen Miller! He’s up late for a newlywed. I guess she’s really not that into you. And by the way, how did your liberal arts bachelor’s degree from Duke qualify you to comment on tax law? That’s right. It did not.

That makes sense. He may be the only person left who can string two words together that thinks Trump is a good president.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not a Trump supporter by a long shot. But as a CPA, I'd want to see the actual tax returns. $750 tells me nothing. He may have been taking deductions that are allowed according to the U.S. tax code. Show us the actual returns.

As a CPA, you’re probably aware of the potential legal pitfalls of claiming massive losses to avoid paying federal income taxes while inflating your revenues and assets on bank documents for loan purposes. Wouldn’t you tell your client that constitutes fraud?

No. Not at all. The accounting systems for tax and for financial reporting purposes are substantially different beasts.

And the popularity of Bernie Sanders shows the American people are sick of this. This may just push the US over to socialism.

[Anonymous]

Anonymous wrote:For the sake of argument, let’s say all if this was legal (it wasn’t). He’s still an extraordinarily horrible business man. Maga decided we needed a businessman who would run this country like he runs his businesses. Welp, here we are! Hope you’re happy! The country is now another failed Trump business.

I’ll take Jeff Bezos for president. Or Bill Gates. Or Michael Bloomberg, who is also a demonstrably good political leader and ran. If you want business leaders there have been many better choices. Heck, even Ross Perot was actually a good business man and had the same anti immigrant theme of that is your thing.

None of this is about business, thought, for MAGA cultists, but about reactionary hate and resentment.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:I'm guessing a lot of people have never taken depreciation on real estate.

I have. That's a lot of depreciation, but that isn't the only issue on his returns. He has huge debts. This is what I always thought. It just reinforces my belief that he is actually broke on paper, staying just one step ahead his creditors.

Leverage, like depreciation, is part and parcel of anyone who is in real estate. You may as well blame a hokey player for having skates and a stick.

Yeah, I get it. So why did he hide it? You and I both know there only two reasons, one of which has just been confirmed and the other is under investigation by the DA.

Because he knows that ignorant people like many people in this thread would not understand and become useful idiots to Democrats looking to vilify him.

Yup, I'm ignorant, and I vote. Sorry he was afraid to just tell the truth. That's even worse.

*shrug*, I commend you on taking your civic duties seriously. Regardless of how you decide who to vote for, the important things is that you give it some thought and participate in the process. The more people that do this, the less useful idiots there would be. The reason wealthy people who have not broken any laws keep their finances private is for the same reason why lawyers advise innocent people to not talk to the police without representation.

People with security clearances don't get to keep their finances private. If you don't know why, then you are a useful idiot.

Only per financial disclosure requirements, which Trump has satisfied as far as I can tell. Aside from those financial disclosures, everyone who has a clearance enjoys privacy of their other financial information. Trump is no different.

You are misinformed. Trump gets security clearance by virtue of being President- with no financial disclosure. A person like this could never get a clearance otherwise.

This loophole in our system should be changed. All candidates running for presidency and the VP should be evaluated for security clearance before they can run. Otherwise a person who is indebted to enemy nations can be the potus and sell the country secrets!

[Anonymous]

$750 says that our tax system treats regular Americans like chumps while the wealthy pay next to nothing. And Trump lowered taxes for the wealthy.

Also, Trump is a crook.

[Anonymous]

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:I'm guessing a lot of people have never taken depreciation on real estate.

I have. That's a lot of depreciation, but that isn't the only issue on his returns. He has huge debts. This is what I always thought. It just reinforces my belief that he is actually broke on paper, staying just one step ahead his creditors.

Leverage, like depreciation, is part and parcel of anyone who is in real estate. You may as well blame a hokey player for having skates and a stick.

Yeah, I get it. So why did he hide it? You and I both know there only two reasons, one of which has just been confirmed and the other is under investigation by the DA.

Because he knows that ignorant people like many people in this thread would not understand and become useful idiots to Democrats looking to vilify him.

Yup, I'm ignorant, and I vote. Sorry he was afraid to just tell the truth. That's even worse.

*shrug*, I commend you on taking your civic duties seriously. Regardless of how you decide who to vote for, the important things is that you give it some thought and participate in the process. The more people that do this, the less useful idiots there would be. The reason wealthy people who have not broken any laws keep their finances private is for the same reason why lawyers advise innocent people to not talk to the police without representation.

People with security clearances don't get to keep their finances private. If you don't know why, then you are a useful idiot.

Only per financial disclosure requirements, which Trump has satisfied as far as I can tell. Aside from those financial disclosures, everyone who has a clearance enjoys privacy of their other financial information. Trump is no different.

You are misinformed. Trump gets security clearance by virtue of being President- with no financial disclosure. A person like this could never get a clearance otherwise.

This loophole in our system should be changed. All candidates running for presidency and the VP should be evaluated for security clearance before they can run. Otherwise a person who is indebted to enemy nations can be the potus and sell the country secrets!

+1 million

[Anonymous]

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Anonymous wrote:Trump lied in his financial disclosures.

"In 2018, for example, Mr. Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses."

Wonder if PP ever heard of EBIDTA?

EBITDA isn’t a part of tax accounting, it’s a way of representing financial results that backs out interest, taxes, depreciation and amortization that can skew net income numbers depending on the how much debt the company carries, what tax authorities they’re subject to, etc., so as to more accurately represent a company’s operating performance.

It also isn’t relevant to what the pp is talking about, because the disclosure statement reflects revenues, which isn’t the same as EBITDA, in that EBITDA deducts operating expenses from revenues.

What’s really interesting is how all of those supposed tax professionals who say this is all totally normal and aboveboard didn’t catch this.

They've been helping millionaires out of their tax obligations for so long that they think it's morally fine.
Like the people who work hard to sell Juuls to children.
Or Nazi rank and file who work hard to create concentration camps.

They think they are the ruling class. The surfs pay taxes to them. They don't pay taxes. They deserve those fancy homes, yachts, etc because God chose them. Everybody else doesn't even deserve to live. Think of all the good they do for us! They let us serve them. What more could the common folk want? Anyway, they are just losers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Not a Trump supporter by a long shot. But as a CPA, I'd want to see the actual tax returns. $750 tells me nothing. He may have been taking deductions that are allowed according to the U.S. tax code. Show us the actual returns.

As a CPA, you’re probably aware of the potential legal pitfalls of claiming massive losses to avoid paying federal income taxes while inflating your revenues and assets on bank documents for loan purposes. Wouldn’t you tell your client that constitutes fraud?

No. Not at all. The accounting systems for tax and for financial reporting purposes are substantially different beasts.

This. The general public just doesn't understand enough about the different reporting systems.