The BIG ONE: 20 years of Trump taxes obtained by NYTs
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Anonymous
Depreciation and amortization are not “paper losses.” That disqualifies your post right off the bat. They represent amounts already incurred/paid (although the amounts paid may be financed). |
Anonymous
He needs a better accountant. |
Anonymous
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Anonymous
S-Corps are now "loopholes"? BWAHAHAHAHAHAHAHAHAHAHAAAAA!!!! |
Anonymous
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He took a $73 MILLION tax writeoff in violation of the law, because he retained an ownership position in the post-bankruptcy casino.
He paid his daughter at least $3/4 million through a contractor, even though she is a principal officer in the Trump Corporation. These things are illegal! |
Anonymous
| So many of the supposed business owners and accountants posting here about how Trump's taxes are totally legit remind me of when The Boiler Room came out, and all of these douchey 20-something guys went around trying to impress women by saying they were stock brokers and did all this bridge financing and short selling. They'd tell us all about how bridge financing was totally illegal but they knew how to make it look legit so the feds would never catch on, and my girlfriends and I (most of whom worked for investment banks) would take the free drinks and then laugh our asses off at them because they clearly didn't have the vaguest clue what they were talking about. |
Anonymous
| So what. |
Anonymous
| Trump could pay zero taxes. He still has my vote since he lowered my taxes instead raising as Biden plans to do. |
Anonymous
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This is pretty hard for the GOP to ignore. They can claim he's a good businessman, or smart, or whatever they want to say, but the "little people" will realize they pay far more taxes than the orange POS, and this will bother them.
It sure bothers me. I don't have all those mansions and golf courses, nor did I inherit $100 million. $750, two years in a row. $750. I'd like to write off $70,000 for haircuts, sure I would. Sure. |
Anonymous
| It doesn't bother me one bit. |
Anonymous
Well, good luck with all that extra cash if you end up with covid19, or get cancer because of all the chemicals he's allowing into our air, water and food. You can't take it with you, so spend it all now. Can't you get a good accountant? You shouldn't be paying more than $750 a year if you're a Republican. |
Anonymous
Trump did pay zero taxes. It's your lucky day! |
Anonymous
| I don't care if you're not bothered. Other voters will be bothered, and they're going to vote for Biden. |
Anonymous
This guy is full of shit. If he hasn't paid taxes in decades its because he, like Trump, hasn't made money in decades. Post '86 the creation of "paper" losses largely went away. Before you scream "real estate", the advantage is in segregating properties and being able to more widely use PALs. Some adjustment to the PIG rules. Nothing special. In the end, if you don't generate actual economic loss, you get no loss. Amortization of expenses requires a real outlay of cash. Depreciation requires the acquisition of real property using real money (whether it be yours or the bank's is of no moment). The days of fantastically allocating losses to non-economic partners is long, long gone. No tax professional, including me (27 years as a tax attorney, albeit international and international finance and not real estate and partnership), disputes using actual economic expenses as a deductible offset against activity that generates real economic income. But the indications here, if even partially true, paint a vastly different picture. The payment to Ivanka as a consultant while she was also an employee. With some very, very narrow exceptions, this is straight-up, black letter law no longer permissible. It just isn't. The payments for hair, make-up and clothing are similarly suspect. Especially, the clothing! It is long been the rule that clothing cannot be deducted unless it can only be used for the purposes of your job. If it is even CONCEIVABLE that that clothing could be worn outside the confines of your job, it is a nondeductible personal expense. The casino. He walked away using a small provision that allows people to not recognize income from the discharge of indebtedness when they abandon a bankrupt business. Problem is, Trump retained a piece. Thus, it is ALL recognizable as income. It does not qualify as even a partial loss. Again, black-letter law. There are all sorts of other issues that are disclosed. The guy has personally guaranteed loans for 500 million dollars coming due soon. Contrary to what one poster posited, they are not performance guarantees. That's not how guarantees work. Who does he owe the money to? For what? Is he liquid enough? What's the refi status? Is anyone willing to extend the term or refi? It may turn out that all of this is legitimate in terms of the application of the tax laws. I doubt it. But it might. It's a simple matter for him to clear up, though. If even the Trump Org lawyer could do better than "filled with gross inaccuracies". Which ones? Which are accurate? There is an old adage in the tax law (and probably elsewhere) that pigs get fat and hogs get slaughtered. We know he's a pig and right now odds are he's a hog too. |
Anonymous
Trump raised my taxes due to the cap on the SALT deduction. I suspect many other high earners here were hit by this as well. The Democrats plan to undo this. Does this make sense to you? |