Trump's tax info is out

irishblessing · 27-09-2020 11:12pm #1

https://thehill.com/homenews/administration/518510-trump-paid-no-income-taxes-for-10-of-past-15-years-report

Breaking news today: "Newly unveiled tax information about President Trump shows he avoided paying income taxes for 10 out of 15 years leading up to the 2016 presidential election, and paid just 750 dollars in income taxes in 2016 and 2017. According to the documents unveiled by the NYT, Trump is also hundreds of millions in debt."

I have paid more than this guy in taxes in the last 15 years. Let's see how this plays out with their voters.

DraftDodger · 27-09-2020 11:13pm

Will play well with his base tbh.

Yurt2 · 27-09-2020 11:21pm

Absurdly, this is probably all legal and above board. The guy is too big to fail, and this has always been known about him.

Hopefully the scales will fall from the eyes of middle America how clowns like this get away with everything while they get ruthlessly foreclosed on if the economy wobbles. Meanwhile, this class of people is fed poison propoganda about welfare moms who live paycheck to paycheck.

MrMusician18 · 27-09-2020 11:21pm

It won't make an iota of difference to his base. I get the feeling that Trumps support isn't for Trump the man per-se, but rather for Trumpism - the pushback against liberalism generally.

Junkyard Tom · 27-09-2020 11:22pm

And his fans will applaud him while they drown in debt and their children will be poorer than them.

jam_mac_jam · 27-09-2020 11:25pm

Wow so he is a big loser. Hilarious.

It will be spun as lies or that he is so clever to avoid so much tax. The level of debt explains some of his motivations though.

Very interesting. Amazing that this came out before the election.

francois · 27-09-2020 11:27pm

Fake news rant in progress from him

TheBlackPill · 27-09-2020 11:27pm

irishblessing wrote: »

https://thehill.com/homenews/administration/518510-trump-paid-no-income-taxes-for-10-of-past-15-years-report

Breaking news today: "Newly unveiled tax information about President Trump shows he avoided paying income taxes for 10 out of 15 years leading up to the 2016 presidential election, and paid just 750 dollars in income taxes in 2016 and 2017. According to the documents unveiled by the NYT, Trump is also hundreds of millions in debt."

I have paid more than this guy in taxes in the last 15 years. Let's see how this plays out with their voters.

Says the New York times. The representative of Trump disputes this and says millions paid. Going on past witch hunts would suggest i would believe the Trump representative rather than the paper. Remember when we were all told Trump was in Epsteins airplane. When the dust settled we found he had shared it once going to a USA destination but multiple demoxrat politicians had flown multiple times to Epsteins private island(B Clinton ang G Mitchell included).
We also find out that Epstein had been banned from all Trump resorts and reported to Police after an incident in a Trump resort.

jam_mac_jam · 27-09-2020 11:30pm

TheBlackPill wrote: »

Says the New York times. The representative of Trump disputes this and says millions paid. Going on past witch hunts would suggest i would believe the Trump representative rather than the paper. Remember when we were all told Trump was in Epsteins airplane. When the dust settled we found he had shared it once going to a USA destination but multiple demoxrat politicians had flown multiple times to Epsteins private island(B Clinton ang G Mitchell included).
We also find out that Epstein had been banned from all Trump resorts and reported to Police after an incident in a Trump resort.

So he was on the plane then?

Yeah it's all lies. All of it. Mainstream media lies.

How predictable.

irishblessing · 27-09-2020 11:31pm

TheBlackPill wrote: »

Says the New York times. The representative of Trump disputes this and says millions paid. Going on past witch hunts would suggest i would believe the Trump representative rather than the paper. Remember when we were all told Trump was in Epsteins airplane. When the dust settled we found he had shared it once going to a USA destination but multiple demoxrat politicians had flown multiple times to Epsteins private island(B Clinton ang G Mitchell included).
We also find out that Epstein had been banned from all Trump resorts and reported to Police after an incident in a Trump resort.

There is more on the Trump rep from the NYT, basically saying he is incorrectly conflating this with that, other taxes paid with income tax, etc. He still only paid the discovered amount of income tax. Epstein has nothing to do with this story. For now.

mickdw · 27-09-2020 11:31pm

Looking a trumps business dealings going back to the 1970s, it would appear his whole business plan was based on offering a fantastic developments to regenerate areas of new york but only with the governement on board by way of huge tax breaks making it near impossible to fail. Id therefore imagine his tax affairs are in order and any tax avoidance schemes used would be 100 percent legal.
I think he is on record as saying (possibly during debate with clinton at last election) that surely if he doesnt pay much tax, that makes him smart.
Dont get me wrong, he is a clown but focusing on business taxes is not the way to bring him down.

TheBlackPill · 27-09-2020 11:31pm

jam_mac_jam wrote: »

So he was on the plane then?

Yeah it's all lies. All of it. Mainstream media lies.

How predictable.

Once. Going to Atlantic city i believe. Not all of it will be lies. But with every previous attempt at trumps political assazsination not sticking, why do you think the democratic spin on these tax records will be any different?

ChikiChiki · 27-09-2020 11:32pm

An out and out fraud has made it to the highest office in the US.

If he doesn't win relection it will be extremely messy over there.

Atlantis50 · 27-09-2020 11:32pm

irishblessing wrote: »

https://thehill.com/homenews/administration/518510-trump-paid-no-income-taxes-for-10-of-past-15-years-report

Breaking news today: "Newly unveiled tax information about President Trump shows he avoided paying income taxes for 10 out of 15 years leading up to the 2016 presidential election, and paid just 750 dollars in income taxes in 2016 and 2017. According to the documents unveiled by the NYT, Trump is also hundreds of millions in debt."

I have paid more than this guy in taxes in the last 15 years. Let's see how this plays out with their voters.

Ahem...

For 2005 through 2007, cash from licensing deals and endorsements filled Mr. Trump’s bank accounts with $120 million in pure profit. With no prior-year losses left to reduce his taxable income, he paid substantial federal income taxes for the first time in his life: a total of $70.1 million.

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

No fan of Trump, but the spin on this story is grossly misleading.

So he paid 0 or close to zero some years because he was able to write off taxes against losses, but other years paid massive sums.

This story is a dud.

Trump will probably lose in November, but it won't be because of this.

Harry Palmr · 27-09-2020 11:32pm

How do you dispute tax records? It's all audited and there to be seen surely.

Yurt2 · 27-09-2020 11:39pm

Atlantis50 wrote: »

Ahem...

For 2005 through 2007, cash from licensing deals and endorsements filled Mr. Trump’s bank accounts with $120 million in pure profit. With no prior-year losses left to reduce his taxable income, he paid substantial federal income taxes for the first time in his life: a total of $70.1 million.

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

No fan of Trump, but the spin on this story is grossly misleading.

So he paid 0 or close to zero some years because he was able to write off taxes against losses, but other years paid massive sums.

This story is a dud.

Trump will probably lose in November, but it won't be because of this.

In fairness, he completely misled the public on the nature of his tax dealings. You'll also note that there's a very uncomfortable audit hanging over him also.

It's well known that his empire in the NY area was built on screwing contractors. Indeed, a relative of mine recalls being a brickie for a contractor that was stiffed by Trump in the 80s.

The guy was and is a sleazeball property goon, a notch below a used car salesman. I never expected anything other than practicing aggressive tax avoidance.

NSAman · 27-09-2020 11:42pm

ffs... the American tax system is NOTHING like the tax system in Ireland.

I say this as someone who knows both.

Just because someone pays little tax here does not mean they are not earning money.

Tax is for ordinary workers, is something I have heard more than once.

Write offs/deductions etc. Etc. Can all be used to drop the tax due and is.

Unlike Ireland the income can be adjusted dramatically. Hence a good tax accountant is required. I know of one person who will never pay tax again who earns 300K (minimum) but has supposed losses of 14 million.

American business pays minimal tax and smart individuals pay little.

TheBlackPill · 27-09-2020 11:42pm

Harry Palmr wrote: »

How do you dispute tax records? It's all audited and there to be seen surely.

The dispute was not with the tax records. Its the selective reporting, soin and blatant media bias that is disputed

NewClareman · 27-09-2020 11:43pm

Atlantis50 wrote: »

Ahem...

For 2005 through 2007, cash from licensing deals and endorsements filled Mr. Trump’s bank accounts with $120 million in pure profit. With no prior-year losses left to reduce his taxable income, he paid substantial federal income taxes for the first time in his life: a total of $70.1 million.

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

No fan of Trump, but the spin on this story is grossly misleading.

So he paid 0 or close to zero some years because he was able to write off taxes against losses, but other years paid massive sums.

This story is a dud.

Trump will probably lose in November, but it won't be because of this.

From the same reference:

"Mr. Trump did face large tax bills after the initial success of “The Apprentice” television show, but he erased most of these tax payments through a refund. Combined, Mr. Trump initially paid almost $95 million in federal income taxes over the 18 years. He later managed to recoup most of that money, with interest, by applying for and receiving a $72.9 million tax refund, starting in 2010.

The refund reduced his total federal income tax bill between 2000 and 2017 to an annual average of $1.4 million. By comparison, the average American in the top .001 percent of earners paid about $25 million in federal income taxes each year over the same span.

The $72.9 million refund has since become the subject of a long-running battle with the I.R.S.

When applying for the refund, he cited a giant financial loss that may be related to the failure of his Atlantic City casinos. Publicly, he also claimed that he had fully surrendered his stake in the casinos.

But the real story may be different from the one he told. Federal law holds that investors can claim a total loss on an investment, as Mr. Trump did, only if they receive nothing in return. Mr. Trump did appear to receive something in return: 5 percent of the new casino company that formed when he renounced his stake."

The story is far from a dud - it shows that the Donald is in deep trouble, financially!

jam_mac_jam · 27-09-2020 11:45pm

Harry Palmr wrote: »

How do you dispute tax records? It's all audited and there to be seen surely.

It's how everything with Trump is handled. Question the source, never ever address the issue at hand.

Nobotty · 27-09-2020 11:48pm

Atlantis50 wrote: »

Ahem...

For 2005 through 2007, cash from licensing deals and endorsements filled Mr. Trump’s bank accounts with $120 million in pure profit. With no prior-year losses left to reduce his taxable income, he paid substantial federal income taxes for the first time in his life: a total of $70.1 million.

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

No fan of Trump, but the spin on this story is grossly misleading.

So he paid 0 or close to zero some years because he was able to write off taxes against losses, but other years paid massive sums.

This story is a dud.

Trump will probably lose in November, but it won't be because of this.

No
On CNN,they explained that that 70 million was the equivalent of what we call here preliminary tax and it was all refunded 2 months later
So that year he still paid NADA,Zero,Nothing

Yurt2 · 27-09-2020 11:50pm

NSAman wrote: »

ffs... the American tax system is NOTHING like the tax system in Ireland.

I say this as someone who knows both.

Just because someone pays little tax here does not mean they are not earning money.

Tax is for ordinary workers, is something I have heard more than once.

Write offs/deductions etc. Etc. Can all be used to drop the tax due and is.

Unlike Ireland the income can be adjusted dramatically. Hence a good tax accountant is required. I know of one person who will never pay tax again who earns 300K (minimum) but has supposed losses of 14 million.

American business pays minimal tax and smart individuals pay little.

I won't proclaim to be an expert on the US tax code, but that sounds like an utterly sh*t way to run a developed country.

Get yourself in a position where you're trading consistently at a massive loss, and as long has you have access to credit you can long-finger taxes. Butcher, baker and candlestick maker can pay the taxes that keep the country running.

No wonder the place is on fire.

IAMAMORON · 27-09-2020 11:51pm

There is no big secret here. He has been bankrupt twice.

You only pay tax on profits.

He is going to walk it.

Character Building · 27-09-2020 11:52pm

The man is a con artist, any reasonable person has known this for a long time.

It won't effect 40% of voters who would follow him over a cliff, but hopefully it might be the final push some undecided voters need in order to row in with Biden.

Outlaw Pete · 27-09-2020 11:53pm

Shock horror. The New York Slimes have a anonymous sources hit piece on Trump mere weeks from the Presidential election again.

Who would have thunk it. Trump lawyer:

"Most, if not all, of the facts appear to be inaccurate"

The liberal media are at the usual "Bombshell!!" / "Explosive"nonsense again today but I'm pretty sure we've heard all that somewhere before.

https://www.youtube.com/watch?v=yt4cUNNfWtw

LuckyLloyd · 27-09-2020 11:55pm

IAMAMORON wrote: »

There is no big secret here. He has been bankrupt twice.

You only pay tax on profits.

He is going to walk it.

Yeah but he’s broke and will be foreclosed on within the next couple of years. Bankruptcy looms...again. I don’t know about you, but I always thought good businesspeople avoid going bankrupt repeatedly. No?

IAMAMORON · 27-09-2020 11:57pm

LuckyLloyd wrote: »

Yeah but he’s broke and will be foreclosed on within the next couple of years. Bankruptcy looms...again. I don’t know about you, but I always thought good businesspeople avoid going bankrupt repeatedly. No?

Maybe he went bankrupt to avoid paying tax?

Makes more sense?

namloc1980 · 27-09-2020 11:57pm

Atlantis50 wrote: »

Ahem...

For 2005 through 2007, cash from licensing deals and endorsements filled Mr. Trump’s bank accounts with $120 million in pure profit. With no prior-year losses left to reduce his taxable income, he paid substantial federal income taxes for the first time in his life: a total of $70.1 million.

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

No fan of Trump, but the spin on this story is grossly misleading.

So he paid 0 or close to zero some years because he was able to write off taxes against losses, but other years paid massive sums.

This story is a dud.

Trump will probably lose in November, but it won't be because of this.

You missed the part where he claimed back that $70m paid in 05-07 as a tax refund in 2010 citing further loses. This refund claim is the subjecte of the ongoing IRS audit.

dark crystal · 27-09-2020 11:57pm

Outlaw Pete wrote: »

Shock horror. The New York Slimes have a anonymous sources hit piece on Trump mere weeks from the Presidential election again. Who would have thunk it.

Trump lawyer:

The liberal media are at the usual "Bombshell!!" nonsense again today but I'm pretty sure we've heard all that somewhere before.

Lol, you think they'd put out a piece like this without scrupulous fact-checking first? Let's see if he sues...

Why has Trump been so loathe to release his tax returns all this time if everything was above board? If he had nothing to hide, why not release them when requested?

He's the slimeball. A slimeball who owes millions and didn't pay a cent in tax for 10 years. Spin that all you want, but them's the facts.

namloc1980 · 27-09-2020 11:59pm

Outlaw Pete wrote: »

Shock horror. The New York Slimes have a anonymous sources hit piece on Trump mere weeks from the Presidential election again.

Who would have thunk it. Trump lawyer:

The liberal media are at the usual "Bombshell!!" / "Explosive"nonsense again today but I'm pretty sure we've heard all that somewhere before.

https://www.youtube.com/watch?v=yt4cUNNfWtw

Pete to the rescue of his hero Trump again. What a surprise. I thought you'd go with the no big deal angle, but you just can't move away from the fake news mantra. Sad.

Man with broke phone · 28-09-2020 12:00am

Paid 70 million in taxes one year.

He is an apex business man, he deals in dynasties not a couple of years where he made a loss. He isnt a paye worker. He may make a loss some years with investments waitjng to mature etc and make huge profits other years.

Desperate by the liberal media.

Trump's tax info is out

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