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Trump's taxes leaked

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  • #61
    Originally posted by Starlight View Post
    Interesting to compare Trump's payments with the tax returns released by the Dem candidates this cycle..

    From Twitter:
    Federal income taxes paid in 2017 (jointly with spouse):
    Joe Biden - $3,742,974
    Kamala Harris - $516,469
    Bernie Sanders - $343,882
    Elizabeth Warren - $268,484

    Donald Trump - $750
    Here is another interesting fact about Trump's 2017 taxes

    $12,200 - tax paid by average tax filer
    $750 - tax paid by Trump


    So, in 2017 the average tax filer paid 16x more tax than Trump did.

    The release of Trump's taxes sheds new light on why, for example, in 1989 Trump stole $7 from his charity and used it to pay Don Junior's Boy Scout registration fee. Trump was likely so broke that he couldn't afford to pay $7.
    "My favorite color in the alphabet is three." - Donald J. Trump
    "The 'J' in my middle name stands for 'Jenius'" - Donald J. Trump

    Comment


    • #62
      Originally posted by shunyadragon View Post

      Sicne you are Trumpster Dumpster you most likely would not care.
      Your personal insults are not persuasive.

      ​​​​​​

      Comment


      • #63
        Originally posted by shunyadragon View Post
        Please provide references.
        ​​​​​​You have not provided any legally legitimate source for Trump's tax returns. You need to provide that first.

        Joe Biden has released his tax returns. Trump refused and no they were not leaked, because they were accessed legally by the New York Times.
        Joe Biden broke many laws while extorting countries to give his son money. Even Obama was worried about it.

        Your sense of "legal" is skewed far left, so you might even think it is legal to be violent, like Kamala thinks.

        Comment


        • #64
          Originally posted by Maranatha View Post

          ​​​​​​You have not provided any legally legitimate source for Trump's tax returns. You need to provide that first.
          They are his tax returns, a legal reliable source for the accusations. The fact that his son is now forced to testify in the tax case in New York against Trump is legal legitimate issue.

          Source: https://www.nbcnews.com/politics/donald-trump/judge-orders-eric-trump-sit-ny-attorney-general-deposition-n1240871



          Judge orders Eric Trump to sit for N.Y. attorney general deposition before the election

          A New York state judge on Wednesday ordered Eric Trump to answer questions under oath within the next few weeks as part of the New York attorney general's civil fraud investigation into the Trump Organization's business practices.

          Trump, who has been running the company since his father, Donald Trump, was elected president, had sought to have his deposition delayed until after the Nov. 3 election, citing his "extreme travel schedule and related unavailability between now and the election" and the need "to avoid the use of his deposition attendance for political purposes."

          The prosecutor's office fought the delay, noting that investigators have been trying to interview him for months and that he'd backed out of a scheduled deposition in July.

          State Supreme Court Justice Arthur Engoron sided with Attorney General Letitia James' office, ruling that neither her office "nor this court is bound by timelines of the national election."

          The Supreme Court is New York's general trial court. That means Eric Trump could still appeal, because there are two courts higher than the Supreme Court.

          In a statement after the ruling, Eric Trump said he would sit for the interview "as scheduled."

          "The New York Attorney General has called my father an 'illegitimate' president and pledged to take him down while she was running for office," he said. "Her actions since demonstrate a continued political vendetta and attempt to interfere with the upcoming election. That said, since I previously agreed to appear for an interview, I will do so as scheduled."

          © Copyright Original Source




          Joe Biden broke many laws while extorting countries to give his son money. Even Obama was worried about it.

          Your sense of "legal" is skewed far left, so you might even think it is legal to be violent, like Kamala thinks.
          . . . start a thread and deal with Biden.
          Glendower: I can call spirits from the vasty deep.
          Hotspur: Why, so can I, or so can any man;
          But will they come when you do call for them? Shakespeare’s Henry IV, Part 1, Act III:

          go with the flow the river knows . . .

          Frank

          I do not know, therefore everything is in pencil.

          Comment


          • #65
            Originally posted by LiconaFan97 View Post

            The fact that Trump appears to be broke is not a nothing burger.
            Yes it is. It's actually even more impressive because he still refuses to take the POTUS salary.


            The fact that he paid far less in taxes in 2016 and 2017 than my tax increase due to the 2018 tax bill is not a nothing burger.
            And he paid more than my millionaire in-laws, who paid almost nothing. Ergo, nothing burger.

            We know that he got loans from Deutsche Bank and don't need his taxes for that.
            And have yet to show any leverage as a result. Which was the entire reason behind this tax return witch hunt.

            The premise for NY getting his taxes is to investigate him for tax / bank fraud, not to investigate for money laundering. If his income from his properties that he reported to the IRS differs significantly from the numbers he reported when getting loans then that is tax fraud and / or bank fraud.
            Since when is the NYT a law enforcement agency? They broke the law by disclosing his returns without his consent. And as an aside, they haven't been able to show ANY fraud.

            Are you guys saying that you knew he was broke when you voted for him in 2016?
            He isn't broke. He owns properties that have real value. Once he leaves office, he will have his regular salary, speaking engagements, and book deals.
            That's what
            - She

            Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
            - Manya the Holy Szin (The Quintara Marathon)

            I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
            - Stephen R. Donaldson

            Comment


            • #66
              It seems the New York Times is counting on its readers being generally ignorant of how businesses and tax laws operate...

              The article’s most basic problem is that it assumes that the losses Trump reported on his taxes are actual economic losses. But that’s highly unlikely due to the nature of his business. As a real estate investor, Trump was not in a position of a store owner selling inventory below cost and incurring operating losses. Instead, he would have been reducing his reported income by the amount of his interest payments on loans and the depreciation of the property he owned.

              This can be a powerful combination that can create what are, essentially, illusionary losses that reduce taxes but inflate an owner’s bank account. What’s more, the bigger the portfolio is of assets owned, the larger the write-offs will be for interest and depreciation.

              Take the simplest example. A guy buys an apartment building worth $10 million. For simplicity’s sake, let’s say he bought it with cash. Each and every year for the next 27.5 years he will get to write-down his income by around $370,000. If his tenants pay him $300,000 in rent after basic expenses, he’ll declare a loss of $70,000 on his taxes. His net worth has declined on paper, but he has $300,000 more in cash every year. And if the rent payments ever exceed the depreciation amount, he’ll get to use those old accumulated losses to offset the new income.

              In the real world, of course, things are more complicated than our simple example. Buildings are bought with loans, which require interest payments that count as business expenses and reduce both actual income and taxable income. And there are other operating expenses associated with upkeep and maintenance.

              So imagine our guy took out an $8 million mortgage at five percent, paying $2 million cash. Now he’s got to pay $400,000 in mortgage payments. He wants to make at least that much so he charges tenants an aggregate of $425,000, which after upkeep comes out to $410,000 of net income. (Remember, if the bank didn’t think he could make more in rent than the mortgage payment, it probably wouldn’t have lent him the money.) The interest payment on the loan–let’s call it $390,000–is deductible from his income, leaving him with $20,000 in net income. He gets to keep that and pay no taxes on it, however, because he still gets to apply the $370,000 depreciation charge. He tells the IRS he lost $350,000.

              Under our tax code, ordinary business expenses can be deducted in the year they are incurred. But when a business pays for a long-lasting item expected to produce income–like machinery, vehicles, or an apartment building–it is considered a capital investment. Instead of getting to write-off the cost all at once, the business is required to write it off over the course of decades. After the 1986 tax code, this was set at 27.5 years for residential real estate.

              [...]

              The president indicated Tuesday that something like this is exactly what explained his tax losses:

              Real estate developers in the 1980’s & 1990’s, more than 30 years ago, were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases. Much was non monetary. Sometimes considered “tax shelter", you would get it by building, or even buying. You always wanted to show losses for tax purposes....almost all real estate developers did - and often re-negotiate with banks, it was sport. Additionally, the very old information put out is a highly inaccurate Fake News hit job!


              Breitbart.com

              The Times also failed to mention the tens of millions of dollars Trump and his businesses have paid in payroll, property, and sales taxes.
              Some may call me foolish, and some may call me odd
              But I'd rather be a fool in the eyes of man
              Than a fool in the eyes of God


              From "Fools Gold" by Petra

              Comment


              • #67
                $750 tax bill
                $70,000 hairdressing bill

                How will you lot brush that aside?

                Comment


                • #68
                  Originally posted by EvoUK View Post
                  $750 tax bill
                  $70,000 hairdressing bill

                  How will you lot brush that aside?
                  "Was it legal"

                  Comment


                  • #69
                    Originally posted by Starlight View Post
                    Ouch. So he pays less in taxes than a minimum wage worker.
                    Most of the country gets a tax return, meaning, in this context, they pay nothing in taxes.
                    That's what
                    - She

                    Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
                    - Manya the Holy Szin (The Quintara Marathon)

                    I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
                    - Stephen R. Donaldson

                    Comment


                    • #70
                      Originally posted by EvoUK View Post
                      $750 tax bill
                      $70,000 hairdressing bill

                      How will you lot brush that aside?
                      By understanding our tax system.
                      That's what
                      - She

                      Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
                      - Manya the Holy Szin (The Quintara Marathon)

                      I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
                      - Stephen R. Donaldson

                      Comment


                      • #71
                        Originally posted by Starlight View Post
                        I see in 2017, Trump paid $750 in US federal taxes, but paid

                        —$15,598 in Panama
                        —$145,400 in India
                        —$156,824 in the Philippines

                        America First? More like America Last.
                        Different tax codes.
                        That's what
                        - She

                        Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
                        - Manya the Holy Szin (The Quintara Marathon)

                        I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
                        - Stephen R. Donaldson

                        Comment


                        • #72
                          Originally posted by Bill the Cat View Post

                          Most of the country gets a tax return, meaning, in this context, they pay nothing in taxes.
                          In a lot of cases, the minimum wage worker gets more in refunds than what they paid in income tax throughout the year, so they actually come out ahead after filing their tax returns.
                          Some may call me foolish, and some may call me odd
                          But I'd rather be a fool in the eyes of man
                          Than a fool in the eyes of God


                          From "Fools Gold" by Petra

                          Comment


                          • #73
                            Originally posted by Leonhard View Post

                            Yeah, but that's a bit of a scam if he's using that to say that he's generous. He's consistently exploited his position as president to pull in money for his companies by hosting events exclusively at them.
                            For instance?

                            That's a revenue stream several times larger than that. And if you ask me that's a conflict of interest.

                            At any rate whoever buys into the idea that he's super generous towards the government I've got an Eiffel tower to sell.
                            I didn't say he's "super generous towards the government." The point of this thread is that he is somehow legally cheating the government, and I pointed out otherwise.

                            Comment


                            • #74
                              Originally posted by Starlight View Post
                              It's worth reviewing his main business ventures in light of what we now know about his finances. In approximate historical order:

                              1. Inheritance. Trump inherited a lot of money from his billionaire father. This was gifted to the Trump children without appropriate tax being paid on it, due to the value of the assets being falsely under-declared to the IRD by over 16x.
                              2. Casinos. Trump lost massive amounts of money on his casino businesses, and they went into bankruptcy.
                              3. Real Estate. Trump repeatedly lost large amounts of money in real estate and appears never to have made any sustained profits in this industry.
                              4. Golf Resorts. Trump's golf resorts lose a lot of money annually. They appear to have been saved from bankruptcy due to investment from various Russian oligarchs. In an interview Don Jr said that Russians have a fondness for golf. It seems more likely, however, that rather than liking golf, Russian oligarchs are probably using these investments to launder their money.
                              5. Hotels. Trump Hotels appear to lose a lot of money annually.
                              6. Renting out the use of the 'Trump' name to luxury resorts. By associating his name with success and money, Trump appears to have made some money, though not huge amounts, by having resorts pay him to use his name and label themselves 'Trump' resorts.
                              7. Miss Universe pageant. The Miss Universe pageant was losing a lot of money, but Trump was able to secure financing for it from a Russian oligarch by taking it to Russia. Miss Universe then ran at a profit, but a much lower one than the investment that oligarch was making in it (i.e. said oligarch was losing money by continued investment, which makes sense for him if the purpose of the investment is money laundering, but strange otherwise). This Russian oligarch then arranged the controversial Russian-Trump Trump Tower election discussion meeting.
                              8. The Apprentice. Trump's largest successful business venture appears to be his time acting in The Apprentice TV series, in which he plays a successful businessman (unlike any of his actual business ventures). He apparently earned over $200 million from this show in salary, and it significantly contributed to the 'Trump' brand's reputation as a business success and hence its value in terms of marketing the use of the 'Trump' name for resorts. The producer of the Apprentice, who selected Trump for this successful role and payout, was Jeff Zucker, now CEO of CNN. (Zucker's favourability toward Trump remains controversial.)
                              9. Mar-a-Lago post-2016. After the 2016 election Trump made Mar-a-Lago the centrepiece of where he did business, and infamously used it, and the help of his guests there, to interview cabinet nominees, host foreign dignitaries, discuss foreign policy etc. Its prominence resulted in higher demand for membership, as well as a raise in membership prices. It appears likely this resort now makes a profit for Trump.

                              We saw in an earlier round of releases of Trump tax returns (from the 80s) that he had, personally, declared the single biggest loss to the IRD of anyone in the US at that time, and that he paid zero in taxes most years due to his uniquely-large business losses. (He then wrote The Art of the Deal pretending he was a big business success, during a time when he was the US's #1 greatest business failure) The tax returns just revealed today by the NYT show the same pattern in the 2000s and 2010s, with Trump's business losses meaning he paid $0 in taxes for most years in the 2000s and 2010s. The consistent picture is of someone who is terrible at business and just keeps making losses, borne up by either luck (e.g. being cast in the Apprentice), by massive bank loans that he either defaults on or repays by taking out more loans (not discussed in this post, but have been published on elsewhere), or by dodgy Russian investors who appear happy to lose money with their investments (which is characteristic of money laundering). Not counting being a TV actor, he appears to have had no business or financial successes in his life.

                              There was plenty to not like about Mitt Romney, but his tax returns were typical for a rich and successful business person. Trump's aren't. Trump's show a pattern of utter failure as a business person.
                              It's The IRS, not the IRD
                              That's what
                              - She

                              Without a clear-cut definition of sin, morality becomes a mere argument over the best way to train animals
                              - Manya the Holy Szin (The Quintara Marathon)

                              I may not be as old as dirt, but me and dirt are starting to have an awful lot in common
                              - Stephen R. Donaldson

                              Comment


                              • #75
                                As I've heard it said, I'm not worried about the billionaire who became a politician, I'm worried about the politicians who became multi-millionaires after being elected. Those are the people the media should be interested in. For instance, how is it that Nancy Pelosi is worth far more today than what can be accounted for based on her congressman's salary?
                                Some may call me foolish, and some may call me odd
                                But I'd rather be a fool in the eyes of man
                                Than a fool in the eyes of God


                                From "Fools Gold" by Petra

                                Comment

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