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Phil1111

Trump's taxes show chronic losses and years of tax avoidance

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"Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made."

Tax avoidance is legal. With a little digging tax fraud is the issue that results in jail time.

"As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million."

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41 minutes ago, Phil1111 said:

"Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made."

Tax avoidance is legal. With a little digging tax fraud is the issue that results in jail time.

"As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million."

Convenient timing - 

I wonder if it was Ok when it was Romney, back then.  As Reid said, "It worked."

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15 minutes ago, ryoder said:

Here is a shorter summary article from the NYT:

https://www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html

Hi Robert,

'And they show that during a tumultuous decade of fevered acquisition and spectacular collapse, Mr. Trump’s core businesses — largely casinos, hotels and retail space in apartment buildings — ran up $1.17 billion in losses.'

https://www.nytimes.com/2019/05/07/us/trump-tax-figures.html

So much for:  'Trump: The Art of the Deal'

Jerry Baumchen

 

 

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(edited)

What is of primary importance is that lenders, i.e. banks don't lend to money losing companies. Yet trump has been able to borrow unhindered over the last couple decades. So trump has either lied to his lenders or has lied on the tax returns for his corporations and himself. Its not rocket science. The NYAG has Eric on the hook for those exact circumstances now:

Judge orders Trump Organization to court for fight over NY attorney general subpoenas eyeing asset values

Hopefully Rikers Island has enough vacancies for the trump crime dynasty. Its title as a home for the boldest certainly fits trump.spacer.png

Edited by Phil1111

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Trump has a history of overstating the value of his properties when using them as collateral for loans, then understating the value for appraisals for property taxes.

Banks will loan money to people (and businesses) who can show the ability to repay the loans. It doesn't matter if the 'repayment' is through actually paying off the loan or having adequate collateral (at least looking like it).

 

Also, US banks have refused to loan him any money for over a decade. That's why he started laundering money for the Russian mob. And defrauding Deutchebank.

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1 hour ago, turtlespeed said:

Convenient timing - 

I wonder if it was Ok when it was Romney, back then.  As Reid said, "It worked."

The lame response came quickly.  Must have been ready for it.

Now we now why he wanted to hide his returns.

Even his own lawyers stated that "irreparable harm" would come from making them public.

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4 minutes ago, kallend said:

The lame response came quickly.  Must have been ready for it.

Now we know why he wanted to hide his returns.

Even his own lawyers stated that "irreparable harm" would come from making them public.

The harm has been exposed before and the pattern well known. Tax Fraud By The Numbers: The Trump Timeline

The above is a simple explanation by the CPA to educate its members. Naturally professional organizations pick the best examples.

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3 hours ago, turtlespeed said:

Convenient timing - 

I wonder if it was Ok when it was Romney, back then.  As Reid said, "It worked."

This is Trump’s biggest opportunity to show how the NYT is fake news. All he has to do is release his tax returns and show what they are reporting is false. 

 

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34 minutes ago, SkyDekker said:

This is Trump’s biggest opportunity to show how the NYT is fake news. All he has to do is release his tax returns and show what they are reporting is false. 

Hi Sky,

#1)  Do NOT hold your breathe waiting for that to happen.

#2)  The Biden Debate Strategy Team is probably all over this news.

^b^

Jerry Baumchen

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40 minutes ago, SkyDekker said:

This is Trump’s biggest opportunity to show how the NYT is fake news. All he has to do is release his tax returns and show what they are reporting is false. 

 

For all the claims of "fake news" from trump not a word about suing the NYT from the most litigious American in history. trump is a criminal but not completely stupid. Barr should be doing the work of the American people tomorrow....looking under every cabinet and dresser in the WH for the "leaker"!

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This was the court fight that was finally adjudicated earlier this month -- required the release of the tax returns to the NY district that was hearing the fraud cases.  No leaking, no timing issues (except how it happened to take until now because of the challenge of the WH to the subpoena).  Had the defendant just complied with the subpoena two years* ago, we would have been over it by now.

 

*I don't recall exactly when it all started, nor which district is prosecuting the case (don't have time to look it all up again), but no one here should be ignorant of the court battle for those returns.

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10 hours ago, turtlespeed said:

Convenient timing - 

Sure. Every other Presidential candidate in nearly 50 years has releaed their tax returns before the election, this drags him kicking and screaming into line.

Quote

I wonder if it was Ok when it was Romney, back then.  As Reid said, "It worked."

You're blaming Harry Reid for Trump's tax returns being dodgy as hell? Yep, there's that balanced centreism we've all come to know and love from you.

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Good summary from History Prof Heather Cox Richardson:

 https://heathercoxrichardson.substack.com/p/september-27-2020

Major points:

- Trump is deeply in debt and needs money: That makes him a huge security risk.

- His desperation to stay in office is due to the due to the DOJ's 1973 memo from the Office of Legal Counsel saying a sitting president cannot be indicted.

 

 

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(edited)
20 minutes ago, ryoder said:

Good summary from History Prof Heather Cox Richardson:

 https://heathercoxrichardson.substack.com/p/september-27-2020

Major points:

- Trump is deeply in debt and needs money: That makes him a huge security risk.

- His desperation to stay in office is due to the due to the DOJ's 1973 memo from the Office of Legal Counsel saying a sitting president cannot be indicted.

 

 

Professor Richardson missed the point whereby after searching America for three years trump has found the ultimate apparatchik enabler, Barr.

From the story and further to Mary Trump's action for fraud against trump:

"A piece from Michael Kranish at the Washington Post today reinforced the New York Times story. Apparently, when he was on the verge of personal bankruptcy in the 1990s, Trump tried to trick his 85-year-old father, who was sliding into dementia, into signing a codicil to his will that would cheat Trump’s siblings out of their inheritance and give Trump control of his father’s entire estate. Trump’s mother stopped her husband from signing it."

Edited by Phil1111

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2 hours ago, ryoder said:

Trump is deeply in debt and needs money: That makes him a huge security risk.

Anybody willing to look at this situation objectively has to come to that same conclusion. This is a huge national security issue for the US. You have a president who is bleeding money and who is going to have to renew $400 million worth of debt that he has personally guaranteed.

This is the exact scenario why companies doe credit checks. This is why intelligence agencies do credit checks. Do people really think Trump under any other circumstance would even be able to get a security clearance based on this?

 

Daddy gave him $400 million and he blew it.

Hollywood gave him hundreds of millions and he blew it.

Now the American tax-payer is giving him money while proclaiming how smart he is.....Basically you're his daddy.....

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