Trump is a loser... of money


Gameface

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The NY Times has obtained tax records going back decades that show Trump has been losing money and not paying taxes.


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.

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.
 

The Thriller

Well-Known Member
Fake News. This is just another democrat plot. The IRS hates Trump. So does the NY Times.

Whatabout Sleepy Joe Biden and Hunter? Hillary! The Clinton Foundation! Obama spied!
 

Beer

Well-Known Member
Just skimmed the article but it seemed like he didn't cheat, just took advantage of the BS tax rules that protect the rich right? Which sucks but is fair. Or did he really lie and cheat?
 

One Brow

Well-Known Member
Just skimmed the article but it seemed like he didn't cheat, just took advantage of the BS tax rules that protect the rich right? Which sucks but is fair. Or did he really lie and cheat?
Trump likely pays tax attorneys a decent amount of money to make sure his taxes are correct.
 

Handlogten's Heros

Well-Known Member
2019 Award Winner
This is kind of a nothing burger unless he has some bank fraud attached to it. I would assume anyone in real estate development would limit their tax liability to almost nothing. They get a ton of really advantageous rules and leverage everything so hard that I'm not surprised at all. You finance a project and write off the interest... place it in service and take accelerated depreciation to show a tax loss, if its a profitable opportunity you can sell it using a 1031 exchange and defer the tax... then the market crashes and you write all the **** off and declare bankruptcy and start again.

Also, Trump is an asshat.
 

FAILED STATE

Well-Known Member
This is kind of a nothing burger unless he has some bank fraud attached to it. I would assume anyone in real estate development would limit their tax liability to almost nothing. They get a ton of really advantageous rules and leverage everything so hard that I'm not surprised at all. You finance a project and write off the interest... place it in service and take accelerated depreciation to show a tax loss, if its a profitable opportunity you can sell it using a 1031 exchange and defer the tax... then the market crashes and you write all the **** off and declare bankruptcy and start again.

Also, Trump is an asshat.
I’m gonna go out on a limb and say that Trump is exaggerating losses and under-valuing gains wherever and whenever possible. We’ve already seen more than just glimmers of that.
 

Handlogten's Heros

Well-Known Member
2019 Award Winner
I’m gonna go out on a limb and say that Trump is exaggerating losses and under-valuing gains wherever and whenever possible. We’ve already seen more than just glimmers of that.
Probably... but I think the more likely case is the tax losses are closer to reality and he commuted bank fraud.

My experiences with real estate developers likely tints my view here... but there are logical reasons and tax rules that can explain that part of the equation.
 

Red

Well-Known Member
A couple of years ago, a NYT report claimed that Trump did in fact commit tax fraud in the 90’s.


 
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