Beer
Well-Known Member
I assume that is correct. So he technically did nothing "wrong" but he is a mediocre to poor businessman with good accountants?
Trump is a loser... of money
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I assume that is correct. So he technically did nothing "wrong" but he is a mediocre to poor businessman with good accountants?
Pretty much.
Beer
Well-Known Member
This is all so tiresome and silly on both sides. But I can find some solace in Trump having to squirm with some "real" numbers out there. His response should be moderately hilarious.
Handlogten's Heros
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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.
Also, Trump is an asshat.
NAOS
Well-Known Member
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
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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.
www.cnbc.com
www.nytimes.com
Trump committed 'outright fraud' in 'dubious tax schemes,' according to a big, new investigation from The New York Times
Trump and his siblings in part "set up a sham corporation to disguise millions of dollars in gifts from their parents," according to the Times.
www.cnbc.com
Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father (Published 2018)
The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s.
www.nytimes.com
Red
Well-Known Member
“Trump has been bloviating about being worth $10 billion ever since he entered the 2016 presidential race, a figure that simply isn’t true. He’s worth a fraction of that amount, and the larger his indebtedness becomes, the more strain it puts on his assets. The Covid-19 pandemic has taken a particularly brutal toll on the sectors in which the Trump Organization operates — real estate, travel and leisure. If Trump is unable to meet his debt payments, he’s either going to have to sell assets or get bailed out by a friend with funds. Trump has never liked to sell anything, even when it’s hemorrhaging money. So if he’s tempted to save himself by getting a handout, that makes him a mark.
If Trump was still just a reality TV oddity, that wouldn’t be earthshaking. But he’s president, and the trade-offs someone like him would be willing to make to save his face and his wallet taint every public policy decision he makes – including issues around national security.”
NAOS
Well-Known Member
Pulitzer-Prize winning reportingA couple of years ago, a NYT report claimed that Trump did in fact commit tax fraud in the 90’s.
Trump committed 'outright fraud' in 'dubious tax schemes,' according to a big, new investigation from The New York Times
Trump and his siblings in part "set up a sham corporation to disguise millions of dollars in gifts from their parents," according to the Times.
Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father (Published 2018)
The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s.
I'll just say this for like the 6th time.
To me, this is not about Trump paying little in taxes. It is not about Trump cheating on his taxes. This is about Trump losing money over the last 20 years. This is about Trump taking personal loans to cover his losses to the amount of almost 1/2 a billion dollars and we don't know who holds that debt.
To me, this is not about Trump paying little in taxes. It is not about Trump cheating on his taxes. This is about Trump losing money over the last 20 years. This is about Trump taking personal loans to cover his losses to the amount of almost 1/2 a billion dollars and we don't know who holds that debt.
Avery
Well-Known Member
We need a flat tax. Simplify the code.
Everyone has cheated on taxes - your shirts donated to Goodwill are not worth $20 and answering ‘no’ that pesky old question of whether you purchased something outside of the state online are hallmarks.
The problem is that our tax code yields advantages like the ones Trump’s accountants took full advantage of. And his brazen behavior to lie about his wealth when it’s obvious that he’s more Schitt’s Creek then Dallas compounds these fact that he can’t be trusted.
Everyone has cheated on taxes - your shirts donated to Goodwill are not worth $20 and answering ‘no’ that pesky old question of whether you purchased something outside of the state online are hallmarks.
The problem is that our tax code yields advantages like the ones Trump’s accountants took full advantage of. And his brazen behavior to lie about his wealth when it’s obvious that he’s more Schitt’s Creek then Dallas compounds these fact that he can’t be trusted.