Trump's income taxes published by NYT

[Agema]

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

So turns out in his election winning year, Donald Trump paid $750 dollars in federal income tax. No, there are no zeros or ks or whatever missing. Seven hundred and fifty dollars only. He also paid that much in 2017. He has paid zero income tax in ten of the last fifteen years. This is apparently because he has claimed huge personal losses; although there is a long-ongoing audit by the IRS about some of this, which could saddle him with a $100 million bill.

The evidence suggests Trump may be a much worse businessman than he pretends, but a truly champion tax avoider.

It's an interesting read. Some of that stuff looks to me like crazy loophole material, and some of it fraud.

 

[stroopwafel]

Interesting read. Though most are fiscal legislation issues. Who came up with billion dollar tax shelters and why are they so poorly scrutinized? Espescially coupled with absurdly high declarations. Unfortunately the report doesn't mention what actually constituted those losses other than a broad oversight. Or more importantly, how much of those losses were written off. Other than Deutsche Bank pretty much all investors/banks had cut ties with Trump. Lol. Trump the showman and his entire empire of smoke and mirrors. He has really elevated ''fake it till you make it'' to an artform. xD

 

[Shadyside]

He's cash poor

 

[tstorm823]

Donald Trump isn't a super profitable businessman? I'm sure you're all very shocked.

 

[Shadyside]

Donald Trump isn't a super profitable businessman? I'm sure you're all very shocked.

Most of his voters don't know that. They think he is a self made man.

 

[Trunkage]

Most of his voters don't know that. They think he is a self made man.

Has there actually ever been a self made man?

 

[The Rogue Wolf]

Donald Trump isn't a super profitable businessman? I'm sure you're all very shocked.

Almost as unsurprising as hearing that he lied about yet another thing.

 

[meiam]

I mean, he bragged about not paying tax at the debate. I don't see how any of this will matter.

 

[Worgen]

I like that the article refers to him as 'mr trump' that has to piss him off to no end.

 

[Dalisclock]

I mean, he bragged about not paying tax at the debate. I don't see how any of this will matter.

At this point I don't think anything will matter as far as how people vote(as opposed to if they vote). Both candidates are known qualities, Debates don't matter to most people(not to mention Both Trump and Biden have been in debates before, I'm not sure who is expecting surprises here), the polls have held remarkably consistent in the last couple months(and Trump's approval ratings have been pretty much in the 40's his entire term).

People know who they're gonna vote for by now, it's just a matter of if/when they go to the polls. Apparently places where Early voting has begun people are already out there lined up to cast ballots....A MONTH BEFORE ELECTION DAY! Absentee ballot requests are setting fucking records. Fuck, as soon as I get my ballot in the mail, it's getting filled in and going to the dropbox.

Except for an apparent 10% who are still undecided, who apparently have been living in a cave on the moon without internet with their eyes and ears taped shut for 4 years or they literally don't care at all who's in charge. I guess some of them are gonna vote for Kanye or JoJo(Jo Jorgenson, not the anime character).

 

[lil devils x]

I mean, he bragged about not paying tax at the debate. I don't see how any of this will matter.

It isn't going to matter as much for the vote, however, Trump lying and misrepresenting his wealth to obtain business contracts for him and his businesses constitutes fraud, which is illegal in the US.

Penalties:

• Incarceration. Fraud convictions bring with them the possibility of a jail or prison sentence. Though sentences differ widely, a misdemeanor conviction can lead to up to a year in a local jail, while a felony conviction can lead to multiple years in prison. Federal charges can lead to 10 years or more in federal prison.
• Probation. A court can also impose a probation sentence if you're convicted of a fraud crime. Probation allows you to serve your sentence without having to go to jail or prison, but it is not a “get out of jail free” sentence either. Probation limits your freedom significantly. Probation typically lasts 12 months or more, and while on probation you must obey specific conditions the court imposes. These will often require you to report to a probation officer, take random drug tests, find or maintain a job, and of course, not commit more crimes.
• Fines. Fines for fraud convictions are very common, and like incarceration sentences they can differ significantly depending on the circumstances of the case. Fines for misdemeanor violations can be a few thousand dollars or less, while felony convictions can bring fines of well over $10,000.
• Restitution. A person convicted of fraud will have to pay money to victims, compensating them for any loss they suffered. Court orders for compensation are known as restitution. Restitution payments must be made in addition to any fines the court imposes.

Laws on Fraud

Learn about state and federal Laws and penalties for check fraud, mail fraud, counterfeiting, and credit card fraud.

www.criminaldefenselawyer.com

.

This may impact nations, businesses, investors and others whether they choose to do business with him/his businesses or not. It also may mildly impact those who have been trying to figure out who they believe that are on the fence though. Oddly enough we still actually do have undecided voters, not many but there are a few here and there. This is just another example of the abundant evidence that Trump is nothing more than a con, a scam, a fraud.

 

[lil devils x]

So going through my emails, turns out a disabled mother of 3 and her unemployed husband ( my cousin) paid more in income taxes than Trump has yet, they are about to become homeless and Trump has gold and diamond encrusted doors on one of many of his properties. Sounds about right. I am sure there are a good number of poor and homeless who have paid more in income taxes than Trump has.

 

[Agema]

Has there actually ever been a self made man?

Surely. But a lot who claim to be self-made are much less self-made than they will like to make out.

Interesting read.

Some of it is amazing if true: much of what is amazing is not Trump, but how weak or vague laws are to leave such vast grey areas open for abuse. Given the complexity, I'm not even sure Trump's businesses will be losing that much money - it's potentially all an accountancy trick to claim tax relief by creatively shunting money around between his businesses and himself to secure tax relief.

It does make me wonder, did Trump try to make money properly originally? Did he turn to such aggressive tax avoidance (and cheating contractors and lenders, etc.) after his late 80s collapse and then realise it was easier to find ways to scam the tax regime than be productive? Or did he always do this, because he enjoys cheating and tricking people?

 

[stroopwafel]

Some of it is amazing if true: much of what is amazing is not Trump, but how weak or vague laws are to leave such vast grey areas open for abuse. Given the complexity, I'm not even sure Trump's businesses will be losing that much money - it's potentially all an accountancy trick to claim tax relief by creatively shunting money around between his businesses and himself to secure tax relief.

It does make me wonder, did Trump try to make money properly originally? Did he turn to such aggressive tax avoidance (and cheating contractors and lenders, etc.) after his late 80s collapse and then realise it was easier to find ways to scam the tax regime than be productive? Or did he always do this, because he enjoys cheating and tricking people?

This in particular stood out to me.

''The I.R.S. considers forgiven debt to be income, but Mr. Trump was able to avoid taxes on much of that money by reducing his ability to declare future business losses. For the rest, he took advantage of a provision of the Great Recession bailout that allowed income from canceled debt to be completely deferred for five years, then spread out evenly over the next five. He declared the first $28.2 million in 2014.''

Lol, he owed most of it to Obama of all people. The biggest oversight was that Trump could write off losses from his real estate business to other endeavours and that debt cancellations weren't charged as income. If Trump hadn't gotten so greedy with the 2008 bailout I doubt there would have been any IRS inquiry at all.

 

[Shadyside]

This is why I never report any cash that was given to me under the table or money pools that I do with other people. This country was founded on tax evasion and being angry on taxation without representation. I am only following their example.

 

[Exley97]

Donald Trump isn't a super profitable businessman? I'm sure you're all very shocked.

It's not the losses. It's the leverage.

"This time around, he is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years. Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president."

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

And that's just what Trump is *personally* in debt for. There probably more debt tied to his businesses, according to this thread:
The U.S. intelligence community considers massive personal debt to be a potential security threat because individuals can be vulnerable to financial pressure from adversaries. It's one of the reasnons Kushner couldn't get top level security clearance (until Trump intervened). So the question now is, considering the amount of financial pressure Trump is under, who are his creditors?

 

[happyninja42]

Who came up with billion dollar tax shelters and why are they so poorly scrutinized?

I'm going to go out on a limb and say the answer is....billionaires.

 

[Dalisclock]

I'm going to go out on a limb and say the answer is....billionaires.

Pretty much. If people wonder why Capitalism isn't very popular among the younger generations, this is a major reason.

But instead of trying to fix the problem, just call them commies and pretend everything is fine.

 

[happyninja42]

Pretty much. If people wonder why Capitalism isn't very popular among the younger generations, this is a major reasons.

But instead of trying to fix the problem, just call them commies and pretend everything is fine.

This implies they think there is a "problem" that needs to be fixed.

 

[XsjadoBlayde]

No but it's all good, see...now all your taxes are also paying trump and his shitty businesses too! Its trickle upward economics all the way to the top baby!