NY Times gets Trump’s tax returns (1 Viewer)

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brandon

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Trump refused to talk about his tax returns and blasted the Times report as "totally fake news" on Sunday. But the article portrays the anti-elite crusader who rails against a corrupt system as actually using its loopholes to avoid paying any federal taxes at all in 10 of 15 years beginning in 2000 by writing off his own staggering losses.

In 2016 and 2017 each, Trump paid just $750 in federal income taxes -- far less than many Americans who are working hard amid a deep recession to stay afloat. Trump took huge deductions -- including $70,000 to take care of his hair -- and also appeared to write off hundreds of thousands of dollars paying his daughter Ivanka as a consultant to the Trump Organization, according to the Times report. The story also reveals the extent to which Trump's status as President is being used to shore up his losing ventures — for example his hotel in Washington, DC, and his golf resorts.

https://www.cnn.com/2020/09/28/politics/donald-trump-taxes-election-2020-joe-biden-debate/index.html

So there it is. I paid more in 2016 and 2017 in taxes than our billionaire president. Not even just all year...I paid more than he did in one lump sum with my tax return than he did all year.

$750.
 

The moose

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So far, the only real defense I have seen offered by Trump and surrogates is “fake news”.


Well that whole theory is debunked because he has refused to do that for years.

If he had nothing to hide why all the fight then.

The actual people I blame for this is republicans. He should have never gotten the nomination without playing the game by the rules.
 

wardorican

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Is there anywhere to see the returns?
Not that I'm aware of.

the NY Times posted this overall article, and stated they are planning a series of articles diving into each item.


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.
That's a big possible audit issue...

The returns are some of the most sought-after, and speculated-about, records in recent memory. In Mr. Trump’s nearly four years in office — and across his endlessly hyped decades in the public eye — journalists, prosecutors, opposition politicians and conspiracists have, with limited success, sought to excavate the enigmas of his finances. By their very nature, the filings will leave many questions unanswered, many questioners unfulfilled. They comprise information that Mr. Trump has disclosed to the I.R.S., not the findings of an independent financial examination. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. Nor do they reveal any previously unreported connections to Russia.
Looks like pay to play to me...

Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year.

His revenue from “The Apprentice” and from licensing deals is drying up, and several years ago he sold nearly all the stocks that now might have helped him plug holes in his struggling properties.

The tax audit looms.

And within the next four years, more than $300 million in loans — obligations for which he is personally responsible — will come due.

Against that backdrop, the records go much further toward revealing the actual and potential conflicts of interest created by Mr. Trump’s refusal to divest himself of his business interests while in the White House. His properties have become bazaars for collecting money directly from lobbyists, foreign officials and others seeking face time, access or favor; the records for the first time put precise dollar figures on those transactions.

At the Mar-a-Lago club in Palm Beach, Fla., a flood of new members starting in 2015 allowed him to pocket an additional $5 million a year from the business. In 2017, the Billy Graham Evangelistic Association paid at least $397,602 to the Washington hotel, where the group held at least one event during its four-day World Summit in Defense of Persecuted Christians.
 

wardorican

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Quite the story about why he's under audit.. Thanks Obama..lol.

He might end up owing $100M in taxes, with interest...
 

SaulGoodmanEsq

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As much as the teeny tiny federal income tax payments seem to be taking the headlines, unsurprisingly since they punch a hole in any notion he's not an unsuccessful businessman, I can't help but think that the hundreds of millions of dollars in loans are the most devastating thing about the returns:

The Times reports that within the next four years, more than $300 million in loans -- for which Trump is personally responsible -- will come due. That opens the extraordinary possibility that the lenders could be called upon to decide whether to foreclose on businesses owned by the US President while he is in office if he is unable to pay the money back. Trump is therefore in danger of becoming deeply compromised.​
I'd suggest someone with that level of debt in that position is highly compromised. Being a poor businessman who doesn't pay much in personal taxes due to his massive losses makes for a poor resumé for the role of President, but being massively in hock should be outright disqualifying.
The funny thing is a person seeking a job with the federal government (bureaucrat/civil service) would be considered a security risk if they owed extensive amounts of money and, thus, would not be hired.
 

The moose

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The funny thing is a person seeking a job with the federal government (bureaucrat/civil service) would be considered a security risk if they owed extensive amounts of money and, thus, would not be hired.

Yep it is kinda obvious why none of his family could pass the background checks
 

zztop

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I'm not worried about him owing hundreds of millions in loans in a couple years. Something tells me he'll get an anonymous "investor" from Russia to cover his debt
 

Maxp

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I'm not worried about him owing hundreds of millions in loans in a couple years. Something tells me he'll get an anonymous "investor" from Russia to cover his debt
He already sold nuclear technology to the Saudis. I'd bet those huge debts are already paid.
 

wardorican

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Pretty weak opinion. Tries hard to be a comedic cynic.

This is an article about Trump's reaction. Sure, he's intitled to every legal credit he can get. But, it does seem like he used a lot of shady accounting to create more losses and deductions than maybe he's really entitled to. Hence, the IRS audit...

 

wardorican

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GrandAdmiral

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Cuomo is interviewing three accountants including a former Trump accountant. They all agree that the NYT's story is underestimating the amount of debt. All things considered (personal and otherwise), they believe it's upwards of $1 billion.
 

xpuma20x

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Cuomo is interviewing three accountants including a former Trump accountant. They all agree that the NYT's story is underestimating the amount of debt. All things considered (personal and otherwise), they believe it's upwards of $1 billion.
I can't find anything else on this. Do you have a link to an article or anything that I can read more about this?
 

efil4

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Everyone talking about how little he paid, is a good sound byte, but misses the bigger point. Glad Pelosi locked in on the massive debt.
I think that is all changing. By tomorrow, the debt and concerns of who it's owed to, will be the main issue.

I would expect this to be something Biden will attempt to address in the debate as well.

This is a real issue.
 

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