NY Times gets Trump’s tax returns (2 Viewers)

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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.
 

Saintamaniac

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Since a corporation is now considered a person with the same rights and entitlements as a person, can a corporation be pardoned by the president? I'm just wondering because I would assume that Trump Inc is in as much tax fraud trouble as Trump himself.
 

DaveXA

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I guess the NYT isn't quite done with the taxes yet.

I'm just trying to think of a scenario where a loan would appear on his taxes. Much less a secret loan. How exactly are they determining this?

So I read the thread and apparently, the source seems to be his LLC's tax records. Not his personal taxes. So that makes some sense. Of course this would have to be verified because I'm not sure how those taxes were obtained.
 
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CoolBrees

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The only ways i know that a loan shows up on your personal taxes are if you are a guaranteur of a corporate loan and you are writing off the interest payments on your personal taxes....

Or
The loan is considered revenue. This is hairy because Loans are only considered revenue in the form of debt that is forgiven. You have to report the cash influx.

in this instance (and I am speculating) it is quite possible the loan in question was forgiven for political favors
 

DaveXA

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The only ways i know that a loan shows up on your personal taxes are if you are a guaranteur of a corporate loan and you are writing off the interest payments on your personal taxes....

Or
The loan is considered revenue. This is hairy because Loans are only considered revenue in the form of debt that is forgiven. You have to report the cash influx.

in this instance (and I am speculating) it is quite possible the loan in question was forgiven for political favors
Even those wouldn't necessarily have the loans attached. You'd just have to report it as a certain type of income and use the appropriate form. In this case, probably a 1099-Misc. Of course, the name or source of the income would appear on the 1099.

Another consideration is that 1099s are not typically attached to taxes when submitted.
 

MT15

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I also saw that they found no evidence of a $20 million donation that he had said he made during the campaign. I think it was to St. Judes? Can’t remember which charity, but it evidently never happened. Shocker, I know, but just further confirmation that he has zero shame.
 

DaveXA

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I also saw that they found no evidence of a $20 million donation that he had said he made during the campaign. I think it was to St. Judes? Can’t remember which charity, but it evidently never happened. Shocker, I know, but just further confirmation that he has zero shame.
Well, iirc, that was being reported during the campaign. It was reported that he never paid it, but sort of fell off the map as the campaign went on. It's not like anything could be done about it.

I suppose it goes to his character, but we all already know enough about his character. Hardly surprising.
 

Lapaz

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Well, iirc, that was being reported during the campaign. It was reported that he never paid it, but sort of fell off the map as the campaign went on. It's not like anything could be done about it.

I suppose it goes to his character, but we all already know enough about his character. Hardly surprising.
“We” already know, but most of his minions need more proof. The mountain of evidence has to keep growing for his shortsighted minions to see that it is there. We need to remind everyone of these disingenuous promises that he makes, since his minions still believe he keeps his promises.
 

Saint by the Bay

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“We” already know, but most of his minions need more proof. The mountain of evidence has to keep growing for his shortsighted minions to see that it is there. We need to remind everyone of these disingenuous promises that he makes, since his minions still believe he keeps his promises.
Proof doesn’t matter to his minions. Every narcissist has sycophants. His sycophants are dedicated to him based on tribal cultural identity. No amount of proof of anything will ever change that, so they aren’t going anywhere.

Jim Jones still had loyal supporters even as the kool aid kicked in. If you’re still with Trump you’re not going anywhere.
 

MT15

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So, NYT isn’t done with Trump’s taxes yet....this one is pretty big, I think. It’s a whole thread explaining what seems like some pretty shady cash dealings.

 

wardorican

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So, NYT isn’t done with Trump’s taxes yet....this one is pretty big, I think. It’s a whole thread explaining what seems like some pretty shady cash dealings.

For the record, the lawyer's response. Which, is good, because they often don't get much of responses...

In response to questions from The Times, Alan Garten, a lawyer for the Trump Organization, said the company had “opened an account with a Chinese bank having offices in the United States in order to pay the local taxes” associated with efforts to do business there. He said the company had opened the account after establishing an office in China “to explore the potential for hotel deals in Asia.”
“No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive,” Mr. Garten said. “Though the bank account remains open, it has never been used for any other purpose.”



Mr. Garten would not identify the bank in China where the account is held. Until last year, China’s biggest state-controlled bank rented three floors in Trump Tower, a lucrative lease that drew accusations of a conflict of interest for the president.
 

MT15

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Ward did you read the original thread? there was a $15 million cash withdrawal from that account by Trump in 2017. That doesn’t exactly square with the accountant’s statement. So we need more investigation.

 

EmBeeFiveOhFour

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Ward did you read the original thread? there was a $15 million cash withdrawal from that account by Trump in 2017. That doesn’t exactly square with the accountant’s statement. So we need more investigation.

So he paid about $2.4 million in taxes on that revenue to China and $750 to the United States. America First!!
 

Brandon13

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You could actually say that he's contributed a large amount of his money considering how much he's alleged to owe lol.
 

efil4

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You could actually say that he's contributed a large amount of his money considering how much he's alleged to owe lol.
or he has hit that "sweet spot" on ROI and selling his shares in Trump and will move on Nov 3rd.

he spent $66mm in 2016.

$8000 in 2020.

He got what he wanted in 2016 and sees the writing on the wall for 2020. No use throwing good money at a losing proposition.
 

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