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Trump and taxes: Genius or Jail?

The "big news" of late is that Trump didn't pay much in taxes in 2016/2017. The reason is that he has lots of previous business loses that offset taxes subsequent gains that are realized (i.e., taxes on gains are only payable once the assets are sold). The NY Times has considered getting his tax returns the "holy grail" and the Democrats are sharpening their knives accordingly. However, since there is no proof that his deductions were illegal, some consider his tax returns as a sign of his business acumen. What say you? Will this move the election needle?

Trump's tax release will...

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Admin 8 Sep 28
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29 comments

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2

Definitely will not affect his election. He wasn't wrong when he said his most rabid supporters would still vote for him if he shot a man on 5th avenue. The common response will just be that "he is a smart businessman" for exploiting loopholes... even if his followers hate Bezos for the same reason, and even if he is currently in control of the government and can work to close those loopholes.

While the sources are not 100% confirmed, there are reports that he did use illegal tactics. There is a report about writing off a payment to Ivanka as a consultant, even though she was an employee, which is against IRS law. They could both be punished for that. Not much different than when he violated Gaming Law when his father bailed out one of his casinos.

The interesting thing is this would also show that he is not really a successful businessman, because he has been losing millions and millions over the years, and is defaulting on many properties and has a lot of debt. So either he is lying about these losses to avoid paying taxes, or he is lying and isn't really a successful billionaire businessman.

It's no wonder he refuses a salary as president. It's not because he's trying to save the government money or be noble, it's because he doesn't want to pay taxes on it.

But again, his supporters don't care.

16

in the first place Trump has done nothing illegal regarding his tax liability over the last umpteen years and I dare say that there are zero people in his income bracket who paid more than he. Secondly I believe Trump can show that he has contributed more to the American economy and to private citizens in need than anyone who currently sits in the Senate or the House of Reps.
Thirdly it is a felony - a real and true violation - a crime to reveal his tax papers without his written consent.
Annnd finally - it will have zero impact on he re-election odds. Those who will moan and groan and gnash their teeth of Trumps taxes were NEVER going to vote for him in the first place. Furthermore those who were planning to vote for Trump likewise will NOT be swayed against him by the tax documents being made public.

The election could be held tomorrow and I believe the outcome would be exactly the same as it will be on Nov 3rd. This show is over - its only a formality the Nov 3rd election day especially where Trump himself is concerned.
The Dems candidate, on the other hand is anything but a foregone conclusion. I still believe Biden will be replaced before Nov 3rd

iThink Level 9 Sep 28, 2020

I keep wondering that, too, and the debate will be telling. If Joe stumbles as much as I think he might, action could be swift.

"Thirdly it is a felony - a real and true violation - a crime to reveal his tax papers without his written consent."

Agree. Completly forgot to mention this in my response. I can't begin to imagine the backlash the Democrats would be giving if the situation were reversed!

Didn't he say he was under audit? No one can release his tax forms while an audit is being performed.

14

As for the NYTs, there are better, more absorbent papers for your pets.

As for $Millions Trump has paid in taxes, I wish he had paid less. Money in an entrepreneur's pocket is worth more than flushing it into the Washington DC cesspool.

As for the people responsible for exposing private personal documents, I hope they go to jail. The law is clear on this.

[dailywire.com]

13

I remember General Electric submitting a 32,000 page tax return and paying zero dollars in tax on 14 billion dollars of profit. That was in 2011, during the Obama administration. The Blessed Saint Barry uttered not one word of displeasure. Of course, the Chairman of GE was a big donor, and was on a Presidential Commission. Coincidence, pure coincidence...

Immelt was the poster child for croney capitalism.

12

The Democrats were sure that Trump's taxes would show payments to women or collusion with Russia. All they achieved was showing how Trump's Tax accountants and the CPAs he has employed thoroughly did their job.

11

This is a relevant issue, even a deal-breaker and a game-changer. But only if you are an ignorant socialist sympathizer whose range of political and economic acumen is distilled in sound bites like “Tax the rich,” “Fair share,” “Greedy businesses exploit workers,” and “Capitalism kills.”

These are the Cultural Studies majors (or any useless degree with the word “studies” in it) who babble about seizing the means of production when they’ve never held a real job, much less created one. They actually believe that a corrupt government planning commission cranking out one failed five-year plan after the next would do a better job than the free market.

Hence, they have no appreciation for a government that actually recognizes the value of business, entrepreneurship and market dynamics. A tax system that encourages and rewards such activity rather than punishing the people who actually make the country work will inevitably be viewed as unfair by the simple-minded.

It’s useless to explain about how Trump, by plowing his profits back into his business is exempt from federal income taxes. (But it’s UNFAIR!) No point explaining the myriad business taxes he does pay. (Profit is THEFT!) And don’t waste your breath on the copious evidence showing that when government gets out of the way, everyone prospers. (Tax breaks for the rich!!)

How about tax breaks for tax payers? The top third of income earners provide virtually all the income taxes collected. Incomes over $250,000 account for half of all taxes. (Fair share! Fair share!)

There is no reality in this issue. But, as Creepy Joe says: truth over facts.

“And if all others accepted the lie which the party
Imposed-if all records were told the same tale-then the lie passed into history and became truth.”
G. Orwell

Well said @Edgework. I think most people are capable of understanding taxes, profit and business — certainly people who work at the NYT. This is pure politics — and a bit of wilful ignorance — recycled to cause a stir just before the debate.

Let’s see what they dig up for the next debates. Russia? Impeachment?

10

Same story the NYT peddled four years ago. They provide no new information and not a shred of evidence or a single document. The Times and their woke friends will never recover from Trump’s brash decision to ignore tradition, not release his tax returns, and still win.

Anyone with half a brain knows Trump had 18 years to carry forward loses and claim big offsets. Further, his financials have been vetted by an army of accountants and lawyers and are in the hands of the IRS. If anything is amiss the IRS will act, and Trump will have an opportunity to respond.

This is a ridiculous non-story, designed to smear the president as a tax cheat or a tax evader, when in fact, he’s doing what every taxpayer in every jurisdiction does...pay as little as possible.

GeeMac Level 8 Sep 29, 2020

Bingo.

10

This is nothing but a lame distraction by the fake media to divert everyone’s attention away from the shit show of a presidential candidate they have.

Andyman Level 8 Sep 29, 2020
10

Why should anyone care? Is there a single one of us who doesn't take advantage of the tax code whenever and wherever possible? Do any of us intentionally give the govt more than its due? As long as he didn't do anything illegal, why should Trump be treated any differently?

8

If you read further in The NY Times article Trump paid 4.2 million in pre taxes the year they are saying he paid $750. It is a long article and the NYT knows 99% won’t read it.

That’s what happens when a foreign national like Mexican billionaire Carlos Slim , who hates Trump, has a controlling share in a U.S. institution.

Let’s not forget a fair and unbiased media is a pillar of Democracy.

Tarpon Level 7 Sep 29, 2020
8

I don't think tax information that simply shows that President Trump followed the law as written will have any negative effect on the election at all. I think that the Leftists that harp on this issue view the rest of us as being as envious and bitter about rich people like President Trump as they are. They expect us all to be outraged that he didn't pay more taxes while he provided taxpaying jobs for more than 20,000 people through his businesses. They expect us to be as bitter as they are about the success of others, but most of us simply don't think like Leftists. They just don't get it, though. They can't imagine that people don't think like they do so they keep going after the President in the same ways with the same results -- nothing.

7

I'm leaning more that it won't effect his election chances. At least not my vote.

It also seems like a pretty dangerous line of debate. Like, wouldn't the counter argument be to show Biden and Hunters own history of expenditures? Seems like, at least from that 87 page report, there's some things they may want to avoid talking about. Add taxes to that, and things are even worse.

Since the can of worms has already been open, I guess both conversations are likely to occur. It's my own opinion, but Biden kinda looks worse on the whole money front.

6

Looks to me he's re-invested profits, think playing monopoly thats why he is asset rich and money poor.

Nothing burger.

6

I can’t find ANYONE who can tell me, what Joe Biden has accomplished, in his 47 years as a professional politician.
He got filthy rich and sold influence. His son sure reaped the benefits, but what did he DO for the $Billions ?

David42 Level 7 Sep 29, 2020

Biden has made under-the -table deals with the Ukraine and China. He is rapey and probably a pedo.

6

This only matters to leftists, but they weren’t going to vote for him anyway.

5

Anything that exposes corporate media bias helps Trump.

wolfhnd Level 8 Sep 29, 2020
4

the reality is that he had the resources to take advantage of the system and did. this was perfectly legal. as far as the election goes. Most people have decided who they were going to vote for already. soo.. I don't think it will any effect

3

If you have a lot of money and you are smart, first thing a man does is he hires the best accountant money can buy and best lawyer the money can buy. And than he hires someone to watch them both. Trump was not born yesterday.

3

Genius! And it triggers the radical leftists!

I think it's GREAT he doesn't pay taxes.

I hope he can keep on making money off the MAGA guys who are donating to him so much money so he can save American from the ANTIFA and CABAL

bastion Level 7 Sep 29, 2020
3

No surprise. Trump doing what he does best, playing the suckers that hang on his every word.

3

Who cares

B1967 Level 7 Sep 29, 2020
3

I think it may have a minor negative effect.
Depends on the legality of what was done... btw it wasn't done by him, he probably has a few people doing his taxes for him.

The question is how long will it take to get a definitive answer on the legality or otherwise of what was done? Will it come in time for the election?

2

He didn't break any laws he just took advantage of tax loopholes. Anyone with half a brain can see this is bunk.

2

It is obvious that tax laws of countries all over the world are written by the Rich and are purposefully littered with loopholes that the Rich use to avoid taxes. The USA is not different. Trump made use of provisions in tax laws that were mostly written by Democrats, lots of influential Democrats are rich. People know that Joe Biden is involved in fraud schemes with his cronies in Ukraine, devised in the years in which he was dictator in that country, no doubt avoiding USA taxes, so I don't think this mud slinging has any effect on the elections.

Corjova Level 6 Sep 29, 2020

Maybe we should go after the Biden's since they put their illegal SH-T out on video for the whole world to see!!!
Like, " If you don't fire that prosecutor, you don't get those billions"!!!!!

@Serg97 It would be a great idea to extradite him to Ukraine once they request it.

@Corjova I'm NOT holding my breath!!!! After the election, no matter the outcome, we will hear NO MORE!!!!

2

It’s undisputed fact that Jews(which are small minority) own a gigantic chunk of the banks and Hollywood/media. And trump caters to these blood sucking parasites

2

This does not surprise me, and for me it does not change the way I will vote.

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