Trump the Corporate Income Tax Dodger - New York Times publishes Donald Trump's recent tax returns

Forum » Beenos Trumpet » Trump the Corporate Income Tax Dodger - New York Times publishes Donald Trump's recent tax returns

Sep 28, 2020, 00:15

“The tax returns that Mr Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public,” the paper added.

The Times also said the documents it had obtained “comprise information that Mr Trump has disclosed to the IRS, 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.”

The president “paid $750 in federal income taxes the year he won the presidency”, the paper reported, adding that “in his first year in the White House, he paid another $750.

“He had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made.”


Tax-Dodger Donald: Trump's Own Documents Prove He Lied About The Value Of  His Properties | News Corpse

Just like his tax returns in the 1980s, Trump's recent financials showing him making losses.

Sometimes companies are struck off the register if they never make any profit and cost the taxpayer who covers the debts. These companies avoid paying taxes through creative accounting practices.

So a small company making a profit is making more of a contribution - than a billion-dollar company that frequently(all-ways) makes loses. 

This is a con-man real estate agent and reality TV star. 

Acttv THE TIMES ARTICLE ON TRUMP'S TAX FRAUD IS STAGGERING IT MAKES CLEAR  THAT HE HAS MANIPULATED MISREPRESENTED LIED AND CHEATED ALL HIS ADULT LIFE  HE HAS ALWAYS FEARED HE WAS a

TaxProf Blog

Manhattan DA files brief saying he needs Trump's tax returns for 'criminal  tax fraud' investigation - Alternet.org

Sep 28, 2020, 01:54

The operative phrase is: ‘ The Times also said the documents it had obtained “comprise information that Mr Trump has disclosed to the IRS.’ In other words all of this  has been reviewed by the IRS and complies with the tax code.

Trump as an owner pays taxes at multiple levels, personal and corporate....he also pays payroll taxes, local taxes and sales taxes. The Code doesn't permit non payment on a whim....it does allow write down of prior losses as an offset.along with a number of other offsets


This latest breathless revelation is another nothing burger.

Sep 28, 2020, 02:00

Successful businessmen like Steve Jobs and Bill Gates generate profit, not losses- true wealth.  

Trump is not who he says he is. 

The IRIS has an open investigation about possible tax fraud. With the public spotlight on Trump's business losses, we can expect to see the IRIS step up their investigation on Trump's tax evasion.

An extensive review of Trump's tax records from day one to 2020 should reveal some fraud. 
It is totally irregular to report company losses year on year. If a companies purchase tax is higher than the sales tax, something is wrong...

How is Trump so rich if his companies make no profit. He must be taking the money out into his personal account which is money laundering - who pays themself a salary of 100 million per year... 

Apparently, Trump's businesses all make a loss, except when he sells his own brand name license to other companies.
However, the revelations about Trump not making a profit destroys his reputation, making his brand worthless... It was not just in the 1980's, it has been the case for Trump's business career. 

https://www.nytimes.com/2020/09/27/us/trump-taxes-takeaways.html

Trump is also looking like he will go bankrupt again. 

  • The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

  • Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

  • Mr. Trump did face large tax bills after the initial success of “The Apprentice” television show, but he erased most of these tax payments through a refund. Combined, Mr. Trump initially paid almost $95 million in federal income taxes over the 18 years. He later managed to recoup most of that money, with interest, by applying for and receiving a $72.9 million tax refund, starting in 2010.

    The refund reduced his total federal income tax bill between 2000 and 2017 to an annual average of $1.4 million. By comparison, the average American in the top .001 percent of earners paid about $25 million in federal income taxes each year over the same span.

Sep 28, 2020, 03:20

Childishly naive.....every company takes tax deductions on the use of aircraft.... so do individual Board Members who have a Netjets account and travel for business reasons. I repeat this has all been reviewed  by the IRS, and undoubtedly carefully reviewed.

Construction is a totally different industry from software, covered by different tax rules which have been established through legal precedent. 

The timing is of course no accident, and no doubt there are many other fake bombshells in the inventory which will be released when the flame throwers think they will cause the most damage. 

Sep 28, 2020, 03:55

Six key findings from the New York Times' Trump taxes bombshell


The publication of Donald Trump’s records by the New York Times is one of the biggest bombshells to hit an unprecedented 2020 election campaign already been hit by a litany of scandals, a bitter fight over a supreme court nomination and a pandemic in which 7m Americans have been infected and more than 200,000 have died, during a bungled federal response.

The president’s taxes have long been the great white whale of political reporters in America as well as prosecutors keen to find evidence of wrongdoing. Democrats too were eager to seize on them as a potentially game-changing stick with which to beat the Trump campaign.

The Times, with its shock report published on Sunday evening, appears to have won the race. Its publication of details from the documents could send shock waves through the campaign as the key first debate between Trump and challenger Joe Biden looms, in Ohio on Tuesday night.

Here are some of its key findings:

Trump pays little tax

The Times reported that Trump paid no federal income taxes in 11 of 18 years the newspaper looked at. In 2017, after he became president, his tax bill was only $750. This is despite Trump often railing against taxes in America and ushering through a series of tax cuts that critics say mostly helps the rich and big business.

Barack Obama and George W Bush each regularly paid more than $100,000 a year

The Times said of Trump’s immediate predecessors: “Barack Obama and George W Bush each regularly paid more than $100,000 a year.”

A long audit – with potentially hefty costs

Trump is involved in a decade-long audit with the Internal Revenue Service over a $72.9m tax refund he claimed, and received, after declaring huge losses. A ruling against him could cost him more than $100m, the Times reported.

It added: “In 2011, the IRS began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.”

Ivanka helps reduce Trump’s tax burden

The president’s oldest daughter, while working as an employee of the Trump Organization, appears to have received “consulting fees” that helped reduce the family’s tax bill, the Times said. Such a revelation might further tarnish the reputation of Ivanka, a senior White House adviser married to another, Jared Kushner, who often tries to distance herself from some of the biggest scandals of her father’s administration. She is widely believed to harbor political ambitions of her own after Trump leaves office.

The Times reported: “Trump’s private records show that his company once paid $747,622 in fees to an unnamed consultant for hotel projects in Hawaii and Vancouver, British Columbia. Ivanka Trump’s public disclosure forms – which she filed when joining the White House staff in 2017 – show that she had received an identical amount through a consulting company she co-owned.”

His lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president

Trump businesses lose money

The Times was brutal in its assessment of Trump’s businesses, about which he often boasts and on the back of which he sought to promote a carefully curated image as a master businessman. “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,” the newspaper said.

It detailed how since 2000, Trump has reported losing more than $315m at his golf courses, with much of that coming from Trump National Doral in Florida. His Washington hotel, which opened in 2016 and has been the subject of much speculation regarding federal ethics laws, has lost more than $55m.

Trump has a big bill to pay

The newspaper also reported that Trump is facing a major financial bill, as within the next four years, hundreds of millions of dollars in loans will come due. The paper said Trump is personally responsible for many of those obligations.

The paper reported: “In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show. He appears to be responsible for loans totaling $421m, most of which is coming due within four years.”

In a blunt summary of the problem, the Times speculated: “Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.”

Related: Amid talk of civil war, America is already split – Trump Nation has seceded | Robert Reich

Trump businesses profit from his presidency

The issue of whether Trump’s businesses benefit from his position in the White House has been one of the long-running themes of reporting on the Trump presidency. The global nature of the Trump Organization and its portfolio of hotels, resorts and other interests has left Trump open to speculation that lobbyists, business leaders and foreign powers could spend money in them to try and peddle influence in the US.

The Times report on his tax returns is clear that Trump’s businesses have indeed benefited from his political career.

“Since he became a leading presidential candidate, he has received large amounts of money from lobbyists, politicians and foreign officials who pay to stay at his properties or join his clubs,” the newspaper reported, before detailing monies paid at his Mar-a-Largo resort in Florida, his Washington hotel and other locations.

Sep 28, 2020, 04:17

Again laughable overstatement. For example:

“Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.”

That assumes he won’t be able to pay those loans off, extend them under mutual  agreement or sell assets if necessary.

Reproducing this rubbish if you have no idea what it’s all about is irresponsible.

Sep 28, 2020, 04:38

$80,000 expenses for a hairdresser...


Whatever way it is spun about Trump and tax, the facts remain he does not pay corporate income tax because he says his companies are making a loss. 

It is unusual when compared to other billionaires. It is irregular.
What type of billionaire businessman pays no corporate income tax.
Elon Musk, Bill Gates etc- all pay billions in corporate taxes each year- or a flat % of their profits regardless. 

Trump has lots of companies in different industries, which makes it even less likely that they all make no profit. 



Sep 28, 2020, 04:49

Many developers had serious losses,  in Atlantic City for example. These losses sustained in the past can be written off against profits  in the current business....and various assets can be depreciated against profits, some classes at accelerated rates. That would show a book loss for tax purposes even though cash flow could be strongly positive.

Clearly the writers of the lurid stuff in this string have no clue.


Sep 28, 2020, 08:45

"An extensive review of Trump's tax records from day one to 2020 should reveal some fraud."

An extensive review of Trump's assistance from Russia should reveal treason.

An extensive review of Trump's telephone call with Zelensky should reveal some abuse of power.

An extensive review of Trump's pissing on Russian hookers should reveal some immorality.

Does anyone see a pattern here?


I wonder if Shark thinks that Trump sits atop Trump tower looking out the window as he makes evil Mr Burns from Simpsons hands.

"I think I paid too much to have that IRS guy assassinated, Smithers."

"Sir, you know, for a little more, we could get the entire department off'ed. Sir?" 

"Hmmm, yes, yes! I like that Smither's. Make the call. Mwhahahaha"



Sep 28, 2020, 08:58

This all proves what I've been saying for ages . . . that Bozo is not the successful tycoon he makes himself out to be, he's a spoilt rich kid who inherited a fortune from Daddy and pretty much blew it all with a string of failed business ventures.


Only the most brainwashed and stupid Trumpanzees would still see Bozo as some kind of successful businessman.

$80k for his hair? Waaaaaaaaaahahahahaha! Money not well spent!

Sep 28, 2020, 10:51

Another negative "scoop" by the NY Times...will it be factual this time?...going on previous examples, not likely. 

Sep 28, 2020, 11:23

"This all proves what I've been saying for ages...….."

Trump will never be elected president..... Hilary will walk it

Trump will be locked up for colluding with Russia...…..

LMFAO.... yeah, what you have been saying for ages has just never worked out for you has it...

You are consistently the dumbest poster on this forum.... and the stats prove it


Sep 28, 2020, 12:01

 

Sep 28, 2020, 13:20

I'm worried for Shark's health.

Deepthroating the MSM feedpipe for such an extended period is bound to do harm.

...signs of which have been showing for some time now. 

Irreparable damage?  

Very likely.

Sep 28, 2020, 14:03

I did say that very stupid and brainwashed people wouldn't get it.

QED.

Sep 28, 2020, 14:12

Trumpanzees like DraadTrekker and Bum Plum are so brainwashed by their master that they instantly say facts are fake news.  


Trumpanzees. - Agnostic.com


In the Land of the Trumpanzees | Think Magazine

Sep 28, 2020, 14:26

Laughing Graphics

Sep 28, 2020, 16:27

Well Shark when your big claim.....Russia collusion.....turns out the be fake, and when the latest claim doesn’t grasp the nature of tax write offs and the difference between tax profits and cash flow, I’d say it’s fake news.



Sep 28, 2020, 18:17

Bigotry is OK in some instances I see...

Sep 28, 2020, 18:30

Trumps former Communications Manager. (Doing a great job on PR for Trump....)

Why is it that so many of Trump's allies have turned on him. Also, why are so many of Trumps associates are now in jail? 

Trump's digital campaign manager tried to commit suicide yesterday, and he is apparently involved in an internal Republican investigation for stealing campaign funds. 


Sep 28, 2020, 18:33

Yes...if you posted a similar image about Blacks the outcry would be huge I would guess. 

Still a Real Estate tax expert just made the same Points I made above. Real Estate investors have lots of Assets, lots of debt, no cash and they almost never pay tax. Why?  For the reason I cited above. 

Every investment can be written down over time and as long as they keep investing the flow of write downs increases.....wiping out earnings  ie income, and building unrealized capital gains.

Then under Estate Tax rules the capital gains are eliminated and Estate Tax is only paid on total Estate Assets.

The lesson is you will not see Real  Estate Moguls paying the taxes other executives might pay.....the morons who wrote The NY Times article are simply uneducated. And unfortunately the uninformed knee jerkers on the site have no way of parsing the rubbish they read.

Sep 28, 2020, 18:46

Trump has over 200 companies. Only some of these are real estate. How can they all make a loss? 

Other billionaires pay corporate income tax- they are the ones driving the economy forward. 
The IRIS is chasing Trump for potential fraud, as he did not abide by their accounting rules.

This is not good for the economy to have lots of failed businesses that cost tax, instead of earn tax. The purpose of a company is to make a profit. Then any government wants their cut of the profits. 

If all companies were allowed to register a loss, then who would pay the corporate income tax? It gets carried by other companies, or through other tax collection like personal tax. 

There could be endless accounting debates, but the fact that Trump says all his companies make a loss each year - pretty much ends the debate. 
Biden campaign begins selling 'I paid more income taxes than Donald Trump'  stickers | The Independent

Sep 28, 2020, 19:24

Whooosh!!! Moron.

Sep 28, 2020, 19:25

If you want to continue discussing this subject....it’s the IRS not the IRIS. Read my post again it explains everything.

Sep 28, 2020, 19:31

It's not a discussion.  He's throwing crap and hoping something sticks...the old play-book. 

Sep 28, 2020, 19:54

Image may contain: 1 person, close-up, text that says "Trump paid this porn star more money in 1 year than he paid the IRS in two decades"

Sep 29, 2020, 00:01

Image may contain: 6 people, text that says "FEDERAL TAXES PAID FIRST YEAR IN OFFICE $165.2K REAGAN $101.4K H.W. BUSH $62.7K CLINTON $250.2K BUSH $1.8M OBAMA $750 TRUMP So now we we see why Trump was terrified of releasing his taxes: He doesn't pay any. Don't we throw people in jail for not paying taxes? LOCK HIM UP. RIDIN' WITH BIDEN"

Sep 29, 2020, 16:45

Some are saying both Ivanka and Trump could both be locked up for Tax invasion.

What we need is the opinion of tax specialists to determine the facts. IRIS(sic) need to get involved ASAP

LOCK THEM UP? "Watergate prosecutor Nick Akerman says there's only one thing protecting the president from indictment at the moment: the fact that Trump is president."

HuffingtonPost/Lock-Them-Up

LOCK THEM UP? "Watergate prosecutor Nick Akerman says there's only one thing protecting the president from the indictment at the moment: the fact that Trump is president."



Sep 29, 2020, 16:56

Image may contain: 1 person, text that says ""Who does the president owe $421 MILLION to?" -PETE BUTTIGIEG RIDIN' WITH BIDEN"

Sep 29, 2020, 22:35


Image may contain: 1 person, text that says ""Trump's biggest fear is he will end up with a massive tax bill, fraud penalties, fines, and possibly even tax traud Trump's financial records are the Rosetta stone for understanding the depth of his corruption and crimes. The more they are unraveled, the more he will unravel. It's the reason he's fought so hard to keep it under wraps." MICHAEL COHEN RIDIN' WITH BIDEN"


Sep 30, 2020, 05:16

Ok memelord.

Sep 30, 2020, 10:09

"So. I finally read the NYT Trump tax story because I wanted to see what line was being reported for taxes owed and I came across this about the $750 in 2016 and 2017. Per the NYT own story, Trump actually paid to the US Treasury $1 million in 2016 and $4.2 million in 2017. pic.twitter.com/ltnlMG0mKW


— alexandriabrown (@alexthechick) September 28, 2020"

Sep 30, 2020, 10:22

Ooooooooooooooooooooooopsie memelord!

Sep 30, 2020, 14:00

@Simpleton Draad,

You do know there are different types of taxes?
Just paying some of the types of tax is not an option. 

People of the same wealth as Trump pay much more tax than what he does. (% of their income). 

Trump has been under ongoing investigation by the IRS. Millions go out of his bank account to his daughter. Trump will go to jail. It will be easier after he loses the election to investigate his finances. 


Sep 30, 2020, 15:55

I explained this to you Shark, ask questions if it’s not clear.

Sep 30, 2020, 15:56

Snark, I'm well aware of how you and some of the media twist things to suit a certain agenda. I know of lots of accusations against Trump. None of the more serious ones have been proven, but lots of the so called "facts" have been proven as slanted propaganda...and the NY Times in particular has been caught out for deliberately publishing half truths and unconfirmed allegations about Trump. I'll wait for the complete story before just swallowing the bias BS they keep peddling about Trump...there's a clear pattern of a deliberate anti Trump propaganda in their reporting. I'll start taking these things seriously when I see some real evidence held up in a court of law.

Sep 30, 2020, 15:59

"Some are saying both Ivanka and Trump could both be locked up for Tax invasion."


What's that?

Sep 30, 2020, 16:34

@Mozart you explained nothing except some accounting jargon that because Trump has "some" real estate businesses, that he is entitled to pay no income tax on any of his "200" companies- across multiple industries. (Many of his companies are not real estate)

Some people may think that paying the government no tax is great business, but the government needs to be funded somehow- which means poorer people have to pay the tax. 

Laws (in all countries) that allow accountants to help rich people get around tax are BS, and should be removed. Deferral and credits, what BS. It is just making things more complex than they need to be. 
A flat rate of tax is more transparent and harder to cheat. 

The "bean counter" accountant that knows this year set of laws and their loopholes is pointless. Next year the law could change again, which requires another tax specialists to find loop holes to avoid tax (or defer it into the future). I would assume anything that can be deferred should be eventually paid, before a company gets declared bankrupt. 



Sep 30, 2020, 18:06

"A flat rate of tax is more transparent and harder to cheat"

And the left will burn down the world to avoid it....but I know you don't actually mean there should be a "flat rate"...you don't even know what you mean yourself, except for "Orange Man bad" and "Christian bad"...you are a bigot...you are what you despise and you don't even realize it...same coin, different side...

Sep 30, 2020, 19:49

Haha Vrottie

The best is, we know "invasion" wasn't a typo.

Tool!

Sep 30, 2020, 20:03

2 dummies clinging to an auto-spell check error...

Sep 30, 2020, 20:21

So you spelled "evasion" so wrong that auto correct tanked?


BTW, I'm prone to stupid spelling errors myself, so don't feel stupid about that...worry more about your ability to construct logical arguments.

Look, you can call me stupid till the cows come home, it still doesn't change the fact that you are the one making stupid jumps in logic. You assume too much...try questioning the status quo for a change.

Sep 30, 2020, 21:27

Draad

There's a difference between a spelling mistake and using the wrong word which you thought was the right word.

For all intensive purposes it's quite the clanger for  old Vrottie.

See what I did there?


Oct 01, 2020, 00:21

It’s not accounting jargon....it’s the real estate equivalent of a conglomerate business ( I ran one once so I’m qualified to opine). A conglomerate often has a high p/e ratio.


 So when they acquire earnings they are turned into share price value at a higher multiple than the acquirer paid.....excess share price if you like. This acts to elevate the overall Conglomerate share price.....each acquisition adds a bit more. This creates an impetus to continue acquiring.

Now take the real estate investor....each investment gives them assets to depreciate through the P&L. The more new assets, the bigger the depreciation, the less short term profits and taxes.. There are also other tax incentives available to delay/reduce taxes. 

So what’s the incentive the existing tax structure creates for RE companies? To raise more debt to buy more assets...and as a consequence to build up unrealized capital gains.....to avoid taxes, which reduce the ability to make the next acquisition.

You may not like that model, but that’s how the tax system works...in part because investment in property has generally been regarded as a good thing for the nation.

Trump didn’t invent the system, but if ties his hands behind his back in a cut throat business he wouldn’t survive very long. Time to get real.

Oct 01, 2020, 02:34

Assuming Trump has done 100% tax avoidance, rather than fraud. Now that his financials are circulating all over the place, more details will be revealed.

NY Times has said they are running a drip campaign until the election revealing new stuff every few days to keep the soap opera alive. 

The IRS also has an open case, so this is not over by any stretch of the imagination. They feel he has not played by the rules in at least one instance. 

The Watergate prosecutors weigh in his thoughts. 


Oct 01, 2020, 02:36


Oct 01, 2020, 02:53



Oct 01, 2020, 03:13

From the Detroit News:

 The president’s net worth has declined $300 million in the past year to $2.7 billion, erasing 10% of his fortune since he took office, according to the Bloomberg Billionaires Index.’

So even if that undoubtedly bogus debt number is right, he still has $2.7 Billion in property value because that’s a net number, and unquantified  goodwill. Trump has also lost $300 million in office, the biggest financial sacrifice by a President for his country.

Next?


Oct 01, 2020, 04:26



 
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