NYT publishes Trump tax returns
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When we discuss this before, I said that I think the only reason that he does not want to release his tax forms is for two reasons:
- He does not make as much money as he says he does
- He does not donate much (if any) to charity.
I think that is still true, but as everybody above me said, it really won't change anybody mind.
Those who support him will say - "So what"
Those who dont support him will say - "See"And it won't matter either way.
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It didn't matter to begin with.
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@Jolly As you would say, it is perception. LOL
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This tells us what we always knew about him, he’s better at playing successful mogul than actually being one.
These aren’t going to be legally interesting on their own in any novel way, the IRS has been auditing them for years.
The legally interesting bit is how all these massive loss claims interact with the various loan documents submitted at the same time. That’s where the fraud potential lies.
Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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Personally guaranteed debt of $400MM due 2022, plus a disputed 72MM with the IRS.
I wonder who he owes that 400 million to?
That could bankrupt him personally.
Seems like a potential national security issue.
Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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Then why doesn't the vaunted Grey Lady do a story on something we don't know, like what Hunter did to earn millions from the Russians, Chinese and the Ukranians?
@Jolly said in NYT publishes Trump tax returns:
Then why doesn't the vaunted Grey Lady do a story on something we don't know, like what Hunter did to earn millions from the Russians, Chinese and the Ukranians?
Didn’t the senate investigate this? Did they turn up something or not?
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I think the $400MM personally guaranteed debt to god-knows-whom is one of the big deals that will fall out of this. Though of course the media will focus on the trivial total income tax paid.
There’s a reason you can’t get a security clearance when you’re heavily in debt.
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This tells us what we always knew about him, he’s better at playing successful mogul than actually being one.
These aren’t going to be legally interesting on their own in any novel way, the IRS has been auditing them for years.
The legally interesting bit is how all these massive loss claims interact with the various loan documents submitted at the same time. That’s where the fraud potential lies.
@jon-nyc said in NYT publishes Trump tax returns:
This tells us what we always knew about him, he’s better at playing successful mogul than actually being one.
Which is of course why he didn't want to release them. It's never been about legality. It's about his bullshit.
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Well the idea that he was hiding specific tax fraud in his returns never made sense because the Feds obviously had them.
But hiding them from bankers that might have received very different information is certainly in play here. Seems more likely than not given that he was able to get any loans at all.
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I still think the big news is the national security implications of nearly a half billion in personal debt.
Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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I still think the big news is the national security implications of nearly a half billion in personal debt.
@jon-nyc said in NYT publishes Trump tax returns:
I still think the big news is the national security implications of nearly a half billion in personal debt.
His supporters won't likely care much - they're going to say he's sticking it to the man, missing the obvious point that he's actually the man, at least for now. His creditors might, as you say.
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Forgot - saw this last night:
Obama Wrote Trump a $73 Million Check:
The New York Times’ big exposé on President Trump’s tax returns flags some things that may be dodgy but mainly it just confirms what everybody (including Trump) has always said — there are a lot of loopholes in the tax code that a savvy operator can exploit. Whose fault is that? The system long predates Trump’s political career. For me, one part of the story really stands out, though: “To turn that long arc of failure into a giant refund check,” says the Times, Trump “relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.”
Huh? Obama’s stimulus policies led to the Obama IRS writing a check to Trump for $73 million. The Times explains that a business loss can be used as a coupon that can be redeemed against a gain in another business.
Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.
Mr. Trump had paid no income taxes in 2008. But the change meant that when he filed his taxes for 2009, he could seek a refund of not just the $13.3 million he had paid in 2007, but also the combined $56.9 million paid in 2005 and 2006, when “The Apprentice” created what was likely the biggest income tax bite of his life.
The records reviewed by The Times indicate that Mr. Trump filed for the first of several tranches of his refund several weeks later, in January 2010. That set off what tax professionals refer to as a “quickie refund,” a check processed in 90 days on a tentative basis, pending an audit by the I.R.S.
His total federal income tax refund would eventually grow to $70.1 million, plus $2,733,184 in interest. He also received $21.2 million in state and local refunds, which often piggyback on federal filings.
Trump may have to pay back that money; an IRS audit and an investigation by the congressional Joint Committee on Taxation are pending. But if he doesn’t, it looks like an alternate headline of the Times story could have been: “Obama Policies Created a $73 Million Tax Refund for Trump.” I trust the Times will next be sending out formal letters of apology to those of us who argued Obama’s stimulus policies were unnecessary, wasteful, and bound to be abused.
