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  3. NYT publishes Trump tax returns

NYT publishes Trump tax returns

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  • George KG Offline
    George KG Offline
    George K
    wrote on last edited by
    #24

    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.

    "Now look here, you Baltic gas passer... " - Mik, 6/14/08

    The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

    1 Reply Last reply
    • jon-nycJ jon-nyc

      I still think the big news is the national security implications of nearly a half billion in personal debt.

      AxtremusA Offline
      AxtremusA Offline
      Axtremus
      wrote on last edited by
      #25

      @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.

      May be the Lincoln Project will make a “call at 3am” ad around this, with the call coming from one of Trump’s creditor demanding a certain veto or executive order.

      1 Reply Last reply
      • L Offline
        L Offline
        Loki
        wrote on last edited by
        #26

        I think for the most part the entire story rests on one tax refund (for one event) that is under review for several years. Take that out and what different conclusions do you draw?

        NYT fails to let us know that. Do your homework.

        1 Reply Last reply
        • Doctor PhibesD Online
          Doctor PhibesD Online
          Doctor Phibes
          wrote on last edited by
          #27

          The US tax code is written by a big group of sleazy rich people. Why would it be a surprise that it benefits sleazy rich people like DJT?

          Still, he's apparently continuing to claim it's all false, and he pays 10's of millions in tax.

          I was only joking

          1 Reply Last reply
          • jon-nycJ Online
            jon-nycJ Online
            jon-nyc
            wrote on last edited by
            #28

            Look for imprecise language in the denials. Because he can’t dodge payroll tax for his employees, sales taxes, property taxes, etc.

            Only non-witches get due process.

            • Cotton Mather, Salem Massachusetts, 1692
            1 Reply Last reply
            • George KG Offline
              George KG Offline
              George K
              wrote on last edited by
              #29

              hops in DeLorean
              sets dial back to 1995
              hits 88 mph
              finds 1995 self

              "In 25 years you will bang more chicks than George Michael and make more money than Donald Trump."

              high fives
              hops back in DeLorean

              "Now look here, you Baltic gas passer... " - Mik, 6/14/08

              The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

              jon-nycJ 1 Reply Last reply
              • Doctor PhibesD Online
                Doctor PhibesD Online
                Doctor Phibes
                wrote on last edited by
                #30

                The NYT is saying he appears to be calling employee SS and taxes his taxes.

                Debt's a funny thing - I could live the rest of my life on a tiny proportion of what he owes, and yet he's the one with the golden toilet and shower combination.

                I was only joking

                1 Reply Last reply
                • George KG George K

                  hops in DeLorean
                  sets dial back to 1995
                  hits 88 mph
                  finds 1995 self

                  "In 25 years you will bang more chicks than George Michael and make more money than Donald Trump."

                  high fives
                  hops back in DeLorean

                  jon-nycJ Online
                  jon-nycJ Online
                  jon-nyc
                  wrote on last edited by
                  #31

                  @George-K said in NYT publishes Trump tax returns:

                  hops in DeLorean
                  sets dial back to 1995
                  hits 88 mph
                  finds 1995 self
                  "In 25 years you will bang more chicks than George Michael and make more money than Donald Trump."
                  high fives
                  hops back in DeLorean

                  Lol

                  Only non-witches get due process.

                  • Cotton Mather, Salem Massachusetts, 1692
                  1 Reply Last reply
                  • LarryL Offline
                    LarryL Offline
                    Larry
                    wrote on last edited by Larry
                    #32

                    I don't expect Ax to have sense enough to understand this, but Jon certainly knows better.

                    I looked it up - just the golf courses alone generated 1.9 billion dollars in profit during his first 3 years in office. Now this will come as a shock to Ax, but it shouldn't surprise Jon... all his various businesses arent just piled together and reported on his personal income taxes. Each one of them will be its own corporation, with its own tax filing. A single golf course most likely will be several corporations. A hypothetical example might be.. golf course A is a corporation. There are golf carts for rent, so there would be a golf cart rental corporation that owns and maintains the golf carts, and the golf course rents space to the golf cart corporation. The cart corporation files taxes on cart rental revenue, the rent it pays the course is shown as an expense on the cart corporation's taxes, and shown as income on the course corporation. But until Trump writes himself a check none of that money gets reported on Trumps personal tax filing as income. They have a club. It should be a separate corporati9n. The club sells alcoholic beverages - the liquor and beer licenses belong to another corporation. They sell food. The restaurant will be another corporation, and so on. A single golf course could have a couple of dozen separate corporations, each one filing it's own separate taxes, and combined that one course could generate ten of millions of dollars in profits, but if Trump doesn't transfer any of it to his personal bank account, not one red cent will show up on his tax filing.

                    This is perfectly legal, and perfectly normal. Each of those corporations have the legal right to depreciation schedules to lessen their taxes , and all the other deductions that any other corporation gets to take. Next, suppose that over the last 20 years you had paid taxes on and banked a million dollars each year. That's 20 million in the bank with the taxes already paid on it, not subject to more taxes. This year you didn't pay yourself a single penny, but paid your personal expenses out of that 20 million. You would not owe a penny in taxes, even if you spent the entire 20 million.

                    That's why this "bombshell story" is ridiculous, and doesn't tell you a single thing about the man's income. Where will he get the 400 million, you ask? By simply writing himself a paycheck out of one of his corporations. He will then owe income taxes on it, but there will be deductions available to lessen the taxable portion, and of course he can simply write it as a loan and owe no taxes on it.

                    jon-nycJ 1 Reply Last reply
                    • Doctor PhibesD Online
                      Doctor PhibesD Online
                      Doctor Phibes
                      wrote on last edited by
                      #33

                      The big scandal is the fact that he spent $70,000 on hair-styling.

                      I was only joking

                      1 Reply Last reply
                      • LarryL Larry

                        I don't expect Ax to have sense enough to understand this, but Jon certainly knows better.

                        I looked it up - just the golf courses alone generated 1.9 billion dollars in profit during his first 3 years in office. Now this will come as a shock to Ax, but it shouldn't surprise Jon... all his various businesses arent just piled together and reported on his personal income taxes. Each one of them will be its own corporation, with its own tax filing. A single golf course most likely will be several corporations. A hypothetical example might be.. golf course A is a corporation. There are golf carts for rent, so there would be a golf cart rental corporation that owns and maintains the golf carts, and the golf course rents space to the golf cart corporation. The cart corporation files taxes on cart rental revenue, the rent it pays the course is shown as an expense on the cart corporation's taxes, and shown as income on the course corporation. But until Trump writes himself a check none of that money gets reported on Trumps personal tax filing as income. They have a club. It should be a separate corporati9n. The club sells alcoholic beverages - the liquor and beer licenses belong to another corporation. They sell food. The restaurant will be another corporation, and so on. A single golf course could have a couple of dozen separate corporations, each one filing it's own separate taxes, and combined that one course could generate ten of millions of dollars in profits, but if Trump doesn't transfer any of it to his personal bank account, not one red cent will show up on his tax filing.

                        This is perfectly legal, and perfectly normal. Each of those corporations have the legal right to depreciation schedules to lessen their taxes , and all the other deductions that any other corporation gets to take. Next, suppose that over the last 20 years you had paid taxes on and banked a million dollars each year. That's 20 million in the bank with the taxes already paid on it, not subject to more taxes. This year you didn't pay yourself a single penny, but paid your personal expenses out of that 20 million. You would not owe a penny in taxes, even if you spent the entire 20 million.

                        That's why this "bombshell story" is ridiculous, and doesn't tell you a single thing about the man's income. Where will he get the 400 million, you ask? By simply writing himself a paycheck out of one of his corporations. He will then owe income taxes on it, but there will be deductions available to lessen the taxable portion, and of course he can simply write it as a loan and owe no taxes on it.

                        jon-nycJ Online
                        jon-nycJ Online
                        jon-nyc
                        wrote on last edited by
                        #34

                        @Larry said in NYT publishes Trump tax returns:

                        I looked it up - just the golf courses alone generated 1.9 billion dollars in profit during his first 3 years in office.

                        Nonsense.

                        Only non-witches get due process.

                        • Cotton Mather, Salem Massachusetts, 1692
                        LarryL 1 Reply Last reply
                        • L Offline
                          L Offline
                          Loki
                          wrote on last edited by
                          #35

                          Does the stock market soar when the NYT drops bombshells on Trump?

                          1 Reply Last reply
                          • jon-nycJ jon-nyc

                            @Larry said in NYT publishes Trump tax returns:

                            I looked it up - just the golf courses alone generated 1.9 billion dollars in profit during his first 3 years in office.

                            Nonsense.

                            LarryL Offline
                            LarryL Offline
                            Larry
                            wrote on last edited by
                            #36

                            @jon-nyc said in NYT publishes Trump tax returns:

                            @Larry said in NYT publishes Trump tax returns:

                            I looked it up - just the golf courses alone generated 1.9 billion dollars in profit during his first 3 years in office.

                            Nonsense.

                            I stand corrected. The figure is for all his businesses, and it was gross, not net. Still, that's far from being broke, and everything else I said still stands.

                            https://www.forbes.com/sites/danalexander/2020/09/11/trumps-businesses-raked-in-19-billion-of-revenue-during-his-first-three-years-in-office/

                            jon-nycJ 1 Reply Last reply
                            • AxtremusA Offline
                              AxtremusA Offline
                              Axtremus
                              wrote on last edited by Axtremus
                              #37

                              Get your merchandize:
                              https://store.joebiden.com/I-Paid-More-In-Taxes-Than-Donald-Trump-Vinyl-Stickers-2-Pack/

                              alt text

                              1 Reply Last reply
                              • LarryL Offline
                                LarryL Offline
                                Larry
                                wrote on last edited by
                                #38

                                That's a "I'm a democrat so I'm too fucking stupid to understand this" patch..

                                1 Reply Last reply
                                • taiwan_girlT Online
                                  taiwan_girlT Online
                                  taiwan_girl
                                  wrote on last edited by
                                  #39

                                  18 revelations from President Trump tax returns

                                  1 Reply Last reply
                                  • LarryL Offline
                                    LarryL Offline
                                    Larry
                                    wrote on last edited by
                                    #40

                                    Are you aware that 1. Yahoo news is even more leftwing propagandists than the New York Times, are utterly useless as a news source, and that obtaining and making public another person's tax returns is a federal crime?

                                    taiwan_girlT 1 Reply Last reply
                                    • LarryL Larry

                                      Are you aware that 1. Yahoo news is even more leftwing propagandists than the New York Times, are utterly useless as a news source, and that obtaining and making public another person's tax returns is a federal crime?

                                      taiwan_girlT Online
                                      taiwan_girlT Online
                                      taiwan_girl
                                      wrote on last edited by
                                      #41

                                      @Larry the article is from The NY Times. Can be read with out a subscription.

                                      Yes, I realize that releasing someone’s taxes without their knowledge is a crime and if the person is caught, they should be procsecuted.

                                      Do you believe that what was released was correct information on President Trump?

                                      LarryL 1 Reply Last reply
                                      • KlausK Offline
                                        KlausK Offline
                                        Klaus
                                        wrote on last edited by
                                        #42

                                        Now that the information is out there, who cares whether that was legal?

                                        LarryL JollyJ 2 Replies Last reply
                                        • taiwan_girlT taiwan_girl

                                          @Larry the article is from The NY Times. Can be read with out a subscription.

                                          Yes, I realize that releasing someone’s taxes without their knowledge is a crime and if the person is caught, they should be procsecuted.

                                          Do you believe that what was released was correct information on President Trump?

                                          LarryL Offline
                                          LarryL Offline
                                          Larry
                                          wrote on last edited by
                                          #43

                                          @taiwan_girl said in NYT publishes Trump tax returns:

                                          @Larry the article is from The NY Times. Can be read with out a subscription.

                                          Yes, I realize that releasing someone’s taxes without their knowledge is a crime and if the person is caught, they should be procsecuted.

                                          Do you believe that what was released was correct information on President Trump?

                                          No. No, I don't. It has been sensationalized at every opportunity, and much of it is presented using half truths. For example, the bullet point about how "Ivanka Trump has been on the payroll, further reducing his taxes". Ivanka Trump WORKS THERE. She's SUPPOSED to get a paycheck. There's nothing wrong with that. She paid taxes on it, so it's a silly point. Most of it is almost as silly.

                                          taiwan_girlT 1 Reply Last reply
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