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Drudge Retort: The Other Side of the News
Monday, September 28, 2020

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. 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. ... 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. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes.

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Most of Mr. 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. ...

While Mr. Trump crisscrossed the country in 2015 describing himself as uniquely qualified to be president because he was "really rich" and had "built a great company," his accountants back in New York were busy putting the finishing touches on his 2014 tax return.

After tabulating all the profits and losses from Mr. Trump's various endeavors on Form 1040, the accountants came to Line 56, where they had to enter the total income tax the candidate was required to pay. They needed space for only a single figure.

Zero.

Comments

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The anti-IRS free-marketers and libertarians will be along shortly to tell us that not paying taxes makes him smart.

#1 | Posted by cbob at 2020-09-27 05:41 PM | Reply | Newsworthy 10

Great bidnessman for Pres, right?

Of course, what they'll find out is that his deductions are pure bunk.

#2 | Posted by Corky at 2020-09-27 05:43 PM | Reply

Yay!

The reactions to this will be priceless!

#3 | Posted by LostAngeles at 2020-09-27 05:47 PM | Reply

I pay more tax and have more education (degrees) than the president.

And I'm a -----' knucklehead.

Scary stuff.

#4 | Posted by LostAngeles at 2020-09-27 05:48 PM | Reply

Big whoop.

It should be clear by now that exposing Trump's lies only bolsters his base and means nothing to the alleged "moderate" conservative.

Republicans just suck.

#5 | Posted by Angrydad at 2020-09-27 05:53 PM | Reply | Newsworthy 6

I can hardly wait for Mitt Romney to declare Trump "a taker, not a maker".

#6 | Posted by Danforth at 2020-09-27 06:02 PM | Reply

He's so smart and creative that when he built his first casino in Atlantic City, it made so much money that he built two more, which put the first one out of business.

#7 | Posted by Yodagirl at 2020-09-27 06:03 PM | Reply

I wonder if this is his personal income tax or Trump Org.

Trump Org. is being investigated by two D.A.'s in New York for lying about the value of his assets to get loans (bank fraud) and decreasing the value of his assets to avoid taxes. (tax fraud)

As usual, when stupid people like Donald Trump get caught it's because they get the bighead and start thinking they can get away with anything.

He's doing the same thing as president.

I hope they rake his butt over hot coals. (financially speaking)

#8 | Posted by Twinpac at 2020-09-27 06:03 PM | Reply | Newsworthy 2

#6

Especially after enabling trump's Opus Dei nut job candidate to be put on the SCOTUS. Flip-flopping jackax.

#9 | Posted by Yodagirl at 2020-09-27 06:07 PM | Reply

I hope they rake his butt over hot coals. (financially speaking)

#8 | Posted by Twinpac at 2020-09-27 06:03 PM | Reply | Flag:

I'm ok with literally.

#10 | Posted by cbob at 2020-09-27 06:07 PM | Reply | Funny: 2 | Newsworthy 1

It should be clear by now that exposing Trump's lies only bolsters his base ...

His base can't get him re-elected. He needs to convince people outside his base or he'll lose bigly.

#11 | Posted by rcade at 2020-09-27 06:09 PM | Reply | Newsworthy 1

Would have preferred this to come out on the day of the first debate, but I'll take it!

#12 | Posted by YAV at 2020-09-27 06:15 PM | Reply

#11 RCADE

I sure hope you're right. My wife & I are retired and fulltime in a motorhome. We just spent 3 weeks traveling rural Nebraska from east to west and it's solid trump country, everywhere! It's really discouraging.

#13 | Posted by Yodagirl at 2020-09-27 06:16 PM | Reply | Newsworthy 2

Donald J. Trump
@realDonaldTrump
@BarackObama who wants to raise all our taxes, only pays 20.5% on $790k salary. 1.usa.gov Do as I say not as I do.
11:19 AM Apr 13, 2012

#14 | Posted by reinheitsgebot at 2020-09-27 06:17 PM | Reply

Wow

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | Posted by boaz at 2020-09-27 06:23 PM | Reply | Funny: 8

I wonder if this is his personal income tax or Trump Org.

#8 | POSTED BY TWINPAC

Read the article. They looked into both his personal and business records as well as those of his children.

No surprise, they found evidence of pretty much all the reasons why people have speculated Trump wouldn't release his returns including hundreds of millions of debt coming due soon, shady accounting practices, almost no charitable donations, questionable deductions, paying little to no in income tax, conflicts of interest, entanglements with foreign governments, possible illegal transfers to his children, evidence of falsified asset valuations, etc.

#16 | Posted by johnny_hotsauce at 2020-09-27 06:28 PM | Reply | Newsworthy 7

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | POSTED BY BOAZ AT 2

If a kitchen sink will get rid of that sick SOB, I'll throw it myself.

#17 | Posted by Zed at 2020-09-27 06:30 PM | Reply | Newsworthy 5

"Convienient Right at election time."

Figures: you can't handle the truth.

#18 | Posted by Danforth at 2020-09-27 06:32 PM | Reply | Newsworthy 9

"BarackObama who wants to raise all our taxes, only pays 20.5% on $790k salary."

Paging Chris Wallace.

#19 | Posted by Danforth at 2020-09-27 06:32 PM | Reply

Wow
Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | POSTED BY BOAZ

Yet, you're not troubled.

#20 | Posted by truthhurts at 2020-09-27 06:34 PM | Reply

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | POSTED BY BOAZ A

Trumpism continues to fascinate.

Why is it evil to expose Donald's evil?

#21 | Posted by Zed at 2020-09-27 06:35 PM | Reply | Newsworthy 4

This country would really benefit from that orange ---- goblin suffering amassive coronary.

#23 | Posted by truthhurts at 2020-09-27 06:37 PM | Reply

#22 | POSTED BY MAO_CONTENT AT 2020

I'm sure hat no non-college educated, blue collar white male will in the least care that he consistently pays a lot more in taxes than Donald Trump.

Such an attitude would contravene human nature.

#24 | Posted by Zed at 2020-09-27 06:41 PM | Reply

These revelations will seriously eat into what remains of Trump's mental health.

Tuesday night at the debate will be interesting.

#26 | Posted by Zed at 2020-09-27 06:46 PM | Reply

Convenient right a election time.

Yeah right ,they've been fighting for it for years elsewise you'd have seen it much earlier.

My god Boaz you are such a sap

#27 | Posted by bruceaz at 2020-09-27 06:46 PM | Reply

#25 | POSTED BY MAO_CONTENT

Trump's a fascist, sure. And every bit as corrupt as any ordinary Russian fascist oligarch.

#28 | Posted by Zed at 2020-09-27 06:47 PM | Reply | Funny: 1

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?
#15 | POSTED BY BOAZ A"

I was wondering who was going to yelp first.

#30 | Posted by Twinpac at 2020-09-27 06:51 PM | Reply

#29 | POSTED BY MAO_CONTENT

Knowing my share of working men, almost all of them.

Some people get tired of taking abuse. Surprising, I know. But it actually pisses people off.

#31 | Posted by Zed at 2020-09-27 06:51 PM | Reply

Trump is now firing back insisting that he paid tens of millions in Federal taxes.

We have his word on it.

#32 | Posted by Zed at 2020-09-27 06:58 PM | Reply

Tax fraud? Murdering 200,000 Americans by misinformation? Insulting the disabled? Cheating on your wife with a porn star? Refusing to deal with a nation that puts bounties on our troops?

Mao and Boaz show us again that nothing matters in Trump World.

#33 | Posted by censored at 2020-09-27 06:59 PM | Reply | Newsworthy 5

Convienient Right at election time.

What's convenient is your avoidance of this subject. It makes Trump look like a complete phony and a criminal tax evader. Millions of us pay a significant amount of our income in taxes and he plays games with his to pay a measly $750.

#34 | Posted by rcade at 2020-09-27 07:01 PM | Reply

I predict we're going to hear a lot of juicy stories between now and November 3rd.

Good for us!

#36 | Posted by Twinpac at 2020-09-27 07:06 PM | Reply

The American tax system was designed almost a century ago and it assumes the majority of the taxes will be paid by the middle class and to a lesser extent by the poor. It did not adjust to the reality of the super wealthy even existing let alone their possessing the vast majority of the wealth in America and they have done their damnedest to make sure that this continues.

There are single mothers in America working two minimum wage jobs that contribute more in tax revenue to the federal government then Donald Trump and this isn't because he's intelligent it's because he was born to wealth and has been exploiting others work ever since.

#37 | Posted by Tor at 2020-09-27 07:07 PM | Reply | Newsworthy 1

Convienient Right at election time.

#15 | POSTED BY BOAZ

Trump could have released them himself any time in the past four years. He DECIDED not to release them on the schedule that suited him. So instead they were released on someone else's schedule. You built that.

So stop whining you little snowflake.

#38 | Posted by gtbritishskull at 2020-09-27 07:08 PM | Reply | Newsworthy 7

I'm paying more than $750 in taxes... on my unemployment.

This President is a joke.

#39 | Posted by snoofy at 2020-09-27 07:08 PM | Reply

#15

Convienient Right at election time.

He could have released the returns anytime. That this is when any of Trumps tax information is coming out is his fault

#40 | Posted by Whatsleft at 2020-09-27 07:10 PM | Reply | Newsworthy 1

Does anyone think the non-college working class whites who make up a big part of Trump's 2016 base like fat cats who don't pay income taxes?

#41 | Posted by rcade at 2020-09-27 07:14 PM | Reply

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | POSTED BY BOAZ AT 2020-09-27 06:23 PM | FLAG: BOOHOO

Yeah? So what?

You don't like it? GFY

#42 | Posted by RightisTrite at 2020-09-27 07:14 PM | Reply | Funny: 1 | Newsworthy 1

"Trump's most reliable income comes from real estate assets he lost the right to manage - and therefore could not wreck." -- David Frum

#43 | Posted by rcade at 2020-09-27 07:17 PM | Reply

Rcade,

Trump's base thinks that if he didn't pay taxes it's because he's so smart and understands the current system better than the politicians; ergo he can fix the unfair system.

Yes, it's stupid.

#44 | Posted by anton at 2020-09-27 07:21 PM | Reply

How many laws did he break?

#45 | Posted by Mao_Content at 2020-09-27 07:27 PM | Reply | Funny: 1

"Trump's base thinks that if he didn't pay taxes it's because he's so smart"

Which can only mean: Trump's base -- well the ones that pay Federal income taxes anyway -- must consider themselves idiots.

Privilege is what separates them from Trump.

And they cheer for Trump to have more privilege.

Credit where credit is due: Paying taxes just to troll the libs was a tactic I did not see coming!

#46 | Posted by snoofy at 2020-09-27 07:29 PM | Reply | Newsworthy 1

If you read the story, Mao, you'd know he's being audited for an illegal $72.9 million tax refund.

There's also going to be scrutiny of all the times he valuated a business one way to get a loan and another way to pay taxes.

#47 | Posted by rcade at 2020-09-27 07:31 PM | Reply | Newsworthy 4

How many laws did he break?
#45 | POSTED BY MAO_CONTENT

Is this a riddle or something?
I give up. How many?

#48 | Posted by snoofy at 2020-09-27 07:33 PM | Reply | Funny: 4

Trump dodging all income taxes while his supporters pay through the nose is like Trump thinking dead and MIA U.S. soldiers are suckers and losers. Making sacrifices for your country is alien to him.

People can say this doesn't matter to his base, but a lot of people in the military are mad as hell about his suckers and losers comment. Working people don't like fat cats who use the system to pay no taxes. It's another leak in the U.S.S. Trump he has to plug.

#49 | Posted by rcade at 2020-09-27 07:34 PM | Reply | Newsworthy 1

i see maonica is back to polishing trumps knob.

#50 | Posted by Alexandrite at 2020-09-27 07:35 PM | Reply

I have enough knowledge of the American tax system to know that you are never supposed to write off haircuts as a business expense no matter how vital it is to your business.

#51 | Posted by Tor at 2020-09-27 07:36 PM | Reply

...as expected, he's a fraud
and a grifter...an absolute fake.

Who is fake news? Trump is fake news.
Who is he faking out? His followers.
The poor morons...

#52 | Posted by earthmuse at 2020-09-27 07:37 PM | Reply

If you read the story, Mao, you'd know he's being audited for an illegal $72.9 million tax refund.

Audits are not uncommon.

Neither is using available legal instruments to minimize the amount of tax you have to pay to the government. In fact, there's an entire field called "accounting" that exists for this singular purpose.

#53 | Posted by Mao_Content at 2020-09-27 07:39 PM | Reply | Funny: 1

This is how they finally got Al Capone, for tax evasion.

OCU

#54 | Posted by OCUser at 2020-09-27 07:41 PM | Reply | Newsworthy 3

"Donald J. Trump paid $750 in federal income taxes the year he won the presidency. 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. ..."

Sounds like some kind of weird reverse socialism to me whereby the wealth are subsidized by the rest of us.

#55 | Posted by Gal_Tuesday at 2020-09-27 07:41 PM | Reply | Newsworthy 9

Trump has failed at everything he tried, except laundering rubles and conning Republicans.

#56 | Posted by bored at 2020-09-27 07:44 PM | Reply

It's another leak in the U.S.S. Trump he has to plug

Actually, it's another media-driven clod of monkey ---- being hurled against a wall in hopes that some of it might stick.

See my post above.

Oh. Nevermind ... ...

#57 | Posted by Mao_Content at 2020-09-27 07:44 PM | Reply | Funny: 2

Trump is the biggest loser in US history.

#58 | Posted by bored at 2020-09-27 07:46 PM | Reply

"Like the little story is he pays ~no income tax

The bigger story is he sucks at business

The much bigger story is there's v likely accounting fraud

But the really big story is the president has a personal liability of hundreds of millions of dollars due and no way to pay it"

twitter.com

#59 | Posted by Gal_Tuesday at 2020-09-27 07:47 PM | Reply | Newsworthy 1

i see maonica is back to polishing trumps knob.

And I see FluidAndrite is back making little hit and run ankle-bites.

How are you, Angel? ;)

Where's my buddy, Boyd?

#60 | Posted by Mao_Content at 2020-09-27 07:48 PM | Reply

Neither is using available legal instruments to minimize the amount of tax you have to pay to the government.

If it was legal it wouldn't still be under audit after this time. It would've been closed a long time ago.

There really is nothing you won't defend about this grifter. Taking $72.9 million from taxpayers in a dodgy refund and paying no income taxes for 10 out of 15 years.

#61 | Posted by rcade at 2020-09-27 07:49 PM | Reply | Newsworthy 1

boyds poking your wife, cowboy.

keep defending trump, we all knew you were a joke anyway.

#62 | Posted by Alexandrite at 2020-09-27 07:49 PM | Reply | Newsworthy 1

Did Trump claim deductions for his pedo rape den?

#63 | Posted by bored at 2020-09-27 07:50 PM | Reply

" There really is nothing you won't defend about this grifter."

its a cult, rogers.

#64 | Posted by Alexandrite at 2020-09-27 07:51 PM | Reply | Newsworthy 1

There really is a tweet for everything:

Donald J. Trump @realDonaldTrump

HALF of Americans don't pay income tax despite crippling govt debt...

2:59 PM Feb 23, 2012

twitter.com

#65 | Posted by Gal_Tuesday at 2020-09-27 07:51 PM | Reply

"Audits are not uncommon."

Audits that go on past the statute of limitations for the return itself certainly are. And only allowed when fraud is involved, or at the least, alleged by the IRS.

#66 | Posted by Danforth at 2020-09-27 07:52 PM | Reply

If it was legal it wouldn't still be under audit after this time

Being under audit isn't indicative of illegal behavior any more than it is indicative of political harassment.

#67 | Posted by Mao_Content at 2020-09-27 07:53 PM | Reply | Funny: 1

Oh, yeah, and let's not forget this little tidbit:

Yet another reason for @realDonaldTrump to hide his taxes: a dodgy deduction that involved @IvankaTrump.

twitter.com

#68 | Posted by Gal_Tuesday at 2020-09-27 07:54 PM | Reply | Newsworthy 3

" political harassment."

Wah. Trump the ultimate bully getting bullied.

#69 | Posted by Alexandrite at 2020-09-27 07:55 PM | Reply

Strange coincidence:

His daughter appears to have received some of these consulting fees, despite having been a top Trump Organization executive.

The Times investigation discovered a striking match: Mr. 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.

www.msn.com

#70 | Posted by Gal_Tuesday at 2020-09-27 07:57 PM | Reply | Newsworthy 1

Bunker Bitch is Leona Helmsley with more makeup and bigger ----.

#71 | Posted by reinheitsgebot at 2020-09-27 07:57 PM | Reply | Funny: 2

This was so prescient. Michelle Wolf at correspondents dinner.
m.youtube.com

#72 | Posted by Kreator at 2020-09-27 07:58 PM | Reply

boyds poking your wife, cowboy

As long as he weedeats or something before he leaves :)

#73 | Posted by Mao_Content at 2020-09-27 08:00 PM | Reply | Funny: 1

"Convienient Right at election time.
He could have released the returns anytime. That this is when any of Trumps tax information is coming out is his fault"

I hope this is just the beginning of exposing Trump's true nature:

WH Press Corp: today is your day to ask about Trump's drug use. He gave you an opening with his tweet. I was an eye witness to him snorting Adderall. I will testify to this under oath in any courtroom or congressional hearing. Trump is an addict.

twitter.com

#74 | Posted by Gal_Tuesday at 2020-09-27 08:03 PM | Reply

Being under audit isn't indicative of illegal behavior ...

Why are you pretending this is remotely believable to anybody? At least Kayleigh McEnany gets a six-figure salary to spin like this.

#75 | Posted by rcade at 2020-09-27 08:04 PM | Reply

Trumpibunkerboi brought this on himself ... all he ever had to do was show them 4 years ago... when he said he would.

#76 | Posted by RightisTrite at 2020-09-27 08:08 PM | Reply | Newsworthy 1

"Being under audit isn't indicative of illegal behavior"

Anyone can cut short the timeline by giving the IRS the proof it's requesting. An audit this long can only be caused by the taxpayer(s) (and their reps) drawing it out, either by delays or court battles.

#77 | Posted by Danforth at 2020-09-27 08:14 PM | Reply

At least Kayleigh McEnany gets a six-figure salary to spin like this

I get paid a six figure salary to do other stuff.

But in my off time I get to sit in a hotel bar in a little South American -------- Republic, drink Macallan, and do it for free :)

So I'm like Trump donating his salary.

#78 | Posted by Mao_Content at 2020-09-27 08:15 PM | Reply | Funny: 1

Trump Capone

#79 | Posted by hamburglar at 2020-09-27 08:17 PM | Reply

Word on the Internet is that the New York Times hasn't even released all the damaging information they have just yet.

I for one am looking forward to finding out just how many abortions Trump and his two bastard adult children have paid for in the last 15 years and how many illegitimate children they are concealing.

#80 | Posted by Tor at 2020-09-27 08:19 PM | Reply

Does anyone think the non-college working class whites who make up a big part of Trump's 2016 base like fat cats who don't pay income taxes?

#41 | POSTED BY RCADE

Problem is they won't hear about it or believe it.

#81 | Posted by truthhurts at 2020-09-27 08:22 PM | Reply | Newsworthy 1

Some people see this as a travesty, but in a way, it is a blueprint.
Strategic tax loss harvesting.

#82 | Posted by GOnoles92 at 2020-09-27 08:23 PM | Reply

What's convenient is your avoidance of this subject. It makes Trump look like a complete phony and a criminal tax evader. Millions of us pay a significant amount of our income in taxes and he plays games with his to pay a measly $750.

#34 | Posted by rcade

Fix it then, with a flat tax. No deductions. No one escapes it. No sliding scale. You could possibly even get your vaunted healthcare for everyone.

But you wont do that, will you?

#83 | Posted by boaz at 2020-09-27 08:23 PM | Reply | Funny: 3

Joe Biden has been in the senate since the 1970s, I'm sure he has something to say about how this time he'll put forth guidance on how to effectively tax wealthy individuals to prevent a small $0 or $750 annual bill.

#84 | Posted by GOnoles92 at 2020-09-27 08:25 PM | Reply

"Fix it then, with a flat tax. No deductions. No one escapes it."

And over half America's businesses have to shut down. Nice werk!

#85 | Posted by Danforth at 2020-09-27 08:26 PM | Reply | Newsworthy 2

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | POSTED BY BOAZ

What do you care. You're voting for Biden, right?

#86 | Posted by johnny_hotsauce at 2020-09-27 08:26 PM | Reply | Newsworthy 2

OMG! This is a total shock! NOBODY could EVER have made the case that the president was not a billionaire, and that he was riddled by debt so badly that countries like Russia could leverage that into political favors. It's unimaginable. I'm sure that the entire MSM and Republican Party is simply unable to process this right now...it must be fake news.

Yawn.

Clown show continues, Cult 45 continues.

#87 | Posted by chuffy at 2020-09-27 08:28 PM | Reply | Newsworthy 2

And over half America's businesses have to shut down. Nice werk!

[...] If that's the case, then give exemptions for businesses only that are no bigger than $50 million. Give them a sliding scale.

But there is a way to fix this..

#88 | Posted by boaz at 2020-09-27 08:29 PM | Reply | Funny: 1

What do you care. You're voting for Biden, right?

#86 | Posted by johnny_hotsauce

I was, until he brought on heels up Harris.

#89 | Posted by boaz at 2020-09-27 08:30 PM | Reply | Funny: 1

"Some people see this as a travesty, but in a way, it is a blueprint. Strategic tax loss harvesting."

It's much more than that. And it began with Trump getting to do something so egregious, they don't allow it anymore. Stupidly, they didn't make the changes retroactive. But Trump got to write off over $900 million of OPM. And Trump just wrote in more stuff to the tax code, to reduce bills for folks like him. I guess $750 was too much to ask.

He said he'd cut taxes for the middle class, but the average $50K W-2 worker got about $3/week. Meanwhile, the average taxpayer will owe an additional $11,000 per person, to pay back the $2.3 Trillion. And since the 1% gets 83% of the tax giveaway, but doesn't pay 83% of the income taxes, the middle class is on the hook. It's a MASSIVE transfer of wealth upward.

#90 | Posted by Danforth at 2020-09-27 08:32 PM | Reply | Newsworthy 7

But you wont do that, will you?

Like many Democrats, I'd love to see income taxes be much simpler to make them much harder for fat cats to avoid.

#91 | Posted by rcade at 2020-09-27 08:33 PM | Reply | Newsworthy 1

Trump consumes and absorbs more government services than a thousand other people do (who pay taxes).

This should irritate everybody.

#92 | Posted by eberly at 2020-09-27 08:33 PM | Reply | Newsworthy 3

Trump didn't pay taxes because he is a terrible business ----, who bends over for dict ators.

#93 | Posted by bored at 2020-09-27 08:35 PM | Reply

FTA:

"He reported paying taxes, in turn, on a number of his overseas ventures. In 2017, the president's $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines."

HAHAHAHAHAHAHAHAHAHAHAHAAHA
Suck Trumptilians, YOU BUILT THAT!

#94 | Posted by truthhurts at 2020-09-27 08:36 PM | Reply | Newsworthy 1

Wow

Convienient Right at election time. Throwing everything you can except the kitchen sink, eh liberals?

#15 | Posted by boaz

Why do I think that you won't have this same viewpoint when the Durham report is released in mid or late October.

#95 | Posted by jpw at 2020-09-27 08:37 PM | Reply | Newsworthy 1

#90 | POSTED BY DANFORTH

For sure, he found and used a good nugget in the tax code all those years ago. Since then, does the strategy go something like this?:

-real estate assets provide unusually generous depreciation options.
- Profits and cash flow aren't necessarily tightly coupled. Kind of like buying a house, and it appreciates significantly. Tap that extra on-paper gain with property equity loan. The extra money isn't classified as income since it will have to be paid back. Eventual capital gains on the sale of property, but there are avenues to decrease that liability too.

- Sum: Acquire properties, plow any revenues back into them, then borrow against them to fund consumption.

#96 | Posted by GOnoles92 at 2020-09-27 08:40 PM | Reply | Newsworthy 1

Surprise to see this.

"As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia."

There are way more undesirable foreign forces than Russia.

I'd like to see more on that.

#97 | Posted by eberly at 2020-09-27 08:40 PM | Reply

Matt Drudge continues to take away our reason for being:

twitter.com

#98 | Posted by rcade at 2020-09-27 08:44 PM | Reply

Neither is using available legal instruments to minimize the amount of tax you have to pay to the government. In fact, there's an entire field called "accounting" that exists for this singular purpose.

#53 | Posted by Mao_Content

Why did you avoid the fraud aspect?

Still have to figure out how to spin tax and financial fraud as no big deal?

#99 | Posted by jpw at 2020-09-27 08:46 PM | Reply

Convienient Right at election time.

Ummm, yeah. Considering he didn't release them when he could have........like back during the 2016 election. Get what you give.

And he's not under audit. Cut the -------.

#100 | Posted by brass30 at 2020-09-27 08:51 PM | Reply

#88 Boaz

Flat taxes with a sliding scale.

Thanks for you're input

#101 | Posted by bruceaz at 2020-09-27 08:51 PM | Reply | Newsworthy 1

Your

#102 | Posted by bruceaz at 2020-09-27 08:52 PM | Reply

He said he'd cut taxes for the middle class, but the average $50K W-2 worker got about $3/week. Meanwhile, the average taxpayer will owe an additional $11,000 per person, to pay back the $2.3 Trillion. And since the 1% gets 83% of the tax giveaway, but doesn't pay 83% of the income taxes, the middle class is on the hook. It's a MASSIVE transfer of wealth upward.

#90 | POSTED BY DANFORTH AT 2020-09-27 08:32 PM | FLAG: LOUDER FOR THE PEOPLE IN THE BACK!
RECEIVED

#103 | Posted by bocaink at 2020-09-27 08:54 PM | Reply | Newsworthy 1

leaving office in disgrace... 3 republicl0wn prez. in less than half a century...
Yeah gonna fix all things Obama... lmao

#104 | Posted by RightisTrite at 2020-09-27 08:58 PM | Reply

Fix it then, with a flat tax. No deductions. No one escapes it. No sliding scale. You could possibly even get your vaunted healthcare for everyone.
But you wont do that, will you?

Guess who won't do it? The top 1% who pocket the politicians. They love the complex tax plan so they can have writeoffs and deductions and any number of tricks to save money.

What you really need is a flat tax which INCLUDES everything. Most importantly stock/capital gains.

Why should Mitt Romney pay at a rate on his income - which is nearly entirely investments - lower than I do?

I don't blame Trump for doing this - if in fact it was done by the rules (which it surely wasn't).

But he's tried to hide it and now he's been exposed. No one to blame but himself.

#105 | Posted by brass30 at 2020-09-27 08:58 PM | Reply

Biden as a candidate doesn't have much angle of attack on this one while head to head with Trump in a debate (Biden's long tenure in congress), but his allies and others will have a field day stirring the pot over this and amping up voter enthusiasm.

#106 | Posted by GOnoles92 at 2020-09-27 09:05 PM | Reply

Pretty much says it all:

Frank Figliuzzi @FrankFigliuzzi1

This guy's finances would disqualify him for a security clearance to serve coffee at FBI Headquarters:

twitter.com

And let's not forget, the Kushners would be disqualified as well. And yet there they are, a trio of corruption running our government like their own private fiefdom.

#107 | Posted by Gal_Tuesday at 2020-09-27 09:15 PM | Reply | Newsworthy 1

Why are you people pissed at Trump for having no oweable tax?

Poor people havent paid taxes at all either. What the hell, they have $1200 withheld for one year but get a refund of $3000. That's some BS...

#108 | Posted by boaz at 2020-09-27 09:18 PM | Reply | Funny: 2

"Sum: Acquire properties, plow any revenues back into them, then borrow against them to fund consumption."

You left out transfer them to your kids, via the biggest loophole in the entire tax code: GRATs.

Using GRATs, Sheldon Adelson passed $8 Billion to his kids, tax-free, avoiding $2.3 Billion in taxes.

You might ask yourself: Why isn't the GRATs loophole closed? The answer: Everyone affected is a member of the "political donor" class.

#109 | Posted by Danforth at 2020-09-27 09:22 PM | Reply | Newsworthy 1

I get paid a six figure salary to do other stuff.

The convention is to count only the figures to the left of the period.

#110 | Posted by YAV at 2020-09-27 09:22 PM | Reply | Funny: 2

Why are you people pissed at Trump for having no oweable tax?
Poor people havent paid taxes at all either. What the hell, they have $1200 withheld for one year but get a refund of $3000. That's some BS...

#108 | POSTED BY BOAZ AT 2020-09-27 09:18 PM | REPLY | FLAG:PPPFFFTTTTT

Because technically he is a very high paid welfare recipient... same as you... you didn't win a war and yet you still get paid like you did... loser.

#111 | Posted by RightisTrite at 2020-09-27 09:22 PM | Reply | Newsworthy 2

#108 | Posted by boaz

Your understanding of the tax code is simplistic, stupid, and wrong.

#112 | Posted by Angrydad at 2020-09-27 09:24 PM | Reply | Newsworthy 1

I wonder what madbomber would say about the rich paying most of the taxes in light of this article.

#113 | Posted by truthhurts at 2020-09-27 09:26 PM | Reply

Hey boaz, something tells me that ------- lives a better life style than all those poor people supposedly paying no taxes.

and you wonder why people would be pissed?

#114 | Posted by truthhurts at 2020-09-27 09:28 PM | Reply

What the hell, they have $1200 withheld for one year but get a refund of $3000. That's some BS...
#108 | POSTED BY BOAZ AT 2020-09-27 09:18 PM | REPLY | FLAG:PPPFFFTTTTT

Then why arent you pissed at ------- for getting over $70million?

Now THAT is some BS

#115 | Posted by truthhurts at 2020-09-27 09:29 PM | Reply

Biden as a candidate doesn't have much angle of attack on this one while head to head with Trump in a debate (Biden's long tenure in congress)

#106 | POSTED BY GONOLES9

What does Biden's history in Congress have to do with Trump's conflicts of interest related to him having 100's of millions in debt to foreign lenders coming due soon? Does Biden's history stop him from challenging Trump on the investigation into falsifying asset valuations to avoid taxes and mislead lenders?
No reason Biden can't frame Trump's repeated efforts to to disenfranchise voters and proactively undermine the results in case of a loss as the desperate last ditch effort of someone who would otherwise be facing the real possibility of prison time if not for the protection the office of president provides him.

#116 | Posted by johnny_hotsauce at 2020-09-27 09:31 PM | Reply | Newsworthy 2

"Poor people havent paid taxes at all either. "

Yes they have. More than $750, too.

When I was growing up, if the couple up the street had an annual $1000 in income tax liability, they paid the income tax, usually via W-2 withholding And if they got $100/mo in welfare because they were poor and had 3 kids, they were still counted as "paid income taxes". Today, the same scenario is listed as "doesn't pay income taxes"; which is false. Why? Because the welfare system is now incorporated into the 1040. Same with other kid-rearing subsidies, like the Child Tax Credit, the Additional Child Tax Credit, the American Opportunity Credit, and the Earned Income Credit. These things have been PURPOSELY TIED TO THE INCOME TAX FORM, for the express purpose of raising the % who, after the credits, suddenly don't have an income tax liability. And why? So the authors (Republicans, Republicans, Republicans, and Republicans, in that order) could increase the numbers of "takers"...while bitching that the numbers have gone up. It also helps they ignore other federal taxes, like the main tax most Americans pay, payroll taxes. 2/3rd of workers pay more in payroll taxes over their lifetimes than they do income taxes.

Now, the government could just as easily separate the child subsidies, and send qualified folks a monthly check, like with Social Security...

...but that wouldn't serve the talking point, would it???

#117 | Posted by Danforth at 2020-09-27 09:32 PM | Reply | Newsworthy 2

AngryDad

#112 gets a Newsworthy from me...but for some reason the system doesn't recognize my flags.

#118 | Posted by Danforth at 2020-09-27 09:34 PM | Reply

"What the hell, they have $1200 withheld for one year but get a refund of $3000."

That's only for folks with kids. No single person in American gets what you just described.

#119 | Posted by Danforth at 2020-09-27 09:36 PM | Reply

Just a thought or two here...

Amazing he continually loses money. Wonder it is his winning bidness strategy huh?

Also amazing why he is under criminal investigation for tax fraud...

#120 | Posted by GalaxiePete at 2020-09-27 09:36 PM | Reply

#112 gets a Newsworthy from me...but for some reason the system doesn't recognize my flags.

All of my horribly offensive ---- needs to be deleted first.

Then they'll get to your "likes".

Be patient.

#121 | Posted by Mao_Content at 2020-09-27 09:38 PM | Reply | Funny: 1

"All of my horribly offensive ---- needs to be deleted first."

Well, there's a full-time job, and then some!

#122 | Posted by Danforth at 2020-09-27 09:39 PM | Reply | Newsworthy 1

My tax assistant is pouring through the article, and discovered a $70,000 write-off for "hairstyling" expenses.

You know...something the IRS would throw out if an Actor were being audited.

#123 | Posted by Danforth at 2020-09-27 09:43 PM | Reply

$70,000 write-off for "hairstyling" expenses.

Hair Club For Men?

Nahhhh, they're out of business I believe :)

#124 | Posted by brass30 at 2020-09-27 09:45 PM | Reply

"Guess who won't do (a flat tax) ? The top 1%"

ABSOLUTELY TRUE.

You'll notice, ever since talk of slashing corporate taxes by 40%, you haven't heard a peep from the Fair Tax or Flat Tax people. They got a MUCH BETTER deal.

You, average taxpayer, got a much worse deal.

#125 | Posted by Danforth at 2020-09-27 09:47 PM | Reply | Newsworthy 2

"I have enough knowledge of the American tax system to know that you are never supposed to write off haircuts as a business expense no matter how vital it is to your business."
~Tor

There are rare cases...like if a Actor is doing a paid, self-employed gig, and has to get an orange mohawk for the job. In that case, the change is deductible, and the change back to normal is as well.

#126 | Posted by Danforth at 2020-09-27 09:51 PM | Reply

"You know...something the IRS would throw out if an Actor were being audited."

But that was from when he was an actor on TV

#127 | Posted by eberly at 2020-09-27 09:52 PM | Reply

Trump's is a super genius. He got the taxpayers to subsidize his businesses by claiming massive losses. He stole from charities that he was supposed to be endowing. He forfeited his own presidential pay to look like a good egg.

He charged the secret service to protect him by having them stay in his hotels. He had foreign dignitaries stay In his hotels and charged them.

Bestest, bigliest, bidnessman ever elected. He's my hero.

#128 | Posted by Effeteposer at 2020-09-27 09:57 PM | Reply

" If that's the case, then give exemptions for businesses only that are no bigger than $50 million."
~Boaz

Great. You've shut down every business on the Forbes 1000 list, and thousands more like them.

Why not just admit you don't have the first idea of what you're talking about? For example, do you know the Pareto 80/20 rule? That's where most successful companies have 80% of expenses-to-revenue, and 20% of profits. Your idea would kill every one of them.

#129 | Posted by Danforth at 2020-09-27 10:04 PM | Reply | Newsworthy 1

"that was from when he was an actor on TV"
~Eberly

Doesn't work. He wore that same look when he wasn't on TV.

For example, a broke actor who buys and uses a nice suit ONLY when auditioning or working...can't write it off. The rule is, if you wear it on the street, or CAN wear it on the street, it's not deductible. It's generally referred to as the Ozzie Nelson rule, since he was denied the cardigan sweaters he wore on the TV show...easily tossed out because he wore a cardigan sweater to the audit. What's allowable? A tux, an opera gown, tap shoes, and clown gear. For other workers: steel-toed shoes, hardhats, uniforms...but only for self-employed folks. Under the Trump Code, W-2 workers have no deductible expenses. NONE.

Try explaining that to a concert master who just learned he can't write off his quarter-million dollar violin.

#130 | Posted by Danforth at 2020-09-27 10:13 PM | Reply | Newsworthy 1

Trump is the biggest loser in US history.

#58 | Posted by bored

He'll be reviled and remembered more unkindly in American history than Joe McCarthy.

#131 | Posted by AMERICANUNITY at 2020-09-27 10:22 PM | Reply | Newsworthy 1

Bunker Bitch is Leona Helmsley with more makeup and bigger ----.

#71 | Posted by reinheitsgebot

And debts instead of net assets.

#132 | Posted by AMERICANUNITY at 2020-09-27 10:25 PM | Reply

Sooo.... he paid less taxes than did the poor people whom he wants to kick offa healthcare.

And some of them will still vote for him.

The delusion is strong in the Base.

#133 | Posted by Corky at 2020-09-27 10:26 PM | Reply

In other news, this suicide standoff:

Former Trump campaign manager Brad Parscale, armed, barricades self in Fort Lauderdale home, police called

www.local10.com

#134 | Posted by AMERICANUNITY at 2020-09-27 10:27 PM | Reply

A guy who makes so little that he pays only $750 lives like a king? If his business is providing his lifestyle, that is reportable income. Exaggerating deductions gets a penalty but failure to report income gets a stay in the big house.

#135 | Posted by TenMile at 2020-09-27 10:28 PM | Reply | Newsworthy 1

"Doesn't work. He wore that same look when he wasn't on TV."

Exactly. It's just normal hair services.

#136 | Posted by eberly at 2020-09-27 10:30 PM | Reply

Has Eberly been moonlighting as a stylist this whole time?

Why you clever little minx!

#137 | Posted by snoofy at 2020-09-27 10:41 PM | Reply

"Exactly. It's just normal hair services.

And therefore not a deductible business expense.

#138 | Posted by Danforth at 2020-09-27 10:42 PM | Reply

"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 $421 million, most of which is coming due within four years."

He hasn't paid any principal on those loans, which will be coming due over the next couple of years.

I'm guessing he inflated the his assets to borrow money, personally guaranteed because they wouldn't lend to his business.

#139 | Posted by AMERICANUNITY at 2020-09-27 11:02 PM | Reply

"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."

^
And that is probably when the Russians co-opted him, through connections in Deutsche Bank.

#140 | Posted by snoofy at 2020-09-27 11:03 PM | Reply | Newsworthy 1

This tax reveal isn't what Trump is most afraid of. New York's tax fraud case is. Cohen told us Trump inflated his assets to get loans and devalued the same ones to get himself lower tax bills.

That's fraud.

#141 | Posted by AMERICANUNITY at 2020-09-27 11:12 PM | Reply | Newsworthy 2

"Cohen told us Trump inflated his assets to get loans and devalued the same ones to get himself lower tax bills."

Markets can change fast!

#142 | Posted by snoofy at 2020-09-27 11:13 PM | Reply | Newsworthy 1

"Over the past 15 years, Trump paid more for sex than he did in taxes." -- Rob Szczerba

#143 | Posted by rcade at 2020-09-27 11:15 PM | Reply | Funny: 2

"Over the past 15 years, Trump paid more for sex than he did in taxes."

So much winning!

Seriously, that's an impressive stat.

I would have to imagine lots of Trump's blue collar high school educated Base is right there with him.

#144 | Posted by snoofy at 2020-09-27 11:18 PM | Reply

He also paid more in hush money right before the election than he did in taxes... a lot more.

#145 | Posted by Corky at 2020-09-27 11:21 PM | Reply

No single person in American gets what you just described.

#119 | Posted by Danforth

You would be surprised.

#146 | Posted by boaz at 2020-09-27 11:41 PM | Reply | Funny: 1 | Newsworthy 1

Why not just admit you don't have the first idea of what you're talking about? For example, do you know the Pareto 80/20 rule? That's where most successful companies have 80% of expenses-to-revenue, and 20% of profits. Your idea would kill every one of them.

#129 | Posted by Danforth

Danforth,

Then leave it in place for companies. But you cant complain about it. You cant have it both ways. I was mostly talking about individuals. I firmly believe American citizens should be taxed with the flat tax. And it should be one rate as a percentage of income. One rate. Period. For ALL Americans. Same rate. The rich still pay more.

#147 | Posted by boaz at 2020-09-27 11:46 PM | Reply

"You would be surprised."

You don't know what you're talking about. For a single person with no kids to get the Earned Income Credit, they've basically got to be making barely more than four figures. And even then, it's a few hundred dollars...basically about a dollar a day.

The EITC is to help raise kids. It's what used to be called "welfare", and was overseen by a massive bureaucracy. Blending it into the tax code was actually a good idea the Republicans proffered. Of course, they had ulterior motives: tying welfare to the 1040 allowed them to claim a larger number of folks "didn't pay taxes".

#148 | Posted by Danforth at 2020-09-27 11:59 PM | Reply | Newsworthy 3

"Then leave it in place for companies. But you cant complain about it."

I'm not complaining about it. I'm describing the truth, especially the truth behind "X percent don't pay taxes." And once you add the CTC, the ACTC, and the AOC, all tied into the 1040, that's a purposely manufactured outcome, expressly designed to increase the percent in the talking point.

"I was mostly talking about individuals."

For all intents and purposes, that's already the way it is. W-2 employees can't deduct ANYTHING any more. And with the Trump Code, mortgage interest, real estate taxes, medical expenses, and charitable deductions are all worthless, to about 95% of tax filers.

"I firmly believe American citizens should be taxed with the flat tax."

The rich would NEVER allow that to happen.

"The rich still pay more."

Only if you're only counting certain types of taxes, and ignoring others. Try the same argument with payroll taxes, and the payers flip. And where the rich pay higher percentages on higher incomes, that's the one and only progressive tax. The rest are regressive, or in some cases, super regressive. Also, the rich get a lot more: just look at how policing is to protect wealth and property. And the SEC isn't there for the regular guy on the street.

"it should be one rate as a percentage of income."

Ah...now you've hit on the central sticking point: only a few pages of the code deal with rates. The other 73,000 pages define taxable income.

#149 | Posted by Danforth at 2020-09-28 12:15 AM | Reply | Newsworthy 1

Heck, Trump's paid more for hair styling than he's paid in income taxes.

OCU

#150 | Posted by OCUser at 2020-09-28 12:27 AM | Reply

#15 | POSTED BY BOAZ

What in the hell are you talking about?

NYT is just assisting Trump keep his campaign promise from 2016.

What's your beef with that?

#151 | Posted by rstybeach11 at 2020-09-28 12:34 AM | Reply

I was, until he brought on heels up Harris.
#89 | POSTED BY BOAZ

Now that's the biggest pile of ---- I've ever smelt on the DR.

#152 | Posted by rstybeach11 at 2020-09-28 12:48 AM | Reply | Newsworthy 2

The Lincoln Project
@ProjectLincoln

6h
He pays next to nothing in taxes and then he uses our money to go golfing.

Did I get that right?

#153 | Posted by rstybeach11 at 2020-09-28 12:59 AM | Reply

I was, until he brought on heels up Harris.
#89 | POSTED BY BOAZ

Now that's the biggest pile of ---- I've ever smelt on the DR.

#152 | Posted by rstybeach11

He was lying about it from the get-go.

#154 | Posted by AMERICANUNITY at 2020-09-28 02:18 AM | Reply

leaving office in disgrace... the way republicl0wns do.

#155 | Posted by RightisTrite at 2020-09-28 03:07 AM | Reply

How can anybody still defend this man.... Boaz?

It's insane the spell he has you under.

... literally not illogical, antilogical,

#156 | Posted by bocaink at 2020-09-28 04:40 AM | Reply

The reason the republicl0wns like Trumpibinkerboi is because he has lived a life or renigging on loans...
Republicl0wns have a recent history of racking up deficits from spending on unbridled follies. They are desperate to back out of the crippling foreign (China) debt... the ones from loans taken to prop up our economy while they spent us from surplus to deficit snipe hunting WMD's

Seems it's fekkinwith their sense of capitalism to have a commie country owning so much of our consumer-based economy...

#157 | Posted by RightisTrite at 2020-09-28 05:36 AM | Reply

"He pays next to nothing in taxes and then he uses our money to go golfing."
Did I get that right?

#153 | POSTED BY RSTYBEACH11

Almost. But let's be more specific.

He pays next to nothing in taxes and then he uses our Boeing 747 to go golfing.

#158 | Posted by Twinpac at 2020-09-28 05:53 AM | Reply

Does plonking someone now hide your posts from them?

Mao's posts are hidden from me but I never plonked him.

Did I hurt your feelings little guy?

#159 | Posted by Joe at 2020-09-28 07:13 AM | Reply

I don't plonk anyone, Joe.

I can assure you I enjoy the visual of dragging my rhetorical nuts across your face.

If you can't see my posts above, it's because they were deleted.

That's a function of someone elses butt-hurt--not mine.

#160 | Posted by Mao_Content at 2020-09-28 07:17 AM | Reply | Funny: 1

You left out transfer them to your kids, via the biggest loophole in the entire tax code: GRATs. - DANFORTH

Yeah, the missing piece was how to transfer assets to related family while still alive?'

Covey recognized that a client could use the 1990 legislation to avoid gift taxes if he did something that would otherwise make no sense: Put money in a trust with instructions to return the entire amount to himself within two years. Because he doesn't have to pay tax on a gift to himself, the trust incurs no gift tax. Covey calls the trust "zeroed out."
Because the client isn't paying any tax upfront, the transaction amounts to a can't-lose bet with the IRS. If the trust's investments make large enough gains, the excess goes to heirs tax-free. If not, the only costs are lawyer's fees, typically $5,000 to $10,000, Covey says.

www.washingtonpost.com

#161 | Posted by GOnoles92 at 2020-09-28 07:31 AM | Reply

@ DANFORTH, GRAT seems like a better tax plan than what I thought of previously, though my 10 minute reading on GRAT is more angled to benefit assets which operate on public markets vs something like real estate(?).

Previous idea: Architecture is one family LLC. Kids ownership via LLCs where parents are the manager and pay their taxes. They won't get wealth before 35 then be custodians with expectations for their own, independent careers. Future state includes family foundation.
Kids own % of family LLC at birth with gradual % raises on a scale while using gift tax exclusion.

#162 | Posted by GOnoles92 at 2020-09-28 07:36 AM | Reply

I would have to imagine lots of Trump's blue collar high school educated Base is right there with him.

#144 | Posted by snoofy

The whole reason the incels are full of rage is the lack sex...

#163 | Posted by GalaxiePete at 2020-09-28 07:52 AM | Reply

Grats also seem to benefit UHNWI in a big obvious way, what about for regular old HNWI.
"Asking for a friend."

#164 | Posted by GOnoles92 at 2020-09-28 07:55 AM | Reply

I can assure you I enjoy the visual of dragging my rhetorical nuts across your face.

You'd have to take off your Depends for that to happen, gramps. Rhetorically, I mean.

#165 | Posted by JOE at 2020-09-28 08:18 AM | Reply | Newsworthy 1

leaving in disgrace...

#166 | Posted by RightisTrite at 2020-09-28 08:45 AM | Reply

Interesting that in the same year he paid $750 in taxes is also the same year he managed to have $150,000 to pay off Stormy.

#167 | Posted by TFDNihilist at 2020-09-28 09:03 AM | Reply

A guy who makes so little that he pays only $750 lives like a king? If his business is providing his lifestyle, that is reportable income. Exaggerating deductions gets a penalty but failure to report income gets a stay in the big house.

#135 | Posted by TenMile at 2020-09-27 10:28 PM | Reply

He has always funded his lifestyle through debt. When US banks wouldn't finance his failures anymore, he turned to foreign banks and foreign governments. It's important to note that Justice Kennedy's son was Trumps banker at Deutsche Bank. What did Trampy have over him?

This makes him a YUUUGGGEEE national security risk.

$400,000,000 to $1,000,000,000 in loans coming due in the next couple of years during YUGE pandemic recession?

You bet your ass he is compromised.

Trampy only thinks of Trampy when doing anything. He will sell this nation off to get those loans forgiven.

#168 | Posted by Nixon at 2020-09-28 09:40 AM | Reply

Trumpibunkerboi is a product of the Reagan years "leveraging" fad... where you spend other people's money...

#169 | Posted by RightisTrite at 2020-09-28 10:17 AM | Reply

" Kids own % of family LLC at birth with gradual % raises on a scale while using gift tax exclusion."

The ultimate white privilege.

#170 | Posted by Danforth at 2020-09-28 10:19 AM | Reply

Violation of IRS tax return confidentiality law may be charged as a felony, punishable by up to five years in prison and up to $250,000 in fines. Additionally, the victim of an unlawful disclosure may sue for damages of $1,000 or more for each act.

#171 | Posted by helio at 2020-09-28 10:24 AM | Reply

@#169 ...He will sell this nation off to get those loans forgiven....

You're not the only one who thinks Pres Trump is a national security risk due to those loans...

Trump's Taxes Show He's a National Security Threat
www.bloomberg.com

...What trade-offs would a president with this level of indebtedness be willing to make to save face?

In a tour de force of hard won reporting, the New York Times has put numerical clothing on what we've known about President Donald Trump for decades -- that, at best, he's a haphazard businessman, human billboard and serial bankruptcy artist who gorges on debt he may have a hard time repaying....

I have some history with Trump and his taxes.

Trump sued me for libel in 2006 for a biography I wrote, "TrumpNation," claiming the book misrepresented his track record as a businessman and lowballed the size of his fortune. He lost the suit in 2011. During the litigation, Trump resisted releasing his tax returns and other financial records. My lawyers got the returns, and while I can't disclose specifics of what I saw, I imagine that Trump has always refused to release them because they would reveal how robust his businesses and finances actually are and shine a light on some of his foreign sources of income. The Times has now solved that problem for us....


#172 | Posted by LampLighter at 2020-09-28 10:26 AM | Reply

@#172

Forgot to note, the article I cited is an op-ed.

#173 | Posted by LampLighter at 2020-09-28 10:27 AM | Reply

@15 ... Convienient Right at election time. ...

This issue has been festering since 2016 when Pres Trump said he'd release his tax returns.

He never did, so reporters had to go looking for them.


But to your convenient point, you mean, convenient like the Trump campaign fabricating Ukraine dirt on Mr Biden to release just before the election.

Or is such convenient timing OK only when the Trump campaign does it.


#174 | Posted by LampLighter at 2020-09-28 10:32 AM | Reply

"Because the client isn't paying any tax upfront, the transaction amounts to a can't-lose bet with the IRS. If the trust's investments make large enough gains, the excess goes to heirs tax-free."

An even better tactic: put the billions in the Trust...and then disclaim that Trust. It goes to the heirs...tax-free. That's how Sheldon Adelson avoided $2.3 Billion in gift taxes.

#175 | Posted by Danforth at 2020-09-28 10:35 AM | Reply

Sounds pretty damn smart to me.

#176 | Posted by Mao_Content at 2020-09-28 10:40 AM | Reply

"Grats also seem to benefit UHNWI in a big obvious way, what about for regular old HNWI."

Anyone subject to inheritance taxes (net worth of ~$11.5MM/person) has a favorably financial route via GRATs.

#177 | Posted by Danforth at 2020-09-28 10:43 AM | Reply

"Sounds pretty damn smart to me."

Well sure, if you're in the league to take advantage. But for the rest of us, it means we owe a larger piece of the tax pie than we should.

To each his own, I guess....

#178 | Posted by Danforth at 2020-09-28 10:46 AM | Reply | Newsworthy 1

"Violation of IRS tax return confidentiality law may be charged as a felony, punishable by up to five years in prison and up to $250,000 in fines. Additionally, the victim of an unlawful disclosure may sue for damages of $1,000 or more for each act."

True.

And President Biden will be able to pardon that individual, should he choose.

#179 | Posted by Danforth at 2020-09-28 10:49 AM | Reply

@#176 ... Sounds pretty damn smart to me. ...

It is too soon to determine the level of "smartness" involved.

It could turn out to be a rather stupid maneuver.

#180 | Posted by LampLighter at 2020-09-28 11:01 AM | Reply

"Sounds pretty damn smart to me."

Now put it in the context of a country running trillion-dollar annual deficits, with the highest audit rates in the poorest counties.

Smart for that country???

#181 | Posted by Danforth at 2020-09-28 11:08 AM | Reply

Trump's hair costs $70k a year. For.. whatever that thing is.

#182 | Posted by sitzkrieg at 2020-09-28 11:10 AM | Reply

The highest audit rate in America occurs in Humphreys County, Mississippi. Median income: $24,000.
www.cbsnews.com

#183 | Posted by Danforth at 2020-09-28 11:10 AM | Reply

"Trump's hair costs $70k a year."

Aw, c'mon...doesn't everyone have hairstyling costs equal to 93 years of paid income taxes?

#184 | Posted by Danforth at 2020-09-28 11:12 AM | Reply

Kind of stupid thing to consider smart when we are facing a pandemic that is magnifying the economic disparity... sort of a let them eat cake attitude... that doesn't go over well.

#185 | Posted by RightisTrite at 2020-09-28 11:13 AM | Reply

Trump's hair costs $70k a year. For.. whatever that thing is.

#182 | POSTED BY SITZKRIEG

Orange chipmunks don't come cheap.

#186 | Posted by truthhurts at 2020-09-28 11:14 AM | Reply | Funny: 1 | Newsworthy 1

Trump Faces New Scrutiny of Personal Finances Weeks Before Vote
news.bloombergtax.com

...Trump has previously said his tax returns are "very beautiful," but he can't release the documents while they are under audit at the Internal Revenue Service.

Trump's pick to run the agency, Chuck Rettig, has said there's no prohibition on making the documents public while an audit is ongoing....

[emphasis mine]


So it looks like little more than a stalling tactic when Pres trump says he cannot release his tax returns because they are under audit.

If the tax returns are "very beautiful" I would think that pres trump would not look for lame excuses not to release them.

Indeed, he'd want to release them, as he promised he would do four years ago.


#187 | Posted by LampLighter at 2020-09-28 11:17 AM | Reply

Seems oann news has not heard about this story since it shows up nowhere on thier site... sad they need to shelter the snowflakes from bad news about Trump.... but there is plenty about Hunter Biden lol

#188 | Posted by 503jc69 at 2020-09-28 11:28 AM | Reply

Remember when the republicans attacked AOC for a $250 haircut?

nypost.com

#189 | Posted by truthhurts at 2020-09-28 11:32 AM | Reply

Trump is going to prison and his (remaining) assets will be seized and auctioned off.

#190 | Posted by FedUpWithPols at 2020-09-28 11:36 AM | Reply

@#188 ... Seems oann news has not heard about this story since it shows up nowhere on thier site... ...

They have probably heard about it, but they need Pres Putin's OK before they can publish something like this.

(only partially joking here...)


#191 | Posted by LampLighter at 2020-09-28 11:38 AM | Reply

What the hell, they have $1200 withheld for one year but get a refund of $3000. That's some BS...
#108 | POSTED BY BOAZ

So you are upset a poor person got some money that he or she had no choice put to right back into the economy during a deadly pandemic.

But you are ok with a fat rich person stealing millions in taxpayer dollars to enrich himself through lying and cheating just because he is rich and has lawyers and accountants that can help him get away with it.

That's why I call you deplorable.

#192 | Posted by donnerboy at 2020-09-28 11:50 AM | Reply

You know who still supports Trump? Yep, suckers and losers:

Donald J. Trump @realDonaldTrump

@BarackObama who wants to raise all our taxes, only pays 20.5% on $790k salary. 1.usa.gov Do as I say not as I do.
2:19 PM Apr 13, 2012

twitter.com

#193 | Posted by Gal_Tuesday at 2020-09-28 11:52 AM | Reply

$750 is less than 1% of the $77,000 bill taxpayers paid for Don Jr's secret service detail to accompany him on one of his hunting trips to kill animals in Africa.

#194 | Posted by AMERICANUNITY at 2020-09-28 11:53 AM | Reply

Sounds pretty damn smart to me.
#176 | POSTED BY MAO_CONTENT

Many voters may disagree with the fairness though. Why should the working people have to pay 25% of their income in taxes while Trump pays nothing?

#195 | Posted by Sycophant at 2020-09-28 12:01 PM | Reply

Fix it then, with a flat tax. No deductions. No one escapes it. No sliding scale. You could possibly even get your vaunted healthcare for everyone.

But you wont do that, will you?

#83 | POSTED BY BOAZ

This Trumplandia. King Trumpy of Oranges rules here. Not the Democrats.

Trumpy said very clearly that once elected he would fix this. Because only he could do it.

So how come you are asking us to fix it?

That's Trumpy's job right now. Fixing it. Like he promised.

Like it was his job to protect those over 200,000 Americans he has allowed to die in his watch due to his Criminal Negligence.

#196 | Posted by donnerboy at 2020-09-28 12:10 PM | Reply | Newsworthy 1

Aw, c'mon...doesn't everyone have hairstyling costs equal to 93 years of paid income taxes?

#184 | POSTED BY DANFORTH AT 2020-09-28 11:12 AM | FLAG:

I'd assume entertainers can write off hairstyling as a business expense, and he is/was a syndicated reality show host for 13 years. How far is it possible for somebody to take that?

#197 | Posted by sitzkrieg at 2020-09-28 12:32 PM | Reply

No single person in American gets what you just described.

#119 | Posted by Danforth

You would be surprised.

#146 | POSTED BY BOAZ

I would be surprised if you ever posted a citation to support one of your blatant lies and propaganda you love to post in support of Trumpy and trumpism.

#198 | Posted by donnerboy at 2020-09-28 12:36 PM | Reply | Newsworthy 1

@#195 ... Many voters may disagree with the fairness though. Why should the working people have to pay 25% of their income in taxes while Trump pays nothing? ...

Especially when Pres Trump had said that he would cut taxes for working people, yet the Trump Tax Cut gave a $2 trillion tax cut to the wealthy and corporations, and piddling to the working people.

#199 | Posted by LampLighter at 2020-09-28 12:37 PM | Reply | Newsworthy 1

Considering how much trump lies and his vanity is so important....do you suppose he lied about paying $70K for hair dressing?

We know he would lie to overreport the expense.....so I'm wondering if we can dig up a hair stylists who can confirm those payments?

were they really for whores?

#200 | Posted by eberly at 2020-09-28 12:42 PM | Reply

"I'd assume entertainers can write off hairstyling as a business expense"

Probably not.
Danforth covered this in #126.

#201 | Posted by snoofy at 2020-09-28 12:45 PM | Reply

"I'd assume entertainers can write off hairstyling as a business expense"

You'd assume wrong. Personal grooming isn't deductible, even to keep an "image".

"How far is it possible for somebody to take that?"

Well, Ozzie Nelson tried to write off the Cardigan sweaters he wore on his show. "You mean like the one you're wearing now?" asked the auditor. When Ozzie answered in the affirmative, the deduction was disallowed: if you CAN wear it on the street, you can't deduct it. Typical deductions in this area for performers would be clown gear, tap shoes, or opera ball gowns. More common deductions might be steel-toed shoes, hardhats, and uniforms. Of course, all of the above is for self-employed folks only: under the Trump Code, W-2 workers are no longer allowed employee deductions of ANY kind.

#202 | Posted by Danforth at 2020-09-28 12:48 PM | Reply

"were they really for whores?"

For "styling" the short hairs???

#203 | Posted by Danforth at 2020-09-28 12:50 PM | Reply

-Many voters may disagree with the fairness though.

Yes. And it's not about smart vs dumb....it's about ethics.

I know most trump supporters don't give a crap about ethics if they would continue to support him at this point. Partisanship trumps all.

#204 | Posted by eberly at 2020-09-28 12:51 PM | Reply | Newsworthy 1

203

reminds me of that scene in "Wolf of Wall Street" when Belfort's dad is complaining about expenses and what they're for...."What in the ---- is EJ Entertainment?" Or "Why is this dinner so expensive......the sides??? the ------- sides!!!!""

#205 | Posted by eberly at 2020-09-28 12:53 PM | Reply | Newsworthy 1

I'd assume entertainers can write off hairstyling as a business expense, and he is/was a syndicated reality show host for 13 years. How far is it possible for somebody to take that?

#197 | POSTED BY SITZKRIEG

Haircuts are not tax deductible. Haircare at the specific event only is deductible.

#206 | Posted by Sycophant at 2020-09-28 12:56 PM | Reply

#202 | POSTED BY DANFORTH AT 2020-09-28 12:48 PM | FLAG:

I'm watching people that decided to jump into a hobby-sport with large weekend events. They created an LLC and social media characters and have declared themselves to be marketing for the events they go play in. They write off all of their event costs as expenses. I feel like they might have wanted to get tax advice from somebody not in the ghetto first.

#207 | Posted by sitzkrieg at 2020-09-28 12:57 PM | Reply

""Why is this dinner so expensive......the sides???"

One of the vaguest lines in the code regards business meals: they can't be "lavish under the circumstances".

That means I can't have a banquet of filet mignon, lobster, foie gras, and Dom Perignon to get tax clients. But about a half-dozen years ago, my songwriting partner and I got hired for a gig to be a pair of strolling musicians during a banquet where they served all of the above, as well as every top-flight liquor you can imagine.

The clients? High-end travel agents.

#208 | Posted by Danforth at 2020-09-28 12:59 PM | Reply

Interesting view...

Op-Ed: Is Trump broke? Weird numbers ask big questions
www.digitaljournal.com

...It's hard to avoid noticing, though, implied or whatever, that the numbers look very much like a train wreck. There are mountain ranges of debt, failed ventures, and the issues of Trump going guarantor on several hundred million dollars' worth of major debt, due in the next few years.

The debt seems to have built up over a period of decades. By United States financial sector standards, it's not huge money. It's a few hundred million here and there at various times, accumulating over that time.

What's odd about it is the obsolete, antiquarian nature of the very tangled debt and asset structuring.

Back circa Father Knows Best, complex personal finances were considered smart. Now, it's barely considered to be at Flintstones level.

The overall financial picture, if accurate, is appalling. Based on the very large amounts of visible debt alone, the break-even point has to be based on asset values. A rather hefty chunk of this debt is personal debt, due to the guarantor obligations. Revenue is a very mixed bag, some good, but hardly impressive relative to debt.

I come from a family of tax accountants, multiple generations of them. My grandfather had a client who called himself Jesus Christ. (Interesting deductions.) I have my own business qualifications. I've done financial writing, including US ETFs and a short and not-very-fun week or two at The Motley Fool.

...Meaning I've seen and reported on some pretty whacko stuff over the years, including the 2008 sub-primes meltdown. The amateur hour accountancy numbers found by The New York Times articles are simply staggering. The debt structuring alone, and the amounts involved are horrifying.

If Trump was getting financial advice to do this level of debt this way, the advisors must have been living in a terrarium. There's something downright reptilian about the big chunks of debt, for example.

The responsibility is still his, but wow. ...



#209 | Posted by LampLighter at 2020-09-28 01:00 PM | Reply

"They created an LLC and social media characters and have declared themselves to be marketing for the events they go play in. They write off all of their event costs as expenses."

Heck, everything is deductible...until the audit.

#210 | Posted by Danforth at 2020-09-28 01:01 PM | Reply

"Haircare at the specific event only is deductible."

Two things: Yes, at the event, but that's usually the hiring company paying the stylist. And the next time I'm on set where all the stylist does is hair will be my first; it's usually the make-up artist responsible for styling as well. Larger productions might require a wigmaster, also deductible.

#211 | Posted by Danforth at 2020-09-28 01:04 PM | Reply

Criminal tax cheats shouldn't be reelected let alone be allowed to nominate Supreme Court justices.

twitter.com

#212 | Posted by Gal_Tuesday at 2020-09-28 01:05 PM | Reply | Newsworthy 3

"Why is this dinner so expensive......the sides???"

Well, we ordered a bottle of coke, and...

#213 | Posted by Danforth at 2020-09-28 01:07 PM | Reply

The writing is on the wall: Donald Trump is likely going to jail and is essentially worth nothing.

Two HUGE Questions remain:

1. Did the family know how bad the financial situation is or is this a huge eye opener?

2. Will the family start fleeing like rats from a sinking ship?

#214 | Posted by Sycophant at 2020-09-28 01:14 PM | Reply

Speaker Pelosi made the argument that Trump's tax returns show that all of his judicial nominations could be invalidated due to conflicts of interest.

twitter.com

#215 | Posted by Gal_Tuesday at 2020-09-28 01:21 PM | Reply | Newsworthy 1

Truth revealed:
Trump is a trust fund kiddie who has failed at everything except as an actor playing a businessman.

He bends over for powerful men and piddles on the little people.

#216 | Posted by bored at 2020-09-28 01:26 PM | Reply

Trump is a trust fund kiddie who has failed at everything except as an actor playing a businessman.

Blew his $400,000,000 inheritance yet bankrupted at least 4 times (including 2 casinos!).

The businesses earning money in Trumpworld are those for which he's licensed his name to and has no control over day to day operations. Trump DC Hotel? Lost tens of millions. Trump building on 5th Ave? Losing money, and he's borrowed hundreds of millions, personally, using the commercial space there after inflating his worth by claiming his 'brand' is worth $4,000,000,000 (billion). Golf courses? Losing money. And so it goes ...

#217 | Posted by AMERICANUNITY at 2020-09-28 01:46 PM | Reply

Jeff Tiedrich
@itsJeffTiedrich

4h
imagine spending seventy thousand dollars on your hair and ending up with a ------ up rat's nest of cotton candy spaghetti pissmop -------- on top of your big dumb pumpkin head

#218 | Posted by reinheitsgebot at 2020-09-28 01:51 PM | Reply

He paid $750 more in taxes than Amazon. So that's something I guess.

#219 | Posted by Hagbard_Celine at 2020-09-28 02:05 PM | Reply | Funny: 1

Sandra Diaz lacked legal status when she worked at Trump's Bedminster, New Jersey golf resort from 2010 to 2013. "When I was an undocumented immigrant working for Trump, I paid more taxes in a [month] or two than he paid in a year," she tweeted. She noted they paid these taxes but received no benefits. "That is fine. What isn't fine is that our boss, Donald Trump, only paid $750 a year in taxes and calls all immigrants dead beats here to abuse the system."

#220 | Posted by AMERICANUNITY at 2020-09-28 02:06 PM | Reply

#219

I'm no fan of Bezos and he needs to pay taxes.

But at least he's not forcing America to become a fascist theocracy.

#221 | Posted by ClownShack at 2020-09-28 02:08 PM | Reply | Newsworthy 1

@#221

My concern is where will he get the money to cover his loans? Where has he gotten money in the past to cover loans?

How beholden is Pres Trump, will Pres Trump be, to interests outside the US. Interests that may not want good things in the future for the US.

How deep is Pres Trump in with the whole Deutsche Bank mess?

#222 | Posted by LampLighter at 2020-09-28 02:22 PM | Reply

The Russian Oligarchs have blackmailed DeutchBank bankers to launder their money. They owned SCOTUS Kennedy's son. Several of the bankers committed suicide to hide their crimes.

#223 | Posted by bored at 2020-09-28 02:39 PM | Reply

The Russian Oligarchs have blackmailed DeutchBank bankers to launder their money. They owned SCOTUS Kennedy's son. Several of the bankers committed suicide to hide their crimes.

A #TrumpTaxReturns mystery:

when they left the retirement announcement that would give Donald Trump a Supreme Court pick, what did the heavily indebted president say to his banker's father, outgoing Justice Kennedy, to stop him in his tracks?

twitter.com

#224 | Posted by Gal_Tuesday at 2020-09-28 02:44 PM | Reply

#224 Gal that Tweet is blocked on my phone.

I do remember hearing about the Russian mob at Justice Kennedy's retirement though.

#225 | Posted by snoofy at 2020-09-28 02:51 PM | Reply

#222

If Trump wasn't an elected official, it's unlikely he would qualify for a security clearance...assuming that he actually is carrying the debt as implied by the article.

But, if you're an elected official, you can be doing coke off of hookers and you'll still get the keys to the kingdom.

#226 | Posted by madbomber at 2020-09-28 02:55 PM | Reply

twitter.com

SNOOFY: See if this works

#227 | Posted by Twinpac at 2020-09-28 03:07 PM | Reply

Deutsche Bank Offices Are Raided In Money Laundering Probe (Nov 2018)
www.npr.org

...In recent years, Deutsche Bank has been in the news not only for its prominence in the Panama Papers, but also for its ties to President Trump, in a tumultuous relationship that goes back some 20 years.

Trump and the bank once sued each other after he failed to repay a $300 million loan. And the author and reporter Luke Harding has described a "shuffle of money" between the bank's dealings with figures in Russia and its business with Trump. ...


#228 | Posted by LampLighter at 2020-09-28 03:18 PM | Reply

Remember when the republicans attacked AOC for a $250 haircut?
nypost.com
#189 | POSTED BY TRUTHHURTS

Sure do. But hypocrisy is a nonstarter as criticism in 2020 politics.

So nobody really cares.

#229 | Posted by rstybeach11 at 2020-09-28 03:22 PM | Reply

Trump is a toothless ----...

His followers are brainwashed
------------ (i.e. morons).

End of Story.

He will lose (justice willing),
and Go to Jail...

#230 | Posted by earthmuse at 2020-09-28 03:42 PM | Reply

Forbes Trump reporter Dan Alexander who digs deep into The New York Times reporting on Trump's taxes. The bottom line: Trump is on the hook for $1.1 billion in personally guaranteed loans coming due in the next two years.

Read the entire thread:

1/ The New York Times #TrumpTaxReturns story is terrific. I had about a million thoughts as I was reading though. I'll be annotating those here, in this thread, for the next few hours. https://t.co/LeVjIwATpl

" Dan Alexander (@DanAlexander21)
September 27, 2020

#231 | Posted by AMERICANUNITY at 2020-09-28 03:49 PM | Reply

Well, this is interesting...

The Hidden History of Trump's First Trip to Moscow (Nov 2017)
www.politico.com

...It was 1984 and General Vladimir Alexandrovich Kryuchkov had a problem. The general occupied one of the KGB's most exalted posts. He was head of the First Chief Directorate, the prestigious KGB arm responsible for gathering foreign intelligence.

Kryuchkov had begun his career with five years at the Soviet mission in Budapest under Ambassador Yuri Andropov. In 1967 Andropov became KGB chairman. Kryuchkov went to Moscow, took up a number of sensitive posts, and established a reputation as a devoted and hardworking officer. By 1984, Kryuchkov's directorate in Moscow was bigger than ever before"12,000 officers, up from about 3,000 in the 1960s. His headquarters at Yasenevo, on the wooded southern outskirts of the city, was expanding: Workmen were busy constructing a 22-story annex and a new 11-story building.

In politics, change was in the air. Soon a new man would arrive in the Kremlin, Mikhail Gorbachev. Gorbachev's policy of detente with the West"a refreshing contrast to the global confrontation of previous general secretaries"meant the directorate's work abroad was more important than ever.

Kryuchkov faced several challenges. First, a hawkish president, Ronald Reagan, was in power in Washington. The KGB regarded his two predecessors, Gerald Ford and Jimmy Carter, as weak. By contrast Reagan was seen as a potent adversary. The directorate was increasingly preoccupied with what it believed"wrongly"was an American plot to conduct a preemptive nuclear strike against the USSR.

It was around this time that Donald Trump appears to have attracted the attention of Soviet intelligence. How that happened, and where that relationship began, is an answer hidden somewhere in the KGB's secret archives. Assuming, that is, that the documents still exist.

Trump's first visit to Soviet Moscow in 1987 looks, with hindsight, to be part of a pattern. The dossier by the former British intelligence officer Christopher Steele asserts that the Kremlin had been cultivating Trump for "at least five years" before his stunning victory in the 2016 US presidential election. This would take us back to around 2011 or 2012.

In fact, the Soviet Union was interested in him too, three decades earlier. The top level of the Soviet diplomatic service arranged his 1987 Moscow visit. With assistance from the KGB. It took place while Kryuchkov was seeking to improve the KGB's operational techniques in one particular and sensitive area. The spy chief wanted KGB staff abroad to recruit more Americans. ...


#232 | Posted by LampLighter at 2020-09-28 03:51 PM | Reply

I'd like someone from the Party of Personal Responsibility to explain how a President owing a billion dollars isn't ripe for getting blackmailed.

Remember when the argument was Trump is so rich, bribes won't work on him?

Oops.

#233 | Posted by snoofy at 2020-09-28 03:51 PM | Reply

Trump only made money on properties he didn't manage, and lost money on every one he did. Now that The Apprentice, where he played a billionaire, isn't a cash cow anymore (he earned over $400,000,000), he's in deep financial doo doo. And hasn't paid a nickel down on loan principal on over $400,000,000 in personally guaranteed loans coming due in the next couple of years. Explains why he gouges taxpayers for rooms and golf cart rentals for the Secret Service detail who protect them with their own bodies.

Here's another interesting tidbit from the story... BTW, he never managed this property:

After plans for a Trump-branded mini-city on the Far West Side of Manhattan stalled in the 1990s, Mr. Trump's stake was sold by his partner to Vornado Realty Trust. Mr. Trump objected to the sale in court, saying he had not been consulted, but he ended up with a 30 percent share of two valuable office buildings owned and operated by Vornado.

His share of the profits through the end of 2018 totaled $176.5 million, with depreciation factored in. He has never had to invest more money in the partnership, tax records show.

#234 | Posted by AMERICANUNITY at 2020-09-28 04:55 PM | Reply

David Frum
@davidfrum

Sep 27
You can read Trump's tax returns two ways: either Donald Trump is the greatest tax cheat in US history - or he is a financial desperado hopelessly in debt to God knows who & needs every dollar he scams from Secret Service golf car rentals just to pay the electricity bill.

#235 | Posted by ClownShack at 2020-09-28 07:19 PM | Reply | Newsworthy 2

Either one of those answers Clownshack
is deplorable...

#236 | Posted by earthmuse at 2020-09-28 08:48 PM | Reply

Somebody on Twitter (and probably on this thread too; I haven't had time to read it all) (not that I don't love you guys, I do, but I have a job) anyway somebody on Twitter said "Who cares if he didn't pay any taxes? Nobody should pay taxes! Taxation is theft!" The usual BS. Then somebody else responded, "What about roads? Do you not use the roads? Fire protection? Police? Schools? Library? Sewers? The Army?"

No answer.

#237 | Posted by cbob at 2020-09-28 10:15 PM | Reply

"Nobody should pay taxes! Taxation is theft!"

My response is always Name one civilization that didn't tax and spend.

#238 | Posted by Danforth at 2020-09-28 10:21 PM | Reply | Newsworthy 3

"No answer."

There never is one, is there?

#239 | Posted by Danforth at 2020-09-28 10:22 PM | Reply | Newsworthy 1

With supporters that would eat the peanuts out of his poop, these revelations won't have much impact.

#240 | Posted by Jaspar at 2020-09-28 10:38 PM | Reply

With supporters that would eat the peanuts out of his poop, these revelations won't have much impact.

#240 | Posted by Jaspar at 2020-09-28 10:38 PM | Reply | Flag:

Eww but true.

#241 | Posted by cbob at 2020-09-28 11:10 PM | Reply

"Eww but true."

The perfect summation of the Trump presidency.

#242 | Posted by Danforth at 2020-09-29 12:39 AM | Reply

This, from a longtime friend and colleague of mine:

Sandra Karas, secretary-treasurer of Actors' Equity, was surprised Monday morning when she read The New York Times' article about President Trump's income taxes " and the $70,000 that he reportedly wrote off as a business expense for hair styling in connection with his TV show The Apprentice. "It made me laugh when I saw it in the paper," she said. "The first thing I thought was, That's not deductible.'" Karas isn't privy to Trump's Apprentice contract, but said that it's "unheard of" for producers to make the star of a hit show pay for their own hair and makeup. And Karas should know: As a licensed accountant and tax attorney currently representing, pro bono, a member of the union in a case before the US Tax Court, she oversees the Volunteer Income Tax Assistance program in the union's New York office that helps members fill out their tax returns, free of charge.
.

#243 | Posted by Danforth at 2020-09-29 12:44 AM | Reply

"Karas isn't privy to Trump's Apprentice contract, but said that it's "unheard of" for producers to make the star of a hit show pay for their own hair and makeup"

Frankly, as a a "day player" it's unheard of to me as well. Over ~2000 gigs, I've had to pay to do my own hair and makeup exactly...

...hmm....wait...add the seven, carry the one...

...NEVER. Never times.

#244 | Posted by Danforth at 2020-09-29 12:59 AM | Reply

Now some Republicans in Congress are demanding an investigation into the New York Times with respect to their reporting on Trump's taxes. And they're making a rather odd claim; if what the NYT's is reporting is TRUE, then the paper is guilty of a crime, because they disclosed private information about an individuals personal and business finances, and someone needs to go to jail. However, if it's all 'fake news', as Trump insists, then no crime was committed and they can continue with no fear from Congress or the courts.

If I were a Republican in Congress, I'm not so sure that it would be a good idea to open an investigation which, in order to accomplish what they want, to discredit the New York Times, they must first prove that what they've written is accurate and tells the true story about Donald Trump's penchant for evading taxes and lying about his wealth and business acumen. If they work very hard at this, they may get much more than what they bargained for.

OCU

#245 | Posted by OCUser at 2020-09-29 01:26 AM | Reply

#245 | Posted by OCUser

The reporters say there is much more to be revealed about Trump in coming days ...

#246 | Posted by AMERICANUNITY at 2020-09-29 01:32 AM | Reply

Do you not use the roads? Fire protection? Police? Schools? Library? Sewers? The Army?"

#237 | Posted by cbob

BTW, not only does our taxes go to pay for things like that, everything you mentioned are actually 'socialist' entities designed to serve the public good, whether you pay taxes or not.

OCU

#247 | Posted by OCUser at 2020-09-29 01:33 AM | Reply

The reporters say there is much more to be revealed about Trump in coming days ...

#246 | Posted by AMERICANUNITY

Yes, I understand that the NYT's has enough material to produce a feature length expose, similar to the one from Sunday, for each week until the election.

OCU

#248 | Posted by OCUser at 2020-09-29 01:35 AM | Reply

#244 It is a rug and he didn't want people to know.

gawker.com

#249 | Posted by bored at 2020-09-29 01:48 AM | Reply

www.reddit.com

#250 | Posted by bored at 2020-09-29 01:56 AM | Reply

No single person in American gets what you just described.

#119 | Posted by Danforth

You would be surprised.

#146 | Posted by boaz at 2020-09-27 11:41 PM | Reply | Flag:

You tell them Boaz! You heard it on Infowars!

#251 | Posted by Nixon at 2020-09-29 07:06 AM | Reply

Two HUGE Questions remain:
1. Did the family know how bad the financial situation is or is this a huge eye opener?
2. Will the family start fleeing like rats from a sinking ship?
#214 | POSTED BY SYCOPHANT

I don't think those are "huge questions," or even questions at all.

You really think it's news to these people that their daddy is a -------?

#252 | Posted by JOE at 2020-09-29 07:44 AM | Reply

Just don't be surprised when this happens to Biden if he wins.

But the bigger question is, if Biden wins and they release his tax records (maybe he already has, not sure), and it shows he paid the low taxes as a millionaire that Dems have been whining about rich people. Will that make any difference? I know it won't and Libs will embrace Biden but the inherent hypocrisy is so palpable I think I just gagged on it.

If taxes are a problem, and it is human nature to fight against relieving oneself of valuable possessions (e.g. money in this case), then why doesn't either side actually make it a big issue? They SAY it's a big issue but then every election we get millionaires running and both sides do nothing but attack the other instead of attacking the problem. That's where you have been shaped by your party. That's where you actually have to make effort to change instead of just attacking the other side for their part in the wrong and ignoring your side's part in the wrong.

#253 | Posted by humtake at 2020-09-29 12:17 PM | Reply | Funny: 1

Bidens taxes are right there on his website big as ---- for anyone who wants to peruse them. Here is a helpful link if you really wanted to see them. joebiden.com

#254 | Posted by Sezu at 2020-09-29 12:22 PM | Reply | Newsworthy 1

"Just don't be surprised when this happens to Biden if he wins."

How do you think the journalists will uncover these closely-guarded secrets? Espionage? Insiders giving tips?? A neice or ex who releases the info???

Or will they just go to Biden's website, and click on his taxes?

#255 | Posted by Danforth at 2020-09-29 12:23 PM | Reply | Newsworthy 1

#254

You beat me to it!

#256 | Posted by Danforth at 2020-09-29 12:23 PM | Reply

And Biden and Harris just released their 2019 state and federal tax returns:

Joe Biden Releases His 2019 Tax Returns

Biden's campaign posted his latest tax returns just days after The New York Times revealed that Donald Trump has paid very little in income taxes over the years.

www.huffpost.com

#257 | Posted by OCUser at 2020-09-29 02:33 PM | Reply

The Democratic nominee paid nearly $300,000 in federal taxes for 2019, drawing a tax-disclosure contrast with the president.

#258 | Posted by YAV at 2020-09-29 02:38 PM | Reply

Bernie Sanders
@BernieSanders

While Donald Trump paid just $750 in U.S. federal income taxes during the first year of his presidency, he paid over $317,000 in taxes to India, Panama and the Philippines. How's that for America first?

#259 | Posted by ClownShack at 2020-09-29 03:01 PM | Reply | Newsworthy 1

@#253 ... Just don't be surprised when this happens to Biden if he wins ...

www.taxnotes.com

...

2. Are presidents required to release their tax returns?

Presidents aren't required by law to release their tax returns. Nevertheless, between 1974 and 2012, every president but Gerald Ford has made a voluntary release of the tax returns they filed while in office. Ford released no complete returns, but released 10 years of summary data including gross income, taxable income, major deductions, and taxes paid.

This tradition of voluntary tax return disclosure ended in 2017, when President Trump declined to release any personal tax information. Trump has offered various reasons for keeping his returns private, but he has frequently insisted that he won't make a release while his returns are being audited by the IRS....


#260 | Posted by LampLighter at 2020-09-29 03:15 PM | Reply

Two HUGE Questions remain:
1. Did the family know how bad the financial situation is or is this a huge eye opener?
2. Will the family start fleeing like rats from a sinking ship?
#214 | POSTED BY SYCOPHANT
I don't think those are "huge questions," or even questions at all.
You really think it's news to these people that their daddy is a -------?
#252 | POSTED BY JOE

Oh I disagree. I think they are good questions because how they are answered may mean family members start turning on Trump if they think they have nothing to lose.

#261 | Posted by Sycophant at 2020-09-29 06:24 PM | Reply

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