Author Topic: Trump's Taxes  (Read 7762 times)

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Offline steve dave

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Re: Trump's Taxes
« Reply #25 on: September 28, 2020, 07:40:12 AM »

Offline BIG APPLE CAT

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Re: Trump's Taxes
« Reply #26 on: September 28, 2020, 08:11:12 AM »
Were normal people under the impression that wealthy people pay taxes? This isn’t a “Trump” thing this is a tax policy thing.

As for “he’s broke” that is some of the dumbest crap I’ve ever heard.

as i've said before, your media diet is damaging your brain.  it's true that there are some fairly egregious tax loopholes for certain classes of income. it's also true that the us income tax is highly progressive (payroll taxes, unfortunately are not) and extremely wealthy people pay a lot in income taxes in the united states.

as perspective on the tweet below.  total federal tax receipts in 2016 were 3.3 trillion, 1.7 trillion from income taxes.

https://twitter.com/JamesSurowiecki/status/1310398076583120896

You can save the rest because this is the whole point.

a little off topic but i'm going to go out on a limb and say that was a cleverly worded tweet...i'm sure top 1% of taxpayers do pay that much, but i would bet dollars to donuts the top 1% of earners do not.

Offline Rage Against the McKee

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Re: Trump's Taxes
« Reply #27 on: September 28, 2020, 08:24:27 AM »
You can do this with farms easy AF too


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Yeah, I bet Ted Turner's tax game is on point.

Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #28 on: September 28, 2020, 08:26:20 AM »
I think it is fair that when each and everyone of those top 1% run for President (after criticizing former President's taxes) they will be subjected to equal scrutiny.

Offline star seed 7

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Re: Trump's Taxes
« Reply #29 on: September 28, 2020, 08:29:08 AM »
It seems some are assuming trump's taxes are low through legal means and some are assuming trump's taxes are low through tax fraud.

I lean to the fraud side personally.
Hyperbolic partisan duplicitous hypocrite

Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #30 on: September 28, 2020, 08:31:11 AM »
It seems some are assuming trump's taxes are low through legal means and some are assuming trump's taxes are low through tax fraud.

I lean to the fraud side personally.

As I read it, there is a fairly meaningful tax audit pending that if he loses will require he pay some back (plus interest and fees)

Online chum1

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Re: Trump's Taxes
« Reply #31 on: September 28, 2020, 08:40:03 AM »
In addition to the fraud and evasion, there is almost surely some money laundering behind it.

We should probably consider addressing BOTH corruption and legal tax loopholes.

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Re: Trump's Taxes
« Reply #32 on: September 28, 2020, 08:42:41 AM »

Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #33 on: September 28, 2020, 08:47:33 AM »
"American banks won't loan us a red cent because we have failed to repay them on almost all of our loans."

Offline Phil Titola

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Re: Trump's Taxes
« Reply #34 on: September 28, 2020, 08:55:25 AM »
It seems some are assuming trump's taxes are low through legal means and some are assuming trump's taxes are low through tax fraud.

I lean to the fraud side personally.
The inflation of asset value to get bank loans is fraud alone. There is zero percent chance these returns aren't littered with fraud.

Offline WildcatNkilt

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Re: Trump's Taxes
« Reply #35 on: September 28, 2020, 08:57:55 AM »
Not to mention fudging his earnings to qualify for large loans.  You can't have both and not be fraudulent, right? 
Kansas City Blue Barbecue fan.

Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #36 on: September 28, 2020, 08:59:57 AM »
I think it is pretty well established that those businesses lied their asses off about their assets and value BUT these banks aren't stupid and if they kept giving them money after getting stiffed, how much of that reliance is reasonable?

Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #37 on: September 28, 2020, 09:02:56 AM »
Not to mention fudging his earnings to qualify for large loans.  You can't have both and not be fraudulent, right?

These aren't car or small home loans he's taking out.  The banks have insanely sophisticated underwriting departments and if they believe the Trump name (for example) is worth $250mm of collateral that you can foreclose on then they gotta run the risk that it isn't worth 1/100th of that.  I would imagine there are a lot of bankers who got shown the door because they fell for his pitch.

Offline steve dave

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Trump's Taxes
« Reply #38 on: September 28, 2020, 09:09:18 AM »
You can pull forward massive losses to future years in some circumstances. Google “Tax Loss Carry Forward”. Taxes are dumb.


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« Last Edit: September 28, 2020, 09:12:48 AM by steve dave »

Offline steve dave

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Trump's Taxes
« Reply #39 on: September 28, 2020, 09:12:09 AM »
I’d imagine his accountant is pushing the limits of what is allowed because at that size and complexity there is a lot of grey area and a good accountant will do that. But I bet the actual taxes paid are at least arguably legitimate.


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Offline steve dave

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Re: Trump's Taxes
« Reply #40 on: September 28, 2020, 09:15:02 AM »
You can also carry forward capital losses on investments to offset earnings.


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Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #41 on: September 28, 2020, 09:25:52 AM »
Yeah, there are TONS of ways to screw over your fellow taxpayers.  Just don't ask them to vote for you for President if you can't admit you did exactly that.

Offline DaBigTrain

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Re: Trump's Taxes
« Reply #42 on: September 28, 2020, 09:27:12 AM »
1.1 billion in debt.  It’s all coming together why he wanted to reopen so fast and doesn’t care if people die from the virus.  He’s so far in debt if he doesn’t win re-election he’s going to have to answer to this.

https://twitter.com/danalexander21/status/1310364815710453760
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

https://blockstream.info/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

Offline DaBigTrain

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Re: Trump's Taxes
« Reply #43 on: September 28, 2020, 09:28:51 AM »
"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks"

https://blockstream.info/block/000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f

Offline Dugout DickStone

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Re: Trump's Taxes
« Reply #44 on: September 28, 2020, 09:30:23 AM »
What gives you the impression he has any plan of repaying those loans?  That money is gone.  I don't even Putin wants to pick up that tab.  If he did, it would be very hard to hide

Online Trim

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Re: Trump's Taxes
« Reply #45 on: September 28, 2020, 09:30:39 AM »
I don't see how any of this changes what anyone thought of trump on saturday.

Online chum1

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Re: Trump's Taxes
« Reply #46 on: September 28, 2020, 09:35:13 AM »
I don't see how any of this changes what anyone thought of trump on saturday.

There are lots of really uninformed people. Some will see $750 and get pissed off.

Offline yoga-like_abana

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Re: Trump's Taxes
« Reply #47 on: September 28, 2020, 09:36:14 AM »
I don't see how any of this changes what anyone thought of trump on saturday.
this.. had to have something else before he debates Joe on Tuesday though..

Offline Kat Kid

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Re: Trump's Taxes
« Reply #48 on: September 28, 2020, 09:39:59 AM »
It seems some are assuming trump's taxes are low through legal means and some are assuming trump's taxes are low through tax fraud.

I lean to the fraud side personally.

I assume fraud and that fraud is really widespread.

Online Trim

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Re: Trump's Taxes
« Reply #49 on: September 28, 2020, 09:40:10 AM »
I don't see how any of this changes what anyone thought of trump on saturday.

There are lots of really uninformed people. Some will see $750 and get pissed off.

He informed that breed of person last night.

https://twitter.com/realDonaldTrump/status/1310432401454235650