New York Times Bombshell: Trump's Taxes

[LedZep17]

He reportedly paid just $750 in federal income taxes in 2016 and 2017, and has over $300 million in personal debt obligations coming due in the next four years.

No wonder he's willing to destroy democracy in America and tell whatever lie he has to in order to keep the shield of the Executive over his head.

Axios has already summarized:

• Prior to being elected, Trump "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 Times wrote.
• According to the Times, Trump "has reduced his tax bill with questionable measures, including a $72.9 million tax refund," which is now the subject of an IRS audit. Trump has claimed for years that his taxes are under "routine audit" and repeated that defense at a press briefing on Sunday.
• Trump made $427.4 million from his "The Apprentice" show and the licensing and endorsements deals associated with his celebrity brand, the Times found.
• Much of that money, which is now drying up, was invested in "a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s," the Times writes.
• Many of those businesses, the Times found, reported losing large sums of money — "losses that have helped him to lower his taxes." But the Times notes that even with those losses, he still lived a lavish lifestyle.
• Between 2010 and 2018, Trump wrote off about $26 million in mysterious "consulting fees," helping to reduce his family's tax bill. At least some of those fees appear to have been paid to his daughter Ivanka Trump, despite her being a top Trump Organization executive, according to the Times.

 

[TopSecretBoiler]

uh...how is this a bombshell? he flat out said he paid no taxes a long time ago?

 

[PurdueFan1]

He reportedly paid just $750 in federal income taxes in 2016 and 2017, and has over $300 million in personal debt obligations coming due in the next four years.

No wonder he's willing to destroy democracy in America and tell whatever lie he has to in order to keep the shield of the Executive over his head.

Axios has already summarized:

• Prior to being elected, Trump "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 Times wrote.
• According to the Times, Trump "has reduced his tax bill with questionable measures, including a $72.9 million tax refund," which is now the subject of an IRS audit. Trump has claimed for years that his taxes are under "routine audit" and repeated that defense at a press briefing on Sunday.
• Trump made $427.4 million from his "The Apprentice" show and the licensing and endorsements deals associated with his celebrity brand, the Times found.
• Much of that money, which is now drying up, was invested in "a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s," the Times writes.
• Many of those businesses, the Times found, reported losing large sums of money — "losses that have helped him to lower his taxes." But the Times notes that even with those losses, he still lived a lavish lifestyle.
• Between 2010 and 2018, Trump wrote off about $26 million in mysterious "consulting fees," helping to reduce his family's tax bill. At least some of those fees appear to have been paid to his daughter Ivanka Trump, despite her being a top Trump Organization executive, according to the Times.

Well I am just shocked. SHOCKED I tell you. Who could have ever guessed he was bad with money?

Oh and that he’s also not nearly as wealthy as he claims.

 

[Bill4411]

He reportedly paid just $750 in federal income taxes in 2016 and 2017, and has over $300 million in personal debt obligations coming due in the next four years.

No wonder he's willing to destroy democracy in America and tell whatever lie he has to in order to keep the shield of the Executive over his head.

Axios has already summarized:

• Prior to being elected, Trump "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 Times wrote.
• According to the Times, Trump "has reduced his tax bill with questionable measures, including a $72.9 million tax refund," which is now the subject of an IRS audit. Trump has claimed for years that his taxes are under "routine audit" and repeated that defense at a press briefing on Sunday.
• Trump made $427.4 million from his "The Apprentice" show and the licensing and endorsements deals associated with his celebrity brand, the Times found.
• Much of that money, which is now drying up, was invested in "a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s," the Times writes.
• Many of those businesses, the Times found, reported losing large sums of money — "losses that have helped him to lower his taxes." But the Times notes that even with those losses, he still lived a lavish lifestyle.
• Between 2010 and 2018, Trump wrote off about $26 million in mysterious "consulting fees," helping to reduce his family's tax bill. At least some of those fees appear to have been paid to his daughter Ivanka Trump, despite her being a top Trump Organization executive, according to the Times.

Who here pays less than $750 a year? Stand up and let us know!

 

[Bill4411]

uh...how is this a bombshell? he flat out said he paid no taxes a long time ago?

Tax reform needs to be a priority.

 

[SKYDOG]

Who here pays less than $750 a year? Stand up and let us know!

Well maybe not here, but I’ll say Jeff Bezos.

 

[ehuffma1]

Well maybe not here, but I’ll say Jeff Bezos.

Should we see his taxes? I think it’s about time...

 

[Bill4411]

Well maybe not here, but I’ll say Jeff Bezos.

Al Capone didn’t pay his taxes either.

 

[ecouch]

The walls are closing in.

 

[ecouch]

uh...how is this a bombshell? he flat out said he paid no taxes a long time ago?

Its porn. They are jerking off. They are in high school. They are going to cram a crusty sock under the bed until the next orgasm.

Remember....Russia? What about the USPS? Member when that was the end of the world? Member how he was going to 1hole up in the oval office if he loses? Member when Russia hacked the CT power grid? Member a book by a person close to an advisor who knows a person who was in a meeting?

Trump is a piece of shit, like most politicians, but this obbession with cranking it to every drip drip drip of obvious political porn is hilarious.

 

[BuilderBob6]

 

[BuilderBob6]

 

[ecouch]

Heat check.

Just so we are on the same page, its cool when tax records are leaked, right?

Like, if we were to do Bezos or Sulzberger or Clinton next its cool. Right?

Are you cool with "maximizing the present value of future cash flows" ?

 

[indy35]

Can always count on Fox for the hard hitting journalism.

 

[ecouch]

This is hilarious.

It is a literal financial literacy test.

 

[atlboiler2156]

Glad somebody could provide what Fox has to say about the BOMBSHELL via Oliver Darcy. Very, very important.

 

[indy35]

Glad somebody could provide what Fox has to say about the BOMBSHELL via Oliver Darcy. Very, very important.

You’ve seemed more unhinged than normal. Reality starting to set in?

 

[Bethboilerfan]

Well maybe not here, but I’ll say Jeff Bezos.

Mitt Romney paid 1.4 million in 2011 and people were outraged that it was such a low percentage. I suspect that Jeff Bezos paid a lot more than Trump.

 

[Bethboilerfan]

Al Capone didn’t pay his taxes either.

And that his why he spent 11 years in federal prison.

 

[Bill4411]

Mitt Romney paid 1.4 million in 2011 and people were outraged that it was such a low percentage. I suspect that Jeff Bezos paid a lot more than Trump.

Trump would rather lose money to avoid paying tax. If you read Michael Cohen's book, Disloyal you can see what a cheapskate he really is. Trump always tries to get someone else to pick-up the tab.

 

[PurdueFan1]

It is wholly unsurprising to see the same Trump flunkies on here not give two shits about this story while trying to flip the narrative. After all, the only thing the average Trumper cares about is that Trump continues to hate on the same people they want him to. So typical.

 

[Bill4411]

And that his why he spent 11 years in federal prison.

Al didn't die in prison like some people believe instead he got released when it was determined that he was dying from advanced syphilis.

 

[Bethboilerfan]

It is wholly unsurprising to see the same Trump flunkies on here not give two shits about this story while trying to flip the narrative. After all, the only thing the average Trumper cares about is that Trump continues to hate on the same people they want him to. So typical.

If Trump confessed tomorrow to killing JFK, I can assure you that the Trump people on this board would defend him. Sad.

 

[ecouch]

It is wholly unsurprising to see the same Trump flunkies on here not give two shits about this story while trying to flip the narrative. After all, the only thing the average Trumper cares about is that Trump continues to hate on the same people they want him to. So typical.

There it is.

Stuff that sock under your bed.

 

[Bethboilerfan]

Al didn't die in prison like some people believe instead he got released when it was determined that he was dying from advanced syphilis.

You are right - he died in Florida. Apparently he had the mental age of a child when he died.

 

[ecouch]

Mitt Romney paid 1.4 million in 2011 and people were outraged that it was such a low percentage. I suspect that Jeff Bezos paid a lot more than Trump.

Can you explain to us why this happened?

 

[PurdueFan1]

There it is.

Stuff that sock under your bed.

Touching that nerve, I see. Nothing he does fazes any of you. Nothing. You’re obviously as immoral as he is. Prove me wrong.

 

[ecouch]

LOL "Beth" boiler just got outed.

 

[PurdueFan1]

I crank it everyday man.

Freaky shit. Bi-orgies. Stap-on pegging sessions.

Good for you. It has nothing to do with what I said though, so 🤷🏻‍♂️

 

[SKYDOG]

Are you Roger Stone?

I thought you were going to say Ron Jeremy.

 

[ecouch]

Are you Roger Stone?

Yes.

 

[mk_peters]

Heat check.

Just so we are on the same page, its cool when tax records are leaked, right?

Like, if we were to do Bezos or Sulzberger or Clinton next its cool. Right?

Are you cool with "maximizing the present value of future cash flows" ?

I’m not certain about this, but did not the Clintons release their tax returns in 2016? What office is Bezos running for? I hadn’t heard he was running.

 

[Carnival_Barker_for_Truth]

Well maybe not here, but I’ll say Jeff Bezos.

Ummm . . . you may want to actually read the article. It notes that had Trump paid at the same effective federal income tax rate as the top 1% paid during the period in question he would have paid $100mm more in taxes than he actually paid. Put differently that means that after giving effect to all the tax deductions/credits and tax avoidance measures that the top 1% could come up with they on average still paid $100mm more in federal income tax during the same period of time than the president. As such, no, he is engaged in tax avoidance at a level well beyond what other wealthy individuals are doing.

 

[PurduePete98]

I think a lot of people here would be surprised with how little every billionaire pays in yearly federal tax.

 

[Carnival_Barker_for_Truth]

I think a lot of people here would be surprised with how little every billionaire pays in yearly federal tax.

Yes, but politicians also need to be honest about why that is. The vast majority of HNW individuals have very little income that qualifies as ordinary income for tax purposes. Generally speaking, the bulk of their income comes from sources that result in the income being categorized as long term capital gains, which permits it to be taxed at a much lower rate. In some instances this makes sense, because the funds for the investment were originally taxed as ordinary income. Thus it would be punitive to tax the income off the investment as ordinary income a second time. It would be a huge disincentive to invest. In other instances it does not make sense, because the treatment as long term capital gain is the result of a conversion of what should have been taxed as ordinary income in to long term capital gain (e.g. promote or carried interest). The simple solution to this problem would be to create an override in the tax code that provides that if you are under the age of 62 and have capital gains above a certain threshold in x number of years during a defined period of time you loose the ability to treat such income as capital gains and it will be taxed as ordinary income.

 

[PurduePete98]

Yes, but politicians also need to be honest about why that is. The vast majority of HNW individuals have very little income that qualifies as ordinary income for tax purposes. Generally speaking, the bulk of their income comes from sources that result in the income being categorized as long term capital gains, which permits it to be taxed at a much lower rate. In some instances this makes sense, because the funds for the investment were originally taxed as ordinary income. Thus it would be punitive to tax the income off the investment as ordinary income a second time. It would be a huge disincentive to invest. In other instances it does not make sense, because the treatment as long term capital gain is the result of a conversion of what should have been taxed as ordinary income in to long term capital gain (e.g. promote or carried interest). The simple solution to this problem would be to create an override in the tax code that provides that if you are under the age of 62 and have capital gains above a certain threshold in x number of years during a defined period of time you loose the ability to treat such income as capital gains and it will be taxed as ordinary income.

Any conservative is going to be against that. Even liberals who earn in your threshold will be against that. Higher taxes does not encourage re-investment.

 

[TopSecretBoiler]

capital gains is not the main issue with trump. he's a land lord. there are extensive breaks for real estate developers and land lords in the tax code. it's probably the largest part of the tax code. not to mention the local tax breaks he gets on his properties. he got a 40 year break from nyc on the grand hyatt and won a lawsuit for trump tower also worth tons of money from the city and who knows what else on the other properties. it's easy to leverage property for loans. he just never has skin in the game.

 

[BoilerBF]

Ummm . . . you may want to actually read the article. It notes that had Trump paid at the same effective federal income tax rate as the top 1% paid during the period in question he would have paid $100mm more in taxes than he actually paid. Put differently that means that after giving effect to all the tax deductions/credits and tax avoidance measures that the top 1% could come up with they on average still paid $100mm more in federal income tax during the same period of time than the president. As such, no, he is engaged in tax avoidance at a level well beyond what other wealthy individuals are doing.

You would have to analyze real estate developers only. Their tax returns would be completely different than for example a CEO of a fortune 100 company.

 

[joeyz0]

$750 more than I would have thought.

 

[Bruce1]

Al Capone didn’t pay his taxes either.

Neither has Amazon, GM, GE, ore 100’s of other rich people and businesses. It’s called Business!!

https://www.cnbc.com/2019/04/03/why-amazon-paid-no-federal-income-tax.html

people posting here are either incredible ignorant about running a business, consumed by hate for POTUS, or both. I suggest you guys grab your favorite blanket, curl up on the couch with a warm glass of milk, suck your thumb and take a nap. You will need some rest to prepare for tomorrow.