Trump probably hasn't paid income taxes in 20 years

[IGotWorms 3,315]

http://mobile.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=a-lede-package-region&region=top-news&WT.nav=top-news&_r=0&referer=http://www.nytimes.com/

 

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

 

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

 

Tax experts hired by The Times to analyze Mr. Trumps 1995 records said tax rules that are especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

 

Although Mr. Trumps taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.

 

The $916 million loss certainly could have eliminated any federal income taxes Mr. Trump otherwise would have owed on the $50,000 to $100,000 he was paid for each episode of The Apprentice, or the roughly $45 million he was paid between 1995 and 2009 when he was chairman or chief executive of the publicly traded company he created to assume ownership of his troubled Atlantic City casinos. Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50, while scores of contractors went unpaid for work on Mr. Trumps casinos and casino bondholders received pennies on the dollar.

 

I guess he's "smart" for losing $916 million dollars!

[Hardcore troubadour 12,646]

Hillary and Bill haven't earned an honest dollar in years. If ever

[IGotWorms 3,315]

Quick - DEFLECT!!

[Hardcore troubadour 12,646]

It's a two person race. It's important to not let either side think they have the moral high ground. Both scoundrels. When you realize that, then you and others can actually have a discussion about ideas for our countries future.

[IGotWorms 3,315]

It's a two person race. It's important to not let either side think they have the moral high ground. Both scoundrels. When you realize that, then you and others can actually have a discussion about ideas for our countries future.

No it really isn't the same, focktard.

 

The clintons released their tax returns. That's part of the reason you can sob about how much money they make. They've given you that information so you can judge them accordingly.

 

Trump, on the other hand, is too much of a coward to do even that much.

 

The clintons also paid their taxes like good citizens. Trump bilked his investors out of a billion dollars then used it to avoid paying a single cent in federal taxes for two focking decades.

[cmh6476 752]

I am disappointed the party I claim to would nominate this guy

[jerryskids 5,206]

I know a guy who has started multiple businesses and took a huge loss on one years ago; like Trump he is able to carry that forward. Trump followed the focked up tax code of this great country. And I'm not a Trump fan.

 

Also I'm sure the NYT and other MSM are digging into the Clinton Foundation, which the Clintons use to launder their illicit pay-for-favor activities.

[IGotWorms 3,315]

I know a guy who has started multiple businesses and took a huge loss on one years ago; like Trump he is able to carry that forward. Trump followed the focked up tax code of this great country. And I'm not a Trump fan.

 

Also I'm sure the NYT and other MSM are digging into the Clinton Foundation, which the Clintons use to launder their illicit pay-for-favor activities.

They don't have to dig for her tax returns because she's disclosed 30+ years of them. HTH

[Hardcore troubadour 12,646]

No it really isn't the same, focktard.

 

The clintons released their tax returns. That's part of the reason you can sob about how much money they make. They've given you that information so you can judge them accordingly.

 

Trump, on the other hand, is too much of a coward to do even that much.

 

The clintons also paid their taxes like good citizens. Trump bilked his investors out of a billion dollars then used it to avoid paying a single cent in federal taxes for two focking decades.

No, it's the same. Neither one is an angel. She's just as, if not more, corrupt than he is. She's just a politician who's been preping to be President, so she knew the one place she had to be honest was her taxes. Everything else was in play, even if "legal". More like unprovable. Scoundrels, both of them. Deal with it. Broke in 2001 and worth over 110 million 15 years later, while working for the Govt most of the time? Use your head skippy.

[IGotWorms 3,315]

I am disappointed the party I claim to would nominate this guy

Finally a bored righty with some integrity.

 

And I'm not happy about Clinton getting the nomination mind you. But that's a whole different ball of wax

[IGotWorms 3,315]

No, it's the same. Neither one is an angel. She's just as, if not more, corrupt than he is. She's just a politician who's been preping to be President, so she knew the one place she had to be honest was her taxes. Everything else was in play, even if "legal". More like unprovable. Scoundrels, both of them. Deal with it. Broke in 2001 and worth over 110 million 15 years later, while working for the Govt most of the time? Use your head skippy.

Yes but again, you have all that info to draw what conclusions you wish.

 

Trump won't even give you that.

 

And they've paid taxes on their fortune, whether you think it was appropriately gained or not.

 

So now, it isn't the focking same and stop saying it is. You look even dumber than usual

[jerryskids 5,206]

They don't have to dig for her tax returns because she's disclosed 30+ years of them. HTH

 

I didn't say her tax returns, I said the Clinton Foundation's financials. Reading comprehension, it's your friend.

[IGotWorms 3,315]

 

I didn't say her tax returns, I said the Clinton Foundation's financials. Reading comprehension, it's your friend.

No I got it, dummy. Point was you're desperately deflecting

[Hardcore troubadour 12,646]

Yes but again, you have all that info to draw what conclusions you wish.

 

Trump won't even give you that.

 

And they've paid taxes on their fortune, whether you think it was appropriately gained or not.

 

So now, it isn't the focking same and stop saying it is. You look even dumber than usual

What are you talking about? You act as if I have said Trump is honest about his money. When I say "both scoundrels" I figured I didn't have to give a list. Newsflash: Trump doesn't pay much taxes. I knew that 10 years ago. You didn't?

[IGotWorms 3,315]

Seriously Jerry, you support this? Withholding basic info from voters and not paying a single focking red cent in federal taxes when you want to lead the federal government??

[Hardcore troubadour 12,646]

Seriously Jerry, you support this? Withholding basic info from voters and not paying a single focking red cent in federal taxes when you want to lead the ###### federal government??

I guess destroying thousands of e-mails that belong to the voters isn't withholding any info. Wait, it's worse.

[DankNuggs 305]

Trump likely pays very little federal income tax. When you own real estate you can deduct building depreciation and it can generate huge losses with carryforwards. It's not that you pay no taxes, you are lowering your basis and basically deferring them into a future taxable event

[jerryskids 5,206]

Seriously Jerry, you support this? Withholding basic info from voters and not paying a single focking red cent in federal taxes when you want to lead the ###### federal government??

 

On the withholding tax returns, I honestly haven't thought about it. It seems like he should release them.

 

But the second part about him not paying taxes is childishly ignorant and an example of how the MSM can shape your mind. I explained already how the tax code allows you to carry forward losses. I've done it, on a smaller scale than Trump of course. The thing is he (and I) would have declared more in that year if we could, but the law made us defer it.

[Hardcore troubadour 12,646]

Worms needs to get more mad at our tax code than Trump. Hillary paid her taxes because she felt like it. She didn't really have to. Trump didn't pay his because he didn't feel like paying them. There's no legal or illegal here.

[RaiderHaters Revenge 3,584]

yah I lost 36,000 one year in a business that went under, I was able to write that off over multiple years.

 

I see no issue with using the tax code to its full benefit. If you have 5-10 businesses, it is SMART for one of them to lose a lot of money in order to write off others.

[MDC 5,891]

Of all the many reasons to not vote for Donald Drumpf the fact that he leveraged our tax code to his fullest advantage ranks way down the list.

 

The fact that he's a thin skinned poosay is a much bigger deal IMO.

[IGotWorms 3,315]

Of all the many reasons to not vote for Donald Drumpf the fact that he leveraged our tax code to his fullest advantage ranks way down the list.

 

The fact that he's a thin skinned poosay is a much bigger deal IMO.

Well that plus being a racist, a charlatan, a demagogue, and a fraud. But still, the taxes thing is a big deal too

[IGotWorms 3,315]

This crap about a supposed "fiduciary duty" is weak as hell too. It's personal income taxes. You don't owe anyone a focking duty

[Vikings4ever 496]

So let's institute a flat tax. No deductions, everyone pays their fair share.

[IGotWorms 3,315]

So let's institute a flat tax. No deductions, everyone pays their fair share.

You can get rid of loopholes without destroying the progressive taxation system.

[RaiderHaters Revenge 3,584]

So let's institute a flat tax. No deductions, everyone pays their fair share.

 

waiting for that, even as someone who maximizes my deductions every year, and is able to come out ahead claiming 9 and married all year while filing married and 2, I am completely for it.

 

The reason I started reading tax code and doing it was because I felt it was unfair that I pay a larger % than other people paying taxes. Just cause I make more doesn't mean I have more to give to the govt, most people live to their means anyways. That and I was tired of just turning my taxes over to HR block, getting nothing, and knowing I am funding welfare fucks

 

15% flat tax on everyone over 60k with no deductions and no write offs, would eliminate our debt in 3 years, and the country would be at a surplus very soon.

[Cdub100 3,380]

Trump follows a tax code people like Clinton put in place. but in your eyes Trump is the bad guy? He's said the tax code is messed up and it's one of the things he wants to fix.

[IGotWorms 3,315]

Trump follows a tax code people like Clinton put in place. but in your eyes Trump is the bad guy? He's said the tax code is messed up and it's one of the things he wants to fix.

Then just release the tax returns. If it's nothing to be ashamed of why has he hidden it for so long?

[Cdub100 3,380]

Then just release the tax returns. If it's nothing to be ashamed of why has he hidden it for so long?

 

Because nobody cares. He wouldn't gain one single vote if he released them.

[IGotWorms 3,315]

 

Because nobody cares. He wouldn't gain one single vote if he released them.

He's lost votes by not releasing them.

 

But obviously he thinks he's better losing those votes than what he'd lose if he did release them.

 

Doesn't pay any taxes and it's because he lost a billion focking dollars. Not a good citizen and apparently not a good businessman.

[Strike 3,975]

Worms comes off as a very bitter guy towards successful people. I've never met a lawyer who was as bitter as he is. Except loser lawyers. Pretty sad.

[penultimatestraw 473]

yah I lost 36,000 one year in a business that went under, I was able to write that off over multiple years.

 

I see no issue with using the tax code to its full benefit. If you have 5-10 businesses, it is SMART for one of them to lose a lot of money in order to write off others.

SMART=gaming the system?

[wiffleball 4,640]

Set aside the tax thing - loss carryforward is legit enough. I could even make the argument that "if you're taxed on your income, why shouldn't you get 'un-taxed' on your losses? (But geesus, that's why their should be caps and expiration dates on that crap).

 

What immediately drew my attention was this:

 

 

Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50,

 

 

I mean, holy chit, what have we heard from day one? "I'm a great builder, I built a great company - what have these 'politicians' done?

 

Well, for one thing, they didn't create a 99.5+% loss in shareholder value...

 

If he wants us to vote for hiim based upon his business record and acumen, he's barking up the wrong tree.

 

He'd be better off saying "vote for me just because I'm not Hillary." At least it'd be honest.

 

Fock, that is just incredible. He was born with a 99 yard head start and STILL managed to lose the 100 yard dash.

[drobeski 3,061]

Dead ambassador, subpoena, immunity then bleach bit, destruction and missing laptop.

I ask you, clued in American voter.

Who broke the laws ?

[Sho Nuff 719]

Trump follows a tax code people like Clinton put in place. but in your eyes Trump is the bad guy? He's said the tax code is messed up and it's one of the things he wants to fix.

So..he took advantage of a rigged system?

Follow the money, right?

[Sho Nuff 719]

Dead ambassador, subpoena, immunity then bleach bit, destruction and missing laptop.

I ask you, clued in American voter.

Who broke the laws ?

Trump supporter...and clued in voter dont go together.

[drobeski 3,061]

Trump supporter...and clued in voter dont go together.

fake Gary Johnson supporters opinions are completely irrelevant.

[Hardcore troubadour 12,646]

fake Gary Johnson supporters opinions are completely irrelevant.

Your most nailed it ever

[Sho Nuff 719]

fake Gary Johnson supporters opinions are completely irrelevant.

Good thing I am not faking it then.

Now...go fond some crapass source to tell you your opinion.

Buh bye

[JTB 52]

No I got it, dummy. Point was you're desperately deflecting

No, that wasn't your point.