@Locutus posted:The issue is not so much the application of the NOLs. It is around how were the NOLs generated and what do the NOLs say about him as a "successful businessman".
The report alleges that some some NOLs were fraudulently generated by claiming personal expenses as businesses expenses (private residences, $70,000 in haircuts) and paying Ivanka twice - both as an employee and as a consultant to the family business.
The NOLs blows up the façade of a successful business man. The aura of wealthy, successful businessman is what is so appealing to a large part of his base. However this story shows clearly what so many others have known all along, he is one of the worse deal makers hence why he has so much tax losses. His enterprises are mostly financial disasters. In fact it is stated that his most successful business deals are the ones where he is not in control. Having said this, I am not sure if this moves the needle in the electorate. It may move the few remaining independents, but his core base will stick with him.
I do think that the fact that the President has personally guaranteed half a billion dollars that is coming due in the next four years and what that means for national security should be a concern for all Americans.
What is probably a more pressing concern for him is that in addition to having to meet the financial obligations, the current criminal investigations by the DA in NY appears to pose a clear danger. It appears that he may have inflated his assets on one set of statements to get loans and deflated them on another set of statements to avoid taxes. If true, that is fraud.
It is reported this guy is up at all hours of the night watching TV. Yeah, I would not be sleeping as well.
It shows how smart Donald Trump is. The IRS could have rejected his claims. They usually do that to the Small man.