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U.S. President Donald Trump paid extremely little in income taxes in recent years as heavy losses from his business enterprises offset hundreds of millions of dollars in income, the New York Times reported on Sunday, citing tax-return data.

The Times reported that Trump, who is seeking re-election in November, paid just US$750 in federal income taxes in both 2016 and 2017, and paid no income taxes in 10 of the last 15 years, despite receiving US$427.4 million through 2018 from his reality television program and other endorsement and licensing deals.

Trump was able to minimize his tax bill by reporting heavy losses across his business empire. The Times reported Trump claimed US$47.4 million in losses in 2018, despite claiming income of at least US$434.9 million in a financial disclosure that year.

Trump denied the report on Sunday, calling it β€œtotal fake news” at a White House news conference. In a statement to the Times, Alan Garten, a lawyer for the Trump Organization, said Trump had paid millions of dollars in personal taxes over the last decade, without weighing in on the specific income tax finding.

Trump has consistently refused to release his taxes, departing from standard practice for presidential candidates, saying they are under audit.

The Times said it had obtained tax-return data covering over two decades for Trump and companies within his business organization. It did not have information about his personal returns from 2018 or 2019.

The Times also reported that Trump is currently embroiled in a decade-long Internal Revenue Service audit over a US$72.9 million tax refund he claimed after declaring large losses. If the IRS rules against him in that audit, he could have to pay over US$100 million, according to the newspaper.

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The President’s Taxes
Long-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance

By , and , Sept. 27, 2020, , Source - New York Times - https://www.nytimes.com/intera...ald-trump-taxes.html

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

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 β€” largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

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. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks.

The returns are some of the most sought-after, and speculated-about, records in recent memory. In Mr. Trump’s nearly four years in office β€” and across his endlessly hyped decades in the public eye β€” journalists, prosecutors, opposition politicians and conspiracists have, with limited success, sought to excavate the enigmas of his finances. By their very nature, the filings will leave many questions unanswered, many questioners unfulfilled. They comprise information that Mr. Trump has disclosed to the I.R.S., not the findings of an independent financial examination. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. Nor do they reveal any previously unreported connections to Russia.

Source & rest of article - New York Times - https://www.nytimes.com/intera...ald-trump-taxes.html

@Ramakant-P posted:

Trump is a smart guy. He can get away without paying taxes and nobody can do anything about it.

Let's substitute smart for the pathological liar. If he was that smart he wouldn't be shitting his pants right now. He is negotiating with the IRS to pay back almost $73 mil. He is a fraud and got caught. A con artist cannot hide forever. An evil man always gets caught. Jesse James, Osama Bin "Hiding" Laden, all the American Mafia bosses, and now the world's most stable genius, pu**y grabbing, rapist, and racist American president DONALD JOHN TRUMP. Let's watch the debate tomorrow night and count his lies.

Last edited by skeldon_man

As bad as this looks, it was the Bush tax cuts that created this situation for many taxpayers who although they generated current profits they were able to reduce of eliminate their current year taxes through their deferred tax assets which were hugely generated through those Bush tax cuts. So while Trump may look bad he was probably doing no different from any other taxpayer who had the same circumstance.

@skeldon_man posted:

Let's substitute smart for the pathological liar. If he was that smart he wouldn't be shitting his pants right now. He is negotiating with the IRS to pay back almost $73 mil. He is a fraud and got caught. A con artist cannot hide forever. An evil man always gets caught. Jesse James, Osama Bin "Hiding" Laden, all the American Mafia bosses, and now the world's most stable genius, pu**y grabbing, rapist, and racist American president DONALD JOHN TRUMP. Let's watch the debate tomorrow night and count his lies.

That's not trump's fault. The IRS refunded $73 million to Donald Trump. The man's character has nothing to do with his brilliant mind.  Whatever he did may not be criminalistic, because he is walking the streets, a free man.  Those things you are accusing him of was allegedly done before he was elected President. How can the Republicans be so wrong when they had seventeen people to choose their President from?

 

 

@Ramakant-P posted:

That's not trump's fault. The IRS refunded $73 million to Donald Trump. The man's character has nothing to do with his brilliant mind.  Whatever he did may not be criminalistic, because he is walking the streets, a free man.  Those things you are accusing him of was allegedly done before he was elected President. How can the Republicans be so wrong when they had seventeen people to choose their President from?

 

 

The case being made is that the the IRS sent him the refund based on a fraudulent claim with regards to his Atlantic City casinos.

How can the German people have been so wrong in 1933?

@Ilum posted:

As bad as this looks, it was the Bush tax cuts that created this situation for many taxpayers who although they generated current profits they were able to reduce of eliminate their current year taxes through their deferred tax assets which were hugely generated through those Bush tax cuts. So while Trump may look bad he was probably doing no different from any other taxpayer who had the same circumstance.

@Ilum posted:

He may also have a huge NOL carried forward from his closure of the Taj Mahal.

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. 

 

@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. 

I do know that the Bush tax cuts allowed many taxpayers to record sizable deferred tax assets on their balance sheets so it is just possible that Trump was using those assets to offset current year tax obligations. This would still suggest that there were years when he paid no taxes even though he made profits. Not paying taxes can be any one of the following; deferred tax assets, NOL carried forward or fraud.

@alena06 posted:

Frump hires the best tax accountants to read the tax laws and find loopholes for him.  And it’s all legal.

 

 

Does he have the receipts to prove his deductions? They have to check his tax returns against his applications for loans and see which pump he used to inflate his property values and what kind of tools he used to cut the air out of the inflated balloons.

Last edited by skeldon_man

By this time next year, Trump and his kids are going to jail, he no longer has a FIXER.

 Inflating Value of assets to get loans and devalue his assets so to get Tax REFUND in the Millions. If caught in Canada , properties are confiscated and your new residence is JAIL. Trump hope to rig the elections so to live free for another FOUR years.  It doesn't look good for the TRUMP'S.

@Joe posted:

If everything in his taxes is above board. He would not have been hiding his taxes all these years.

 

How do you know that? He is not required by law to disclose his taxes. Obama disclosed his taxes because he was poor most of his life and needed  the sympathy vote. The American tax laws protects businesses. Even the little real estate guy in Richmond Hill knows it’s better to lease a new car rather than buy an old car because of the tax write off. Show me where Trump broke the law.

@Joe posted:

https://guyana.hoop.la/topic/6...7#645339287747614807

 

Trump sure has you fooled. Can you count how many businesses he bankrupted? 

As for him being smart are you comparing him to yourself?

Bankruptcy doesn’t mean that you have no money in America. Chapter 13 bankruptcy laws gives you the opportunity to restructure your debt to income ratio. Many businesses do it. Including multi billion dollar companies like General Motors.

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