Just a word about depreciation. My fellow accountants here, if any, will agree that it is in itself a perfectly legitimate business deduction. Though we could probably have a pretty nerdy debate about the fundamental benefits of various accelerated depreciations and property exchanges. I won’t subject the good residents of this board to that.
Thank you for showing your racism.
I hope the NYT will reveal Don’s taxes over an extended period of time. It could be that he’s been in a negative tax situation for decades, especially after claiming the $70+ million refund that the IRS has long contested. An argument that will resume in a few short months if the voters have their say and a possible outcome that probably scares the shit out of a con man already living in a tottering house of cards.
Yeah, they probably would react that way. Still, I have this funny fantasy of Trump getting arrested after he gets thrown out of office, and him getting a call from Obama in jail: “Hey Donny, need some cash for bail?”
What are people’s thoughts on this statement?
Trump may be in a ton of financial trouble, but the tax returns simply do not prove this because a tax return, especially for someone whose financials are as complicated as Trumps, are just the claimed income for the government. I’ve seen businesses file tax returns showing they have next to no income while they are actually making a ton. This is a problem with the US tax code for sure, but when you have someone with multiple sources of income, and someone in real estate, to look at their tax return and think it is in any way an accurate representation is a mistake.
If you’re like me you probably just mark off your income, take the standard deduction, and go on with your life. Other people pay accountants big bucks to take advantage of the tax code to avoid paying as much as possible. This isn’t tax evasion either.
How come the only other place Google can find that is a MLP board?
Because believe it or not, a lot of MLP fans are actually Alt-Righters/tRump-supporters. Strange, I know.
But what lies are you refuting? I’m sorry if I missed it earlier.
I think news organizations are understandably amazed that someone who appears to be his level of wealth - someone who has claimed to be that wealthy - only pays a few hundred in income taxes over the course of a decade.
I also think it’s false to assume that this is what wealthy people pay in taxes -that wealthy people can earn billions of dollars and use smart accountants to pay zero in taxes year after year. AFAIK, that is simply not true. Yes, they find ways to pay lower percentages than the average person - but not $750 over a decade. That is actually more false than any notion that the media are the ones who are being less than truthful or omitting facts.
Given the apparent origin of that quote, the Dude implies it’s just an opinion, man.
None of us is in a position to judge legality - we lack the expertise or haven’t seen the returns. I don’t see any reason to doubt the NYT saw authentic information. There are many reasons to have the opinion things were markedly unorthodox and require further investigation. Do all large developers have similar tax bills? Who would know if not the IRS?
If there were payments to consultants an auditor would ask who these payments were to, and for what purpose. If there were large debts to foreigners than these concerns about conflict of interest are obvious and significant.
I am more concerned about him personally guaranteeing $400million that is coming due. Who loaned him the money and is he willing to sell out the country to avoid paying?
The news rooms are deciding that the fact that his bottom line was $750 means that, given all other known facts about him, and even recognizing the fact that valid deductions can reduce a persons taxes, it’s a sign that he is cheating. These journalists are addressing tormps not releasing his returns in the only way they can.
The National Review managed to mention the issue today in their fourteenth headline. Ready for a surprise? Hold your breath! The real problem is the Obama administration allowed tax credits as part of a stimulus package! So it’s really sorta the Democrats fault. Even if this is a fifteen year debacle and Obama was relatively unknown before 2009.
I’ll give you a few moments to recover from your shock. Here, have some tea. Maybe a snack.
Show your work.
If those pretty little credits didn’t dress in those miniskirts nobody would be tempted to misuse them.
which means he gave zero to Churches also. Why DO the Evangelicals love him?
I thought you were in Spain???
The Western Journal media bias rating is Right.
Its own description, content of the articles it publishes, and information from third parties all indicate a right bias for news and opinions provided by the Western Journal. Formerly known as Western Journalism, it describes its website WesternJournalism.com as “a news website and blogging platform built for conservative, libertarian, free market and pro-family writers and broadcasters”. This target audience suggests an agenda on the right side of the political spectrum.
More on Western Journalism
According to the company’s own information on its website and Facebook pages, it is a property of Liftable Media Inc. The Facebook page was launched September 25, 2008. The Wikipedia article The Western Journal reports that the Western Journalism Center was founded in 1991 in Sacramento, California. Its founders include Joseph Farah, a conservative journalist, author and editor-in-chief of WorldNetDaily (WND), a conservative news publisher with a right media bias rating.
They believe that he is the (flawed) vessel that God is using to make this a more Christian country, through conservative judges.
No, they have a point. Kind of. It was the Obama-era tax credits, in 2008, which allowed Trump to claim the big refund. The refund covered what taxes he did pay from 2005 to 2007. The audit that comes with that refund is the one Trump has been citing as ongoing even now.
That is not the only problem raised by the NYT, however.
~Max