But isn’t the AMT meant to precisely prevent such shenanigans? My understanding was that once you made above a certain level of ordinary income, there wasn’t any fancy accounting you could do anymore to avoid paying some substantial fraction of that as tax.
This article is interesting.
I saw this story on the news this evening, and my first thought was: “Red meat for the jackals at SDMB!” Thanks for not letting me down.
As a supporter of President Trump, here is my take: Let’s assume, for the sake of argument, that the NYT is NOT lying for a change. I don’t believe that for a minute, but let’s grant it just to see where we go from there. I haven’t read the articles, but for those of you that have, is there ANY indication that President Trump is being indicted for tax fraud? For filing illegal returns? For taking unwarranted deductions? Is there ANY INDICATION AT ALL that he has broken any tax laws? And that the IRS is coming down on him for it? If he has broken laws, them I’m all for prosecuting him. But if he hasn’t, then WHAT’S THE BIG FUCKING DEAL? How many of YOU pay more taxes than you legally need to? And even if you do, that is not an obligation on other people to voluntarily do the same.
If he broke the law, prosecute him, and I’ll be right there with you. If he hasn’t, then move on to your next pathetic attempt to slander the man with false accusations.
And from the Six Key Findings article above, we can see why Trump is so desperate to hold on to the presidency:
Trump is facing a major financial bill, as within the next four years, hundreds of millions of dollars in loans will come due. The paper said Trump is personally responsible for many of those obligations.
The paper reported: “In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show. He appears to be responsible for loans totaling $421m, most of which is coming due within four years.”
He thinks being president will protect him, so he will never accept a Biden win. They will have to drag him out of the White House kicking and screaming.
Then I’m sure you’ll support this:
Trump is involved in a decade-long audit with the Internal Revenue Service over a $72.9m tax refund he claimed, and received, after declaring huge losses. A ruling against him could cost him more than $100m, the Times reported.
It added: “In 2011, the IRS began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.”
Biden’s campaign is already selling stickers saying “I paid more taxes than Trump” (exact wording may be different). As far as ads, I expect one from the Lincoln Project soon.
When he was first elected, there was a report about his net worth. The largest chunk of that was the value of his name, which was valued at several $billion. I forget the exact amount but around 6 to 8 billion. That was before his name was taken off a number of buildings, so that valuation likely has decreased significantly.
Since tax evasion is seen by many people as a victimless crime, the focus should be on his debts. Remind people that he is broke, beholden to foreign interests and that he is a bad businessman. Hammer it home and maybe a small number of Repubs will change their mind about him. The tax evasion angle would turn him into even more of a hero to his base.
Trump’s just using the fucked tax system to his advantage, and he’s one amongst many who do exactly the same. I bet any audit will find that what he’s done is totally legal…where legal and ethical part ways. Fuck, that’s how capitalism works, it’s integral to its success.
kam, who pays four x as much income tax as Trump, plus sales tax and other shit. I earn app $40K per year, gross.
Now tell me again how tax breaks for the wealthy trickle down to the plebs like me?
Did he pay exactly $750 nearly two years in a row? If so that seems awfully suspicious. I suspect that the number was reversed engineered, probably by him personally, as a “target” that his preparers would work toward. I say targeted by him personally because any self-respecting shady accountant would take pains to make the numbers differ so as to look “normal” and not care about a measly thousand or so dollars for millionaire tax evaders.
But Don is too stingy to not want to squeeze those last few benjamins, and too stupid to realize that paying the same amount all the time looks weird. Either that, or he’s bullying and trolling America just like he does when he’s sloppy about grammer “yeah, I spelled it hamberder, what are you gonna do about it punk?”
He doesn’t pay tax on his paycheck because he donates it to charity. He makes a big show of it to prove how rich he is. This is why I agree that hitting him on the bad businessman thing is the way to go. His supporters already think that avoiding taxes makes him smart. They think that when they are rich they can do the same. However him being a poor businessman is something else entirely.
Also, color me surprised that he actually has been under audit for the past 10 years. I guess he has to tell the truth sometimes.
Nice try. It is a matter of common knowledge that there is an outstanding policy memo against indicting a sitting President.
How come Obama paid $2M (in 2020 dollars) in a single year? Is he that rich?
He had written at least two books by then, right? The Audacity of Hope and Dreams of My Father. Once he became president, he probably sold a couple of extra copies.
Back to thread, I think the amount of debt is the biggest problem – who does he owe it to? Is it all to Deutsche Bank? If any material amounts of it is to the Saudis or the Russians, it could show undue influence in his dealings with them.
Book sales. In 2007 the Obamas earned $2.94 million in book sales and $261,000 in salary.
My first draft for the debate:
"The fact is, Donald, I don’t blame you for wanting to keep those tax records secret. I’d be embarrassed of them, too, if they were mine. You’ve insisted for years that you can’t be as incompetent as you look, because you’re such a great businessman. These records show that you’re just as bad at running a business as you are at running the executive branch.
"And you’re exactly why the American People have asked presidential candidates to release their returns. We started asking candidates to do this right after Nixon, because we didn’t want to get another crook in the White House. And then we let you take office without releasing your returns, and we got another crook in the White House.
“So I’ve got two questions. First, how can we turn this request of candidates into law? Well, I’ve got a proposal to do just that at joebiden.com. Second, how are you selling out the country to pay down your massive business debts? You’ve prevented the Justice Department from investigating you. When I’m elected, I’ll release those restrictions, and the American People will find out.”
Love it!
Leaker better hope the system does not track who accesses records. If it does I’m sure Trump will clap the guy in irons and put him on trial.
As expected, the grifter-in-chief asserts the returns released by the NYT are “fake news”:Trump calls NYT report on tax avoidance ‘totally fake news’ - POLITICO
He will release the real returns today. They will be filled in by Sharpie.
This is not an election “bombshell.” Most Americans’ reaction to the notion that someone successfully evaded taxes is to turn green with envy. The rest of them, upon hearing the word “taxes”, simply drift off to thoughts of anything else.
Nah, he will release them in two weeks.