If I may also add that The NYT runs daily on and by telling the Truth.
Breitbart? Not exactly…
Blowhard or liar?
He’s a bullshitter. Which is a combination of the above.
That’s fair. He has contempt for anyone who does what he does. Other people who don’t pay taxes, other people who run for president, etc.
My favorite part of that is the snarky disclaimer:
Factcheckers: Please send inquiries to senior Trump strategist Corey Lewandowski at corey@cnn.com
How many of his properties are owned by Trump, the man, as opposed to a Trump business, foundation, etc.? Real estate taxes are a deductible business expense for a corporation.
I could be missing something, but this is a joint tax return. It’s also Marlas’s tax return, so wouldn’t she be able to share it freely? This would also explain why it’s from 1995. Someone wanted to inflict max damage would have gotten something more recent, but Marla wouldn’t have anything beyond 1997.
You think the average middle class voter thinks that way? I don’t, I think the average voter is pissed that the billionaire class plays the system to contribute almost nothing while they are paying approx 30% of income. Yes it’s legal, and it doesn’t matter if Trump is smart for doing it or not, it looks absolutely terrible and Trump’s doubling down claiming there is nothing wrong with it hurts him as well.
The polls agree, the 538 now cast swung 20% in the last week towards Clinton.
Sure. Barring some sort of confidentiality agreement between DJT and Marla there is no reason Marla couldn’t release the documents.
But if it was Marla, why the cloak and dagger anonymous mailing? I’m fairly confident any reporter she called would meet her is she said she wanted to hand over copies of DJT’s taxes. If she really wanted to hurt DJT’s campaign why not also release the federal return? (I am assuming joint filing on federal, but perhaps it wasn’t?)
I am still guessing an unauthorized release from within the Trump world of influence… his business interests, legal team, or accountants.
First, most Americans do not earn 50K to 250K. Median individual income is about 32K. There is a substantial difference between individual incomes and household incomes. Alas most of the statistics I can pull are about household income.
About 45% of American households pay no federal income tax. That is 77.5 million households. Cite
So the bottom 40% of households not only do not owe federal income taxes, they get money back. The Earned Income Tax Credit is one of the largest sources of this tax credit.
There are multiple means for the next few percent to reduce or eliminate tax liability for many Americans. Some are less common such as living overseas. Several are more common such as have more kids, mortgage interest deductions, student loan interest deductions, high medical expenses deduction, earned income tax credit, charitable deductions… the list goes on.
The polls haven’t even begun to digest this. They’re just starting to process the awful debate performance and his attacking of Miss Machado. It will be another week probably before we see the impact of this. Pence might be able to stop the bleeding a bit but that by no means is a given and that’s really all he can do at this point.
I was referring to Clinton’s attack on his taxes during the debate, but yes I think this will also have an impact, as will his bizarre performance at his last rally, so I expect him to keep dropping.
I think you’re probably right, but one idea would be to lure him to start trying to attack, spending too much time on that, only to then have it be all 100% legal.
And I could see releasing a bit at a time to space it out, keeping some stuff in reserve if the polls sine wave back up again.
The amount of ignorance on how corporate and personal taxation works is surprising. NOLs are a legitimate business tool and several large companies take advantage of them. Places like Intel, Amazon, etc. have had years where they pay zero federal income tax.
Minimizing tax liability is expected - anyone who doesn’t wish to do so can donate money to the IRS at their leisure. Any and all legal tax positions should be taken to minimize tax liability. Even for CPAs, the recent ethical guidelines for a tax position that was questionable stated it would be ethical to take a position if the preparer believed it would have a 1 in 3 chance or greater of prevailing in court. This has since been raised to greater than 50%.
It all depends on if they really made a loss that year then sure they shouldn’t pay any tax. But if they instead shifted their profits overseas to low tax regime countries, then people have a justified reason to be pissed about that. It’s almost trivially easy for any multinational company or high net worth individual to arrange to show a loss on paper in one country by exaggerating costs from a subsidiary overseas.
Yes US citizens have to pay tax on their world wide income, but there’s also ways around that, eg putting the income into overseas companies and not counting it as personal income.
Anyway you’re missing the point that the public has higher standards for someone running for President than the average Businessman, so it looks terrible to the average member of public that Trump has paid no tax for 20 years.
Not that I disagree with your argument, but when was the last time Intel paid no federal income tax?
You all keep saying that, but not a single one of you has followed through and answered why it’s something good, and not just a tax loophole made by the rich to benefit the rich. (or the $15 million which seems to be made by real estate lobbyists to benefit those in real estate.)
I even anticipated that people might call me stupid for asking, since surely it was so obvious that no one was even arguing about it. But still no one has.
Oh, and there’s nothing remotely unusual for people not to know something that doesn’t affect their life at all and is not something that comes up in school. I don’t know why you would be surprised. What most of us know about taxes is what’s on the tax form, and maybe the deductions we qualify for.
This board is about fighting ignorance. If you know why it exists, share it with us. If you know the arguments for why it’s a good thing, share that, too.
Carrying losses forward doesn’t just help the rich. It helps every small business owner, especially when starting a new company. The basic idea is that if you spend $100,000 setting up a new company, but only make $30,000 in the first year, absolutely you should be able to carry the $70,000 loss forward and deduct it against future profits. It would be almost impossible to start a new company without this tax benefit.
Where it’s abused is that multi-nationals and people with substantial wealth overseas can exaggerate their losses locally in the US by claiming expenses from overseas, while shifting profits so they are realised in a foreign country with a low tax regime.
In Trump’s case it’s quite possible that his personal wealth has never exceeded the $916 million loss so he has still never paid personal tax since then, and that instead his wealth is now distributed among various legal entities (privately held companies, foundations, etc)
- Maybe later…
In this International Business Times article mostly focusing on companies not paying state income taxes there is this gem…
The period being discussed is 2008-2010. So no federal or state income taxes paid by Intel for that 3 year period.
Meanwhile, from Intel’s financial report…
I dunno, basic self-preservation? It’s not exactly safe to drop some damaging documents on a powerful raging narcissist running for president.
Perhaps it wasn’t federal, perhaps the federal contained stuff also damaging her, perhaps it wasn’t as damaging, perhaps that’s all she could find stuffed in the shoebox in the attic, perhaps DJT had the sense not to leave these documents with his ex-wife.