Flopper
Diamond Member
- Mar 23, 2010
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Mitt Romney got ripped to shreds in 2012. Romney is worth about 550 million and in that tax year paid 500K in Federal taxes, and he was ripped to shreds because his tax liability was based on the lower investment income tax rate.
And it was Mitt Romney who stated that Trump wasn't releasing his tax returns because there was a bombshell in them. He was right.
Mitt Romney: Trump Is Hiding a ‘Bombshell’ in His Tax Returns
Trump who claims to have a net worth of 10 BILLION dollars and brags about his wealth and hasn't paid a penny in Federal Taxes in 20 years, because he has this 20 year old 916 million loss, is either a horrible business man or is not near as wealthy as he claims to be. Anyone that wealthy and with that much capital should have easily wiped out that 916 million loss within a year not 20 years with revenue and income to offset it.
Here he is bragging about his wealth again.
You can be assured that the American public is not going to understand or accept it.
His loss was less that 10% of his wealth. How many businesses would accept that lost as opposed to what they actually had during those dreadful years.
How do you know what Trump's wealth is? I hope you're not going by what he says. Bloomberg estimates his net worth at 4 billion. Forbes has him at 3.7 billion. And BTW, the casino business was excellent in the 80's and 90's and the 90's were among the best in recent history for business in America.
Tax write offs using loopholes like intangible drilling costs, accelerated depreciation, revenue swaps with foreign subsidiaries, etc.. are smart business practices. Making bad decisions leading to bankruptcy is not. Anyone including Trump that thinks making decisions leading to losing nearly a billion dollars is smart business is just a bit nuts.
Donald Trump
well again, you're confusing business with individual. learn the tax codes.
No, I'm not confusing personal and business taxes. As I said, taking advantage of tax loopholes is good business however, that's not what this is about. Trump had massive write offs due to his bad business decisions. In the Taj, he paid Merv Griffin way too much to get full control of the property, he interfered with Harrah's who had the casino management contract, failed to provide the required parking, and his prime contractor turned the property over to management with major faults.
how is that any part of his individual taxes?
His individual tax return is what the New York Times released. It's a joint return which shows a 915 million dollar loss.
http://www.nytimes.com/interactive/2016/10/01/us/politics/donald-trump-taxes.html