Trump May Have Avoided Paying Taxes for Nearly Two Decades

[NoNukes]

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

He did not break the law, but showed himself to be a symbol of the inequality in this country. The rich should pay tax no matter what.

 

[Jackson]

If it was legal of course it should be allowed

Yes. As far as we know, he broke no laws with that tax return and with claiming the loss.

Many things are "allowed" and "legal".....but are not things to be proud of.

Pride has nothing to do with the law.

Tell me do you take every "allowed" deduction or do you pay more than you have to?

Are you retarded? I never said pride has anything to do with the law. What I said is....that Trump is rightfully embarrassed by this tax return. It is legal.....he broke no laws....but he is very unhappy that it is now public.

Duh.

And....I take every allowable deduction. I still paid about 18% in 1995. Therefore, I'm not embarrassed by my return. Get it?

And do you have to publish your return ever?

No

And no political candidate has to publish theirs

No one's saying they have to. Trump has every right to conceal his tax returns and accept the political consequences.

The interesting aspect of this is that I don't give a shit about his taxes. I want to know what he can do for this country. So far he has promised to: keep America safer by building a wall and extreme vetting of immigrants; follow immigration laws and deport illegals with crime records; negotiate better trade deals with our trading partners; speak the truth rather than what is politically correct; and bring back manufacturing so our citizens will have a job!

Hillary wants to bring in thousands upon thousands of immigrants without vetting; continue with Sanctuary Cities although they are against the law; and waive college costs for everyone although she doesn't say how she'll pay for it.

 

[rightwinger]

Either way it does not look good for Trump

He is running as such a great businessman who managed to lose close to a billion dollars in one year

He has not paid taxes in decades making him one of the 47%...a serial moocher

You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!

Trump is worse than all the welfare mooches combined

They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars

 

[Jackson]

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

He did not break the law, but showed himself to be a symbol of the inequality in this country. The rich should pay tax no matter what.

I agree that everyone should pay something...let's write our congressmen. Maybe that flat tax is the way to go.

 

[rightwinger]

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

Yeah, that's the first thing I wondered.

Something doesn't fit. I wouldn't be at all surprised if he leveraged tax law, or even did something shady, but I need a little more detail here.
.

The Clintons are proven crooks, but let's use distortion tactics to make Trump look like the crook.

It works on millions of dumb Americans.

The Clinton's are not scamming the taxpayer out of a billion dollars

 

[NYcarbineer]

Apparently if you ask quite a few around here, if he didn't pay taxes, he shouldn't be allowed to vote:

Should paying taxes be a requirement to vote?

 

[Correll]

Either way it does not look good for Trump

He is running as such a great businessman who managed to lose close to a billion dollars in one year

He has not paid taxes in decades making him one of the 47%...a serial moocher

You don't know if he lost a billion in a year. Although, with our crazy economy, it could be right. The serial moochers are those who get welfare checks, apartment subsidies and other welfare appropriations from the government and never pay a dime in taxes!

Trump is worse than all the welfare mooches combined

They may scam the taxpayer for $20,000 while Trump scams the taxpayer for a billion dollars

Conservatives have been pushing for simpler tax plans for decades. Where have you been?


If Trump plays by the rules, YOUR RULES, then what ground for complaint do you have?

 

[jon_berzerk]

releasing his tax records without trumps permission is a criminal offense

whoever released it is guilty of a crime

more clinton corruption at play here

 

[Toro]

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years. ...

Mr. Trump declined to comment on the documents. Instead, the campaign released a statement that neither challenged nor confirmed the $916 million loss. ...​

The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump, even if the extraordinary size of the loss he declared would have probably attracted extra scrutiny from I.R.S. examiners. “The I.R.S., when they see a negative $916 million, that has to pop out,” Mr. Rosenfeld said.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur

Of course, there is nothing illegal about this. And it's rational for anyone to take that deduction. But it would certainly explain why he hasn't released his taxes, and it could be a reason why he has been under audit so much.

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

sure looks like a tax cheat.

In fairness to Trump, there is no accusation or evidence that he's cheating on his taxes.

 

[bripat9643]

This is approaching Bernie Madoff level fraud

when was Trump indicted for "fraud?"

When was Hillary indicted for anything?

That's your standard for HIllary, she hasn't been indicted.

 

[bripat9643]

He is cheating the American people! He is a real crook.

You lie.

Trump gets away with others cannot afford to. He's no patriot, just another rich guy taking advantage of the system. For most American voters that is not a winning slogan.

I pay as little as possible because I so love America? Yeah, that dog doesn't hunt.

That's not his slogan, douche bag. What's Hillary's slogan, "I haven't been indicted yet?"

 

[jon_berzerk]

you can read the law right here

leftards are always such crooked folks

maybe that is why they support groups like fuck the police

and such

26 U.S. Code § 6103 - Confidentiality and disclosure of returns and return information

 

[bripat9643]

Let's say we ALL take every tax deduction allowed....Why isit the wealthiest, making $100 million a year, can pay no taxes and a person earning $10 million a year ends up paying 28%? Why is the tax code written to allow the very wealthiest, pay the least as a percentage of their income?

the tax code, and how it is written to favor some people over others, in tax burden is where the problem lies, and NOT in marginal rates....

It allows you to do the same exact thing. If you suffer a loss in the stock market, you can amortize the loss over several years. I've done it myself.

 

[mudwhistle]

Tax Records Obtained by The Times Reveal Trump May Have Avoided Paying Taxes for Nearly Two Decades

Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html?smid=tw-nytimes&smtyp=cur&_r=0
Goddamn, that means he didn't pay all those police, our military, our veterans or the infrastructure that his goods moves across. This man is a crook.

The only part of your taxes deductions apply to is income, not Social Security and Medicare. You people like ignoring the facts and repeating bullshit because most of your voters are idiots that want to believe it, desperately.

Social Security taxes are taken out before deductions.

So yes, he paid taxes.

Forget about all of the capital gains and property taxes he has to pay every year.
Also forget the fact that 1995 was a really bad year for Real Estate on the East Coast and West Coast. He had massive losses that can be spread out, by-law, over several years. The losses, or depreciation, can be spread out over 27.5 years.

 

[bripat9643]

Republicans like to milk the system and let the little guys pay off the national debt. They seem to think that is somehow patriotic. Actually - it's psychotic.

Feel free to pay more taxes more than you legally owe.

Let me help you with this: what you forced to pay

Did you think there was a free lunch? That bombers and aircraft carriers just came from magic unicorns?

They come from the same place that cell phones for parasites come from.

 

[SwimExpert]

Possibly. There is no real evidence of that though - using his funds for personal use. There is evidence that he used his foundation to pay a for a legal fine that was charged to his business. AFAIK, that is illegal but there is no reporting on it anymore. That tells me there is more to the story than has been reported and I have to wonder what the whole story is.

There's also the paintings, football memorabilia, etc. It's just a hunch I have. I agree that we should be seeing more coverage on this kind of stuff. But it's 2016, the masses don't want information they want entertainment.

 

[bripat9643]

There is no evidence what so ever that Trump is a tax cheat.

He doesn't have to be a "cheat". He just has to be yet another who doesn't pay taxes and he's out of any chance of winning the White House.

His big ego and he doesn't want to show us all the money he's made, how much he is worth? What he doesn't want known is he doesn't pay any federal income taxes, like most other Americans do.

But he does pay his taxes. The IRS says so. They audit him every year.

 

[bullwinkle]

Should anyone be allowed to take such a huge write-off? Maximum personal deduction from capital loss on income taxes is $3000.

Yeah, that's the first thing I wondered.

Something doesn't fit. I wouldn't be at all surprised if he leveraged tax law, or even did something shady, but I need a little more detail here.
.

The Clintons are proven crooks, but let's use distortion tactics to make Trump look like the crook.

It works on millions of dumb Americans.

You keep saying Clinton is a 'proven' crook. So prove it!

 

[bripat9643]

He is cheating the American people! He is a real crook.

You lie.

Trump gets away with others cannot afford to. He's no patriot, just another rich guy taking advantage of the system. For most American voters that is not a winning slogan.

Since when is obeying all tax laws getting away with something? The guy is audited every year, he hires trained licensed CPA's to prepare his taxes and represent him during these audits.

He's getting away with what is legal here. Fine, so be it. So is a producer of Hot Teen Porno. Legal but are they running for president? No.

Trump paints himself as a patriot and then does everything possible not to pay up for the county he supposedly loves? That doesn't play.

It works like this, for example. A man says he loves his children but every year he goes to court to pay as little as possible in child support. Does he really love his children or is he just saying that because it sounds good? It might be legal but it sure ain't love.

Listening to the douche bags who defend Hillary's Foundation, which is just one big slush fund to pay their personal expenses, whine about Trump's taxes is the hilarious. You people must deliberately blind yourself to the facts about Hillary. How much tax did Bill and Hillary pay on their Foundation revenue?

 

[bripat9643]

Let me help you with this: what you forced to pay

Did you think there was a free lunch? That bombers and aircraft carriers just came from magic unicorns?

Calm down dude. Before 1913 the U.S. had a standing army, no?

I am very calm. What pays for the defense of the U.S.? Taxes, maybe?

You did not answer my question.

Your "question" is of no importance, like you.

I'm sure you believe questions that point out your idiocy are of no importance. That's why we generally just ridicule you rather than wasting out time trying to debate you.