Trump May Have Avoided Paying Taxes for Nearly Two Decades

[Toro]

Allowed? Are you familiar with our tax laws at all?

Wow Toro turns Commie. Never saw you as a Bernies Sanders fan

What I meant is are our tax laws fair such that someone can take a billion dollar write-off but most others are allowed only $3000, albeit over their lifetimes?

 

[Toro]

Why post shit from a hard left wing source?

You're right.

He had an awesome political week.

His best ever.

 

[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

Wow, what does that say about the millions of citizens abusing the welfare system ? Nothing but sympathy from liberals for them right ?? What about all the refugees coming from war zones who might have terrorist amongst their ranks ? Nothing but more sympathy for them right ? What about sanctuary cities that harbor criminals who can't be kept up with ? More sympathy for that situation right ? What about all the attacks here, and how the libs have made excuse after excuse for them ? More strange sympathy's from the traitorous libs. Could go on and on, but Trump doing something legal is better ammunition for you folks eh ??? ROTFLMBO.... You all are the kind of people that hate having guns so bad, that if you had one, and someone was really committing a crime, well the gun would be empty, and you all would just throw the gun at the person. LOL. Next time y'all try and get something going, how about load your guns first. Quit loading up with blanks.

Those who supposedly abuse the welfare system do it to feed their families and may get $20,000 a year

Deadbeat Donny abuses the system for tens of millions and still keeps his penthouse

Guess who Republicans denounce?

 

[Care4all]

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.

Why is there a cap on our capital losses of $3000 while there is no cap on the wealthiest for things like what donald did?

doesn't that sort of say, "if you are a crappy business person and take huge losses, the govt will reward you for it with tax write offs"

 

[rightwinger]

Looks like Trump is going to build his wall and have OTHER Americans pay for it

 

[Ravi]

Looks like Trump is going to build his wall and have OTHER Americans pay for it

He should campaign on building the wall with the 1 billion he didn't pay.

 

[kaz]

All Democrat politicians have released their tax returns? Bull

Presidential nominees.....yes. Going back something like 50 years.

But you knew that. All politicians? Probably most have.

In any case.....the issue here is TRUMP. A self described multi-billionaire who has created an extremely successful business empire...claiming nearly A BILLION DOLLAR LOSS in one year. That is why it is embarrassing to Trump.

You've obviously no business experience. Our tax system is idiotic. It doesn't mean shit other than that he was in big deals. Besides my own, I manage my mother and sister's portfolios. I'm always taking tax losses and deferring gains. I manage the recognition of revenue for them to minimize taxes. It doesn't remotely reflect how their portfolios are doing.

While I'm good at it and they profit from it, it's a butt stupid tax system. If we had the Fair Tax, it would eliminate all that idiocy. For myself in addition to those things, my business owns my cars so I can have my business pay for car repairs, gas, interest on the loans. At the end of the year, my accountant reduces it by 10% for personal use. But how does the IRS know what is the actual usage?

Then you get into everything that is used at both home and work. Computers, ink, paper, toilet paper, trash bags, ... How does the IRS know if it's used at work or personal if it's used at both places? We can also write off phones, Internet and other expenses we do need at home for business but we use for both.

The problem with our tax system is that we're just smarter than you. The more rules you put in place, the harder we will work to exploit them and the more successful we will be. We have to do that, Trump has to do that because otherwise the rates fuck us. But a simple, flat tax, preferably on revenue, would make more sense for everyone

You do know his loss is not the kind of loss that you experience in your stock portfolio, right?

And...please....you are tryng to obscure the topic. Every business owner, myself included, has business expenses that merge with personal expenses and takes the deductions you speak of. This is not the same thing.

Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.

Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."

Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.

So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?

Since he can stretch it out over many years, my standard is as much as possible

What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?

We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.

Swish, no answer to the question:

"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"

 

[tyroneweaver]

It's hilarious to hear Christie and Giuliani praise Trump for not paying taxes.

Christie: Dodging Taxes Is Mark Of ‘Genius’

Giuliani Joins In: ‘Absolute Genius’

the gold standard for you libs is prosecution and thrown in jail.
My My how you've lowered your own bar.

 

[Vandalshandle]

 

[LoneLaugher]

Presidential nominees.....yes. Going back something like 50 years.

But you knew that. All politicians? Probably most have.

In any case.....the issue here is TRUMP. A self described multi-billionaire who has created an extremely successful business empire...claiming nearly A BILLION DOLLAR LOSS in one year. That is why it is embarrassing to Trump.

You've obviously no business experience. Our tax system is idiotic. It doesn't mean shit other than that he was in big deals. Besides my own, I manage my mother and sister's portfolios. I'm always taking tax losses and deferring gains. I manage the recognition of revenue for them to minimize taxes. It doesn't remotely reflect how their portfolios are doing.

While I'm good at it and they profit from it, it's a butt stupid tax system. If we had the Fair Tax, it would eliminate all that idiocy. For myself in addition to those things, my business owns my cars so I can have my business pay for car repairs, gas, interest on the loans. At the end of the year, my accountant reduces it by 10% for personal use. But how does the IRS know what is the actual usage?

Then you get into everything that is used at both home and work. Computers, ink, paper, toilet paper, trash bags, ... How does the IRS know if it's used at work or personal if it's used at both places? We can also write off phones, Internet and other expenses we do need at home for business but we use for both.

The problem with our tax system is that we're just smarter than you. The more rules you put in place, the harder we will work to exploit them and the more successful we will be. We have to do that, Trump has to do that because otherwise the rates fuck us. But a simple, flat tax, preferably on revenue, would make more sense for everyone

You do know his loss is not the kind of loss that you experience in your stock portfolio, right?

And...please....you are tryng to obscure the topic. Every business owner, myself included, has business expenses that merge with personal expenses and takes the deductions you speak of. This is not the same thing.

Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.

Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."

Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.

So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?

Since he can stretch it out over many years, my standard is as much as possible

What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?

We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.

Swish, no answer to the question:

"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"

Hello again, stupid. You are tiresome.

Please note AGAIN that I have not said that Trump did anything illegal.

What he did was fuck up in the fucking casino business and claim a loss of nearly a BILLION DOLLARS.

We won't know the pertinent details until he releases his full returns. We don't know just how much of a loser he was because he won't tell us.

Now.....what was the LOL for? What are you questioning?

 

[Ray From Cleveland]

Looks like Trump is going to build his wall and have OTHER Americans pay for it

We don't care who pays for it, just build the damn thing. Cut money to Planned Parenthood and reduce the food stamp rolls to what it was before DumBama took office. That should help with the costs considerably.

 

[Toro]

Looks like Trump is going to build his wall and have OTHER Americans pay for it

We don't care who pays for it, just build the damn thing. Cut money to Planned Parenthood and reduce the food stamp rolls to what it was before DumBama took office. That should help with the costs considerably.

Maybe Trump can raise your taxes to pay for the wall.

 

[Care4all]

Presidential nominees.....yes. Going back something like 50 years.

But you knew that. All politicians? Probably most have.

In any case.....the issue here is TRUMP. A self described multi-billionaire who has created an extremely successful business empire...claiming nearly A BILLION DOLLAR LOSS in one year. That is why it is embarrassing to Trump.

You've obviously no business experience. Our tax system is idiotic. It doesn't mean shit other than that he was in big deals. Besides my own, I manage my mother and sister's portfolios. I'm always taking tax losses and deferring gains. I manage the recognition of revenue for them to minimize taxes. It doesn't remotely reflect how their portfolios are doing.

While I'm good at it and they profit from it, it's a butt stupid tax system. If we had the Fair Tax, it would eliminate all that idiocy. For myself in addition to those things, my business owns my cars so I can have my business pay for car repairs, gas, interest on the loans. At the end of the year, my accountant reduces it by 10% for personal use. But how does the IRS know what is the actual usage?

Then you get into everything that is used at both home and work. Computers, ink, paper, toilet paper, trash bags, ... How does the IRS know if it's used at work or personal if it's used at both places? We can also write off phones, Internet and other expenses we do need at home for business but we use for both.

The problem with our tax system is that we're just smarter than you. The more rules you put in place, the harder we will work to exploit them and the more successful we will be. We have to do that, Trump has to do that because otherwise the rates fuck us. But a simple, flat tax, preferably on revenue, would make more sense for everyone

You do know his loss is not the kind of loss that you experience in your stock portfolio, right?

And...please....you are tryng to obscure the topic. Every business owner, myself included, has business expenses that merge with personal expenses and takes the deductions you speak of. This is not the same thing.

Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.

Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."

Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.

So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?

Since he can stretch it out over many years, my standard is as much as possible

What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?

We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.

Swish, no answer to the question:

"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"

What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?

100k? 30K?

Say $100k....$3000 is 3% of his earned income....

then 3% of whom ever's earned income, should be the max they can take on losses each year.

 

[kaz]

You've obviously no business experience. Our tax system is idiotic. It doesn't mean shit other than that he was in big deals. Besides my own, I manage my mother and sister's portfolios. I'm always taking tax losses and deferring gains. I manage the recognition of revenue for them to minimize taxes. It doesn't remotely reflect how their portfolios are doing.

While I'm good at it and they profit from it, it's a butt stupid tax system. If we had the Fair Tax, it would eliminate all that idiocy. For myself in addition to those things, my business owns my cars so I can have my business pay for car repairs, gas, interest on the loans. At the end of the year, my accountant reduces it by 10% for personal use. But how does the IRS know what is the actual usage?

Then you get into everything that is used at both home and work. Computers, ink, paper, toilet paper, trash bags, ... How does the IRS know if it's used at work or personal if it's used at both places? We can also write off phones, Internet and other expenses we do need at home for business but we use for both.

The problem with our tax system is that we're just smarter than you. The more rules you put in place, the harder we will work to exploit them and the more successful we will be. We have to do that, Trump has to do that because otherwise the rates fuck us. But a simple, flat tax, preferably on revenue, would make more sense for everyone

You do know his loss is not the kind of loss that you experience in your stock portfolio, right?

And...please....you are tryng to obscure the topic. Every business owner, myself included, has business expenses that merge with personal expenses and takes the deductions you speak of. This is not the same thing.

Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.

Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."

Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.

So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?

Since he can stretch it out over many years, my standard is as much as possible

What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?

We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.

Swish, no answer to the question:

"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"

Hello again, stupid. You are tiresome.

Please note AGAIN that I have not said that Trump did anything illegal.

What he did was fuck up in the fucking casino business and claim a loss of nearly a BILLION DOLLARS.

We won't know the pertinent details until he releases his full returns. We don't know just how much of a loser he was because he won't tell us.

Now.....what was the LOL for? What are you questioning?

You say you understand business but you still don't understand the difference between losses and tax losses.

And again, you said a billion is too high a tax loss. I want to know what methodology you're using to determine that

 

[kaz]

Looks like Trump is going to build his wall and have OTHER Americans pay for it

We don't care who pays for it, just build the damn thing. Cut money to Planned Parenthood and reduce the food stamp rolls to what it was before DumBama took office. That should help with the costs considerably.

Maybe Trump can raise your taxes to pay for the wall.

Sure, as long as our taxes are the ones that are cut to not have to pay for schools, medical care, welfare, prisons and other government expenses for illegal aliens

 

[kaz]

You've obviously no business experience. Our tax system is idiotic. It doesn't mean shit other than that he was in big deals. Besides my own, I manage my mother and sister's portfolios. I'm always taking tax losses and deferring gains. I manage the recognition of revenue for them to minimize taxes. It doesn't remotely reflect how their portfolios are doing.

While I'm good at it and they profit from it, it's a butt stupid tax system. If we had the Fair Tax, it would eliminate all that idiocy. For myself in addition to those things, my business owns my cars so I can have my business pay for car repairs, gas, interest on the loans. At the end of the year, my accountant reduces it by 10% for personal use. But how does the IRS know what is the actual usage?

Then you get into everything that is used at both home and work. Computers, ink, paper, toilet paper, trash bags, ... How does the IRS know if it's used at work or personal if it's used at both places? We can also write off phones, Internet and other expenses we do need at home for business but we use for both.

The problem with our tax system is that we're just smarter than you. The more rules you put in place, the harder we will work to exploit them and the more successful we will be. We have to do that, Trump has to do that because otherwise the rates fuck us. But a simple, flat tax, preferably on revenue, would make more sense for everyone

You do know his loss is not the kind of loss that you experience in your stock portfolio, right?

And...please....you are tryng to obscure the topic. Every business owner, myself included, has business expenses that merge with personal expenses and takes the deductions you speak of. This is not the same thing.

Yourself included, LOL. You know shit about business and you think rich people get that way by getting lucky.

Whether or not it is the "same thing" depends on the point. In my point, it is. I want to limit taxes. If I wanted to show maximum paper profits, I wouldn't take those deductions, would I? In the axis I specified, those are all the "same thing."

Another one is my business is on a cash basis, not an accrual basis. So at the end of the year, I pay a bunch of expenses in December and don't cash checks received in late December until the first week of January.

So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?

Since he can stretch it out over many years, my standard is as much as possible

What's the LOL for? You question me AGAIN? How many times will you eat crow before you decide to stop doing that?

We are not talking about what YOU do. We are talking about TRUMP'S operating loss of almost a BILLION DOLLARS.

Swish, no answer to the question:

"So what tax loss do you consider acceptable? How do you know a billion is too much? Would $100 million be OK? Half a billion? What is the process you're using to determine what to you is a reasonable tax loss?"

What's the average earnings of the every day Joe that can deduct only $3000 in Capital loss?

100k? 30K?

Say $100k....$3000 is 3% of his earned income....

then 3% of whom ever's earned income, should be the max they can take on losses each year.

The rules are actually the same for Trump and the average Joe. Losses above the $3K are carried over to the next year, they aren't eliminated.

So say this year you had

$5K in losses carried over from last year
$20K in losses this year
$10K in gains this year

First you have to net your gains against your losses. That leave you a net loss of

$15K = $10K - $5K - $20K

You deduct $3K as a loss for this year and carry over a $12K loss for next year

So I mentioned I manage my mother and sister's portfolios in addition to my own. I review taxes every fall to see where we all are in gains and losses. If we don't have enough losses, I sell something with losses in each of our portfolios to ensure we're all going to have more than $3K in net losses for the year.

There are other things I look at too. For example, we all determine how much money we want to give to charity the next year. I calculate our highest percentage gainers and donate those to charity rather than donating cash. That way, we keep realizing losses and deferring or donating gains. If you donate an appreciated stock, you get the full write-off, but you don't have to pay taxes on the gains like you do if you sell it and donate the money

 

[chikenwing]

If the little guy tried this shit = prison.

I've written off investment losses.....should I be in jail?

Not at nearly the same percentage as Trump or me.

You can't possibly think anyone will believe your on the same league as Trump financially!!!
Now that's some funny shit!!

 

[Esmeralda]

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.

If this is the case, if there is any questions he has not paid taxes for even one year, he should not be running for president. How can someone lead the country who does not contribute to the cost of running the country?

 

[Lakhota]

Some funny nostalgia...

Twitter Users Get Nostalgic Over The #LastTimeTrumpPaidTaxes

 

[Vandalshandle]

We have all known for years that taxes are for little people. Hell, Leona Helmsley explained that to us. GE, the largest corporation in the world, does't pay taxes either. Quit complaining and write a check to the IRS. It costs a lot of money for them to perpetually audit Trump.