Trump May Have Avoided Paying Taxes for Nearly Two Decades

[SwimExpert]

The better question would be do you have a problem with those that take advantage of existing tax law?

If by "take advantage" you mean employ legal options available, then no. On the other hand, if we're talking about laundering income though NPO fronts, then yes.

 

[Dale Smith]

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.

Good for him and anyone else that gets out of paying an unconstitutional tax. If leftards were so worried about paying the police that enforce acts, statutes, codes and ordinances or the military that fights wars on behalf of the bankers? They wouldn't be so giving to illegals and the anchor babies that they squirt out that we pay for to the tune of 5K per birth and that's IF there are no complications and that doesn't include the medical care they get when they cross the unsecured border to get free care that you and I have to pay for...rock on wid yo' bad self, Donald Trump!!! Even if Donald Trump doesn't become the next CEO of USA.INC, the fact that he is thumbing his nose at the tax system makes him aces in my book.....

 

[SwimExpert]

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 tax rules that are 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.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

This however is still not as bad as Romney earning $20 million per year and paying only 14% tax on it.

Trump lost money -- that is the source of his tax return deductions.

Romney was making money hand over fist and paying lower tax on it than the working poor.

The Frontline documentary has made it clear that while Trump Towers was a success for Trump, everything else that he has touched has lost money by the ton. But the bankers in the coalition agreed to keep his brand name alive in order to keep the value of his remaining assets inflated.

That's life on Wall Street

Trump is bankrupt. Hillary guessed it already.

Again, I thought the bottom 45% doesn't pay taxes, so how can anyone pay less tax than the working poor?

45% of Americans pay no federal income tax

Trump, of course, is the working poor.

 

[Ray From Cleveland]

If this behavior is now acceptable in this country, well, we're heading downhill very fast.

And we are not by accepting Hillary's behavior?

 

[chikenwing]

This is approaching Bernie Madoff level fraud

Aaaaaand, you ruin it. It's amazing how often you can start of with a generally valid point of discussion, and then waste no time converting it into full wing-nut mode.

There is nothing valid in OP not even a little.

 

[Jroc]

Trump wants to reform the tax code, and cut the crony deals, supported by people like the Clintons...Hillary is bought and paid for

 

[Clementine]

This is approaching Bernie Madoff level fraud

Legal is not fraud.

Correct. Half of Obama cabinet, including Timmy Geithner, cheated on their taxes. Al Sharpton hasn't paid in years and always took out more loans each time before declaring bankruptcy. He refuses to pay and yet is the most frequent visitor at the White House. He says it old news and doesn't think people should bring it up.

Trump thinks many taxes are unfair and many agree. Of course, wealthy Dems in congress tend to feel the same way and take every deduction to keep theirs low. Some didn't pay at all. They deliberately put in loopholes for the benefit of themselves and their wealthy cronies who got them elected. They only bitch when Republicans take every break. Funny, considering that Dems preach that higher taxes are good, at least for the little people. They are the ones who literally need to put their money where their big, fat mouths are.

 

[Ray From Cleveland]

Anyone that could defend Trump isn't worth having a discussion with. You're a supporter of a criminal and a cheat.

You think nothing of this man being a criminal...The double standard this man enjoys is fucking sickening.

In order for one to be a criminal, one must commit a crime. Can you please explain to your audience what crime Trump committed?

 

[OnePercenter]

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 tax rules that are 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.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

 

[Weatherman2020]

He truly is the Messiah.

 

[ScienceRocks]

If the little guy tried this shit = prison.

 

[Ray From Cleveland]

This is approaching Bernie Madoff level fraud

Did Bernie play by all the rules? Did Bernie do everything legal?

 

[chikenwing]

If this behavior is now acceptable in this country, well, we're heading downhill very fast.

And what behavior are you blubbering about,what laws did Trump break which ones?

 

[Ray From Cleveland]

Losing $916 million......sounds like he took some risk.

Who knows? Maybe he invested in Green Energy.

 

[Toddsterpatriot]

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 tax rules that are 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.

Now, thanks to Mr. Trump’s 1995 tax records, the degree to which he spun all those years of red ink into tax write-off gold may be finally apparent.

Mr. Mitnick was the person Mr. Trump leaned on most to do the spinning. The lawyer and accountant worked for a small Long Island accounting firm that specialized in handling tax issues for wealthy New York real estate families. Mr. Mitnick had long handled tax matters for Mr. Trump’s father, Fred C. Trump, and he said he began doing Donald Trump’s taxes after Mr. Trump turned 18.

In “Art of the Deal,” his 1987 best-selling book, Mr. Trump referred to Mr. Mitnick as “my accountant” — although he misspelled his name. Mr. Trump described consulting with Mr. Mitnick on the tax implications of deals he was contemplating and seeking his advice on how new federal tax regulations might affect real estate write-offs.

Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware of the fact that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.

“Here the guy was building incredible net worth and not paying tax on it,” he said.

Much More: Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades - The New York Times

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years,

I hate tax cheats. As patriotic Americans - we should all pay our fair share of taxes.

DERP!

It's not illegal. Republicans made it so!

It's never been illegal to deduct losses.

Republicans made it so.

DERP!

 

[Toddsterpatriot]

If the little guy tried this shit = prison.

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

 

[chikenwing]

This is approaching Bernie Madoff level fraud

Hey, fucktard, if you have losses one year, you don't owe taxes until that loss is "used up" by future earnings.

Did your parents have any kids who weren't complete morons?

So, you think it took him 18 years to make enough income to balance out that loss?

Could be.

 

[OnePercenter]

This is approaching Bernie Madoff level fraud

Legal is not fraud.

Correct. Half of Obama cabinet, including Timmy Geithner, cheated on their taxes. Al Sharpton hasn't paid in years and always took out more loans each time before declaring bankruptcy. He refuses to pay and yet is the most frequent visitor at the White House. He says it old news and doesn't think people should bring it up.

Trump thinks many taxes are unfair and many agree. Of course, wealthy Dems in congress tend to feel the same way and take every deduction to keep theirs low. Some didn't pay at all. They deliberately put in loopholes for the benefit of themselves and their wealthy cronies who got them elected. They only bitch when Republicans take every break. Funny, considering that Dems preach that higher taxes are good, at least for the little people. They are the ones who literally need to put their money where their big, fat mouths are.

Are you saying that two wrongs make a Trump?

 

[OnePercenter]

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.

 

[OKTexas]

If the little guy tried this shit = prison.

Poor little guy.