For comparison, President Trump payed $750 in federal income tax in 2016 and 2017. I just looked it up and I, a graduate student who makes like $30k a year paid three times that amount last year.
Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
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Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#12Outside of the near meaningless confirmation of Trump's status as a "fake" billionaire and how that may affect his ego, there's is an alarming piece of information here. The man owes hundreds of millions of dollars in personal loans that he may not be able to repay. They will come due during his second term. Given his lack of ethics it's worrying to me that a president could have that kind of leverage against him. Da…
That's why it has been standard practice for Presidential candidates and aspirants to release taxes and other financial disclosures before elections, and why it was such a big deal that Trump didn't.
I think that it should be law that the finances of the people at these levels of governence (maybe even down to the city level) be open to the public to review.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#13Earlier quoted context omitted.
That's why it has been standard practice for Presidential candidates and aspirants to release taxes and other financial disclosures before elections, and why it was such a big deal that Trump didn't.
I think that it should be law that the finances of the people at these levels of governence (maybe even down to the city level) be open to the public to review.
Well, it is the law that you're not eligible for a security clearance if you have significant debt.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#14I’m more concerned about how this information was sourced. Did it get leaked from the IRS or an accountant? It feels like that part of the story is the bigger deal. I love the NYT but this feels kind of like doxing and makes me very uncomfortable.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#15For comparison, President Trump payed $750 in federal income tax in 2016 and 2017. I just looked it up and I, a graduate student who makes like $30k a year paid three times that amount last year.
I live outside the US, but I'm forced to pay US tax on some minimal income, I pay more that than Trump does
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#16There is ZERO wrong with income tax "avoidance". I don't care who you are.
BS There is plenty wrong with it.
It is not illegal. Not the same thing as being "zero wrong"
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#17Reminder; tax avoidance != tax fraud.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#18Doesn't this just prove that he's not in office to get rich but that he's willing to sacrifice for the sake of his country?
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#19Does anyone have any more detailed information about the losses, specifically from the real estate side of his businesses?
Real estate can frequently show a tax loss from depreciation while generating cash flow. But depreciation only applies to improvements, and it sounds like the golf courses are a significant part of the losses. I don't know enough about golf courses to determine if depreciation is a big factor here.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#20There is ZERO wrong with income tax "avoidance". I don't care who you are.
Morality and the law often have nothing in common