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Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

nytimes.com

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Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#91

Post by Anon84 »

tiziniano wrote: post #42
ryanworl wrote: post #19

Does 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 her…

Better show tax loss and not pay taxes on it.

Al Capone thought the same thing

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#92

Post by throwawaysea »

mmcconnell1618 wrote: post #64
tertiary wrote: post #11

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.

Where is the Alternative Minimum Tax? You know, that tax law that pops up frequently for high earners in the tech field when they have more deductions than seems fair? Why isn't Trump subject to the same minimum taxation that I would be?

The AMT isn’t a hard minimum on federal taxes. It is a different set of rules for what incomes and deductions count towards the “income” figure AMT is calculated against. There are ways to pay less than AMT, legally, and this is a purposeful choice in its design. There are still certain adjustments allowed. See https://www.thebalance.com/alternative-minimum-tax-3192753

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#93

Post by pravda »

boringg wrote: post #66
pravda wrote: post #38

Earlier quoted context omitted.

>It feels like that part of the story is the bigger deal. You think that is the bigger deal? I suppose it is a variant of doxing, but it doesn't look like the NYT is going to post the actual returns, just their interpretation.

Maybe I exaggerated a bit but for me they rob the impact of the story when others can be concerned about how the information was gained. Also it sets a bad precedent for when the dems are in power. * depending on how the information. Was gained *. And at the end of the day the information really is t anything that is all that shocking - it’s what I have (and many have) expected all along

I am reminded of the joke, "Other than that, how was the play, Mrs. Lincoln?"

I know how the information was gained: someone leaked it! I am surprised it took this long.

Was it an IRS employee who leaked it in violation of federal law? Was it someone at the accounting firm Trump uses? Maybe we will find out some day, maybe not.

To me the most amazing revelation is that he got paid nearly HALF-A-BILLION for the Apprentice! I really think we should start taxing our OTA networks for their use of the public airwaves, if they have that much $$ to throw around.

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#94

Post by microcolonel »

yokaze wrote: post #68
microcolonel wrote: post #28

Earlier quoted context omitted.

I honestly don't understand why “tax avoidance” is meant to sound so naughty. Almost everyone avoids taxes, almost every time they might be subject to a tax; some people are just better at it. When you fail to collect taxes from somebody who is following the law, that is a matter for your tax code, not a moral failing of the filer.

Quite a different thing though if you are head of government which is supposed to collect taxes from people like you, and you see no need to change that.

> Quite a different thing though if you are head of government which is supposed to collect taxes from people like you, and you see no need to change that.

His predecessors/competitors talk a big game, but they were in office for eight years; take a lucky guess whether it got easier or harder, under the Obama-Biden administration, for people in Donald Trump's business to deduct and reclassify almost all of their taxable transfers and incomes.

If there's an improper or unjustifiable deduction in these filings, then complain about that.

Nobody has any obligation, and essentially nobody has any private reason, to pay taxes that they do not owe. If you think they should owe taxes, then complain that they don't owe them, not that they won't pay what they don't owe.

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#95

Post by tertiary »

tom_mellior wrote: post #88
mhh__ wrote: post #47

Earlier quoted context omitted.

Should it - yes. Will it - possibly not, on the one hand if you are supporting trump now what could possibly convince you although money is money: He's a terrible businessman, and he pays no tax. That's a huge amount of his appeal to some.

"He pays no tax" won't be a big deal since the Republican position has long been that tax breaks for Great Men are somehow good for the economy and therefore somehow good for everyone. "Terrible businessman" is the more interesting angle, but it will be covered up by the tax angle.

I think the most interesting angle here are the hundreds of millions of dollars of loans that will come due in his second term. That's pretty terrifying especially given that to get that amount of money would require questionable lenders.

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#96

Post by phobosanomaly »

microcolonel wrote: post #28
kache_ wrote: post #17

Reminder; tax avoidance != tax fraud.

I honestly don't understand why “tax avoidance” is meant to sound so naughty. Almost everyone avoids taxes, almost every time they might be subject to a tax; some people are just better at it. When you fail to collect taxes from somebody who is following the law, that is a matter for your tax code, not a moral failing of the filer.

As a normal American citizen, I often overpay taxes and then collect the amount I overpaid in my return. I certainty don't cook up elaborate schemes to avoid paying taxes. Does that make me stupid?

I consider it a moral responsibility to pay back the community college and state university system, as well as the state and country that gave me access to the infrastructure and opportunity to earn that taxable income.

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#97

Post by yokaze »

throwawaysea wrote: post #61

It seems unethical to obtain private financial records and leak all this information. I’ve had journalists reach out to colleagues every now and then, looking for private and confidential information and this feels similar, where it isn’t whistleblowing but simply digging up information that no one has any right to. If this is OK, is everything okay? Would any disclosure of private information get a pass? Is doxxing…

That depends on the public interest. Are we talking about random John Does taxes which has a total of X dollars income/wealth?

X alone might be large enough warranting some public interest, on top of that, it isn't random Joe, it is a well known public figure, which derives its publicity in the very facts the article is investigating: his claims of personal wealth and business acumen.

Finally, that person is actually signing the tax code he is (ab?)using and he is facing a public vote on being in that position.

So, no it's not okay in every case, but this is hardly every case.

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#98

Post by jayd16 »

chongli wrote: post #83
wwright wrote: post #25

Earlier quoted context omitted.

Not a crime != not an absolutely shitty thing to do

No person has an obligation, legal or moral, to pay a cent more in taxes than what they owe under the tax code. If you have a problem with people avoiding taxes, you can endeavour to change the tax code and plug those loopholes. Otherwise, you’re really trying to solve a legal problem by social means. You’re perfectly in your right to do so, but plenty of people will disagree with you.

We're talking about a public servant. It just highlights a cutthroat selfishness in past actions and current politics.

>No person has an obligation, legal or moral, to pay a cent more in taxes than what they owe under the tax code.

But let me ask you something. Do you believe there is zero moral obligation or simply that the current tax code is at the absolute pinnacle of moral balance?

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#99

Post by phobosanomaly »

malwarebytess wrote: post #4

Outside 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…

I'm not sure why you are being downvoted. This is a very valid point. This is not just an ordinary man, this is the head of the executive branch of the United States of America.

Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance

#100

Post by phobosanomaly »

tsomctl wrote: post #13
xellisx wrote: post #12

Earlier quoted context omitted.

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.

This paints the fiasco over the Kushner security clearance in a new light.

https://www.nytimes.com/2019/02/28/us/politics/jared-kushner...

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