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

nytimes.com

101–110 of 280 posts

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

#101
OT (apologies): I submitted a link about Trump's nomination for Supreme court; it was immediately killed as political. I checked to see if there was a thread about RBG before submitting.

https://news.ycombinator.com/item?id=24602735

Now there is a story about Trump's taxes that is ok to discuss.

Genuine question: how is it determined what is ok to discuss on HN and what is political?

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

#102
post #30

Great thread here that covers his loans https://twitter.com/DanAlexander21/status/131034616181606400... EDIT: I accidentally a 'that'

For those that don't want to click through: He is on the hook personally for hundreds of millions of dollars in debt that will come due next few years during his potential second term with no obvious way of paying it off. There's no way of knowing who has control of it.

Edit: and also from the thread, he owes > $1 Billion in total to lenders.

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

#103
post #97

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…

But it is still his finances as a private citizen, and not - for example - the details of some government agency. A matter being of interest to a subset of all citizens doesn’t justify its disclosure. We should either require disclosure by law (perhaps to an auditing firm instead of the public) or treat this as a purposeful and malicious leak of private, confidential information. I don’t think news media should get a pass on this.

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

#104

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?

I should have kept reading: Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 — a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010.

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

#105

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…

There’s an obvious public interest angle here; he has hundreds of millions of personal debt due during a potential second term, with no obvious way to pay it. If you can’t see the problems in that...

If it was some random guy pretending to be a billionaire, that would be one thing, but it seems totally reasonable for a paper to report on this.

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

#106
post #41

Earlier quoted context omitted.

Does that apply to the President? (At this point it seems clear that nothing applies to the president; let’s hope to god that someone makes a new amendment for that.)

The president (and other elected positions) are carved out of those kinds of requirements: requiring an elected official to "pass" a background test created by unelected public servants amounts to an unintended check on representative democracy. To be clear: we absolutely should require that elected officials disclose their finances. But we shouldn't require them to be vetted through a mostly unaccountable process af…

This is very informative and clear, thanks :)

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

#108
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.

With tax avoidance on this scale, he had better hope that the records were truthful. If they were fraudulent, the this moves from tax avoidance to tax fraud.

It also shows that Trump is not the fantastic businessman that he has portrayed as his public persona

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

#109

Will it make a difference?

Possibly marginally, but I would have thought that most people who’d be perturbed by this wouldn’t be voting for him anyway. I suppose there might be a few people who might otherwise be inclined to vote for him scared off by the national security implications of the massive personal debt (this was one of the things that REALLY worried people during the Cold War, as debt was a common angle used by the KGB to subvert people) but you’re probably not talking about a lot of people.
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