If Trump applied for even the most basic national security related job that required the lowest level of security clearance, he absolutely would be denied. And yet, this man is president of the United States.
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
#112Reminder; tax avoidance != tax fraud.
I think one of the issues is that he has simultaneously told the opposite story to his lenders, making himself look wealthier than he is in order to score loans. This, is fraud.
When I bought my house (borrowing roughly 200K) the bank wanted several years of tax returns and basically put my finances under a microscope. Pretty much everything except the anal probe.
So, you think a bank that's going to lend Trump 100 Million isn't going to examine his finances in greater detail?
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#113Earlier quoted context omitted.
Warren Buffett is in a similar boat and has complained vocally about it. The US tax system is absurd when it comes to the upper echelon. [Edit: I mean, he's complained that it's unjust and that billionaires like him should be paying their fair share.]
Warren Buffett is in an entirely dissimilar boat, because Warren Buffett does not have enormous losses to carry forward, and therefore actually pays significant personal income tax ($1.8 million on personal income of $11.5 million in 2015). https://www.businesswire.com/news/home/20161010005859/en/Tax...
I meant that he pays well below what you or I pay. He's in a lower tax bracket than his secretary. $1.8M on $11.5M is what? Something in the ballpark of 15%? He should be in the highest tax bracket. That's my point. The tax laws favor the wealthy, and they shouldn't.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#114The HN angle on this article is the NYT accounts system wasn't prepared for the deluge of subscriptions, fell over, served 500s for hours, and now they made the article free-to-all (as far as I can tell) in response. Get these journos some capacity planners and SREs.
I would have thought the HN angle is where do you draw the line between journalism and data leaks or identity theft? As much as large parts of the public wants to see his taxes, that doesn’t meant a newspaper can hide behind journalism to act as an intermediary to leak them.
If that’s the standard then I’m sure it’d be fine for an intern at Joe Biden’s doctors office to leak his full medical records right?
EDIT: I find it hilarious that this comment was immediately flagged and hidden from default view.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#115Great 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.
But there's no indication presented this won't all be easily re-financeable, rolled over as most corporate debt is.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#116Earlier quoted context omitted.
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 Appren…
Agreed about the apprentice, that’s quite a bit.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#117Earlier quoted context omitted.
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.
But there's no indication presented this won't all be easily re-financeable, rolled over as most corporate debt is.
True except that this article will make it more challenging given a greater whole picture of his finances for financiers.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#118Reminder; tax avoidance != tax fraud.
The article lists several examples of things that go beyond avoidance. He paid millions in mysterious ‘consulting’ fees that appear to have gone to his kids, despite them being employees. He declared that he had no financial benefit in a business he walked away from despite still owning 5 percent of it. ...
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#119Earlier quoted context omitted.
I think one of the issues is that he has simultaneously told the opposite story to his lenders, making himself look wealthier than he is in order to score loans. This, is fraud.
When I bought my house (borrowing roughly 200K) the bank wanted several years of tax returns and basically put my finances under a microscope. Pretty much everything except the anal probe. So, you think a bank that's going to lend Trump 100 Million isn't going to examine his finances in greater detail?
Bold of you to assume the same rules apply to you and him. It's not even the same group of people evaluating your loan vs. his. Then they're going to evaluate his differently. Nobody's going to get promoted for landing your deal, but someone very well might for landing his. Yes, they'll look into his finances some, but they couldn't possibly probe every nook and cranny of such a large and complex empire where the dirty bits might be hidden. With greed nipping at their heels, they'll quickly convince themselves it's good enough. In short, not the same process or standards at all.
Re: Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance
#120Great 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.
Commercial real estate loans are often non recourse. You lend to the holding company who owns the property. If it fails you don’t necessarily have a claim on the owners of that company.
And I would expect covid to have decimated the value of commercial real estate, particularly hotels.