Trump Tax Records Obtained by The Times Reveal

originally posted by: Nucleardoom
a reply to: Phage

Come on Phage most Americans don't even have one business to run much less than 500.

If it were so easy wouldn't we all be running 500 companies?

originally posted by: Phage
Because daddy didn't give us all millions of dollars?

You claimed it was easy though and never mentioned starting capital stipulations.

So now it's not easy to run 500 businesses without a 16 million dollar head start?

Which is it?

a reply to: Nucleardoom
I'm sorry, I thought we were talking about the acumen required, not the privilege.

My mistake. I thought the point was that Trump must be really smart. Not that he was a rich kid.

Wow, that's really good accounting. Good for him. Serious. Anyone acting like they're mad is just jealous.

But basically it looks like he declared a loss one year and then the next few years are tax free until his business is in the green again.

a reply to: pavil

Again, the return released to the press was for Trump's personal income tax,

Not any one of his businesses.

Personal Income Tax.

There are differences.

And no one is suggesting that Trump did anything ]illegal in 1995.

Just that the figures reported don't fully support the image Trump has been portraying.

And that is uncomfortably close to saying he might be lying.

a reply to: Phage

Like his own Kids? anyone else get an American Psycho vibe from Jr?.
Mind you he annoyed some far right followers of Trump supporting Gay marriage so he may be okay....for a guy who has never had a job interview in his life.



His kids are going to be a problem because handing over the reigns to the empire to your own kids is not a Blind Trust.
He is going to make billions building that wall btw...you can bet he gives himself many many great deals.

originally posted by: Phage
a reply to: ParasuvO

Better at playing the system to his benefit?
Is that what you mean? I might agree with that.

Not sure that's a good thing. Why would he do any different?

So knowing the rules of the game and using them to your advantage isn't a good thing? Should he have paid taxes that he legal didn't have to? What is the exact problem with doing that? I help people reduce their taxes all time. If you don't take advantage of all the options available to you, you are pissing your money away needlessly.

originally posted by: pavil
a reply to: Bhadhidar

If the entity is a pass-through one, it most definitely would be on his personal taxes. It would depend on the type of business entity. A seperate Tax return would be done but the results would flow down to the individual on their 1040, either losses or gains.

"IF"

Since he hasn't released his returns, we really don't know, do we?

Isn't that the whole point of releasing them?


Yes, Pavil, I know all about pass-through entities.

I've been in the tax business for more tha 20 years,
About as long as Donny may have been skipping by tax free.

And I also know that pass through income can, and in fact, must, be aggregated to arrive at a net profit or loss.

a reply to: pavil
You missed the point.

His rap is that he's out to help you (and me). His actions show that he's out to help himself and no one else.

If you want to go into more detail about what he says about how he's going to help the middle class by reducing taxes on...mostly himself. Feel free.

If you want to explain how he can consistently, for decades, show a loss while living as he does. Feel free.

On the other hand, if you could show his recent tax returns...that would be bitchin.

originally posted by: Bhadhidar
a reply to: pavil

Again, the return released to the press was for Trump's personal income tax,

Not any one of his businesses.

Personal Income Tax.

There are differences.

And again, depending on the entity, it would flow through to his personal tax return. His "business" Tax returns would show neither a profit or a loss, those would flow down to the personal return. It's seems for what we know already, he using pass though entities quite a bit.

a reply to: Phage

Just imagine If Clinton had not released her tax records or had avoided paying tax...the outcry on ATS would be deafening..but because it is Trump and he mentions China deals and walls alot he gets a free pass.

originally posted by: TheKnightofDoom
a reply to: Phage

Just imagine If Clinton had not released her tax records or had avoided paying tax...the outcry on ATS would be deafening..but because it is Trump and he mentions China deals and walls alot he gets a free pass.

Clinton has 2billion+ stashed in the 'nonprofit' Clinton Foundation precisely to avoid paying taxes on it.

a reply to: 11andrew34

So that makes it okay to avoid tax, brag about it etc...you appear to think I support Clinton? nope both are as bad, both are the same both only care for themselves but you guys are Blind.

a reply to: pavil

And what is your point?

The type of entity reporting the income/loss to his personal tax return is not really germane within the context of the discussion.

What kind of business is making a report of profit or loss, other than the form that report takes, makes no difference: the income or loss is either taxable or deductible if it must be reported on the personal tax return.

And there are a plethora of ways to move that money around among companies so that once it arrives at the penultimate tier, it can be reported in a manner most advantageous to the individual taxpayer.

In fact, the more companies the funds pass through, the likelier and easier it is to turn a profit into an apparent loss.

originally posted by: 8675309jenny

originally posted by: muse7

originally posted by: projectvxn
a reply to: WilburnRoach

I only bring it up because somehow, to many people, if you're not paying what THEY think is a "fair share" then it is somehow criminal.

If I could use the tax code to make money every year I would. But I don't have that kind of time.

People hate paying taxes.

What people hate even more is rich assholes not paying taxes.

This is so frustrating to have to explain to people: THERE IS NO TAX IF YOU DONT TURN A PROFIT!!

So maybe he PERSONALLY has enough money to live like a "rich asshole" but if the COMPANY did not turn a profit, it pays ZERO TAX.

What is so hard for people to understand about that?

Nothing. It just means that he's a terrible businessman.

a reply to: Bhadhidar

Do you think it may be feasible that one might use a non-profit to settle debts incurred by a for-profit and thus avoid what otherwise be an actual loss?

originally posted by: Phage
a reply to: Bhadhidar

Do you think it may be feasible that one might use a non-profit to settle debts incurred by a for-profit and thus avoid what otherwise be an actual loss while obtaining a tax benefit?

Without seeing the terms of the agreement I wouldn't venture a guess.

You would also want to take a hard look at the tax laws for the state in which the transaction occurred.

And of course, the IRS chapter code under which the non-profit was formed.

Is it a legal defense fund?

Are the debts being classified as legal settlements?

Too many unknowns to give you a definitive answer, Sorry.

originally posted by: TheKnightofDoom
a reply to: 11andrew34

So that makes it okay to avoid tax, brag about it etc...you appear to think I support Clinton? nope both are as bad, both are the same both only care for themselves but you guys are Blind.

Easy there fella. Not everything anybody says in response to you is meant to undercut you. It's just something I was adding to your point.

But if you really think they're the same, doesn't that seem like a sort of blindness to you? The entire mass media is in the middle of the single greatest, most extensive, most expensive propaganda effort in the history of mankind which amounts to trying to make people like Hillary and hate Trump and yet they're about even. They know that's about as good as they'll be able to do. They want people to not be able to tell the difference.

They have had vastly different careers. Trying to sum it up as briefly as possible, Trump is a businessman and a builder while Hillary is a thief and a killer and an extraordinary villain with a long public track record as such for all to see. Trump can be a selfish ass but Hillary is a dangerous monster with too much experience as such to be allowed to have so much power.

She's not the only one out there, but she's the only one running for President. The Clintons and the Bushes have been sucking the life out of the USA for about 30 years now. A Trump win is a 2 for 1 deal because it crushes both of them, hopefully for good.

a reply to: Bhadhidar

The point is he had a huge NOL right around the time his Empire collapsed. He lost a lot of assets around that timeframe. The tax code allows him to use that NOL and other Tax stragegies to offset future income or even to go back in time to wipe off income from prior years.

You know with proper Tax planning, you can immensely help yourself. What is your issue with using Tax laws to your benefit?

So all those women who have a bunch of babies for the welfare money - they're just smart for legally using the system to their advantage. After all, it's not illegal to have children. They're awesome! I knew it all along. Now, everyone knows it.

originally posted by: pavil

originally posted by: Phage
a reply to: ParasuvO

Better at playing the system to his benefit?
Is that what you mean? I might agree with that.

Not sure that's a good thing. Why would he do any different?

So knowing the rules of the game and using them to your advantage isn't a good thing? Should he have paid taxes that he legal didn't have to? What is the exact problem with doing that? I help people reduce their taxes all time. If you don't take advantage of all the options available to you, you are pissing your money away needlessly.

Speaking of rules of the game....

Wasn't it his supporters who were pissed off at Rubio and Cruz because they knew the rules of the political game and used them
Then trump and all his supporters called it unfair?

I swear you can pretty much predict the hypocrisy and pandering trump supporters use to pardon their cult leader