Trump Tax Returns released; Reveals the president paid no income tax for 10 years

Reported by the New York Times. Apparently they got a hold of the president's tax history:

Mr Trump paid no federal income taxes in 11 of 18 years that included residencies, aircraft and $70,000 in hairstyling for television. The president on Sunday labeled The New York Times report that he paid just $750 in federal income tax in 2016 and 2017 as 'phony and fake'.

He is said to have reported losing more money than he made.

It's all tied to his major losses over the years which we had long suspected.

Trump has previously blasted the long-running quest for his financial records as a 'continuation of the most disgusting witch hunt in the history of our country'.

The businessman is the only modern president who has refused to release his tax returns. Before he was elected, he had promised to do so.

Data obtained by The Times does not include his his 2018 and 2019 personal returns.

DailyMail


Information is still flowing through at the moment as this 'bombshell' was only released by NYT about an hour ago. I'm not surprised to say the least if this turns to be factual. It's been long suspected that the President had evaded much of his tax obligations for some time now. Partly due to the striking losses he's suffered and partly due to loopholes in the tax system. I think it gives some bad exposure, but it's only confirming the apparent.

Also just note, this literally doesn't mean the president hasn't paid any taxes. Rather, he gotten refunded amounts to the point he'd hardly lost anything to tax obligations at all so his lawyer is technically right. If you pay $50.00 in taxes towards a flat screen tv, and you get that money refunded, you still technically paid taxes, if you wish to look it that way.

Further:

Donald Trump tears into the New York Times for 'made-up, phony' story that he paid just $750 in federal income tax in 2016 and 2017, no income tax for 10 years and reported vast losses across his business empire

Was posted in mudpit already. However the question I have, is how did the NYT obtain these returns? I'm going to wager a guess that how they obtained them is in some fashion illegal, as these are not a matter of public record. Which in that case it does cast serious doubt as to their legitimacy.

What laws did he break?

If no laws were broken then this is another waste of time.

a reply to: Southern Guardian

So he used tax credits given to him BY THE IRS for his losses?

Which is entirely legal and not "evading" taxes at all?

ZOMFG... THIS is the smoking gun!!!!

You people are so pathetic now that it isn't even humorous anymore.

/facepalm

It's all tied to his major losses over the years which we had long suspected.

a reply to: Southern Guardian

Well, sometimes a loss is not a loss.

I imagine the US has the same kinds of "reinvestment laws" as most of the rest of the world; the ones that let you reinvest reinvest your profit, effectively making you have zero taxable net profit.

So that is one possibility.

originally posted by: Metallicus
What laws did he break?

If no laws were broken then this is another waste of time.

Not sure. The system is friendly to the wealthy in that they escape much of their tax obligations so it's highly probable no law was broken? I know there are ongoing investigations surrounding his actions but nothing concrete:

He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

From the NYT.

60 plus % of Americans pay no Federal income tax. I pay it. Quite a bit but I'm not a job creator. Anyone that creates jobs should be paying next to nothing which is our system. If anyone hates him for paying next to nothing then look at other staunch Democrats like Buffet who also pay nothing. It's just ignorant to fault him for it when this has been par for the course since forever. Anyone who believes this is outrageous is the one who is outrageous and probably not paying Federal Income tax because they are poor and ignorant.

a reply to: Stupidsecrets

60 plus % of Americans pay no Federal income tax.

Depends what you mean by this?

The likelihood of not paying federal income tax is closely correlated to age: If you are very young or (especially) very old, you are far less likely to pay income tax than if you are working age. Only 11 percent of those age 25-55 do not pay federal income tax while more than 80 percent of those age 75 or older are non-payers.

S ource

I'm also aware those that earn below $15,000 a year don't pay any income taxes? Is this correct? This is miniscule income. Not comparable to a billionaire.

originally posted by: Southern Guardian

originally posted by: Metallicus
What laws did he break?

If no laws were broken then this is another waste of time.

Not sure. The system is friendly to the wealthy in that they escape much of their tax obligations so it's highly probable no law was broken? I know there are ongoing investigations surrounding his actions but nothing concrete:

He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

From the NYT.

I'm assuming that as a citizen in the United States you don't use any tax exemptions then, even your standard one?

Because if you do, then you are "evading" taxes, according to the rather absurd standard the NYT is using in this hit piece...

Or have never been a business owner and therefore don't understand the concept of tax credits?

I'm assuming also that you are a part of the American citizenry that pays no taxes at all, or are a net loss when it comes to taxes.

You know, the typical Democratic voter.

a reply to: Southern Guardian

What do Pelosi’s returns look like? Biden’s? Just curious if their returns have any of the same characteristics.

a reply to: Lumenari

You people are so pathetic now

Is there any need to use ad hominems? Metallicus responded rather nicely and neutral with no offense and I'm happy to debate openly. No need to resort to childish insults.

a reply to: Southern Guardian

Go 10,000 words down,and then feel your smile fade away.

a reply to: KansasGirl

What do Pelosi’s returns look like?

Pelosi is not running for president.

As for Biden;

Joe and Jill Biden made more than $15 million in two years after leaving the White House, tax returns show

As for Trump?

Yes: Donald Trump is the only major-party nominee in 40 years not to release his tax returns

We always knew Trump was smart and able to outwit anybody 😎

Bet the NYT got this crap "illegally" 😎

a reply to: xuenchen

We always knew Trump was smart and able to outwit anybody

By escaping tax obligations and cheating the system, government out of millions?

Say what you want about taxes, they are part and parcel of the law. While others, including working class americans, are paying their way back into the system, billionaires like Trump are running away from their obligations with little to no consequence.... and yet social services continue to be cut and more tax cuts for the rich are advocated for.

This isn't something to be proud of Xue.

originally posted by: xuenchen
We always knew Trump was smart and able to outwit anybody 😎

Bet the NYT got this crap "illegally" 😎

If so then they cant use these in the case they are looking into in NYSD grand jury case.

originally posted by: Southern Guardian
a reply to: Stupidsecrets

60 plus % of Americans pay no Federal income tax.

Depends what you mean by this?

The likelihood of not paying federal income tax is closely correlated to age: If you are very young or (especially) very old, you are far less likely to pay income tax than if you are working age. Only 11 percent of those age 25-55 do not pay federal income tax while more than 80 percent of those age 75 or older are non-payers.

S ource

I'm also aware those that earn below $15,000 a year don't pay any income taxes? Is this correct? This is miniscule income. Not comparable to a billionaire.

I'm upper middle and not a job creator. I pay a lot in taxes. A sickening amount in fact. I am ok with it for the most part. What I am not ok with is people bashing job creators for paying little to no tax when they themselves actually get a refund because they are needy and to be honest, generally lazy. Not all of them but by and large, they make horrible life choices and then get upset at Bezos for starting a company in his garage that provides a lot of good paying jobs and pumps dollars back into the economy.

No. Job creators get a break. They are fueling the economy.

originally posted by: Stupidsecrets
I pay a lot in taxes. A sickening amount in fact. I am ok with it for the most part.

I'm not. I'm not okay with what I pay at all especially considering I live in a state that pays more into the Treasury than we get out and I'm paying for the broke ass lifestyle of people in other states.

a reply to: Southern Guardian

Pretty sure there was a leak of his 2005 tax returns that stated he paid so.ewhere around 36 million dollars in taxes. That quite frankly is multiple times what most people will make in their lifetime.

I for one believe if your are friendly to the ones who create jobs that you will recieve jobs and good paying ones. When the pandemic started a multimillionaire told me file unemployment. I chose to find employment in a billion dollar a year career I had no training in. 2 months later the big boss made me a manager and i got a 18.5k raise.

The rich get richer but i did as well. I can pay all my bill with one weeks pay the other 3 weeks a month are for whatever my pleasure is now. I dont envy the ones who hold the money. I dont hold them at fault.

I applaud the chance I was given and the chance they gave everyone else. ... sorry went off on a rant there.

Don't care.

It should be every America's goal to pay as little taxes as possible.