iron_megalith said:
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As he settled into the Oval Office, his tax bills soon returned to form. His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. The dreaded alternative minimum tax would let his business losses erase only some of his liability.
Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.
To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017.
When they got to line 56, the one for income taxes due, the amount was the same each year: $750.
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Not an expert in taxes but this reads to me that he paid more than what he should. This and the part that he is potentially losing money during his presidency seems to debunk a lot of things that a conspiracy theorist like Rachel Maddow has been screaming in the airwaves for god knows how long.
Not really getting the "bomb shell" vibe here at all.
Now Obama actually being linked to the fiasco with Flynn, that's more incriminating than anything the left has done to Trump. That is actually bombshell in my opinion but the media has been quite silent.
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If he is reporting losses... He has actually paid above... I'd need to read more into US tax but I don't care that much. Are there presidential concessions? Running his business at a loss but quite the growth of the economy and decrease of unemployment up until covid... Seems as though a personal sacrifice was made if anything.
Hell, he could simply be carrying forward the loss and have massive deductions waiting for him after his presidential run is complete.
Source to such a wild claim...? Me. Work for Australian tax office.
So basically....
