Forums - Politics Discussion - NYT: Long-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance

Very long article included below. Short summary:

"Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made." Many of his deductions appear to be legally questionable (e.g. declaring the family's vacation home as an investment property, in order to deduct much of its expenses), and the IRS audit which he keeps mentioning appears to be related to a dubious interpretation of an Obama-era tax law; Trump used that interpretation to claim additional annual losses of over $70 million, which he's rolled over to future years to eliminate paying any income taxes.

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?action=click&module=Spotlight&pgtype=Homepage

Last edited by noname2200 - on 28 September 2020

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Trump is an absolute crook.

Won't matter to his cult though.




We been knew!



Welp, no wonder he didn't want people to read those records.

None of this really comes as a surprise though.



This is by no means unheard of with the very wealthy. There are loopholes that can be worked to allow for reduced taxes. Same goes for massive businesses like Amazon as well. Has it been shown that he committed fraud or otherwise committed illegal activity? If not, this isn’t really a story. Either way, this being released now is so obviously for political reasons. 



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pitzy272 said:

This is by no means unheard of with the very wealthy. There are loopholes that can be worked to allow for reduced taxes. Same goes for massive businesses like Amazon as well. Has it been shown that he committed fraud or otherwise committed illegal activity? If not, this isn’t really a story. Either way, this being released now is so obviously for political reasons. 

Yeah cause everyone needs a 70k tax deduction for hair care...



pitzy272 said:

This is by no means unheard of with the very wealthy. There are loopholes that can be worked to allow for reduced taxes. Same goes for massive businesses like Amazon as well. Has it been shown that he committed fraud or otherwise committed illegal activity? If not, this isn’t really a story. Either way, this being released now is so obviously for political reasons. 

I think the two things of import from this news are:

1. Trump is not the massively successful business man he purports to be and is instead losing money more often than gaining. 

2. He is under audit for a 75 million dollar tax refund for almost a decade now. 

Neither of those two things are common for the very wealthy to my knowledge. 



...

I am SHOCKED!



If you demand respect or gratitude for your volunteer work, you're doing volunteering wrong.

I'm into Belgian politics and i'm instead irritated by American politics ,that's how bad it is.



I am sure the Trump crowd has an excuse for this anyway, probably something incoherent involving Hunter Biden.