Leaked 1995 tax returns show how successful Trump is….at avoiding future taxes

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  • #23545
    Vitalogy
    Participant

    Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.

    The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.

    Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.

    http://www.nbcnews.com/politics/2016-election/times-publishes-trump-95-tax-return-documents-show-nearly-1b-n658051

    People successful at business, like Warren Buffet, don’t see a year where they claim a $916,000,000 loss for the year.

    No wonder he won’t release his returns. He’s paid no taxes for decades.

    #23546
    Alfredo_T
    Participant

    It takes special talent to lose that kind of money!

    #23547

    Why should anyone pay taxes on a loss?

    And what he did was perfectly legal.

    More phony and/or ignorant outrage instigated by illegally obtained documents and a complicit pro-Hillary media.

    #23549
    Langston
    Participant

    Trump would not have this problem if he had been forthcoming with his tax returns. Another self-inflicted wound.

    #23550
    edselehr
    Participant

    Here is Giuliani trying to defend Trump on this issue:

    https://www.youtube.com/watch?v=7YtB79sPLNw

    Note especially what Tapper shares at 6:18. Trump bellows on a tweet about the deficit and blames it on almost half of Americans not paying taxes. Watch how Giuliani tries to defend the hypocrisy.

    #23568
    LurkingGrendel
    Participant

    The wealthiest are already paying far less in Federal taxes than at any time since the Gilded Age. That’s a simple fact.

    The Donald wants to slash taxes for that upper tier even more. Doing so would balloon the deficit into science fiction territory and in all likely hood cripple the U.S. economy. Economic and tax policy experts have arrived at that conclusion; it’s not political hyperbole.

    As Hillary outlined a week ago, it’s just more of the same Republican nonsense. They always want to cut taxes on the already rich, make things even easier for big business and Wall Street, and then claim wealth and prosperity will trickle down to benefit everyone else. It’s never worked when enacted. Not once. It’s utterly disproven gobbledygook. It does not benefit the middle class and will not help the vast majority of the people who are mindlessly supporting this troll.

    And the issue isn’t whether of not what Donald has done is illegal. It’s a matter of whether or not it’s unethical or hypocritical or the kind of behavior you’d want from the leader of the free world.

    Here we have a man blustering about, well, everything. Meanwhile he pays nothing. He’s a selfish, self-interested, narcissistic douche who cares not a thing for anyone other than himself. His entire career proves this beyond a shadow of a doubt. He’s never spent much as a single day in governmental or public service and his entire professional life has been dedicated to greed and self-involvement.

    I pay taxes. You pay taxes. The 99% pay (more) than their fair share of taxes. You know who doesn’t? The 1%.

    The rules are, of course, stacked to help the wealthy. If you have a lot of money, it’s easier to make even more and it’s certainly easier to utilize high powered attorneys and all manner of slippery if legal chicanery to avoided paying your fair share of taxes.

    Donald hasn’t paid a dime into the common good. That’s the very idea the U.S. Constitution is built upon. Four years ago Romney tried this same (equally lame) tactic by taking umbrage at President Obama (entirely correctly) stating that no-one’s success is entirely predicated upon their own merits. We collectively pay for roads and infrastructure. Police, fire, and emergency services. All manner of governmental support agencies. Homeland defense and the military. The list goes on and on and on.

    I dare say, it takes a village.

    Donald Trump is a racist, bigoted, serial lying, bullying, blustering, willfully ignorant, selfish, un-Christian, turd.

    Nothing says “Presidential” like utilizing the tricks and loopholes of the system to fuck over everyone else exclusively to your own benefit. Or, spending days and days fat shaming a former pageant winner and then inviting the country via Twitter at 3am on a Friday morning to check out her “sex tape”.

    He’s not a Republican. He’s not a conservative. Fuck this guy.

    #23569

    So the scandal is that he lost money or that the IRS provides a provision for recouping losses? His tax return is legal and the real scandal here is that DNC probably had something to do with the illegal release of this return.

    Who goes out of their way to lose a billion dollars so they don’t have to pay taxes for awhile? Gee, I think I’ll lose a billion dollars this year so next year I don’t pay a million in taxes…

    Any successful business man is paying taxes and funneling money to the government in many ways via the plethora of taxes and fees.

    #23570
    LurkingGrendel
    Participant

    You are such a lying, hypocritical, POS.

    Donald Trump, practically daily, says or does things you would without a shadow of a doubt consider completely disqualifying were it the Democratic candidate.

    #23571
    Alfredo_T
    Participant

    I don’t think that losing money or writing off the loss on one’s taxes are scandals in themselves. What I am saying is that if Trump lost this much money, then he’s no “financial whiz.”

    #23572
    Langston
    Participant

    A genius who lost $916 million in a year. Loser!

    #23573
    Vitalogy
    Participant

    Anyone who loses a billion dollars in one year is a terrible business person. Period.

    #23574
    Vitalogy
    Participant

    9 Times Donald Trump Complained About Taxes.

    His hypocrisy knows no bounds.

    #23575
    Andy Brown
    Participant

    “So the scandal is that he lost money or that the IRS provides a provision for recouping losses? His tax return is legal and the real scandal here is . . . “

    No Vernon, the issue is that drumpf refuses to come clean and make public ALL of his taxes. All of these other points of interest, i.e. how did he lose so much money, did he cheat, etc. are just being used by the pro drumpf camp to throw smoke on the real issue of drumpf’s hiding something.

    Also, it is not ‘genius’ to hire a good accountant that knows the ropes. Not one bit. There is no genius involved in exploiting the loopholes that shouldn’t be there but are. That is a second issue but drumpf’s tax plan does not address the loopholes his accountant used in any way.

    #23590
    LurkingGrendel
    Participant

    And off he scuttles again.

    Trump is provably by his own words and actions a worm. It’s interesting how many have no problem at all with it at all and will defend, literally, anything.

    Take any one of the three dozen scandalous things about Trump and hang it around the neck of the Democratic nominee and these same supporters would be howling for blood.

    The hypocrisy is without bounds.

    #23592
    Andy Brown
    Participant

    If drumpf were truly ‘smart’ — and wanted to lead by example — he would have disclosed his tax returns, showed the loopholes he used, and vowed to close them. He’s done no such thing.

    People who qualify as real estate developers or managers can use depreciation deductions to offset non-real-estate income. But people who don’t qualify for this special treatment can’t do that. So although legal, a near billion dollar write off is still shocking considering that large of an amount vastly exceeds any cash losses that Trump would have suffered in the collapse of his casino-hotel-airline empire, which fell apart in the early 1990s and resulted in four bankruptcies (He had two more bankruptcies, in 2004 and 2009, from a publicly traded company in which he was the primary shareholder).

    How did drumpf, who had very little of his own cash invested in his projects in the 1990s but did personally guarantee part of their debt, could end up with tax losses of that magnitude? They’re almost certainly paper losses rather than out-of-pocket losses.

    Needless to say, drumpf has no plans to change any of it rather he wants to make it even easier for the wealthy to avoid taxation according to his ‘plan.’

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