Trump's 2005 tax summary come to light

This topic contains 26 replies, has 10 voices, and was last updated by  LurkingGrendel 4 days, 3 hours ago.

Viewing 15 posts - 1 through 15 (of 27 total)
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  • #27942

    Vitalogy
    Participant

    https://www.nytimes.com/2017/03/14/us/politics/donald-trump-taxes.html

    Effective Fed rate of 25%. We paid 26% this year. That pisses me off.

    Trump had a $100 million business loss, which reduced his taxes by tens of millions.

    Unfortunately, it’s only the summary. The real meat is in Schedules and K1’s that would expose his various ownership in other companies and what investments he’s had capital gains/losses in.

    #27943

    Andrew
    Participant

    To be fair to him: an effective federal tax rate of 25% is 25 points higher than 0%, which is what most people assumed he’s paid for the last twenty years. Romney’s federal tax rate was about 14%.

    #27945

    Vitalogy
    Participant

    Of course. One year does not tell the story though. But Trump had a $100 million business loss write off, which probably eliminated $25-$30 million in taxes owed.

    Like I said, the meat would be the schedules. That would expose all of his partnerships etc which opens up a huge can of worms.

    And let’s not forget that 2005 was pretty fat in the real estate industry.

    #27946

    Andrew
    Participant

    Democrats need to put Trump’s taxes behind them as an issue and move on to now. The tax return issue was a losing campaign issue, and it will be completely irrelevant by 2020, unless some truly bombshell revelation comes out – unlike this one from 2005.

    #27948

    edselehr
    Participant

    David Cay Johnston, the reporter who received and published the returns, does not dismiss the possibility that Trump himself ‘leaked’ the return, as yet another distraction from bigger scandals and to mollify his detractors.

    I can see that, especially with the lack of schedules.

    If the Dems take the House of Senate in 2018, they will have subpoena power to get his returns as part of any larger investigation (emoluments clause violations will still be an issue by then, I’m sure). That will likely be the only chance of those returns ever coming to light.

    #27950

    Vitalogy
    Participant

    The thousands of pages of schedules would be his undoing, we can only hope that gets mailed to someone.

    And I don’t think it’s a losing issue. I think it’s a scandal in it’s infancy that will grow as the onion continues to get peeled back.

    The excuse about being audited is BS. He won’t release them due to something he wants to hide.

    Today we found out that yes, he did pay taxes, but much less as a percentage than a lot of other taxpayers, including me, at exponentially less in incomes.

    Getting a list of every partnership or corporation he has interest in is what I think he’s afraid that people will find out about.

    And maybe it’s the fact he owes banks in China and Russia hundreds of millions loans? That just might show up as a write off buried in the schedules.

    #27951

    paulwalker
    Participant

    As each month passes, the GOP plan will be in more trouble as we get closer to the 2018 midterms. This GOP proposal is not going to happen. Instead, Obamacare will remain the law. Complete failure from the GOP promises, and the only thing they can do is let it continue and hope it will fail. They have backed themselves into a corner here, and the result will be not very good for the GOP.

    #27952

    radiodork
    Participant

    • This reply was modified 1 week, 2 days ago by  radiodork.
    • This reply was modified 1 week, 2 days ago by  radiodork.
    • This reply was modified 1 week, 2 days ago by  radiodork.
    • This reply was modified 1 week, 2 days ago by  radiodork.
    #27954

    Vitalogy
    Participant

    Wrong thread you dipshit.

    #27958

    radiodork
    Participant

    Don’t worry vit, I fixed it. 🙂

    #27959

    Andrew
    Participant

    Why would his taxes be a scandal?

    These are all tax returns filed with the IRS, right?

    Do you think there’s anything illegal in them that the IRS would have ignored? He’s probably been audited numerous times. If there were criminal charges from past returns, those charges would be public record.

    At most, there are embarrassing things in his returns.

    I still don’t see how it’s a winning issue for Democrats. They need to be talking about things Trump is doing now and during his presidency: health care law that costs 24 million people their insurance, big tax cuts for the rich, etc. Nobody but partisan Democrats and/or Trump haters really care about the tax returns now, and they already loathe Trump.

    #27961

    Scott J
    Participant

    It takes a special kind of stupid to actually believe that a bill drafted in secret by only Republicans is somehow the Democratic Party’s fault.

    It takes a smart man to KNOW he is stupid

    #27968

    skeptical
    Participant

    #27970

    LurkingGrendel
    Participant

    To your point, Andrew.

    First and foremost, it’s in the public interest. There’s a number of other sound reasons that every Presidential candidate for the past several decades have released their returns. I won’t detail them all here; either individuals care about such things as an American citizen rather than a partisan mouthpiece of they do not.

    Of paramount concern, does the candidate’s finances create a potential conflict of interest with the national security of The United States of the Office of The Presidency?

    Understanding where the money comes from is key to answering those questions and allaying those very legitimate fears. It’s not remotely unreasonable to require our public officials to disclose such detail so as to avoid the hurricane levels of controversy and questions, that arise from the appearance of such conflict, that have swirled around Donald Trump’s finances from the moment he began running for office.

    It’s a simple fact that Donald Trump has business interests all over the world; including in a number of countries that are not a friend or allies of the United States. It’s also a fact that he’s had long standing personal and business relationships with prominent Russian oligarchs for decades; and has repeatedly lied about those associations.

    Revealing his full returns either shows there’s nothing at all untoward going on that should concern anyone, or more likely, that he has complex financial ties with a number of foreign entities whom he and his businesses are directly benefiting from while using the office of the Presidency as personal tool of leverage.

    Donald Trump’s reasons for refusing to reveal his tax details have ranged from simple deflections, to delays, to obfuscations, to absurd lies, to now a hard refusal after more than a year of claiming he would release them. (Of course he never intended to reveal them; I’m of the opinion he didn’t actually want to win the election in the first place but that’s another thread.)The bottom line is there is literally nothing preventing him from doing so, and the only remotely plausible reason for refusing to do so is out of fear of what they would reveal and how such revelations could damage (if not end) him politically.

    It’s (of course) not true that no-one cares. Recent polling on the matter show a majority of American citizen’s care. Republicans should care as well; save they’re too committed to putting party over country in pursuit of their agenda to be bothered by anything at all other than that goal. You know as well as I do, that if Barak Obama or Hillary Clinton had refused to reveal their tax records in this fashion we’d be having non-stop Congressional hearings, a tsunami of critical and hysterical coverage from the right wing media world, and loud calls for impeachment.

    Maddow did herself and the cause of truth few favors last night; while I admire and applaud the doggedness in calling on Trump and The White House for transparency and accountability. While she had every right to report on Trump’s 2005 1040, despite the White House’s idiotic and laughably threatening claims to the contrary, without the full returns/without the full details it only illustrates what everyone already knew. I.e. He made a lot of money; he paid a goodly sum of taxes upon that revenue.

    There’s still a lot more we don’t know. The questions will continue. The appearance of conflict of interest and impropriety will continue. The pursuit of the truth of the matter will continue.

    If there’s nothing to see here, nothing going on, etc. then release the returns. It would put an end to this immediately. I’ll be the first to apologize if there’s in fact nothing to this.

    However, I kind of doubt that’s the case.

    #27979

    Vitalogy
    Participant

    I think Trump’s returns are important not because of how much tax he pays or how much he doesn’t give to charity, but for the purpose of exposing the hundreds of companies he’s got equity in. Not to mention his captial gains. What companies is he profiting off of?

    Most people have no idea, but someone who has many business ventures, every single aspect of the company name, tax ID, and percentage of ownership is there to see, including earnings/losses. Not to mention interest write offs to whomever he owes money would show up as well. I’m personally uncomfortable with a President who owes money to Russia or China.

    The conflicts of interest are worse than we’ve ever scene, ever. Which begs the question, is his first interest the US or his own business?

    Of course, it’s his own business he’s worried about.

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