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Trump and taxes: Genius or Jail?

The "big news" of late is that Trump didn't pay much in taxes in 2016/2017. The reason is that he has lots of previous business loses that offset taxes subsequent gains that are realized (i.e., taxes on gains are only payable once the assets are sold). The NY Times has considered getting his tax returns the "holy grail" and the Democrats are sharpening their knives accordingly. However, since there is no proof that his deductions were illegal, some consider his tax returns as a sign of his business acumen. What say you? Will this move the election needle?

Trump's tax release will...

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Admin 8 Sep 28
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29 comments (26 - 29)

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2

Definitely will not affect his election. He wasn't wrong when he said his most rabid supporters would still vote for him if he shot a man on 5th avenue. The common response will just be that "he is a smart businessman" for exploiting loopholes... even if his followers hate Bezos for the same reason, and even if he is currently in control of the government and can work to close those loopholes.

While the sources are not 100% confirmed, there are reports that he did use illegal tactics. There is a report about writing off a payment to Ivanka as a consultant, even though she was an employee, which is against IRS law. They could both be punished for that. Not much different than when he violated Gaming Law when his father bailed out one of his casinos.

The interesting thing is this would also show that he is not really a successful businessman, because he has been losing millions and millions over the years, and is defaulting on many properties and has a lot of debt. So either he is lying about these losses to avoid paying taxes, or he is lying and isn't really a successful billionaire businessman.

It's no wonder he refuses a salary as president. It's not because he's trying to save the government money or be noble, it's because he doesn't want to pay taxes on it.

But again, his supporters don't care.

1

Trump is the only one capable of running the country not into the ground. nuff said....

1

Wow, Trump has to win this election by hook or by crook. His taxes are under audit by the IRS. Many of the deductions he took are dubious at best. He could owe the feds $100M+. If he wins, he'll be able to delay any action by the IRS. If he loses, his audit fate would almost certainly change. On his financial disclosure form, he said he made $400M+, but his tax returns show he lost $47M. Both can't be true. But that's not his biggest problem. He has about $400M+ in loans most coming due during the next four years. He appears not to be in a position to pay the loans back. To whom does he owe that money? Probably not to American banks. It's a huge security risk for the country. Can he be trusted to make decisions that are in the best interest of the country, or would he sell the country out to save himself? If he loses the election, where does he turn for help? Will his debtors restructure his debt? Maybe. But I'm thinking he's banking on the taxpayers bailing him out, but that will only happen if he wins. This is going to be a brutal election.

TyKC Level 7 Sep 29, 2020
0

He s a sheister just like the hook nose Jews he is in bed with

Well that's certainly anti-Semitic.

When your only tool is a hammer, every problem looks like a nail.

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