Ten times Trump shamed others on tax

[Perknose]

Hypocrite much?

My personal fave:

 

[Sheik Yerbouti]

generally drumpf seems to be full of shit and hypocritical on a consistent basis, at least he's consistent with that.

 

[MomentsofSanity]

Trump has consistently attacked others for the things he is guilty of. It's his "I know you are but what am I" strategy. His most consistent attack points are his biggest failings if you really stop and think about them.

 

[Fanatical Meat]

Trump should have taken the advice he gave Romney. I'm a successful guy, I want to help you become successful. Just own the tax shenanigans and legal shenanigans

 

[sontakke]

What I am not getting is unless he personally had $943M at one time before losing them all, how is he allowed to claim that as a loss on his personal income tax?

I agree that tax laws don't have to make any sense but this sure looks like double dipping because the investors who fronted the $943M are the ones who had the loss.

I do not believe that Donald even had $943M prior to1995 to be able to lose that much.

 

[MomentsofSanity]

What I am not getting is unless he personally had $943M at one time before losing them all, how is he allowed to claim that as a loss on his personal income tax?

I agree that tax laws don't have to make any sense but this sure looks like double dipping because the investors who fronted the $943M are the ones who had the loss.

I do not believe that Donald even had $943M prior to1995 to be able to lose that much.

That's the best part. It doesn't have to be his own money. It can be money borrowed from the bank or investors and he can still transfer it to himself. So whoever the money came from gets screwed and he gets to actually profit from it by avoiding any taxes for years. So he doesn't lose anything in 1995 or loses little but gets the break for the entire amount.

 

[VRAMdemon]

What I am not getting is unless he personally had $943M at one time before losing them all, how is he allowed to claim that as a loss on his personal income tax?

I agree that tax laws don't have to make any sense but this sure looks like double dipping because the investors who fronted the $943M are the ones who had the loss.

I do not believe that Donald even had $943M prior to1995 to be able to lose that much.

Some tax experts are saying its unlikely that billion dollars he lost was his personal money - but there is apparently a loophole for that as well. If that's the case, he's been getting a tax break for years for losing other people's money.

In my experience...It depends on how the businesses were incorporated. The small business I run is taxed as S-Corps - the income flows straight through to our personal taxes. I suspect that Trump organizes as C-Corps - where his companies pay taxes, then he pays (or doesn't) taxes on the dividends - the dreaded double taxation that conservatives rail against.

Also, Trump does not, on his individual taxes, have a fiduciary responsibility to pay as little taxes as possible. In a publicly traded company, for instance, the NYT, you do have a fiduciary responsibility to your shareholders to minimize your tax burden within acceptable levels of risk. But the claim that Trump has such a responsibility on his personal taxes, or within his privately held corporations, because he's a businessman is bullshit.

 

[ivwshane]

I wonder if fern will chime in here and give us some insight.

 

[VRAMdemon]

https://www.donaldjtrump.com/press-releases/trump-campaign-statement1

According to this vague statement on his fiduciary responsibility. The issue here is that it states he has a fiduciary responsibility to his business. These are person resident and non-resident state returns. Even with my S-Corps - my business is my business, and my personal stuff is my personal stuff. I can't even write off a business lunch with my business partner because I'm married to her.

 

[hal2kilo]

That's the best part. It doesn't have to be his own money. It can be money borrowed from the bank or investors and he can still transfer it to himself. So whoever the money came from gets screwed and he gets to actually profit from it by avoiding any taxes for years. So he doesn't lose anything in 1995 or loses little but gets the break for the entire amount.

Interesting what Isana has to say about his genius.
http://www.cnbc.com/2016/10/03/im-c...e-genius-spin-on-trumps-taxes-commentary.html

 

[sontakke]

I wish I had studied tax laws rather than engineering to understand the following which claims to show how he must have done this.

http://www.thedailybeast.com/articl...s-is-how-trump-lost-916m-and-avoided-tax.html

 

[Jaskalas]

Hypocrite much?

You're not wrong...
Let's have Hillary nail him on that one.
Although the moderator will likely beat her to it. Good old fashioned tag team.

 

[shira]

I wish I had studied tax laws rather than engineering to understand the following which claims to show how he must have done this.

http://www.thedailybeast.com/articl...s-is-how-trump-lost-916m-and-avoided-tax.html

A very interesting read! I wonder if Trump disclosed to the prospective investors in Trump Hotels and Casino Resorts, BEFORE they made payment, that the future tax benefits of the properties had already been stripped out and used for Trump's personal benefit.

Edit: The problem with incidents like this is that they're very, very difficult to explain to low-information voters. About all that could easily be reported is that Trump claimed a personal loss of almost a billion dollars that instead should have been equally shared by the investors in this properties. The result of which was that Trump made a huge profit (because of the enormous tax savings he was able to claim) and his investors lost everything.

 

[Jhhnn]

A very interesting read! I wonder if Trump disclosed to the prospective investors in Trump Hotels and Casino Resorts, BEFORE they made payment, that the future tax benefits of the properties had already been stripped out and used for Trump's personal benefit.

Edit: The problem with incidents like this is that they're very, very difficult to explain to low-information voters. About all that could easily be reported is that Trump claimed a personal loss of almost a billion dollars that instead should have been equally shared by the investors in this properties. The result of which was that Trump made a huge profit (because of the enormous tax savings he was able to claim) and his investors lost everything.

I'm sure that the information was there, way down in the fine print. He went public at the perfect time, when Atlantic City was at the height of its bubble with a lot of starry-eyed investors trying to get in on the action.

 

[agent00f]

This is probably just tip of the iceberg far as trump scams go. Media should be in the bag for trump given they get to cover the rest if he becomes president.