916 Million Reasons Trump Won't Release His Taxes

[1775usmarine]

I suspect that had he actually paid what he owed, he would have released his taxes months ago.

Either he didn't pay or his business dealings are too closely tied to China and Russia. Are you comfortable with either scenario?

Fact is, we won't know until he releases his taxes.

Didn't say that, did I?

We certainly shouldn't allow anyone to pass ALL of their wealth from one generation to the next.

What people do with their wealth is none of your business. Those who try to make it their business are the ones jealous of what others have.

 

[HoughMade]

I think it's amusing that people think that a personal tax return would have information linking Trump to Russia or China. You really don't know how this works.

 

[1911ly]

You're wrong. The loophole Trump used was specifically for real estate developers.

So, what job do you think Trump does for a living?? You're upset he used a loop hole that is there for real estate developers. Really!!

Are are you really surprised you can't get much sympathy for your point of view on this. I think you can sell the idea better over here: The Liberal Gun Club Forum ? Index page

 

[david890]

But no the deduction is not specifically for real estate developers.

New York Times: "They also suggest Mr. Trump took full advantage of generous tax loopholes specifically available to commercial real estate developers to claim a $15.8 million loss in 1995 on his real estate holdings and partnerships."

Washington Post: "Say a developer like Trump wanted to buy a $1 billion building and reached a deal with a bank to put up $300,000, while the bank financed the rest. If the investment failed and the property was sold at a loss, the bank would absorb the majority of that loss.

But, as Kleinbard points out, the tax code allows the developer to write off that loss (called a net operating loss) for the year it took place, for the next 15 years and for two years before, for a total of 18 years. So in this case, Trump could have offset $50 million a year in taxable income for that long."

Yes, any business can claim a Net Operating Loss. However, how many individuals have claimed $900M in NOL? We're looking at Trump's PERSONAL federal taxes for 1995.

And why no comment on the fact that he has paid 30% or more of his income in taxes?

Because you have provided no evidence that he paid that much tax. And neither has Trump.

 

[Vigilant]

New York Times: "They also suggest Mr. Trump took full advantage of generous tax loopholes specifically available to commercial real estate developers to claim a $15.8 million loss in 1995 on his real estate holdings and partnerships."

Washington Post: "Say a developer like Trump wanted to buy a $1 billion building and reached a deal with a bank to put up $300,000, while the bank financed the rest. If the investment failed and the property was sold at a loss, the bank would absorb the majority of that loss.
But, as Kleinbard points out, the tax code allows the developer to write off that loss (called a net operating loss) for the year it took place, for the next 15 years and for two years before, for a total of 18 years. So in this case, Trump could have offset $50 million a year in taxable income for that long."






Because you have provided no evidence that he paid that much tax. And neither has Trump.

How much did you pay last year? Did you take any deductions?

 

[phylodog]

I'm so very disappointed that Donald Trump had the audacity to follow the law while looking out for his own best interests, what a monster. If he was any kind of respectable (rich) American, he would open up his accounts to be cleaned out by all of those who believe they know best and deserve to steal his money in the name of the "greater good".

 

[HoughMade]

That Trump apparently followed the tax code that applies to everyone is a sin of some sort. Live with it.

 

[jamil]

New York Times: "They also suggest Mr. Trump took full advantage of generous tax loopholes specifically available to commercial real estate developers to claim a $15.8 million loss in 1995 on his real estate holdings and partnerships."

Washington Post: "Say a developer like Trump wanted to buy a $1 billion building and reached a deal with a bank to put up $300,000, while the bank financed the rest. If the investment failed and the property was sold at a loss, the bank would absorb the majority of that loss.
But, as Kleinbard points out, the tax code allows the developer to write off that loss (called a net operating loss) for the year it took place, for the next 15 years and for two years before, for a total of 18 years. So in this case, Trump could have offset $50 million a year in taxable income for that long."






Because you have provided no evidence that he paid that much tax. And neither has Trump.

It doesn't matter if it applies to real estate or not. If it chaps your ass that this tax advantage is available, call for the law to be changed. Until the law is changed there is zero moral dilemma for using it. I think the "chappage" has more to do with whose side it benefited, and I strongly suspect that if HRC use the exact "loophole" you'd not say a word.

 

[david890]

I think it's amusing that people think that a personal tax return would have information linking Trump to Russia or China. You really don't know how this works.

So, why not release them?

1) They show his net worth to be significantly lower than what he says;
2) They show significant involvement/investment in Russia, China, etc.


IRS 1040A, Part III: Foreign Accounts and Trusts
Report of Foreign Bank and Financial Accounts (FBAR – Form TD F 90-22.1)

"United States persons are required to file an FBAR if:
the United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and
the aggregate value of all foreign financial accounts exceeded $10,000 at any time during the calendar year reported.


United States person includes U.S. citizens; U.S. residents; entities, including but not limited to, corporations, partnerships, or limited liability companies, created or organized in the United States or under the laws of the United States; and trusts or estates formed under the laws of the United States."

 

[david890]

How much did you pay last year? Did you take any deductions?

I didn't file. My SSDI isn't taxable, and it's my only income.

 

[david890]

It doesn't matter if it applies to real estate or not.

Timjoebillybob (post #203) claimed it didn't apply specifically to real estate developers, and I proved otherwise.

If it chaps your ass that this tax advantage is available, call for the law to be changed. Until the law is changed there is zero moral dilemma for using it. I think the "chappage" has more to do with whose side it benefited, and I strongly suspect that if HRC use the exact "loophole" you'd not say a word.[/QUOTE]

It's not the loophole; it's the SIZE OF THE LOSS. When has Hillary lost $900M in her personal holdings? Remeber, we're discussing Trump's PERSONAL taxes for 1995.

 

[indiucky]

That Trump apparently followed the tax code that applies to everyone is a sin of some sort. Live with it.

Looks to me like he "Rendered unto Caesar, that which is Caesar's" well within the tax code and the law.....

 

[HoughMade]

It's not the loophole; it's the SIZE OF THE LOSS...

Tell us how you would have structured the deal to avoid a loss, make it a smaller loss or made a profit.

 

[Vigilant]

I didn't file. My SSDI isn't taxable, and it's my only income.

So you get the biggest deductions of all, (being tax exempt)and still think it's ok to take more from others?

 

[Vigilant]

Timjoebillybob (post #203) claimed it didn't apply specifically to real estate developers, and I proved otherwise.

If it chaps your ass that this tax advantage is available, call for the law to be changed. Until the law is changed there is zero moral dilemma for using it. I think the "chappage" has more to do with whose side it benefited, and I strongly suspect that if HRC use the exact "loophole" you'd not say a word.

It's not the loophole; it's the SIZE OF THE LOSS. When has Hillary lost $900M in her personal holdings? Remeber, we're discussing Trump's PERSONAL taxes for 1995.[/QUOTE]
She hasn't had that much available personally to lose yet, but if you ask some of the Whitewater investors how much she helped lose...

 

[jamil]

Timjoebillybob (post #203) claimed it didn't apply specifically to real estate developers, and I proved otherwise.

If it chaps your ass that this tax advantage is available, call for the law to be changed. Until the law is changed there is zero moral dilemma for using it. I think the "chappage" has more to do with whose side it benefited, and I strongly suspect that if HRC use the exact "loophole" you'd not say a word.

It's not the loophole; it's the SIZE OF THE LOSS. When has Hillary lost $900M in her personal holdings? Remeber, we're discussing Trump's PERSONAL taxes for 1995.[/QUOTE]

I've said that the only worthwhile information about this was that Trump lost that much money. But you've also tried to make it a "fairness" argument. You've also implied it is immoral to use tax law to one's advantage. Yet I don't see all these progressive moralists skipping deductions on their own taxes. You think Warren Buffet doesn't use tax law to his advantage?

 

[david890]

Kaine said that while Hillary Clinton worked to appropriate funds to help NY after 911, Donald Trump wasn't paying any tax. WTF?

In her capacity as Senator from New York, she was working on behalf of ALL her constituents to obtain funding for relief. Just as EVERY Rep, Senator, Governor, etc. does after a disaster.

And, as has been pointed out, it appears Trump paid no personal taxes during that time.

But the important point is, as a resident of NY Hillary didn't pay a ***dam dime more in taxes than she owed, VOLUNTARILY, to help NY.

Hillary released her taxes, so charitable donations - above and beyond what she was required to pay - should be easy to check.

 

[1775usmarine]

I suspect that had he actually paid what he owed, he would have released his taxes months ago.

Either he didn't pay or his business dealings are too closely tied to China and Russia. Are you comfortable with either scenario?

Fact is, we won't know until he releases his taxes.

Timjoebillybob (post #203) claimed it didn't apply specifically to real estate developers, and I proved otherwise.

If it chaps your ass that this tax advantage is available, call for the law to be changed. Until the law is changed there is zero moral dilemma for using it. I think the "chappage" has more to do with whose side it benefited, and I strongly suspect that if HRC use the exact "loophole" you'd not say a word.

It's not the loophole; it's the SIZE OF THE LOSS. When has Hillary lost $900M in her personal holdings? Remeber, we're discussing Trump's PERSONAL taxes for 1995.[/QUOTE]

Post #221

 

[phylodog]

I didn't file. My SSDI isn't taxable, and it's my only income.

Now it becomes clear

 

[HoughMade]

Now it becomes clear

A lot of things become clear. Vote and support your self-interest. I get it.