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Trump paid $750 federal income tax the year he ran for president. The year before, he also paid $750. Trump is already calling this fake news. All the details are in the Times article.
Trump the financial fraud for all the world to see.
https://www.huffpost.com/entry/trump...b61af20e7762e7
pic.twitter.com/be15BS005Z
Banner headline from New York Times. If you can't open it without a payment, the story is all over every media in the world.
https://www.nytimes.com/
All that proves is that Trump is a full time loser, he runs his businesses at a loss and pockets the money of those who finance him. You can expect some fancy accounting behind his tax returns
Good summary - works for me.Quote:
Originally Posted by paraclete
All of this proved nothing. The story will likely turn out to be yet another in a string of fake news articles such as the recent one in the Atlantic. It's all designed to prop up the hapless campaign of the Harris/Biden ticket.
And right on cue, this is the "fair and balanced" CNN headline for the "story". "Tax bombshell reveals Trump's image is a sham." Nothing like seeing an article written by an unbiased source.
What a crazy statement. Yeah. It's the key to financial success. "How to become rich by running your businesses at a loss!"Quote:
he runs his businesses at a loss
What crime do they say he committed? How is it that the Slimes figured this out but the Feds who have audited his businesses for years could not ? I am not a tax expert ,but I have heard that losses can be written off for many years . The Real Estate market did take a hit early in last decade .
Anyway Trump did not make tax law. But Quid did for 40 years . I do not fault anyone who legally uses the tax laws to pay less taxes . I take every credit ,and deduction I can. No one complains that Warren Buffett takes the minimum salary permitted .(then the hypocrite complains that he pays less taxes than his secretary ) . None of the Quid supporters are complaining that his income gets filtered through S Corps he created for the purpose of paying less taxes.
Don't you think that this is a fine example of why there should be a flat tax ?
Absolutely it is. Better yet, have a flat tax that is keyed to spending. If we spend more, we automatically tax more. Guess what would happen to spending if we did that?Quote:
Don't you think that this is a fine example of why there should be a flat tax ?
I expect you are saying there should be a flat tax on gross revenue, no deductions, so what should it be 5%, 10% some industries have very thin margins and rely on volume, some industries have big margins, Should individuals be subject to the same rate meaning the poor pay proportionally more. The reason it hasn't been done Tom is it is impracticable and favours the richQuote:
Originally Posted by tomder55
That is for the elected officials to determine . Do I think individual and business taxes should be the same ? NO .Business income taxes should be much less or not taxed at all .Quote:
so what should it be 5%, 10% some industries have very thin margins and rely on volume, some industries have big margins, Should individuals be subject to the same rate meaning the poor pay proportionally more. The reason it hasn't been done Tom is it is impracticable and favours the rich
When government taxes businesses they pretend that the business pays the taxes .Business taxes are passed on to the customer ,or the shareholders ,or the employees of a company . It depresses wages ;impedes innovation ,and has companies looking to relocate (ex American companies operating in Ireland ) .jlisenbe is also right that a consumption tax is far better than an income tax
Missed the point. It's about Trump's claims since day one about what a financial genius he is. Proof positive he's a financial dolt. Every business he touched, except for his TV show, failed, leaving others to pay the bill. His losses have been gigantic - over $1BILLION.Quote:
Originally Posted by tomder55
Huh? He passed the infamous tax "cut" that failed to do what he claimed it would do. He lied through his teeth with that one.Quote:
Anyway Trump did not make tax law.
Shades of Steve Forbes who stood to gain hundreds of millions with his flat tax. Even the Wall Street Journal agreed the flat tax was a huge giveaway for the rich. True, Tom, you're not a tax expert.Quote:
Don't you think that this is a fine example of why there should be a flat tax ?
and ? Evita brought up the same issue in 2016 debates . He did not deny the fact that his tax accountants use the tools they have . When she said he paid little or no taxes he replied "that makes me smart " .Quote:
Missed the point. It's about Trump's claims since day one about what a financial genius he is.
The effect of the corporate tax cuts is not relevant to the issue of his income taxes .He has admitted repeatedly he uses the tax code to his advantage. Need I remind you that most of the years in question were during the emperor's tax laws .It was the emperor's IRS that cut Trump a huge check.Quote:
Anyway Trump did not make tax law.
Huh? He passed the infamous tax "cut" that failed to do what he claimed it would do. He lied through his teeth with that one.
I have seen plenty of Op-Ed pieces at WSJ that argue both sides of that issue . I admit I am not a tax expert . I give my docs to a tax accountant to make sure my returns are legal ,and that I get every deduction ,credit I am entitled to get. Are YOU a tax expert ?Quote:
Don't you think that this is a fine example of why there should be a flat tax ?
Shades of Steve Forbes who stood to gain hundreds of millions with his flat tax. Even the Wall Street Journal agreed the flat tax was a huge giveaway for the rich. True, Tom, you're not a tax expert.
from a Facebook thread: "The bigger problem and most immediate problem is not his taxes it's the half a billion dollars in unsecured debt that makes him ripe to be compromised and make decisions based on self interest rather than the American people. This conman is a national security threat and should resign from office effective immediately."
What did we expect from a guy who used and abused charities, banks and vendors before he got in office? The conservatives/rightwingers/repubs got their judges and tax cuts, and the dufus got paid. The revelation of the dufus finances are no surprise, nor that they be scrutinized for fraud should be no surprise.
I did several hundred individual tax returns in the early '90s and I had an excellent grasp of the tax code then, but I don't consider myself an "expert". I never practiced in tax court. The experts are tax lawyers, enrolled agents, and CPAs who do taxes as their main business.Quote:
Originally Posted by tomder55
It's a Facebook thread, so it just has to be true? Is that how it goes now?Quote:
from a Facebook thread: "The bigger problem and most immediate problem is not his taxes it's the half a billion dollars in unsecured debt that makes him ripe to be compromised and make decisions based on self interest rather than the American people. This conman is a national security threat and should resign from office effective immediately."
Let's go way out on a limb here.Quote:
Are YOU (Athos) a tax expert ?
Oops, I forgot. Only what YOU say is truthful and reliable....Quote:
Originally Posted by jlisenbe
Be careful! Tal will get on to you for being mean-spirited if you keep that up. In the meantime, we will look with justifiable skepticism at so-called "facts" coming from Facebook.Quote:
Oops, I forgot. Only what YOU say is truthful and reliable....
Fire the bum! Facebook is late on this one.Quote:
Originally Posted by jlisenbe
I learned how at the feet of a master.Quote:
Originally Posted by jlisenbe
First it was the Atlantic, and now it's Facebook.
The never ending, wearisome, incessant plea of left wingers. "I bear no responsibility since my problems are someone else's fault! Don't blame me."Quote:
I learned how at the feet of a master.
At least we haven't descended into constant tweeting like the dufus does.Quote:
Originally Posted by jlisenbe
Oooooh, blame-shifting. My new thread on the Religious Discussions board! Stay tuned! (You must be psychotic and read my mind!)Quote:
Originally Posted by jlisenbe
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