09-29-2020, 04:41 PM
Most people won’t find the single “bombshell” buried in this recently published very long New York Times article.
The article shows that Donald Trump was able to lower his taxes for 18 years by deducting his more than $900 million in losses in 1990, when he went bankrupt.
For many people these days unable to read anything longer than a Twitter message, this article seems to argue that Donald Trump really is a great businessman, by using the laws to lower his taxes to almost 0. In 10 of the previous 15 years, “billionaire” Trump paid no (0) income taxes, and in 2016 and 2017 Trump paid only a combined $1500).
In 2010, Donald claimed and received an income tax refund totalling $72.9 million (the federal income tax he had paid for 2005 to 2008). That was with the help of legislation entered by President Obama.
Then from 2011 to 2014, “billionaire” Donald paid no federal taxes at all (0).
Where it gets “criminal” behaviour by the Donald is that he never paid those losses back to his handlers/lenders, so he shouldn’t be allowed to deduct it.
Here’s how the NYT one time in the whole long article explains that Donald really is in trouble with the IRS.
I’m (almost) sure that it’s only a coincidence that the US Attorney to Southern District of New York (SDNY), Geoffrey Berman, was fired on 20 June (technically speaking: forced to resign) after his office had begun investigating Trump’s taxes in 2017: https://www.abc.net.au/news/2020-08-04/d...g/12520884
The article shows that Donald Trump was able to lower his taxes for 18 years by deducting his more than $900 million in losses in 1990, when he went bankrupt.
Quote:Following the U.S. stock market crash of 1987, a global recession hit New York real estate. New construction stalled, and several big developers declared bankruptcy.https://archive.is/8npXW
As the real estate market slumped, Trump ran out of cash.
At the beginning of 1990 he owed a combined $4 billion to more than 70 banks, with $800 million personally guaranteed by his own assets, according to Alan Pomerantz, a lawyer whose team led negotiations between Trump and 72 banks to restructure Trump’s loans. Pomerantz was hired by Citibank but became lead counsel for the negotiations.
For many people these days unable to read anything longer than a Twitter message, this article seems to argue that Donald Trump really is a great businessman, by using the laws to lower his taxes to almost 0. In 10 of the previous 15 years, “billionaire” Trump paid no (0) income taxes, and in 2016 and 2017 Trump paid only a combined $1500).
In 2010, Donald claimed and received an income tax refund totalling $72.9 million (the federal income tax he had paid for 2005 to 2008). That was with the help of legislation entered by President Obama.
Then from 2011 to 2014, “billionaire” Donald paid no federal taxes at all (0).
Where it gets “criminal” behaviour by the Donald is that he never paid those losses back to his handlers/lenders, so he shouldn’t be allowed to deduct it.
Here’s how the NYT one time in the whole long article explains that Donald really is in trouble with the IRS.
Quote:If the I.R.S. learns that the owner received anything of value, the allowable losses are reduced to just $3,000 a year. And Mr. Trump does appear to have received something. When the casino bankruptcy concluded, he got 5 percent of the stock in the new company.http://archive.is/Zyew1
I’m (almost) sure that it’s only a coincidence that the US Attorney to Southern District of New York (SDNY), Geoffrey Berman, was fired on 20 June (technically speaking: forced to resign) after his office had begun investigating Trump’s taxes in 2017: https://www.abc.net.au/news/2020-08-04/d...g/12520884
The Order of the Garter rules the world: https://www.lawfulpath.com/forum/viewtop...5549#p5549