Meh, it's the same every election. I never understand it.
NYT gets Trump's 1995 tax documents, might have avoided taxes for two decades
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Meh, it's the same every election. I never understand it.
Technosteve
Banned
They didn't try to spin it that he donated 900 million to charity?
It's a completely normal thing that everyone does. Just as you get taxed for income, you can claim losses against your income.
If you're a US taxpayer, when you're filling out your taxes, this is what the "standard deduction" is: an assumed "typical" reduction from your taxable income that everyone is allowed to claim if they don't want to carefully itemize all losses.
But when people have had really big losses, they can itemize losses rather than claim the standard deduction and thus count the huge losses against income to get a bigger deduction. If the loss is so big that it totally eliminates your income tax, you're allowed to carry it forward and apply it to the next year, and so on.
Blackpanther25
Member
I was getting goosebumps reading that article and reviewing the PDF version of his 1995 tax documents.
Man he is done.
Man he is done.
andythinkpad
Member
It's not that big of a news in Trump standard.
I was hoping some serious October surprise, like Putin gave Trump a 500 million check.
I was hoping some serious October surprise, like Putin gave Trump a 500 million check.
Trump campaign response.
Literally reads like some North Korea propaganda. "Incredible skills dear leader!"
Huh?
If this deduction is legal this supports the image he has cultivated.
This is bad because he had the fall out of the bankruptcy fall on other people. It's obvious that 1 billion loss wasn't for Trump but his partners.
The legal rules shouldn't have allowed this to happen.
Basileus777
Member
Trump campaign response.
No denial.
BreezyLimbo
Banned
Trump campaign response.
This is fake right
'Trump knows the best Tax Codes, better than everyone ever'
Oh my god it's a hilarious joke at this point. All of the Campaign responses are so self-masturbatory, I wonder which son wrote it.
Shake Appeal
Member
Yo, release your tax returns and let us see these "very substantial charitable contributions" that the Washington Post has been trying and failing to find.
timetokill
Banned
I'd imagine a majority of the voting populace, if they could do so without consequence, would not pay taxes.
Trump campaign response.
Is it wrong that I'm reading this in Trump's voice? Makes this even more hilarious.
But they're not stupid for paying their taxes!
Here's hoping the Trump Campaign can stay at work for an additional 30 minutes and give an official response to that too.
Correct.
"Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes." - Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934).
This Trump defending is leaving a bad taste in my mouth, though. Trump is a jackass. Okay, I feel better.
the real story is he's such a big loser when it comes to doing business. we should laugh any time he says he's a successful businessman.
I'm not saying it's not smart to take advantage of the rule once you are in that position... But to be in that position means you are a shitty businessman aka not smart.
that's also acceptable
call_kotaku
Member
I wonder how much actual billionaires hate Trump for turning this into a huge visible issue by evading taxes so poorly.
Familienoberhauptvogel
Banned
It hurts in the debates.
To be fair to the Don, when he allegedly forcibly raped that child, along with that other guy, neither one was President of the United States.
Nothing like what crooked Hillary and Bill have done.
You're right. What was I thinking. Trump supporters will admire him for this. Building such a large debt that he didn't have to pay taxes for two decades. Like welfare. Maybe we should drug test Trump? Haha now I'm going crazy.
DontBeThatGuy
Member
Warren Buffett has never been shy about how unfair this shit actually is.
n64coder
Member
I took advantage of this myself about a decade ago. I had a large capital gain loss that I could carry forward to offset any gains until the loss was used up. I could also apply the loss against ordinary income but was limited to $3K per year.
It's not really a great thing to have because I rather not have the loss. It's better to have income and pay taxes on it.
Yep. Trump don't give a shit about not paying taxes, it's the fact the story chips away at his image as a savvy entrepreneur and a winner. Its his brand. He cant project that image with stories like this floating about.
ThLunarian
Member
I hate everything Donald Trump stands for and want him to go down in a fiery inferno.
This is nothing. It might be a PR problem, but there will be no legal consequences for this, nor should there be.
This is nothing. It might be a PR problem, but there will be no legal consequences for this, nor should there be.
Basileus777
Member
He's running for President, a "PR problem" is not nothing. Focus groups hated his line about being smart for avoiding taxes in the debate and Trump has been desperately trying to suppress this information because it is damaging.
MassiveNights
Banned
No denial = this shitshow just got real.
User 463088
Banned
No one cares about legal consequences.
During the debate, the things the focus groups reacted to the most negatively were when he made the case that he didn't pay taxes.
People hate paying taxes. What people hate even more is when rich people don't pay taxes. A person working a job, making $30,000 a year pays their taxes, and now here's this rich asshole who hasn't paid taxes for 20 years? That shit leaves a mark on the electorate.
Bam Bam Baklava
Member
You could literally say the same for Clinton's e-mails and yet the damage that did politically was tremendous.
fallengorn
Bitches love smiley faces
Let's see Trump lose sleep over this.
Trump campaign response.
Who was President in 1995?
Old Trumpy got one over on the Clintons and people are hating on him?
What's the big deal?
Trump is a scumbag. Fuck these leeches on society and the politicians who enable them.
Maybe someone better than me can photoshop Trump's mug into this, but this gif seems appropriate after seeing how much money was cited.
Edit: just saw the campaign's response. What a fucking joke. Only took them a sentence or two to end the hand-waving and start the finger-pointing at Clinton.
Edit: just saw the campaign's response. What a fucking joke. Only took them a sentence or two to end the hand-waving and start the finger-pointing at Clinton.
hey_it's_that_dog
benevolent sexism
People keep saying this, but isn't the counterpoint that if you can lose a billion dollars and still be in business 20 years later, you might be sort of good at business?
I don't think losing a lot of money at once necessarily means you're a bad businessperson. I'm not saying this proves Trump is good at business by any means, but one colossal loss doesn't disprove it. His successes and failures over time would be a much better indicator of his skill, IMO.
They really have to learn to stop combining their narratives. Saying the "alleged" document was "obtained illegally" doesn't help your case.Trump campaign response.
"I never had sex with her, and you shouldn't have come home at that time anyway!"
PantherLotus
Professional Schmuck
^^^^^^^^^^^^^^^^^^^^^^^^^^
titiklabingapat
Member
(October) Surprise!!
wumster3000
Member
I think avoiding taxes is the issue IMO. Unless you are speaking about him losing support from his zombies. His opponent showed her taxes and not only that, paid her fair share - if I'm not mistaking. People who can see through his lies, know he isn't a smart businessman. A lot of his followers know as well.
Edit: Also this
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