Mr. Trump pays $750 in taxes while Trumpco bleeds money.

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Fnord
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27 Sep 2020, 7:40 pm

President Donald J. Trump paid no U.S. income tax for many years, and only $750 in 2016, and again in 2017, while his businesses are bleeding money, according to an Associated Press (AP) report.

Furthermore, President Donald J. Trump paid absolutely no federal income taxes in 10 of the past 15 years.

A lawyer for the Trump Organization, Alan Garten, and a spokesperson for the Trump Organization did not immediately respond to a request for comment.

According to the report, a number of Trump’s businesses, including his golf courses, which have lost more than $300 million since 2000, are continuing to operate at a significant loss (likely due to his mishandling of the Covid Crisis).  The report said he also has more than $300 million in loans expected to come due in the next few years.


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And this is the "great" business-person who won the electoral vote?!  No wonder he wants to stay in office -- civil cases against sitting Presidents are usually held in abeyance or simply made to "go away".

Now expect denials ("Fake News!"), diversions ("whataboutisms"), and deprecations ("the reporter is a liberal sleazebag ...", et cetera) leading up to the elections.

People get the leaders they deserve; but don't blame me -- I voted for myself!



Fnord
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27 Sep 2020, 7:51 pm

His finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed.

Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses.  An adverse ruling could cost him more than $100 million.

His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. The records also show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

The tax data provides a road map of revelations, from write-offs for the cost of a criminal defense lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow.

(MOSCOW?!  He got millions of dollars for putting on a show in Moscow?!  No wonder he's so in love with the Russians!)

The financial disclosures required of him as president -- which he has pointed to as "evidence" of his mastery of business -- actually offer a distorted picture of his financial state, since they simply report revenue, not profit. In 2018, for example, Mr. Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses.

Ultimately, Mr. Trump has been more successful pretending to be a business mogul than being one in real life.

Sad.



TheRobotLives
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27 Sep 2020, 7:57 pm

Trump calls himself, "THE KING of DEBT".

That's his secret to getting rich.

1. Get other people's money (debt)
2. Invest it wisely
3. Make massive profits

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27 Sep 2020, 8:06 pm

The caveat there is that profiteering off human misery doesn't teach one to fix anything.


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27 Sep 2020, 8:21 pm

Yet another case that will be brought against him when he gets kicked out of office. :cheers:



Fnord
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27 Sep 2020, 9:43 pm

Catlover5 wrote:
Yet another case that will be brought against him when he gets kicked out of office. :cheers:
Draft dodger ... tax cheat ... serial adulterer ... and the debate is only two days away ...



aghogday
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27 Sep 2020, 11:41 pm

An Orange Jump
Suit is Already
A 'Perfect Match'
For Trump in Meme
And Literal Ways of Dress too
As He Gets Elected to Another place
soon enough...
i suppose He
Realizes He
may be
in
for
A Change Like
That If He doesn't
Move Hell to Stay Where
He is at Now; No Doubt,
He'll come up with some more
Chords of Chaos to Play the
Joker oFF A Real 'Batman'
Movie Where Reality
is Much More of
A Trump
3 Ring
Circus
that Any
Reality Show on TV...
We've Really Got 'A Load'
of that 'Orange Stuff' Already...
Like A Herd of Elephants the Size of
Kansas Flew by...
Like Over
the 'Cuckoo's
Nest' With the
Guy Who Played the 'Joker' too..;)


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Brictoria
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28 Sep 2020, 12:04 am

Fnord wrote:
Catlover5 wrote:
Yet another case that will be brought against him when he gets kicked out of office. :cheers:
Draft dodger ... tax cheat ... serial adulterer ... and the debate is only two days away ...


Yes, it was rather "convenient" timing for this, wasn't it...


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cberg
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28 Sep 2020, 12:29 am

You're so convinced you have an easy rationalization for this sick man. :(

Of course the timing is convenient, this is all straight from infinite databases of federal drudgery, in the capital of federalized drudge.

There's always dirt on the President. Your rhetoric isn't questioning facts, it's questioning everyone's adherence to facts.


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28 Sep 2020, 3:22 am

Just for comparison:

Federal income tax payed by:

Joe Biden (2016) : $ 93,229
Kamala Harris (2016): $ 377,930
Donald Trump (2016): Here's a $750 voucher for a room at Mar-A-Lago. I'll deduct $ 1,500 on my next tax return.
Mike Pence (2015*): $ 8,956

Source (line 63 in all 3 documents):
https://go.joebiden.com/page/-/vpdocs/B ... ederal.pdf
https://s3.amazonaws.com/pdfs.taxnotes. ... s_2016.pdf
https://assets.documentcloud.org/docume ... Return.pdf

*Pence hasn't released tax returns after 2015.

And if one assumed a linear relationship between income tax and income, Kamala Harris' income would have to be 500 times higher than that of Donald Trump in 2016...



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28 Sep 2020, 3:37 am

Now we know why he's so desperate to subvert American democracy. He's terrified of the consequences of losing and his debts having to be repaid.


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28 Sep 2020, 8:24 am

funeralxempire wrote:
Now we know why he's so desperate to subvert American democracy. He's terrified of the consequences of losing and his debts having to be repaid.
Agreed.  The revelation of Trump's deceptive accounting practices have opened him up to serious legal issues when he leaves office -- but if he gets re-elected (or becomes dictator for life), he can delay (or completely avoid) legal judgement.

The anti-elite crusader whom Americans elected to the Presidency in 2016, and who rails against a corrupt system has actually been using that same system's loopholes to avoid paying any federal taxes at all in 10 of 15 years beginning in 2000 by writing off his own staggering losses.

There is a con man in the White House; the kind of man who would think "I can get away with paying no taxes on hundreds of millions of dollars in income".

Donald J. Trump makes Richard M. Nixon look like a squeaky-clean boy scout by comparison.

Sad.



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28 Sep 2020, 8:26 am

presumed innocent until proven guilty...



Fnord
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28 Sep 2020, 8:30 am

Brictoria wrote:
Fnord wrote:
Catlover5 wrote:
Yet another case that will be brought against him when he gets kicked out of office.
Draft dodger ... tax cheat ... serial adulterer ... and the debate is only two days away ...
Yes, it was rather "convenient" timing for this, wasn't it...
Absolutely!

And if he had released those record 4 years ago, this s***-storm would have blown over by now, and he might stand a chance of re-election.  As it is even some of his most devout followers are beginning to question his integrity.



Fnord
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28 Sep 2020, 8:33 am

Steve1963 wrote:
presumed innocent until proven guilty...
The complete quote is...

"In the American criminal justice system, a defendant is presumed innocent until proven guilty in a court of law".

The WrongPlanet website is a Court of Public Opinion, where mere suspicion is enough to convict anyone.

And when it comes to Donald J. Trump, we have a LOT for which to be suspicious.



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28 Sep 2020, 12:52 pm

Here is Trump from 2000 to 2018:

Image
Source: https://www.motherjones.com/kevin-drum/ ... ince-2012/

Apparently, Trump wasted the $ 0.4 billion he made from "The Apprentice" on unprofitable golf resorts. Except 70 grand spent on haircuts, of course.

And here is Trump from 1985-1995:

Image
Source: https://www.statista.com/chart/17932/tr ... ss-losses/