Six key findings from the New York Times’ Trump taxes bombshell

[Burnt Reynolds 5,058]

9 minutes ago, CanAm1980 said:

Well, let's take this tact. Every president (and I believe major party candidate) since Eisenhower has released their tax returns, except for Nixon and we know how that turned out. You would have to say, outside of the required FEC disclosures, they are a defacto standard of financial transparency. ( I would like to independently audited  financial statements, but that is not current law)

If the transcripts are being bonafide, then we can have two debates: how did the transcripts become legal ?(90% chance it was a leak from Vance's office) and what do the numbers show us?

If the transcripts are not legit, it will be easy for Trump to discredit:release his 2016 and 2017 1040 pages (not even the entire return)

 

 

This pattern you described really isn't much of a pattern given how little many of their brief returns showed. Some also only released a year or two, others several, 10, 30, etc. Given the overwhelming majority of the populace's inability to materially decipher the statements, naturally, they've only been used as a weapon, for defamation, case in point against Romney and now Trump. Since there's no justifiable constitutional reason to release them, and given the waste, how virtually no one reads them, and those who do can't decipher them (including who say they read them but then just repeat media talking points), it will remain only a cult demand with no constitutional teeth.

[Crtcl Rice Theory 2,432]

44 minutes ago, Burnt Reynolds said:

This pattern you described really isn't much of a pattern given how little many of their brief returns showed. Some also only released a year or two, others several, 10, 30, etc. Given the overwhelming majority of the populace's inability to materially decipher the statements, naturally, they've only been used as a weapon, for defamation, case in point against Romney and now Trump. Since there's no justifiable constitutional reason to release them, and given the waste, how virtually no one reads them, and those who do can't decipher them (including who say they read them but then just repeat media talking points), it will remain only a cult demand with no constitutional teeth.

No one reads them is a shopworn story.  Just telling folks that there is nothing to see here is not going to prevail.

 

 

A man who proclaims 3 billion in net worth five years ago should be worth 4.5 billion today.   If Trump had any kind of business man he should be able to show a 10%  return : 450 million.

 

Assuming a long term capital gains tax of 15% that should be 60 million in taxes to the irs annually. Forget accelerated depreciation and tax credits, how does he pare his tax bill down to less than what a Wal-Mart greeter pays?

 

At the end if the day, working people are wondering "why am I busting it to pay more taxes than a billionaire?" That is going to stand out.

 

Edited September 29, 2020 by CanAm1980

[TBoneTX 43,128]

Are you honestly trying to second-guess how Donald Trump runs his business life, and second-guessing his CPAs' calculation of taxes on what must be an intricately complex business empire?

[Burnt Reynolds 5,058]

22 minutes ago, CanAm1980 said:

Just telling folks that there is nothing to see here is not going to prevail.

That sounds like an argument that should be made to the person who said that. Otherwise, you're debating a phantom poster while quoting me. Pattern?

[Burnt Reynolds 5,058]

1 hour ago, TBoneTX said:

Are you honestly trying to second-guess how Donald Trump runs his business life, and second-guessing his CPAs' calculation of taxes on what must be an intricately complex business empire?

I wouldn't be second guessing his CPAs after they supposedly found that 70-odd million dollar refund gem from one little clause in Obama's stimulus bill. I hope the Guardian thanked Obama for the gift in that article.

[Crtcl Rice Theory 2,432]

7 hours ago, TBoneTX said:

Are you honestly trying to second-guess how Donald Trump runs his business life, and second-guessing his CPAs' calculation of taxes on what must be an intricately complex business empire?

Trump says that the NYT times story is fake news. He can easily discredit the story by releasing the 1040s for 2 years: 2016 and 2017. What is that 4/ 6 pages? 

 

If he did pay $750 in income taxes, working people are not going to care what a CPA says, what the tax laws are, it is going to feel like they are getting the shaft. What can you say to them to make it feel fair? 

 

 

[Burnt Reynolds 5,058]

30 minutes ago, CanAm1980 said:

Trump says that the NYT times story is fake news. He can easily discredit the story by releasing the 1040s for 2 years: 2016 and 2017. What is that 4/ 6 pages? 

 

If he did pay $750 in income taxes, working people are not going to care what a CPA says, what the tax laws are, it is going to feel like they are getting the shaft. What can you say to them to make it feel fair? 

 

 

"You can just dispel these rumors about you by giving all your private information (that we'd just use to further make endless defamatory claims anyways) to us!"

 

I guess you really do think people are that dumb.

[Voice of Reason 10,298]

2 hours ago, CanAm1980 said:

Trump says that the NYT times story is fake news. He can easily discredit the story by releasing the 1040s for 2 years: 2016 and 2017. What is that 4/ 6 pages? 

 

If he did pay $750 in income taxes, working people are not going to care what a CPA says, what the tax laws are, it is going to feel like they are getting the shaft. What can you say to them to make it feel fair? 

 

 

I'd tell them they need to take on some MASSIVE risk in order to be able to accumulate that amount of depreciation and write-offs.

 

Any idea what the amount of depreciation is on just ONE of his Trump Towers?  I can't even begin to imagine, compared to my paltry houses that I can claim it on.

 

Like I have said all along... taxes are a private matter between the person (entity) and the IRS.  If the IRS cannot ensure that Trump is paying the correct amount, then how are you, or I, or 150 million democrats who hate him going to figure it out?  I have never cared to look at any politician's taxes in my lifetime. In fact, I have only looked at maybe 2-3 friend's returns when asked for help over the years.  

[Voice of Reason 10,298]

2 hours ago, CanAm1980 said:

Trump says that the NYT times story is fake news. He can easily discredit the story by releasing the 1040s for 2 years: 2016 and 2017. What is that 4/ 6 pages? 

 

If he did pay $750 in income taxes, working people are not going to care what a CPA says, what the tax laws are, it is going to feel like they are getting the shaft. What can you say to them to make it feel fair? 

 

 

The REAL question is... do you know why Trump only paid $750 in taxes?  Have you ever heard of pre-paying your tax bill?

 

https://hermancain.com/#######-morris-trump-not-avoid-taxes-prepaid/

 

 

 

[Cyberfx1024 7,978]

1 hour ago, Voice of Reason said:

The REAL question is... do you know why Trump only paid $750 in taxes?  Have you ever heard of pre-paying your tax bill?

 

https://hermancain.com/#######-morris-trump-not-avoid-taxes-prepaid/

 

 

 

Don't you know that is fake news....

[Burnt Reynolds 5,058]

2 hours ago, Voice of Reason said:

The REAL question is... do you know why Trump only paid $750 in taxes?  Have you ever heard of pre-paying your tax bill?

 

https://hermancain.com/#######-morris-trump-not-avoid-taxes-prepaid/

 

 

 

Awaiting Google audit of Trump.. 

[Dashinka 23,267]

On 9/28/2020 at 10:00 PM, CanAm1980 said:

Well, let's take this tact. Every president (and I believe major party candidate) since Eisenhower has released their tax returns, except for Nixon and we know how that turned out. You would have to say, outside of the required FEC disclosures, they are a defacto standard of financial transparency. ( I would like to independently audited  financial statements, but that is not current law)

If the transcripts are being bonafide, then we can have two debates: how did the transcripts become legal ?(90% chance it was a leak from Vance's office) and what do the numbers show us?

If the transcripts are not legit, it will be easy for Trump to discredit:release his 2016 and 2017 1040 pages (not even the entire return)

 

 

Proof this started with Eisenhower?  According to Money it all started with Nixon which seems funny that candidates would follow a political gimmick started by a disgraced President.  Btw, Ford did not release his returns in 76, so the practice really did not become the norm until 1980.

 

https://money.cnn.com/2017/01/23/news/economy/donald-trump-tax-returns/index.html#:~:text=The custom of releasing tax returns began with,led to one of Nixon's most famous quotes.

 

 

Like I said earlier, I would rather see something of substance released by candidates such as potential SCOTUS or cabinet picks, you know, something that may actually show how a person would govern.  Now if Old Joe wants to release Hunter’s tax returns that may be helpful to show that Joe was actually complicit in the corruption of the last Administration.

[Dashinka 23,267]

On 9/28/2020 at 11:18 PM, CanAm1980 said:

No one reads them is a shopworn story.  Just telling folks that there is nothing to see here is not going to prevail.

 

 

A man who proclaims 3 billion in net worth five years ago should be worth 4.5 billion today.   If Trump had any kind of business man he should be able to show a 10%  return : 450 million.

 

Assuming a long term capital gains tax of 15% that should be 60 million in taxes to the irs annually. Forget accelerated depreciation and tax credits, how does he pare his tax bill down to less than what a Wal-Mart greeter pays?

 

At the end if the day, working people are wondering "why am I busting it to pay more taxes than a billionaire?" That is going to stand out.

 

You do understand the differences between personal taxes and corporate taxes right? 

[Crtcl Rice Theory 2,432]

3 hours ago, Dashinka said:

You do understand the differences between personal taxes and corporate taxes right? 

Yep

[Voice of Reason 10,298]

On 9/29/2020 at 1:18 AM, CanAm1980 said:

No one reads them is a shopworn story.  Just telling folks that there is nothing to see here is not going to prevail.

 

 

A man who proclaims 3 billion in net worth five years ago should be worth 4.5 billion today.   If Trump had any kind of business man he should be able to show a 10%  return : 450 million.

 

Assuming a long term capital gains tax of 15% that should be 60 million in taxes to the irs annually. Forget accelerated depreciation and tax credits, how does he pare his tax bill down to less than what a Wal-Mart greeter pays?

 

At the end if the day, working people are wondering "why am I busting it to pay more taxes than a billionaire?" That is going to stand out.

 

So a few days have gone by, and this supposed "bombshell" seems to have fizzled like a sparkler in a water fountain.  Why?

 

Yanno, Trump probably pays more in CPA fees annually than you and I combined pay in taxes.  Why do you think they would cheat on his taxes for him?  Have you given up on this vein for something else?