Trump's tax returns

[timhau]

I think there is one immediate and very critical result that will come from the release of the tax returns:

no major law firm will represent him without cash up front.

I think that has already been the case.

 

[Ladewig]

Someone on CNN said Biden should hand Trump a check for $750 at the debate and say he heard he needed a loan.

Perfect.
Trump would want to take it and cash it in order to punish Biden for the insult. Would he be smart enough to avoid that?

The clever thing to do is to take it and auction it off. I suspect it would fetch very low six-figures.
Then the question becomes should he take the money for himself, give the money to his campaign, or donate it to charity (haha, just kidding, he’d never do that).

 

[Andy_Ross]

Melania must be worried now. She's thinking there's no way that she will get anything on that pre-nup agreement.

 

[Squeegee Beckenheim]

So the NYT has given us the "eye opening revelation" (based on documents it hasn't disclosed) that Trump is no different to other 1 percenters. He has taken advantage of the complex tax laws to reduce his tax liability to practically nothing.

I'm shocked I tells you, SHOCKED!

It shows that he has broken tax laws.

 

[Andy_Ross]

In 2017 when Trump paid $750 in taxes JoeBiden paid $3.7 million.
And Biden gave $1 million to charity, Trump gave $0.

 

[The Don]

It shows that he has broken tax laws.

I'm sure he, and/or his lawyers and accountants will insist that he has not. Tax laws are so complex that there are all kinds of grey areas.

I'm sure they can find a way to explain the apparent payments to Ivanka as a consultant.

 

[psionl0]

And there it is. The "everyone does it" excuse. I'm shocked I tells you, SHOCKED!

You misunderstand. This is not in anyway a vindication of Trump.

We all knew that Trump was a dishonest crook long before the "startling" revelations in the NYT so this sudden shocked and outraged reaction is over the top.

The documents it hasn't disclosed? You mean Trump's tax returns?

From the ARTICLE:

In response to a letter summarizing The Times’s findings, Alan Garten, a lawyer for the Trump Organization, said that “most, if not all, of the facts appear to be inaccurate” and requested the documents on which they were based. After The Times declined to provide the records, in order to protect its sources, Mr. Garten took direct issue only with the amount of taxes Mr. Trump had paid.​

So not only do we don't know if the documents the article was based on are genuine, we have to rely on the NYT's interpretation of the documents.

The NYT article is almost certainly not "fake news" but otherwise, all of the numbers have to be taken with a grain of salt.

 

[Darat]

NBC says Trump used their hair stylist on the show in 3...2...1.

We do know he pays out for his hair, that was the cause of him assaulting and "not rape rape" raping his first wife.

 

[Darat]

Biden should come on with two stacks of bills, put them on his podium, then point to the smallest one and say "taxes" and then point to the pile that is nearly ten times bigger and say "hairspray".

 

[carlosy]

It shows that he has broken tax laws.

LAW & ORDER!!!!

 

[Craig4]

It's clear from the documents that Trump runs is businesses at a constant loss and siphons the profits to somewhere else.
Just like he's doing to the US.

No wonder the IRS takeover was more important than anything else to Trump after the inauguration.

I hope Biden will make a commitment to taking from Trump every tax dollar he owes.

I would prefer that Biden say that he's not going to get involved with decisions to move forward on legal actions just that he will expect the agencies in the Executive Branch to enforce the law without fear or favor.

 

[Craig4]

The word “think” is the key. When I comment ex cathedra, I’ll let people know.

I'm concerned but haven't crossed into worry yet. This isn't 2016. Biden is in a very different situation than Clinton was at this point in the last election cycle. The polling data showed vulnerabilities in Pennsylvania and Michigan in 2016 that aren't there this year.

This report will get out the Biden base and probably keep the Obama-Trump voter at home which helps Biden.

 

[smartcooky]

It narrowed after the conventions. Then it steadied for a few weeks. The margin has increased ever so slightly in the past week. (From 6.8 to 7.2 per 538.)

(I check 538 multiple times a day. A sign of fear and/or pathos, take your pick.)

The thing you have to watch with 538 are the Rasmussen Polls... they are low grade for accuracy and reliability (only C+) but they ALWAYS favour Trump by a significant margin compared with the others. Every time I see a tick up in Trump's favorable rating plus a tick down in his unfavourable, it has always been accompanied by a Rasmussen Poll.

 

[Craig4]

Ivanka was paid as a consultant on projects that she was managing

Huge red flag, and very illegal, apparently. Also not something she can wriggle out of - as a member of the organisation, she is legally on the hook here.

Seems like odd behavior, paying a consulting fee for someone who is also your employee.

 

[Craig4]

Melania must be worried now. She's thinking there's no way that she will get anything on that pre-nup agreement.

She is right to be worried. In the Atlantic City bankruptcy, the banks put Trump on an allowance. A very generous allowance to be sure but nothing close to what he was spending before.

 

[Craig4]

I think you're probably right. I also think he may have done a round-robin of money on profits, using consultant fees and balance-sheet loan accounts to non directly controlled entities with carried forward losses, switching over different tax years.

Tax returns are good but the supporting financial statements and detailed general ledgers is what a forensic accountant needs to see in a tax audit.

As for Russian money or capital benefits, a non-Trump controlled US discretionary trust, that invests overseas, can possibly distribute trust profit re-characterised as non foreign......soooo, again, you need to see the detailed financial statements and general ledgers.

Let's wait and see what we get to see.

I think we'll know if the creditors start calling in the loans.

 

[The Don]

Seems like odd behavior, paying a consulting fee for someone who is also your employee.

It may be odd. Then again it may just be very tax efficient.

 

[Crossbow]

I expect that the real Trump Tax Return issue will squelch the phony Trump Drug Test issue that he has been trying to get into circulation.

 

[JoeMorgue]

Here is the defense/deflection of this story that you will begin to hear:

“Now let’s see all those people in congress!”

“He already told us he doesn’t pay taxes because he’s smart!”

“Look at any billionaire’s tax returns and I’ll bet you you’ll see the same thing. Let’s see Bill Gates’/Jeff Bezos’/George Soros’ returns!”

“Don’t blame Trump; blame the tax system that lets him do this.”

“The NYT is fake news and has been caught fabricating stories in the past.”

So the NYT has given us the "eye opening revelation" (based on documents it hasn't disclosed) that Trump is no different to other 1 percenters. He has taken advantage of the complex tax laws to reduce his tax liability to practically nothing.

I'm shocked I tells you, SHOCKED!

*Steve Rogers handing Nick Fury 10 bucks GIF*

 

[JoeMorgue]

It shows that he has broken tax laws.

Whoa... whoa.. .whoa... wait.

Trump... has... broken... a law?

Well this changes everything! It's not like he brags about breaking 10 laws before breakfast everyday or anything. It's not like he openly bragged about doing the thing he was being impeached for during his impeachment proceedings and absolutely nothing came of it. It's not like he openly and admitted stacked the justice department with "My only legal opinion is that the President can do anything he wants" people.

Since this is the first illegal thing it's ever been suggested/proven that Trump has done it will obviously make a difference.