Posted on 05/08/2019 4:41:56 AM PDT by EyesOfTX
Because people care 2 years into his first term about whether he REALLY made or lost money in the 80s.
The only people that will care are already voting against him.
And trying to explain tax shelters, non-cash losses, etc., would take an eternity for these nitwits.
I’m not going to pay attention to any of this media crap.
Some government employee needs to be outfitted for an orange jumpsuit for leaking in violation of the privacy laws.
I saw a hit piece in the NYT today that they got Trump’s tax transcripts, which, first of all is against the law for whoever provided them to the NYT. It claimed that he “hadn’t paid tax” and was a “bad businessman” because his casinos had NOLs of $1.1B or something. It was borderline slander. I know the media sucks, but this really was atrocious.
They know nothing of the tax law and they paint a picture of either illegality or incompetence so that people who don’t understand the tax law will think ill of Trump. Who does that serve?
*I* KNOW the tax law and I can tell you the best result for ANY business is Book Profit - Tax Loss. Every year. Consistently. It’s not easy to pull off, but that’s what you’d want to do. WANT to do. The notion that his businesses generate NOLs is bad is ridiculous.
Didn’t Amazon lose $$ for its first 15-16 years or so?
I don’t want to look at my own tax return and I’m sure not interested in Trump’s return for this year or any year.
He probably signs a hundred returns or more a year and I’m willing to bet he doesn’t look beyond the signature page.
How would it do without government subsidies?
I am not saying Trump did anything untowards tax wise but....I think the statute of limitations on tax fraud is only 3 years.
Hey I looked it up.
That’s a real book! :)
Cool.
And I worked 10 minutes walking distance from him for 20 years :)
Shows where my head was at.
Let me get this straight. The tax code was created by Congress. Trump uses it to his advantage as do most Americans. Now they want to chastise him for using the very system they created?
Got it.
The NY Times! The company that bought the Boston Globe for 1.1 billion dollars and later sold it for 70 million. Any chance they took advantage of any legal write offs ?
WOW!!!
What a return!!
I KNOW I could turn 1.1 billion into 70 million given the chance!
I don’t know much about write offs, but I would imagine there would be quite a bit to write off with such a tragic move.
That made my day :)
There’s no question why this ten year period was chosen by the liberal hacks to “disclose” Trump’s tax records (however accurate or inaccurate the “disclosures” are). This was the time of the “Savings and Loan Crisis”. The major changes in the tax laws wiped out many savings and loan associations, and the real-estate investors who borrowed from them. I know, because my wife’s once wealthy uncle was nearly wiped out then, too. Many savings and loan associations, banks, and investors were wiped out then. Only the smart ones, like Trump, survived.
If anyone in Congress gets upset over Trump’s legal use of the tax code, their response should be to join me in scrapping the entire tax code and going with a low, fixed, universal, flat tax with no deductions, credits, exclusions or exemptions - just a simple flat tax everyone pays.
I am not saying Trump did anything untowards tax wise but....I think the statute of limitations on tax fraud is only 3 years.
**************************
On some issues it is 6 years. And there is no doubt that Trump’s operations would be complex enough to have those kinds of 6-year items involved.
Additionally, real estate has long-lived assets that appear over multiple years’ returns, such as a 30-year depreciation schedule. So a discrepancy on an item that began being depreciated in 1990 would still be around on the tax returns until 2020. That can give IRS the predicate to go back the 30 years and review the return when that item was first placed in service, since it affects returns now in the recent 6-year window.
>How would it do without government subsidies?
You misspelled “illegal, taxpayer” as govt doesn’t have a pot to p!ss in.
I believe there is no statute of limitations on Tax fraud.
I used to do taxes professionally. However, I never was good enough to do any real business returns. Small sole proprietorships, yes. Real business returns, no. I’ve argued for some time that Trump’s tax returns would be too complex, involving too many rarely used but LEGAL parts of the tax law, for most PROFESSIONALS to understand.
I doubt more than 2 people in Congress, at best, could understand his returns. Not 1 in 10,000 average folks.
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