Posted on 03/03/2016 8:39:08 AM PST by SeekAndFind
The GOP frontrunner appears to have mixed up income and revenue.
On two occasions, this writer has spent weeks striving to demystify the Vatican’s finances. Now I’m attempting to solve the riddle of Donald Trump’s income and net worth. Pope Francis, who recently exchanged barbs with Trump over immigration, has bravely promised to open the Vatican’s books. Trump sounds less righteous in claiming that he won’t publicly release his tax returns while he’s being audited by the IRS, but does pledge to eventually make the highly anticipated filings public.
Until then, voters can glean a great deal of information from two sets of documents the Trump campaign has already provided: A balance sheet released in June, when Trump declared his candidacy for President, and a 92-page Personal Financial Disclosure (PFD) form submitted to the Federal Election Commission a month later.
Neither document is as telling as a tax return would be. But when closely read together, you can learn a great deal about Trump’s financial affairs. Here’s the most concerning thing I learned: Trump appears to have overstated his income, by a lot, which could be the reason he has so far tried to avoid releasing his returns.
In July, Trump’s campaign in the press release that accompanied the financial filing stated that the candidate made $362 million in 2014. In fact, a close reading of the two documents, especially the PFD, shows that number is actually Trump’s revenues, and not his income, which should be after salaries, IT costs, interest and all other expenses. Indeed, the filing specifically labels these items under such headings as “revenue,” “sales,” “royalties,” “commissions” and other categories—clearly designating them as gross receipts rather than taxable income.
(Excerpt) Read more at fortune.com ...
Who cares!!!!
Not only that, he’s mean!!!!
Good grief. Idiots.
Let me add to that:
And who cares.
His personal Tax returns of the Tax returns of his corporations?
Smart business men keep very few assets in their own name.
The reason for the tax-returns to be opened: GOPe’s inquiring minds want to know TRUMP’S net worth.
Not only that, he has bad hair !!!
That should bring his campaign to an abrupt halt. Oh, wait.
Uhh. Okay.
What convinced me was when I heard that he once returned a library book late.
Another dweeb for the GOPe. Income is not reflective of a person’s real worth. In fact, the progressive income tax is the greatest tool in stopping individuals for accumulating real worth.
Worth is assets, income is an ability to accumulate assets.
what difference does it make? If he’s not as rich as we thought then he’s making an even BIGGER sacrifice running a self funded campaign.
I’m not seeing Trump liquidate any assets to run. His apparent belief is that he can continue to coast on free media. That should terrify any conservative, Republican or libertarian.
He’s funding his own campaign, flying around in his own airliner and lives in a couple of the most incredible places in the world (Trump Tower and Mar a Lago)...and the’re saying that maybe he isn’t that rich???
These people just can’t stand that someone truly independent of their gifts with strings attached might actually get political power.
So he’s not rich, he’s one of us? Thanks for telling us what we already know
i simply dont care
They hope to use the public’s ignorance of taxes to deflate Trump. They assume Americans think that to be a billionaire you need billions in cash in a savings account - because they assume Joe trailerpark knows no better.
Why the villain! I'll never vote for such a scoundrel!
He hates puppies.
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