And the point here is it was done LEGALLY..now if anything ILLEGAL had been done different story, but it was ALL LEGAL..and who wrote the tax codes back then..William Jefferson Clinton that’s who..this is a HUGE nothingburger, Trump wrote about his 1 billion dollar loss in his book “The Art of the new deal” so he already revealed this info
Yes, he is, and frankly everyone should do the same.
These grifters don’t deserve anymore of out hard earned money.
I also find it interesting that Hillary knew enough about this to mention it at the debate.
If they don’t tweet about NYT then they miss the boat
Nobody would look at some poor person and say "they didn't pay their taxes" when in fact they didn't owe any taxes.
It isn’t playing well with ANYONE I know. Conservative, Libertarian or otherwise.
ridiculous
.... no genius to lose money investing ...in the first place
and no genius to “save on your taxes” either (any CPA or TurboTax would enter the appropriate legal deductions and the rest is just arithmetic)
this is a total complete Non-issue. Better for Mr Trump to keep focus on Clinton’s reported $200Million mostly-crooked slush fund AND ITS SOURCES...enemy Moslem IslamoNazi dictatorships and Soroz .. she’s totally sold out the office of the Presidency (if she gets it) to America’s enemies
This is a pivot issue:
The point isn’t whether I, perfectly legally, offset my earnings with my losses. The issue is simplify the tax code, taxing all income, once, at the source, and at the same rate, so that our government has the revenue it needs and taxpayers can have some confidence that everyone is paying their fair share. As it is, we have Bill Gates who is richer than even me transferring his never taxed stock into a charitable trust fund; General Electric not paying income taxes because of energy credits, the New York Times not paying taxes because of losses. All perfectly legally. But, all the deductions, credits and other provisions of the tax code have the effect of leaving the government short of funds and the average taxpayer wondering if the system is rigged.
A related point is that I lost $900 million, according to the New York Times, and have made perhaps the greatest comeback in business history. I talked about this myself in my book The Art of the Comeback, which is maybe where the Times got the idea I lost a lot of money. The reason why this, too, is important is because we need this kind of thinking to take us out of our underperforming economy and our perennial deficit in order to make our country great again. The national debt is now $20 trillion. Most Americans live paycheck to paycheck. Some people are doing fine, like the Clintons and me, and I notice they themselves have a tax-exempt trust fund. But too many of our people haven’t had a raise in nearly twenty years, are trapped in neighborhoods with poor public schools and violence and no jobs.
Like any smart executive he would have relied on the advice of people who focus all their talents and training on understanding the tens of thousands of pages of purposefully arcane tax laws. They earn their keep by legally saving their employers more money than they’re being paid. Funny thing, but I recall there are quite a few such people and businesses dedicated to performing the same service for everybody. I think they’re called “Certified Public Accountants”.
If we were all as clever financially as Trump, US Treasury would go broke, The DC cabal would implode, the welfare mountain would collapse, and a new republic would be born, where freedom rules and you get to keep the fruits of your effort.
ATTN Chuck Todd: If anyone, primarily a Hillary supporter, has an angst about the tax laws that Trump used, then take it up with Congress and those who make the laws. That is the solution to your angst.
I also suspect and have been thinking this for a long time that the money Trump has put in the campaign has also zeroed out his taxes. Basically, he either pays taxes or he spends his own money and writes it off against owing taxes.
In essence the Federal and state government have paid for the campaign. Nice!
To the Dem every dollar earned is the gummits so avoiding taxes is a sin, unless you are a Dem.
Pray America wakes
This is a huge distraction meant to keep people from worrying about the real issues. Where did the hundreds of millions of dollars the Clinton’s now have come from? Book deals? I don’t think so. It is all pay to play money and funds donated for charity that have been misappropriated. And what direction would the corrupt Clinton’s lead the country? Unfortunately, people are falling for this crap.
Given the remote possibility that some FReepers and lurkers have overlooked the information below concerning federal taxes, consider that you don’t need to be a genius to eventually reduce your federal taxes. You just need to be aware that you should have been taught the following.
A previous generation of state sovereignty-respecting justices had clarified that Congress is prohibited from taxing and spending for anything that it cannot justify under its constitutionally limited powers, most of these powers listed in Section 8 of Article I.
“Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” —Justice John Marshall, Gibbons v. Ogden, 1824.
In fact, one of the very few federal domestic spending programs that Congress can justify under its Section 8-limited powers is the US Mail Service (1.8.7).
In other words, you can blindly bet that most other federal domestic spending programs are unconstitutional and be right most of the time imo.
Note that the 16th and 17th Amenndments (17A) are a big part of the problem with unconstitutonal federal taxes, the ill-conceived 17A arguably repealing the whole Constitution imo.
Trump and Giuliani need to get a grip on the idea that many of the tax loopholes that Trump found and took advantange of were probably in tax approprations bills that the post-17A ratification Senate should have killed since such bills arguably steal state revenues after they were signed into law.
Maybe patriots can convince Trump to put the corrupt Washington cartel out of business by leading the states to repeal 16A & 17A.
Remember in November !
Patriots need to support Trump / Pence by also electing a new, state sovereignty-respecting Congress that will not only work within its constitutional Article I, Section 8-limited powers to support Trump’s vision for making America great again for everybody, but will also put a stop to unconstitutonal federal taxes and likewise unconstitutional inteference in state affairs.
Note that such a Congress will also probably be willing to fire state sovereignty-ignoring activist justices.
Even the Free Turbo Tax program looks for every legal tax break/deduction you can take.
PERSONALIZED TO YOU!
We ask questions to get to know you. Then, we’ll search for every tax break that applies to you.
https://turbotax.intuit.com/personal-taxes/online/free-edition.jsp