1. Iamapirate

    Iamapirate GBAtemp Fan
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    Assuming the report is accurate, what laws did he break?
     
  2. Cylent1

    Cylent1 Community Smart Ass!
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    You know they cannot help themselves!
     
    Last edited by Cylent1, Sep 29, 2020
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  3. omgcat

    omgcat GBAtemp Advanced Fan
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    If he claimed losses to reduce his income tax down to 750 or zero, he could not have filed for loans to the tune of 300 million dollars. That is either tax fraud, or bank fraud, either is a federal crime.
     
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  4. Methanoid

    Methanoid GBAtemp Regular
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    And is ANYONE surprised by this "news" ???
     
  5. gregory-samba

    gregory-samba GBAtemp Fan
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    ... and the arm chair tax attorneys come out of the wood work. "Look ma, my Internet buddies who were just constitutional experts and then infectious disease experts now know more about Taxes than the IRS does!". LOL. Loans aren't "income". He also paid way more than $750. I'll inform you since you didn't read this thread to find that out.

    — Posts automatically merged - Please don't double post! —

    "Unfulfilled" is the word The New York Times used. It was reflecting the state of mind of the Democrats as they decided before even seeing the taxes that Trump was guilty, yet there's nothing in them to fuck him over with.
     
    Last edited by gregory-samba, Sep 29, 2020
  6. Methanoid

    Methanoid GBAtemp Regular
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    As a neutral (ie NOT American) I have to say the Rest of the World looks on and giggles.. You got what you voted for... an Idiot as a President... He's not making the US look like Leader of the Free World.... Sooner ANYONE (any party) replaces him the better for both US and ROW.
     
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  7. gregory-samba

    gregory-samba GBAtemp Fan
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    You're reading the wrong USA media sites.
     
  8. UltraSUPRA

    UltraSUPRA *Attack on Titan S1 opening intensifies*
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    If the Trump Tax story is false, then you're all a bunch of lying dog-faced pony soldiers.
    If the Trump Tax story is true, we should all do the same.
     
  9. notimp

    OP notimp Well-Known Member
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    Last edited by notimp, Sep 29, 2020
  10. Hanafuda

    Hanafuda GBAtemp Psycho!
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    So Mother Jones is a liar (no shocker there) and unless you want to edit that for us, you are too. It was explained on the previous page, using language directly from the NYT source article, that Trump actually paid $5.2 million up front in 2016 and 2017 when requesting an extension to file, and then when he did actually file he covered his entire tax liability (except for $750) using over $9 million in federal tax credits earned for historic preservation / urban renewal construction projects. The $5.2 million didn't need to be touched, so it was rolled forward for taxes he will owe in the future. That's money he actually has "on account" at the IRS right now. His accountants worked his taxes for 2016 and 2017 to leave a $750 amount of tax he would pay. Don't ask me why, it's for some reasons accountants would know. But he paid millions. Not $750. You're spreading a lie. Which makes you, what?
     
    Last edited by Hanafuda, Sep 29, 2020
  11. notimp

    OP notimp Well-Known Member
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    If you get that amount of tax credit for 'urban renewal', and are not an urban renewal business, its VERY hard to believe, that you achieved that without making high losses in other fields actionable.

    The real estate developer that gets more on historic preservation grants/urban renewal, than on the actual income from their properties (edit: over a period of 15 years), isnt born yet. ;)

    And if he didnt have to pay the 5.2 million because of creative accounting, the 750USD figure holds true.

    Oh no, the person screaming liar, seems to have spread something akin to a lie as well. :)

    edit: And Mother Jones is usually well researched, so the 'no shocker there' statement is made up.

    edit2: Proof:
    https://mediabiasfactcheck.com/mother-jones/

    https://www.adfontesmedia.com/mother-jones-bias-and-reliability/
     
    Last edited by notimp, Sep 29, 2020
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  12. Foxi4

    Foxi4 Cynical Absurdist
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    "He paid millions when he actually only owed $750" doesn't have the same ring to it, does it? You have to pick a spicy tidbit for the headline, otherwise your yellow journalism isn't very attractive.
     
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  13. smf

    smf GBAtemp Psycho!
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    I don't know whether Trump is just disastrously terrible at making money or whether he is a tax cheat (and it looks like both are true).

    But he is definitely a lying weasel as he said repeatedly he would release his tax returns but so far has failed to do so.

    He says he won't because his returns are under review, but every president is always under review while they are president and so when he said he was going to release them then he was purposefully misleading (AKA lying).

    There is no hope for anyone who believes a word that comes out of his mouth. If he told me it was raining then I would check.
     
    Last edited by smf, Sep 29, 2020
  14. wartutor

    wartutor GBAtemp Fan
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    All these people screaming release your tax returns...reminds me of obama and everyone screaming "release your birth certificate." Ive still not seen that lmao.
     
  15. notimp

    OP notimp Well-Known Member
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    Short summery:
    He inherited huge sums, that if invested in state pension funds (rate of interest wise), would roughly have him where hes at in estimated net worth. (see Economist source I mentioned).

    So not a huge failure, but not a winner either.

    That and his father made his money by developing properties at a time where there were large state subsidies to do so (but then many immensely rich families in the US have that in common), but he 'never broke into the Manhattan business (high prestige)'. Trump did. He wasnt exceptionally successful, but he was without scruple, which is looked for in business development (so other set of morals applies), to the point where he scalped on casino businesses in Vegas (you buy up a property before it goes insolvent, at a very low price (owners want to get rid of it), then you dont turn it arround, but squeeze it, sell its assets, and declare bankruptcy. That gives you the 'losses' for you to claim that in the last 15 years you've never made money, to then pay no taxes.

    Not only that (because Trump isnt so much in the scalping business anymore, ruined his image), but 'stuff like that'. He basically cut financiers, and businesspartners that believed in the Trump brand, until most of investors dint finance his companies anymore. And he wasnt politically 'shunned' back then. (He wasnt in politics yet. ;) )

    So he has prestige, still the remains of a considerable heritage, and no morals in many aspects. So - nothing new there... ;)
     
    Last edited by notimp, Sep 29, 2020
  16. erikas

    erikas GBAtemp Regular
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    Taxation is theft. He avoided taxes? Good.
     
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  17. Foxi4

    Foxi4 Cynical Absurdist
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    No step on de snek, no taxation without a Papa John's for all at the end of the tax year, I can roll with that. I too am saddened that Donald Trump paid $750 too much in the egregious, offensive and nonsensical income tax.
     
  18. Hanafuda

    Hanafuda GBAtemp Psycho!
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    If you think anything I described is false, take it up with the New York Times.

    If think the tax credits Trump earned by investing his business into major historic site preservation projects (have you seen the Old Post Office renovation in Washington DC???) are bogus, take that up with the Federal government and the IRS.

    — Posts automatically merged - Please don't double post! —

    Yes. Tax avoidance - good. Tax evasion - bad.
     
  19. Lacius

    Lacius GBAtemp Legend
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    He either avoided taxes by being a bad businessman, or he wasn't a bad businessman and evaded taxes. Take your pick.
     
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  20. Hanafuda

    Hanafuda GBAtemp Psycho!
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    How is investing in historic site preservation projects and getting a large tax credit from the Federal government being a bad businessman? It's like getting a $5000 credit when you buy a hybrid car. Does that make you a bad automobile consumer?
     
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