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Trump Taxes
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AuthorTopic:  Trump Taxes
Jay-eL

Total Posts: 13188
Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Wednesday, March 15, 2017 11:06:11 AM    Click Here to See the Profile for Jay-eL
So now we know he paid 3 percent taxes, as much as a person who makes less that 30 thousand a year, and he wants to eliminate those taxes.

He iant a corrupt fucking crook at all.

http://m.democracynow.org/stories/17194

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Darth JT

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Member Since: 2/21/2015
posted Wednesday, March 15, 2017 11:21:15 AM    Click Here to See the Profile for Darth JT
http://www.cnbc.com/2017/03/14/donald-trump-just-got-a-nice-victory-thanks-of-all-people-to-rachel-maddow.html


On her Tuesday show, Rachel Maddow teased a scoop: She had Donald Trump's 2005 tax returns. It was the first time his federal returns would be released.

Small digression: MSNBC's Maddow didn't have them. Investigative reporter David Cay Johnston got them, and went on her show to talk about it.

Anyway, when she finally revealed what was in the taxes, it was not a huge deal. Trump earned about $150 million in income in 2005, and paid $38 million in taxes, thanks to the alternative minimum tax, which he wants to kill.

This gives Trump an effective tax rate of about 24 percent, which Johnston pointed out was roughly equal to what he and his wife, who are an upper middle class couple, pay.

And, sure, for a billionaire, you can argue that he should pay more in taxes. But, $38 million is a big number. As is $150 million in income.

There was speculation, fueled by Trump himself, that he wasn't paying anything in taxes. That led to Democratic presidential nominee Hillary Clinton attacking him on that front.

"The only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax," Clinton said in September.

Trump quickly retorted: "That makes me smart."

But, it turns out Trump did pay taxes, at least in 2005.

For Trump, in the swirl of chaos thanks to the CBO saying the GOP health-care bill would lead to 24 million uninsured and the FBI preparing to weigh in on his accusation of President Barack Obama wire tapping him, this tax story is a welcome reprieve.

The 2005 tax return could have been an anomaly. Maybe Trump doesn't pay this much in taxes normally. Or, maybe he usually pays more. Who knows! Either way, this story has created the appearance that Trump does in fact make a lot of money, and he pays millions in taxes.

For the next news cycle, we're likely to see this story dominate, giving Trump some breathing room as the media had been laser focused on the GOP health-care bill's flaws.

On Maddow's show, Johnston suggested that Trump may have sent the tax returns to him. It seemed like an odd thing to say. But, when you look at how this is really good for Trump, maybe it's not so crazy after all.

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Jay-eL

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Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Wednesday, March 15, 2017 11:50:39 AM    Click Here to See the Profile for Jay-eL
correction: he would have paid 3 percent in taxes if the minimum income tax was repealed, which he is attempting to do.


AMY GOODMAN: So, talk about what you see in these two pages, what you found, David, most significant.

DAVID CAY JOHNSTON: Well, the most significant thing, I believe, is that Donald Trump wants to eliminate the alternative minimum tax. Almost all affluent Americans, people who own a home, have more than two children and live in the high-tax states, are on—and make more than $75,000 or $80,000 a year, are on the alternative minimum tax. Because of the alternative minimum tax, Donald paid $36.6 million in income tax. But if that was repealed—and he wants to repeal it—he would have paid only $5 million of income tax on $153 million of income. That is a tax rate of less than three-and-a-half percent. You know who pays a three-and-a-half percent tax rate in this country? The poorest half of Americans. They pay a little more than three-and-a-half percent. Donald Trump would have paid a lower tax rate than people who make less than $33,000 a year, if his tax plan had been in effect in 2005. So, you know, when Donald Trump says, "I’m the champion here of working people," don’t pay—don’t pay attention to that. When he says, you know, wages are too high, that’s one sign. But here’s one: his tax plan? Man, you make thirty—you make $600 a week, you’d be more heavily taxed than he is.

AMY GOODMAN: So how did he end up paying the amount of taxes he did?

DAVID CAY JOHNSTON: Well, Donald had $103 million of negative income. That may be a hard concept for people to get around, but in tax law you can have a negative income, just like your bank account can be overdrawn, and then you have a negative bank balance. Donald’s negative income, I’m pretty confident, comes from a dubious tax shelter that he bought in 1995. That allowed him to get out of a very big tax bill. Donald did not pay back to his bankers $918 million that he borrowed from them. Now, ordinary people, they have to pay taxes on that. If you borrow money from a bank and don’t pay it back, that’s taxable income, according to the U.S. Congress. Donald bought a tax shelter that turned into tax savings for him.

Now, when the Republicans in Congress learned about this tax shelter, they shut it down right away. I mean, it was just considered odious. It only took them a couple days to shut it down. It was incredible how fast they moved in Congress to do this. But as often is the case, our Congress said, "Oh, those of you who already bought this dubious tax shelter, you can keep your ill-got tax savings." And so, Donald had $918 million that he could write off of negative income against his positive income. And this return, 11 years later, shows that he had $103 million left, although he may have had some additional tax losses in the meantime. But assuming that that represents the residue from the $918 million, it also tells us that Donald’s average income from 1995 through 2004 was $81.5 million a year.

AMY GOODMAN: What doesn’t these—what doesn’t the two pages tell us?

DAVID CAY JOHNSTON: Well, it doesn’t tell us a lot of really important things we need to know. It doesn’t tell us who are the sources of his income. It’s only the kinds of income he gets: capital gains, business profits, wages. We don’t know how much money Donald is getting from the Russian oligarchs. We know he gets money from the Russian oligarchs, but we don’t know how much. And the Russian oligarchs are essentially a state-sponsored network of international criminals.

Secondly, we don’t know who his partners are in the various entities he has. Donald has over 500 partnerships and S corporations and other business entities.

Third, and perhaps most important, we don’t know who he is paying money to. We know he’s borrowed a lot of money from the Bank of China. That’s kind of remarkable to think about having a Republican president of the United States who has borrowed a huge sum from a communist government-owned bank, which, by the way, is also the biggest tenant in Trump Tower.

So, you know, we really need to know, on matters both of criminality and national security, who the president is doing business with, who his partners are, who his sources of income are, who he is paying fees to and who’s paying fees to him. And we need his complete tax returns for the last 30 years to do that. Other people running for office—Hillary Clinton, for example—have made public their complete tax returns going back into the 1970s.

AMY GOODMAN: So, that’s very interesting about China, considering Donald Trump is very laudatory of Russia. There’s a lot been made about his relationship with Russian oligarchs, but you don’t hear as much about China.

DAVID CAY JOHNSTON: Right, right. Well, and right now there is a deal in which a sketchy Chinese company is proposing to buy 666 Fifth Avenue in New York. That’s a building owned by the family of his son-in-law, Jared Kushner. And the offer is apparently for $1 billion more than the Kushners paid for the building a decade ago. The Kushners get all sorts of other special goodies in this. And this certainly raises the specter of whether the Beijing government may have decided that the best way to have decent relations with this White House is to bribe the president’s family.

AMY GOODMAN: I want to ask you about the White House statement yesterday. Today, they’re questioning how you got these documents. I mean, clearly, Donald Trump knows exactly who you are, a Pulitzer Prize-winning journalist who worked for years at The New York Times. You wrote a book about Donald Trump. But last night, the White House said—just before you went to air, they wrote:

“You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago.

“Before being elected President, Mr. Trump was one of the most successful businessmen in the world with a responsibility to his company, his family and his employees to pay no more tax than legally required.

“That being said, Mr. Trump paid $38 million dollars even after taking into account large scale depreciation for construction, on an income of more than $150 million dollars, as well as paying tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes and this illegally published return proves just that.

"Despite this substantial income figure and tax paid, it is totally illegal to steal and publish tax returns. The dishonest media can continue to make this part of their agenda, while the President will focus on his, which includes tax reform that will benefit all Americans."

Again, that from the White House last night. These illegally acquired and—published, rather, tax returns. So, David Cay Johnston, can you respond?

DAVID CAY JOHNSTON: Yeah, Amy, there is so much falsehood in that statement, including the amount of tax the president paid. He paid $36.6 million, not $38 million. It just makes my head spin. It is absolutely well-established law in the United States that when a journalist receives a document that they did not solicit, then they can publish it. And there’s nothing illegal whatsoever about publishing this. This is part of the effort by Donald Trump to confuse people and that furthers his very authoritarian views. I mean, Donald clearly talks about his office as the president as a dictator. Judges don’t agree with him? "Bad judges," etc.

And what happened here is, somebody familiar with my work—and I’m very well known for my coverage of taxes, I won a Pulitzer Prize, I’ve been called the de facto chief tax enforcement officer of the United States because of my exposés of the tax system—decided to send me, rather than some other journalist, this document. Maybe it was sent to other journalists, and they haven’t looked in their mailbox. My report on what’s in that is absolutely accurate. The White House confirmed it.

And, you know, Amy, the White House did something actually quite unethical yesterday. I have been dealing with White Houses since Richard Nixon. I’ve been at this 50 years, and I’ve been dealing with White Houses since Nixon. I have never before sent the White House a document to allow them to comment on it and have them take my exclusive story and give the information to other reporters. And that’s what they did. They never responded to me. They instead went to other reporters and said, "Here’s what’s going to happen." That is just the most base, unethical conduct by the White House Press Office that I have ever seen. If they don’t want to answer the questions, they don’t have to answer your questions. But to do this is just indicative of the utter lack of moral character of Donald Trump, who I’m sure approved and roughed out that statement.

AMY GOODMAN: David, are you saying you gave the two pages that you had for verification—

DAVID CAY JOHNSTON: Yes, of course. Of course

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DJ Smegma

Total Posts: 9043
Member Since: 2000
Location: But yo man, why is my story of the Wake Up Show goin off the air here funny???
posted Wednesday, March 15, 2017 12:05:27 PM    Click Here to See the Profile for DJ Smegma   Click Here to Email DJ Smegma
Wtf maddow may get annoyingly giddy but she is doing real investigative journalism

Tax returns obviously leaked by the distractor in chief.

Flynn going down and going to take The Conald and Pence with him for knowingly nominating a foriegn agent to the NSA.

They also just got roasted on the wiretapping allegation.

Rough day so far.

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Darth JT

Total Posts: 2345
Member Since: 2/21/2015
posted Wednesday, March 15, 2017 12:35:29 PM    Click Here to See the Profile for Darth JT

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Jay-eL

Total Posts: 13188
Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Wednesday, March 15, 2017 12:37:32 PM    Click Here to See the Profile for Jay-eL
Would have been nice if maddow did investigative journalism when Obama was in office.

Democracy now and the thom hartman show are the only hosted shows i have seen that do thorough investigative journalism.

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DJ Smegma

Total Posts: 9043
Member Since: 2000
Location: But yo man, why is my story of the Wake Up Show goin off the air here funny???
posted Wednesday, March 15, 2017 12:39:54 PM    Click Here to See the Profile for DJ Smegma   Click Here to Email DJ Smegma
Cool cartoon. Probably would have been better to post it yesterday before Nunes begrudgingly had to prove Trump a liar in a press conference.

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Jay-eL

Total Posts: 13188
Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Wednesday, March 15, 2017 12:43:38 PM    Click Here to See the Profile for Jay-eL
Hey smeg, you making sure you put electrical tape over your microwave so they dont take pictures of you?

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DJ Smegma

Total Posts: 9043
Member Since: 2000
Location: But yo man, why is my story of the Wake Up Show goin off the air here funny???
posted Wednesday, March 15, 2017 12:48:00 PM    Click Here to See the Profile for DJ Smegma   Click Here to Email DJ Smegma
my particular microwave is not smart or wifi enable so... phew, I'm clear.

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Jay-eL

Total Posts: 13188
Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Wednesday, March 15, 2017 1:09:50 PM    Click Here to See the Profile for Jay-eL
Wait, so I wrapped my entire microwave with electrical tape for no reason?

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Darth JT

Total Posts: 2345
Member Since: 2/21/2015
posted Wednesday, March 15, 2017 1:10:31 PM    Click Here to See the Profile for Darth JT
Nunes can think whatever he wants. Cheeto Benito says different. i'll reserve judgement until he explains himself

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DJ Smegma

Total Posts: 9043
Member Since: 2000
Location: But yo man, why is my story of the Wake Up Show goin off the air here funny???
posted Wednesday, March 15, 2017 1:18:13 PM    Click Here to See the Profile for DJ Smegma   Click Here to Email DJ Smegma
lol what? Nunes is a staunch ally of the Trumps and the GOP Head of the House Intelligence Committee whose job it was to investigate says there's no evidence.

You already know Trump lied, jfc.

The United States House Permanent Select Committee on Intelligence, also known as the House Intelligence Committee, is a committee of the United States House of Representatives, currently chaired by Devin Nunes. It is the primary committee in the U.S. House of Representatives charged with the oversight of the United States Intelligence Community, though it does share some jurisdiction with other committees in the House, including the Armed Services Committee for some matters dealing with the Department of Defense and the various branches of the U.S. military.

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Darth JT

Total Posts: 2345
Member Since: 2/21/2015
posted Wednesday, March 15, 2017 1:53:23 PM    Click Here to See the Profile for Darth JT
he said he has no idea what he's talking about which means they haven't discussed with Trump about what he thinks he knows. it could all be bullshit. Trump could be screwing with everybody for all we know. i'm not going dwell on it until he says something. Obama has been caught wiretapping though. liberals did a fantastic job ignoring that

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DJ Smegma

Total Posts: 9043
Member Since: 2000
Location: But yo man, why is my story of the Wake Up Show goin off the air here funny???
posted Wednesday, March 15, 2017 2:20:41 PM    Click Here to See the Profile for DJ Smegma   Click Here to Email DJ Smegma
No, that's explicitly not what he said and you know it. This is why I call you dumb.

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Darth JT

Total Posts: 2345
Member Since: 2/21/2015
posted Wednesday, March 15, 2017 6:22:37 PM    Click Here to See the Profile for Darth JT
This is why I call you dumb

word. you just keep thinking that. enjoy arguing with yourself then, dick.

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mikey h

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posted Wednesday, March 15, 2017 8:50:40 PM    Click Here to See the Profile for mikey h
All these liberals do is fail.

Jay-eL, delete your account. How does this make you feel?



Bernie played you like a chump.

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matt nokes

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posted Thursday, March 16, 2017 9:09:03 AM    Click Here to See the Profile for matt nokes   Click Here to Email matt nokes
But Trump must be dumb if he paid more in taxes. Smart people pay less is what he said.

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Jay-eL

Total Posts: 13188
Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Thursday, March 16, 2017 12:26:57 PM    Click Here to See the Profile for Jay-eL
lol matt nokes.

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mcpolyatomic...

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Location: i called ughh and they were like wtf and told me to do this
posted Friday, March 17, 2017 3:48:30 PM    Click Here to See the Profile for mcpolyatomic...   Click Here to Email mcpolyatomic...
why did paleface make a pro trump thread?

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gay zee blows

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posted Saturday, March 18, 2017 1:23:06 PM    Click Here to See the Profile for gay zee blows


trump exposed again and again and again... well on his way to top obama as the worst of all time

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Jay-eL

Total Posts: 13188
Member Since: 2014
Location: Hillary Clinton is an uncle Tom
posted Saturday, March 18, 2017 2:08:17 PM    Click Here to See the Profile for Jay-eL
Russian elite invested nearly $100 million in Trump buildings
By Nathan Layne, Ned Parker, Svetlana Reiter, Stephen Grey and Ryan McNeill

Filed March 17, 2017, 5:44 p.m. GMT
A Reuters review found that at least 63 individuals with Russian passports or addresses have bought at least $98.4 million worth of property in seven Trump-branded luxury towers in southern Florida.


MIAMI/MOSCOW – During the 2016 presidential campaign, Donald J. Trump downplayed his business ties with Russia. And since taking office as president, he has been even more emphatic.

“I can tell you, speaking for myself, I own nothing in Russia,” President Trump said at a news conference last month. “I have no loans in Russia. I don’t have any deals in Russia.”

But in the United States, members of the Russian elite have invested in Trump buildings. A Reuters review has found that at least 63 individuals with Russian passports or addresses have bought at least $98.4 million worth of property in seven Trump-branded luxury towers in southern Florida, according to public documents, interviews and corporate records.

The buyers include politically connected businessmen, such as a former executive in a Moscow-based state-run construction firm that works on military and intelligence facilities, the founder of a St. Petersburg investment bank and the co-founder of a conglomerate with interests in banking, property and electronics.

People from the second and third tiers of Russian power have invested in the Trump buildings as well. One recently posted a photo of himself with the leader of a Russian motorcycle gang that was sanctioned by the United States for its alleged role in Moscow’s seizure of Crimea.

RELATED CONTENT


Where investors from Russia bought

Video: A glimpse into Russian investment in Trump buildings
The Reuters review of investors from Russia in Trump’s Florida condominium buildings found no suggestion of wrongdoing by President Trump or his real estate organization. And none of the buyers appear to be from Putin’s inner circle.

The White House referred questions from Reuters to the Trump Organization, whose chief legal officer said the scrutiny of President Trump’s business ties with Russia was misplaced.

“I can say definitively that this is an overblown story that is media-created,” Alan Garten said in an interview. “I’ve been around this company and know the company’s dealings.”

The tally of investors from Russia may be conservative. The analysis found that at least 703 – or about one-third – of the owners of the 2044 units in the seven Trump buildings are limited liability companies, or LLCs, which have the ability to hide the identity of a property’s true owner. And the nationality of many buyers could not be determined. Russian-Americans who did not use a Russian address or passport in their purchases were not included in the tally.

The review focused on Florida because the state has a large concentration of Trump-branded buildings, and determining the ownership of properties is easier there than in some other states. The resort town of Sunny Isles Beach, site of six of the seven Trump-branded Florida residential towers, stands out in another way: The zip code that includes the Sunny Isles buildings has an estimated 1,200 Russian-born residents, among the most in the country, U.S. Census data show.

The Trump organization advertises all seven Florida buildings on its website as it pursues similar branding deals around the world. Exactly how much income Trump has earned from the buildings is unclear.

Six of the seven properties were the product of an agreement the New York property magnate struck in 2001 with father-and-son American developers Michael and Gil Dezer. The six buildings operated by the Dezers in Sunny Isles would bear Trump’s name under a licensing agreement.

http://www.reuters.com/investigates/special-report/usa-trump-property/

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