Trump's Taxes
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02-10-2016, 11:18 AM
RE: Trump's Taxes
(02-10-2016 11:13 AM)GenesisNemesis Wrote:  
(02-10-2016 11:07 AM)GenesisNemesis Wrote:  Edit.

A like for an edit? Big Grin

Probably the most succinct and cogent edit we have seen on this forum!

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03-10-2016, 10:31 AM
RE: Trump's Taxes



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03-10-2016, 10:34 AM
RE: Trump's Taxes
No news here if you understand tax accounting. The use of losses to balance against gains has been a method of tax reduction for decades (as far back as I can remember to the 1970s) in the US. Individuals and Corporations use this method. Nothing illegal, nothing sinister. If you think it is wrong vote for a candidate who wants to reform the tax code.

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03-10-2016, 10:40 AM (This post was last modified: 03-10-2016 10:46 AM by GirlyMan.)
RE: Trump's Taxes
(03-10-2016 10:34 AM)devilsadvoc8 Wrote:  No news here if you understand tax accounting. The use of losses to balance against gains has been a method of tax reduction for decades (as far back as I can remember to the 1970s) in the US. Individuals and Corporations use this method. Nothing illegal, nothing sinister. If you think it is wrong vote for a candidate who wants to reform the tax code.

I don't think it's wrong. What I think is wrong is the hypocrisy of politicking on a platform of transparency while exhibiting none yourself. And I question the business acumen of someone who lost $916 million dollars in a year (equivalent to $1,435,198,897 in today's dollars). That doesn't sound very successful to me.

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03-10-2016, 10:47 AM
RE: Trump's Taxes
(03-10-2016 10:34 AM)devilsadvoc8 Wrote:  No news here if you understand tax accounting. The use of losses to balance against gains has been a method of tax reduction for decades (as far back as I can remember to the 1970s) in the US. Individuals and Corporations use this method. Nothing illegal, nothing sinister. If you think it is wrong vote for a candidate who wants to reform the tax code.

Depends on how you create the losses. There are tax shelter schemes that walk the line too narrowly and people do get hit for them by the IRS. Yes, it's possible the deductions were legit (btw. apparently he didn't have the money to lose and it's borrowed money), but it is also possible he tried some clever scheme that the IRS will not accept.

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
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03-10-2016, 11:02 AM
RE: Trump's Taxes
I certainly don't have any specialized insight into Trump's taxes now or then but it is quite easy to create a loss of any size with the right tax team. People have assets that lose money but don't have the profits to balance them against so the loss would be underutilized (there are carryforward rules but I'm not going to get into that). There are people with large gains looking for losses to reduce taxes. Enter middlemen who connect people, assets are transferred and voila both parties win. Girly, it may not be at all indicative of how good a business man he is. To you or I the 916 million is a large number but not in his world. If the loss assets were legitimate under IRS code then I'd argue he is a good businessman.

Dom you or I probably have no idea whether the method used by Donald was legal or not. Sure there are schemes used that push the boundary and there are some that are perfectly legit.

Facts do not cease to exist because they are ignored- Aldous Huxley
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03-10-2016, 11:22 AM
RE: Trump's Taxes
(03-10-2016 11:02 AM)devilsadvoc8 Wrote:  Dom you or I probably have no idea whether the method used by Donald was legal or not. Sure there are schemes used that push the boundary and there are some that are perfectly legit.

That's what I said. Speculations are fun, but in reality we don't know and it's non conclusive.

What we do know is that he hasn't helped to build any infrastructure or supported the military or done anything for this country.

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
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03-10-2016, 11:32 AM
RE: Trump's Taxes
(03-10-2016 11:22 AM)Dom Wrote:  What we do know is that he hasn't helped to build any infrastructure or supported the military or done anything for this country.

Really? This is why discourse about politics is so charged and unproductive. Talking one issue and these things just get thrown about.

I could just as easily said

he cheats at taxes but at least he hasn't ruined entire countries, destroyed documents under subpoena,or enriched himself in exchange for political favors.

Don't respond to the statement above here; it was illustrative purposes only. If you would like I'd be happy to walk through those issues in a different thread.

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03-10-2016, 11:49 AM
RE: Trump's Taxes
(03-10-2016 11:02 AM)devilsadvoc8 Wrote:  Girly, it may not be at all indicative of how good a business man he is. To you or I the 916 million is a large number but not in his world. If the loss assets were legitimate under IRS code then I'd argue he is a good businessman.

I'm just relaying what Cuban says. Watch the viddie for clarifications.

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03-10-2016, 11:52 AM
RE: Trump's Taxes
(03-10-2016 11:32 AM)devilsadvoc8 Wrote:  
(03-10-2016 11:22 AM)Dom Wrote:  What we do know is that he hasn't helped to build any infrastructure or supported the military or done anything for this country.

Really? This is why discourse about politics is so charged and unproductive. Talking one issue and these things just get thrown about.

I could just as easily said

he cheats at taxes but at least he hasn't ruined entire countries, destroyed documents under subpoena,or enriched himself in exchange for political favors.

Don't respond to the statement above here; it was illustrative purposes only. If you would like I'd be happy to walk through those issues in a different thread.

The problems with this new information about Trump's tax return are numerous. This charlatan is running on a platform that is rooted in his prowess for being a successful businessman. And while he lives high on the hog and has his name on tall buildings, this tax return shows he lost nearly $1B in a year when real estate was BOOMING. Those middle years in the '90s were some of the most lucrative in all of real-estate and casinos, the two major ventures upon which he built his "empire."

Sure, he has a high-priced accountant team that can find all of the loopholes, but that doesn't make him the tax-code expert that he claims to be. Here's the real question: Why would a person who clearly benefits from the current tax code and its loopholes fight for changing it? His current tax plan proposal does nothing to change these codes or loophole. I'm not saying these should be closed, but he isn't going to do anything to change his situation except only to enhance it.

When someone on here mentions he didn't do anything over those two decades when he likely didn't pay fed income taxes, they are right. Fed income taxes goes toward infrastructure, schools, vets and military. Oh, and by the way, he took to task people who didn't pay fed taxes on numerous occasions. Oh the hypocrisy. And as his Trumpanzees have been parroting on the news channels all week, of he's such a "genius" for this, then why not release all tax returns to show us just how fucking smart he is.

Fuck Trump.

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