If Donald Trump really doesn't pay federal income tax...

cow451 · Sep 30, 2016

Albion said:
How can the Democrats know that Trump's unpublished tax returns show him not to have paid any tax??

He admitted such in the debate (when Clinton pointed out that an old return showed such).

Hank77 · Sep 30, 2016

OldWiseGuy said:
Millions of middle class investors take advantage of low tax rates i.e. capital gains tax rates. The rich don't have exclusive rights to these tax rates, although they are generally more able to invest in capital gain friendly activities.

Most middle class investors capital gains income is not sufficient to live off. However, wealthy investors often do. Their income from capital gains is substantially higher than their earned income.

civilwarbuff · Sep 30, 2016

Hank77 said:
If all tax returns were that simple accounting firms and tax attorneys would be put out of business.

Yeah,, that would be terrible; people could actually spend that money on something more important.

.

civilwarbuff · Sep 30, 2016

cow451 said:
He admitted such in the debate (when Clinton pointed out that an old return showed such).

Yep, the ones when he was getting his casino permit; they obviously found nothing wrong with the returns, otherwise he would not have got the permit.

Hank77 · Sep 30, 2016

civilwarbuff said:
and you have evidence of that, right?

Exactly, the taxes are not being avoided only deferred.....at some point you have to pay the piper......

Not if you file bankruptcy.

4x4toy · Sep 30, 2016

Albion said:
How can the Democrats know that Trump's unpublished tax returns show him not to have paid any tax??

You mean unpaid , owed tax .. I think they know the IRS would be on him like stink on a pole cat .. :oldthumbsup:

Albion · Sep 30, 2016

4x4toy said:
You mean unpaid , owed tax .. I think they know the IRS would be on him like stink on a pole cat ..

IOW, since they are not...the idea that he might not have paid owed taxes is not even a reasonable hunch.

Hank77 · Sep 30, 2016

civilwarbuff said:
Yeah,, that would be terrible; people could actually spend that money on something more important..

My oldest is an accountant and so is my niece-in-law, she is a CPA. My oldest worked closely for her employer with KPMG, Boston office, for most of her career. I don't think they would agree with us.

Hank77 · Sep 30, 2016

Albion said:
IOW, since they are not...the idea that he might not have paid owed taxes is not even a reasonable hunch.

Then why is the IRS auditing his return? Obviously they think that he may not have.

jardiniere · Sep 30, 2016

Albion said:
How can the Democrats know that Trump's unpublished tax returns show him not to have paid any tax??

Clinton first raised the prospect of Trump not paying any federal income tax during a discussion of why Trump hasn’t released his tax returns (Clinton based the allegation on several returns Trump once provided in order to receive an Atlantic City casino license, although he did pay federal income tax in some of those years). Soon after, the two began debating the large federal debt, with Clinton quipping that perhaps it would be smaller if Trump paid income tax.

Albion · Sep 30, 2016

Hank77 said:
Then why is the IRS auditing his return?.

Don't we all understand that if you're a billionaire, whether Trump or the "Oracle of Omaha," it's almost routine that your returns are going to be audited?

Albion · Sep 30, 2016

jardiniere said:
Clinton first raised the prospect of Trump not paying any federal income tax during a discussion of why Trump hasn’t released his tax returns (Clinton based the allegation on several returns Trump once provided in order to receive an Atlantic City casino license, although he did pay federal income tax in some of those years). Soon after, the two began debating the large federal debt, with Clinton quipping that perhaps it would be smaller if Trump paid income tax.

An unfounded accusation, then?

jardiniere · Sep 30, 2016

Albion said:
Don't we all understand that if you're a billionaire, whether Trump or the "Oracle of Omaha," it's almost routine that your returns are going to be audited?

It's not routine, only about 7% of top earners are audited.

The IRS actually has a rule, in its agent manual, that if a person is audited and receives an assessment of zero (that is, does not owe additional money), the IRS cannot audit them again for two years. That means if Trump is telling the truth, then the IRS has repeatedly found discrepancies in his returns.

The rest of the article is very interesting, too.

jardiniere · Sep 30, 2016

Albion said:
An unfounded accusation, then?

Do you think the records for applications for a casino license are so sketchy as to be unfounded?

cow451 · Sep 30, 2016

civilwarbuff said:
Yep, the ones when he was getting his casino permit; they obviously found nothing wrong with the returns, otherwise he would not have got the permit.

Which begs the question, why not man up and release current ones? As I said, I don't care if he paid no taxes at the end if he filed a legal return. But it is crystal clear to me he is hiding something he fears the public knowing before the election.
Otherwise, he'd be releasing and bragging about how rich he is, how much charity giving he does and how smart he is to use legal deductions.

civilwarbuff · Sep 30, 2016

Hank77 said:
Not if you file bankruptcy.

True, but that applies to everyone not just the rich and you must actually be bankrupt not just hiding your assets......and any taxes already owed are still owed. Bankruptcy does not eliminate tax debt......

4x4toy · Sep 30, 2016

jardiniere said:
It's not routine, only about 7% of top earners are audited.

The IRS actually has a rule, in its agent manual, that if a person is audited and receives an assessment of zero (that is, does not owe additional money), the IRS cannot audit them again for two years. That means if Trump is telling the truth, then the IRS has repeatedly found discrepancies in his returns.

The rest of the article is very interesting, too.

4x4toy · Sep 30, 2016

cow451 said:
Which begs the question, why not man up and release current ones? As I said, I don't care if he paid no taxes at the end if he filed a legal return. But it is crystal clear to me he is hiding something he fears the public knowing before the election.
Otherwise, he'd be releasing and bragging about how rich he is, how much charity giving he does and how smart he is to use legal deductions.

Because it's not required and none of your business ?

civilwarbuff · Sep 30, 2016

Hank77 said:
Then why is the IRS auditing his return? Obviously they think that he may not have.

I don't know that the IRS has actually said he is under audit......anyone with citation?

civilwarbuff · Sep 30, 2016

cow451 said:
Which begs the question, why not man up and release current ones? As I said, I don't care if he paid no taxes at the end if he filed a legal return. But it is crystal clear to me he is hiding something he fears the public knowing before the election.
Otherwise, he'd be releasing and bragging about how rich he is, how much charity giving he does and how smart he is to use legal deductions.

I actually agree; I believe he is doing himself greater harm by refusing than if he really paid little or no tax as long as it was done legally. He could even hold his return up as a example of what is wrong with the tax code.....the dems would hate to see the tables turned on them like that.....

If Donald Trump really doesn't pay federal income tax...

Standing with Ukraine.

Well-Known Member

Well-Known Member

Well-Known Member

Well-Known Member

Newbie

Facilitator

Well-Known Member

Well-Known Member

Well-Known Member

Facilitator

Facilitator

Well-Known Member

Well-Known Member

Standing with Ukraine.

Well-Known Member

Newbie

Newbie

Well-Known Member

Well-Known Member

Similar threads