Donald Trump paid $750 in federal tax in 2016, but the defense cost is about $6,000/household

Hammster · Sep 29, 2020

wing2000 said:
...as a prior poster noted:

Had Trump simply revealed his tax returns in 2016, like every other modern day presidential nominee, we would not be discussing these points now.

If Trump is the successful business man he claims, what does he got to hide?

I have nothing to hide, but I wouldn’t show you my returns. Why? It’s none of your business. And it’s none of my business to know yours, or anyone else’s.

Ken-1122 · Sep 29, 2020

KCfromNC said:
I see the excuses haven't been run through the "are these even remotely consistent" filter yet.

What does that even mean?

wing2000 · Sep 29, 2020

Hammster said:
I have nothing to hide, but I wouldn’t show you my returns. Why? It’s none of your business. And it’s none of my business to know yours, or anyone else’s.

If you are running for POTUS, it is my business.

Hammster · Sep 29, 2020

wing2000 said:
If you are running for POTUS, it is my business.

Why?

wing2000 · Sep 29, 2020

Hammster said:
Why?

As a citizen, I need to know my president is not compromised by his/her financial obligations.

wing2000 · Sep 29, 2020

What does Donald Trump have to hide?

Hammster · Sep 29, 2020

wing2000 said:
As a citizen, I need to know my president is not compromised by his/her financial obligations.

No you don’t. You managed to survive without seeing Trump’s returns.

Halbhh · Sep 29, 2020

Ken-1122 said:
Even if they lost money? Are you saying people should pay taxes on the money they lost?

No. Just read a bit more carefully:

"So many times". "Rich people" -->

Halbhh said:
Ok.

I'm saying rich people should not be able to do the kind of legal tax evasion it takes to get down to $0 or $750, our other tiny amounts, so many times.

Is this more clear? We need a better tax code.

Halbhh · Sep 29, 2020

Ken-1122 said:
Only if he made more money than the typical middle income family

You think in 12 of 15 years Trump made very little money? Not even enough for a modest middle income family?

Well, I think that's unlikely.

Here's another hypothesis: he gets tax breaks you could only fantasize about having for yourself, where he can gamble with other people's money and livelihoods in big ways with easy money loans and if he loses (many times appearantly!) then he just lives luxuriously anyway and other people bear the burden... (Bank investors... and employees of businesses he took over at times)

So, see, you may want to learn more.

Is he a very bad businessman as you suppose here? Or is he just a gambler gaming the system compulsively? One could find out.

Look under the hood on that car.

Might want to get one more reliable.

AvilaSurfer · Sep 29, 2020

My first year of owning my own business I made $6000.00 profit. The first words out of my CPA’s mouth when we sat down were: “We can work that down so it’s zero.” So I wouldn’t have to pay any taxes. I was a small time business owner and my CPA was a local yokel.
Can I imagine a big time corporate dude and a high powered CPA “working it down” so you pay no taxes? Hell yes.

Halbhh · Sep 29, 2020

disciple Clint said:
How do you come to all those conclusions without knowing any facts such as the assets to liabilities ratio, to say nothing of the cash on hand and other liquid or similiquid assets?

Good question.

One can easily read about the Trump business holdings. These business rely on customers. And Trump goes to great extremes to publicize his businesses. So these enterprises are especially visible.

Because of Covid, customers are reduced for hotels for example.

Imagine big loan payments looming. They need a very fast recovery, all stops out.

But even then, it seems likely they'll need more than only a late 2021 recovery.

If they were doing so well as to have large profits enough to accumulate plenty of reserves in the last 10, 15 years...

...then why were Trumps taxes so very, very low for 12 of 15 recent years....?

Albion · Sep 29, 2020

It's not uncommon for wealthy people to pay huge amounts in taxes in some years but little in others.

So long as the person is following the law with its exemptions and so on, all of which has been provided by Congress for reasons deemed appropriate to the House and Senate.,..

there is absolutely no basis for talking as though the person, whether it be Trump or Biden or Michael Bloomberg or Bill Gates, did something wrong.

Halbhh · Sep 29, 2020

Arc F1 said:
Here's a good explanation.

New York Times Fails at Outlining President Trump’s Taxes Again…

That's not relevant to this thread, which is about tax fairness, regarding rich people posting so little tax over time when making huge or middling or weak profits.

And regardless, living large and paying little tax for decades.

Unlike other high income people.

That's a broken tax system unless Trump really isn't making hardly any money and is on the way to another bankruptcy. Even is he is, it's still a broken tax system in my opinion.

It would be better to scrap the income tax entirely and have a national sales tax rich people like Trump can't avoid.

wing2000 · Sep 29, 2020

Hammster said:
No you don’t. You managed to survive without seeing Trump’s returns.

You're welcome to your opinion.

Now, what does he have to hide?

wing2000 · Sep 29, 2020

“.....within the next four years, more than $300 million in loans—obligations for which he is personally responsible—will come due.”

Whom does the president owe?

Hammster · Sep 29, 2020

wing2000 said:
You're welcome to your opinion.

Now, what does he have to hide?

It’s not an opinion. It’s the truth. You have managed to survive without the information. So you don’t need it.

And just because someone doesn’t have something to hide doesn’t mean that they need to be an open book.

NxNW · Sep 29, 2020

AvilaSurfer said:
My first year of owning my own business I made $6000.00 profit. The first words out of my CPA’s mouth when we sat down were: “We can work that down so it’s zero.” So I wouldn’t have to pay any taxes. I was a small time business owner and my CPA was a local yokel.
Can I imagine a big time corporate dude and a high powered CPA “working it down” so you pay no taxes? Hell yes.

Are you of the opinion that this is somehow relevant to Trump being $400M in debt?

NxNW · Sep 29, 2020

Hammster said:
You have managed to survive without the information. So you don’t need it.

If one of the pills in your medicine cabinet is cyanide, you might want to know it even if it hasn't killed you yet.

Nithavela · Sep 29, 2020

Hammster said:
What if that person didn’t make any money that year, and bought that toilet with savings?

Then if the goal was to vote a good businessman into the office of president, the plumber would have been the better choice.

usexpat97 · Sep 29, 2020

disciple Clint said:
When will people understand that the NYT will write any story without regard to truth as long as it is a hit job on Trump. Then the MSM will repeat that story over and over without making any attempt to verify it. This has only been going on for four years now when will people catch on to the fact that they are being played for fools.

Okay...

I'm right here. Help me understand it.

Show me your evidence that what YOU say has any regard for truth, and is not just a hit job on the MSM, and I look into who's telling the truth.

Donald Trump paid $750 in federal tax in 2016, but the defense cost is about $6,000/household

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