New York Times has Trump’s tax data...

[Kenny'sID]

Best case scenario - Trump has been lying to anyone listening about the state of his business affairs, the amount of tax he pays and his net worth for decades.

Worst case scenario - fraudulent behaviour and conflicts of interest over his foreign debts.

We’ll see what comes out, maybe it’ll be somewhere in the middle. What’s your ‘alternative truth’?

Do you have any proof for those scenarios?

 

[camille70]

Cliff notes:

18 Revelations From a Trove of Trump Tax Records

 

[camille70]

Except you are trusting him to run a trillion dollar budget.
The deficits have exploded--even before COVID.
His mismanagement is bankrupting the country!

Trump said he would run this country like he ran his businesses. Camille's Fact check rating: TRUE!!

Promises kept!!!

 

[The One Reborn]

Nothing, then?

Then what are you all going on about? Lol

The Right: I'm voting Trump because I don't like illegals coming into our country and sucking the system dry without paying their fair share.

Also the Right: I don't care that Trump, a billionaire, has massive amounts of debt and is paying essentially no taxes. #MAGA

Closing tax loopholes and increasing taxes for the ultra rich is definitely not part of Trump's campaign. If you're voting Trump, you're saying that this is totally OK and you like getting scammed by the elite.

 

[Tom 1]

Do you have any proof for those scenarios?

Do you mean do I have reasons to believe that those are likely best case/worst case scenarios?

That Trump has continually lied about his net worth and the state of his business affairs is no secret. The NYT carried out one of the most thorough investigations back in 2018, although I’m sure you just dismiss this without even reading it: Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father

Here’s a read for shorter attention spans: Ex-Forbes Reporter: Trump Has Been Lying About the Size of His Fortune for Decades
Trump made a few good real estate deals early on, and the reality show, which he secured by managing to convince a Forbes reporter he was worth way, way more than he actually was, and which rather ironically conceived as an idea to sell the Trump brand as it was rapidly going down the tubes: The Inside Story of How ‘The Apprentice’ Rescued Donald Trump

Although he had already lied to them before; Why We Took Trump Off The Forbes 400 During His Decade Of Tax Losses

Overall he made some good real estate investments, and he was a big success at playing his own fantasy self. Whenever he is actually involved in running anything for any period of time the result is usually a ballooning of (often unpaid) debt and consistent multi-year losses. He has a sizeable amount of debt due in the near future he is personally responsible for, i.e that he can’t just write off with yet another bankruptcy dodge. Given that he has various financial entanglements in places like Turkey, this may (or may not) indicate something like the worst case scenario - after all people with huge debts are rarely given security clearance for good reason, a lot of potential leverage there. Might that explain in part his kow-towing to Erdogan? Maybe or maybe not. That is what is meant by ‘worst case scenario’, i.e what might turn out to be true if people’s worst concerns turn out to be accurate.

In any case he is certainly a skilled liar, if not a particularly great businessman, so credit where it’s due. He’s managed to convince a lot of people that he has been way more successful in using other people’s money than he actually has been, that he isn’t a sex pest, and a whole range of other things.

 

[Kentonio]

Is he doing anything illegal?

Very likely. He’s been claiming around 20% of the cost of each of his projects as ‘consultancy’ which is tax deductible, and on at least one occasion that identical sum in the high six figures appears as income on Ivanka’s tax returns under consultancy. Except she was a Trump Org employee at the time, and you can’t do that under tax laws.

I’d be interested to see if there are any other investors in his projects and how they might feel about Trump sending 20% of the money to his children.

 

[Kentonio]

Oh and Fake News!!!

Given that the tax returns are Trump’s own version of his finances given to the IRS, it may well indeed be fake news in a way..

 

[dqhall]

Maybe. One NYT article points out suspicious things. But you’d need other information.

According to Cohen’s statements that came through the book and interviews on TV, Trump presented one statement of his net worth and or income when applying for a loan and a different statement for tax purposes. Making a false statement when applying for a loan is bank fraud.

Due to COVID-19 Trump stopped paying on a loan he got from Deutschbank. Trumps hotels are not getting as much business as before. If he lied about his assets and income, it might bring down banks.

 

[evoeth]

According to Cohen’s statements that came through the book and interviews on TV, Trump presented one statement of his net worth and or income when applying for a loan and a different statement for tax purposes. Making a false statement when applying for a loan is bank fraud.

Due to COVID-19 Trump stopped paying on a loan he got from Deutschbank. Trumps hotels are not getting as much business as before. If he lied about his assets and income, it might bring down banks.

Delinquency on a 100m loan is not going to bring down Deutschbank. One year from now people will be traveling again and Trump hotels will be covering the loan.

 

[Kentonio]

Delinquency on a 100m loan is not going to bring down Deutschbank. One year from now people will be traveling again and Trump hotels will be covering the loan.

I thought I read he has over $400m coming due over the next four years, although he might well not be personally guaranteeing all that. Really not sure how he’s expecting to cover it if he’s reporting his income honestly.

 

[dqhall]

Delinquency on a 100m loan is not going to bring down Deutschbank. One year from now people will be traveling again and Trump hotels will be covering the loan.

They brought down the banks in 2008 when investment banker Lehman Bro’s. failed. It was a combined effort with many lawless people practicing bank fraud contributing to the Great Recession.

 

[Tom 1]

I thought I read he has over $400m coming due over the next four years, although he might well not be personally guaranteeing all that. Really not sure how he’s expecting to cover it if he’s reporting his income honestly.

Apparently he is personally responsible for the whole $437m, according to the report. It’ll be interesting to see what conspiracy theorists come up with if he starts to have significant financial problems, although for all I know he might be able to cover that amount. If not, it seems unlikely that creditors will go after him aggressively if he’s still the prez.

 

[Tom 1]

One year from now people will be traveling again

That seems a bit optimistic.

 

[Aryeh Jay]

Besides that whole Emoluments Clause thingy? ... nah.

Soon to be a thing of the past with our shiny new Supreme Court.

 

[Aryeh Jay]

See what a clever businessman our Donald is? He's managed to keep his taxes down to a mere $750 a year for 2016 & 2017.

I am proud that I paid 8-10 times the taxes that the President of the United States paid in 2016 and 2017. It just proves that the system is working.

 

[KCfromNC]

Trump said he would run this country like he ran his businesses. Camille's Fact check rating: TRUE!!

Promises kept!!!

Yep. I'm starting to get the idea that the guy might not be such a great businessman.

 

[trunks2k]

They brought down the banks in 2008 when investment banker Lehman Bro’s. failed. It was a combined effort with many lawless people practicing bank fraud contributing to the Great Recession.

A single hundred million dollar loan is not what brought down Lehman Bros. It was a lot more money than that and lot more complex.

 

[iluvatar5150]

Very likely. He’s been claiming around 20% of the cost of each of his projects as ‘consultancy’ which is tax deductible, and on at least one occasion that identical sum in the high six figures appears as income on Ivanka’s tax returns under consultancy. Except she was a Trump Org employee at the time, and you can’t do that under tax laws.

I’d be interested to see if there are any other investors in his projects and how they might feel about Trump sending 20% of the money to his children.

To explain that a bit, consulting fees are considered business income and have to be reported as such by the person who received them. The tax advantages here (afaik) would be that business income can be written off through many more deductions, and it can be partially distributed as dividends that get taxed as long term capital gains.

 

[wing2000]

....former DOJ IG tweeted:
Michael R. Bromwich @mrbromwich
Trump knew something we didn't when he started balking at the peaceful transfer of power. If he loses the election, he faces federal and state prosecution for bank fraud, tax fraud, wire fraud, and mail fraud, as does his entire family. No OLC memo will spare him.

 

[wing2000]

I am proud that I paid 8-10 times the taxes that the President of the United States paid in 2016 and 2017. It just proves that the system is working.

Oh, the president paid taxes.....

"In 2017, Trump paid $750 to the U.S., but paid $15,598 in Panama, $145,400 in India, and $156,824 in the Philippines"