Historian says Trump should prove NYT report on his taxes is 'fake news'

[AngryCanadian]

A woke Historian says Trump should prove NYT report on his taxes is 'fake news' literally the Canadian media is spending to much with the American election and obsession with Trump then focusing on JT current scandals.

Literally CTV brought out a woke Historian who said that Trump must prove that NYT report on his taxes is fake news. dont these woke histrorans know how taxes work?

Source

[Anti Globalist]

Leftists are just mad because they wish they can get away with not paying income tax for so long.

[enhanced_deficit]

This is tough break just a day before debate and Trump campaign can not completely avoid responding to the latest NYT hit piece. But bigger risk could be that this would also point public attention to news of Trump's ex campaign manager's detention/money laundering allegations that may have been the aim of media leaks also and could cause bigger political damage. Won't be surprised if Trump tweeted about Ilhan or some other headlines grabbing topic to distract public attention away from this messy story at a crucial time.

[AngryCanadian]

This is tough break just a day before debate and Trump campaign can not completely avoid responding to the latest NYT hit piece. But bigger risk could be that this would also point public attention to news of Trump's ex campaign manager's detention/money laundering allegations that may have been the aim of media leaks also and could cause bigger political damage. Won't be surprised if Trump tweeted about Ilhan or some other headlines grabbing topic to distract public attention away from this messy story at a crucial time.

This is all to avoid and not to mention the protests/rioting at the debate and they will be focusing on Trump taxes Biden will be still blaming Trump for all the covid deaths. The debate nor Biden wont mention BLM rioters or how they were causing the damage and rioting among crime committed this months a bit of odd that this taxing report came out.

Biden has a problem in the debate, if Biden takes the knee or bends for the BLM during the debate and tells Trump to do same for racial justice i dont see this playing out well for Biden.

[TheCount]

Seems like a slam dunk move on the day of the debate to just... release his taxes and prove that it's all a lie

[AngryCanadian]

Seems like a slam dunk move on the day of the debate to just... release his taxes and prove that it's all a lie

Isnt that NYT Report a same one from 2016? i remember Madow trying her best to her audience talking about Trump's taxes that didn't go well.

[UWDude]

Trump should ignore it.

Then slowly and quietly go after the "leakers" with sedition, since tax returns are private, and the only way to get ahold of them is to have someone in the IRS look them up and give them to you.

It's been four years of the beginning of the end for Trump.

Surely this will stop the Trump Train.

[DiverseSegregation]

I am sure that Trump's tax returns are extremely complicated and not easily understood by most people.

[TheCount]

Isnt that NYT Report a same one from 2016? i remember Madow trying her best to her audience talking about Trump's taxes that didn't go well.

Does that have anything to do with whether or not it's a slam dunk move to release them?

[UWDude]

Does that have anything to do with whether or not it's a slam dunk move to release them?

Nobody cares except the rabid left, who will still be rabid tomorrow, release/disprove, or not.

Trump has every right, and I am sure he will, to use lawyer speak and drivel to fly past every request for confirmation/denial by the press.

Even if this was real, the press has put out so many outrageous stories, it doesn't matter anymore.

HE doesn't need to do anything.

And some hater of his on the internet advocating stupid strategy does not make following their advice any more brilliant.

[eleganz]

Those on RPF who hate taxes but also hate Trump are having a difficult time figuring out how to respond to this illegal leak of IRS records.

Notice @enhanced_deficit is a troll so his responses are to be expected.

[UWDude]

Those on RPF who hate taxes but also hate Trump are having a difficult time figuring out how to respond to this illegal leak of IRS records.

Notice @enhanced_deficit is a troll so his responses are to be expected.

He bumped his own thread three times to try to run the narrative.

[UWDude]

He bumped his own thread three times to try to run the narrative.

^this

related:
https://media.thedonald.win/post/fpajHoCd.jpeg



related to explosive tax return story, may be damaging to anti-GOPAdelson MSM agenda if true:

Ron Paul Liberty Report: NYT purveyor of MSM disinformation not always unreliable:

[RJB]

It looks like he followed the rules. If someone is mad, vent your anger at the politicians who made the rules.

This is the lamest story.

[UWDude]

It looks like he followed the rules. If someone is mad, vent your anger at the politicians who made the rules.

This is the lamest story.

This story could hold true and be explosive if not for enhanced spam techniques, to cover for deficit of quality


also:

Experts may question if the MSM enhanced this story for ratings and rumors:

[dannno]

Seems like a slam dunk move on the day of the debate to just... release his taxes and prove that it's all a lie

The report wasn't a lie, it was the headlines and how they covered it.

According to the report, Trump PAID about $6 million in personal income taxes. But since he lost money, because he was running a campaign and being President, his personal income tax obligation was only $750... So he let the IRS keep the money to be used against future tax obligations. Of course that doesn't include the tens of millions of dollars in taxes that his businesses produced and paid.

So basically what the report found was nothing. It's a big nothingburger, and the real story is that after looking at Trump's tax returns, they found that he was totally clean.

[Sonny Tufts]

According to the report, Trump PAID about $6 million in personal income taxes. But since he lost money, because he was running a campaign and being President, his personal income tax obligation was only $750... So he let the IRS keep the money to be used against future tax obligations. Of course that doesn't include the tens of millions of dollars in taxes that his businesses produced and paid.

Not quite. The report said that for tax years 2005-2007 he paid $70.1 million in federal income tax. He also paid $24.3 million in alternative minimum tax for seven years between 2000 and 2017. But in 2010 he claimed a refund of $72.9 million, based upon alleged business losses of $1.4 billion. Assuming the losses were genuine he was entitled to carry them back to prior years and receive a refund.

But a refund of that size has to be approved by the Joint Committee on Taxation, a bipartisan congressional committee. It apparently did so based on an audit that was sent to it before approving the refund but that was reopened after the refund was made and that has remained open to this day. The sticking point may be claimed losses of $700 million for 2009 relating to Trump's alleged abandonment of a partnership interest that may be related to his failed Atlantic City casinos. Far from finding that Trump was "totally clean", the legitimacy of the refund and the claimed losses has yet to be finally determined.

As far as the "tens of millions of dollars in taxes that his businesses produced and paid", the fact is that Trump's businesses lost tons and tons of money, not to mention that most of them are flow-through entities (such as limited liability companies) that pay no federal income tax anyway. The only taxes these entities would likely have paid were employment taxes and various local taxes.

[Occam's Banana]

I like taxes that don't get captured.

[Sammy]

Since the Income Tax is unconstitutional, Trump is right not to pay Taxes.

[dannno]

Not quite. The report said that for tax years 2005-2007 he paid $70.1 million in federal income tax. He also paid $24.3 million in alternative minimum tax for seven years between 2000 and 2017. But in 2010 he claimed a refund of $72.9 million, based upon alleged business losses of $1.4 billion. Assuming the losses were genuine he was entitled to carry them back to prior years and receive a refund.

But a refund of that size has to be approved by the Joint Committee on Taxation, a bipartisan congressional committee. It apparently did so based on an audit that was sent to it before approving the refund but that was reopened after the refund was made and that has remained open to this day. The sticking point may be claimed losses of $700 million for 2009 relating to Trump's alleged abandonment of a partnership interest that may be related to his failed Atlantic City casinos. Far from finding that Trump was "totally clean", the legitimacy of the refund and the claimed losses has yet to be finally determined.

As far as the "tens of millions of dollars in taxes that his businesses produced and paid", the fact is that Trump's businesses lost tons and tons of money, not to mention that most of them are flow-through entities (such as limited liability companies) that pay no federal income tax anyway. The only taxes these entities would likely have paid were employment taxes and various local taxes.

I'm talking about 2016/2017, that is what the headlines are talking about, Trump only paying $1,500 in income taxes over two years when he actually paid about $6 million. $1,500 is just what he owed. If people don't like it, talk to Joe Biden.

[Sonny Tufts]

Since the Income Tax is unconstitutional, Trump is right not to pay Taxes.

So which theory do you subscribe to -- the 16th Amendment was never ratified; the income tax is a direct tax; Congress can tax only in the so-called "federal areas"; requiring the filing or a return violates the 4th and 5th Amendments; or something else?

[Sammy]

So which theory do you subscribe to -- the 16th Amendment was never ratified; the income tax is a direct tax; Congress can tax only in the so-called "federal areas"; requiring the filing or a return violates the 4th and 5th Amendments; or something else?

I oppose personal Taxes. I only support Tariffs & excise taxes like before 1913.

[Sonny Tufts]

I oppose personal Taxes. I only support Tariffs & excise taxes like before 1913.

I wasn't asking why you opposed the income tax, only why you believe it to be unconstitutional. And btw, the income tax is an excise and it existed well before 1913.

[Suzu]

I'm talking about ... Trump only paying $1,500 in income taxes over two years when he actually paid about $6 million. $1,500 is just what he owed.

Can you give me a link to some documentation of that factoid? (outside of NYT please) TIA

[dannno]

Can you give me a link to some documentation of that factoid? (outside of NYT please) TIA

The NYT article is the source of all of the information.

The first line of the original article, entitled, "Trump Paid $750 in Federal Income Taxes in 2017. Here’s the Math."

The small amount of federal income taxes President Trump paid in both 2016 and 2017 — just $750 each year

https://www.nytimes.com/2020/09/29/u...750-taxes.html

From the article entitled, "The President’s TaxesLong-Concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance"

Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.

https://www.nytimes.com/interactive/...ump-taxes.html


Of course the entire premise is BS.. he was losing money those years, because he was running for President and was President during that time. So why should he pay taxes if he is losing money?!

Of course, his business is responsible for tens of millions in taxes, so the business pays plenty of taxes. This is all complete BS by people who are either lying or don't know anything about taxes.

They are worried about his debt obligations, which is totally normal.. it's just going to roll over. And his asset to debt ratio is very good.

Also, the tax "loophole" that allowed Trump to expense $72 million that is currently being audited was passed by none other than Obama.

[Pauls' Revere]

I am sure that Trump's tax returns are extremely complicated and not easily understood by most people.

Trump to Biden: "You voted for the tax breaks and cuts for 47 years"

[Sonny Tufts]

Of course, his business is responsible for tens of millions in taxes, so the business pays plenty of taxes. This is all complete BS by people who are either lying or don't know anything about taxes.

You should learn something about taxes yourself. The vast majority of his companies, if not all, are limited liability companies ("LLC's"), which pay no federal income tax. Instead, their income and losses flow through to the owners of the LLC's and are reported on their individual tax returns. See https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/181BAF52E298FD70852585B70027E054/$FILE/Trump,%20Donald%20J.%202020Annual%20278.pdf

[Madison320]

Not quite. The report said that for tax years 2005-2007 he paid $70.1 million in federal income tax. He also paid $24.3 million in alternative minimum tax for seven years between 2000 and 2017. But in 2010 he claimed a refund of $72.9 million, based upon alleged business losses of $1.4 billion. Assuming the losses were genuine he was entitled to carry them back to prior years and receive a refund.

But a refund of that size has to be approved by the Joint Committee on Taxation, a bipartisan congressional committee. It apparently did so based on an audit that was sent to it before approving the refund but that was reopened after the refund was made and that has remained open to this day. The sticking point may be claimed losses of $700 million for 2009 relating to Trump's alleged abandonment of a partnership interest that may be related to his failed Atlantic City casinos. Far from finding that Trump was "totally clean", the legitimacy of the refund and the claimed losses has yet to be finally determined.

As far as the "tens of millions of dollars in taxes that his businesses produced and paid", the fact is that Trump's businesses lost tons and tons of money, not to mention that most of them are flow-through entities (such as limited liability companies) that pay no federal income tax anyway. The only taxes these entities would likely have paid were employment taxes and various local taxes.

It's dishonest to single out any particular time period when talking about the taxes paid by someone like Trump. He might get a refund of 10 million one year and then pay 20 million the next. The important question is how much did he pay on average over a long period of time. I'm guessing it's more than 99% of the population.

[Firestarter]

So basically what the report found was nothing. It's a big nothingburger, and the real story is that after looking at Trump's tax returns, they found that he was totally clean.

The report surely was so BIG in order to ensure that nobody reads it!

For many people these days unable to read anything longer than a Twitter message, this article seems to argue that Donald Trump really is a great businessman, by using the laws to lower his taxes to almost 0. In 10 of the previous 15 years, “billionaire” Trump paid no (0) income taxes, and in 2016 and 2017 Trump paid only a combined $1500.

In 2010, Donald claimed and received an income tax refund totalling $72.9 million (the federal income tax he had paid for 2005 to 2008). That was with the help of legislation entered by President Obama.
Then from 2011 to 2014, “billionaire” Donald paid no federal taxes at all (0).

Of course the entire premise is BS.. he was losing money those years, because he was running for President and was President during that time. So why should he pay taxes if he is losing money?!

Most people won’t find the single “bombshell” buried in this recently published very long New York Times article (did you actually read it?!?).
The article shows that Donald Trump was able to lower his taxes for 18 years by deducting his more than $900 million in losses in 1990, when he went bankrupt.

Where it gets “criminal” behaviour by the Donald is that he never paid those losses back to his handlers/lenders, so he shouldn’t be allowed to deduct it.

Here’s how the NYT one time in the whole long article explains that Donald really is in trouble with the IRS.

If the I.R.S. learns that the owner received anything of value, the allowable losses are reduced to just $3,000 a year. And Mr. Trump does appear to have received something. When the casino bankruptcy concluded, he got 5 percent of the stock in the new company.

http://www.ronpaulforums.com/showthr...=1#post6982540

[dannno]

You should learn something about taxes yourself. The vast majority of his companies, if not all, are limited liability companies ("LLC's"), which pay no federal income tax. Instead, their income and losses flow through to the owners of the LLC's and are reported on their individual tax returns. See https://extapps2.oge.gov/201/Presiden.nsf/PAS+Index/181BAF52E298FD70852585B70027E054/$FILE/Trump,%20Donald%20J.%202020Annual%20278.pdf

You should learn something about taxes. I never limited my scope to "income tax", YOU DID. And all of the deceptive news agencies out there.. His businesses generate millions in tax revenue, and LLCs pay corporate taxes. Just because you call a tax some other kind of tax doesn't mean it doesn't get paid.