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NYT says it has Trump's tax data

Discussion in 'GatorNana's Too Hot for Swamp Gas' started by rivergator, Sep 27, 2020.

  1. gatormater

    gatormater Premium Member

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    What are saying is BS about it? If you’re inferring that the article is accusing him of tax evasion, it is not.

    The article is saying there is a lot unresolved with the IRS, including an ongoing audit. And that he is engaging in a lot of grey area as far as things like tax deductions and losses.

    The article is also saying he has lots of foreign investments that raise legitimate questions and conflicts about his ability to have the best interest of American people on his mind.

    So you may want to actually read it before calling it BS.

    Also, you’re completely off about the IRS. If anything, they are severely underfunded.

    How the IRS Was Gutted — ProPublica
     
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  2. murphree_hall

    murphree_hall GC Legend

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    There is some truth to this post, but a lot of nuance that isn’t included. What kind of business entities does he own? C-Corp? S-Corp? LLC? If he has C-Corps, those losses don’t flow to the individual. Was he taking out owner distributions to get paid, or was he taking salary?

    I own a C-Corp, make much less than Trump per year, and pay much more than $750 in personal taxes even when reporting a loss on my businesses. We all know how it works... most businesses show break even or profit loss on tax returns, because the money is usually reinvested or paid in salary to the owners. But... those owners typically have to pay tax on what they are paid.
     
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  3. GatorRade

    GatorRade Rad Scientist Premium Member

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    Woah there, Ritchie Rich. You don’t have to come all the way to the Too Hot projects just to educate us slumdogs on losses. Just last week, I lost my garbage bag shirt and have had to walk around in a 2006 Ohio St national champion T shirt like some third world peasant.
     
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  4. BLING

    BLING GC Hall of Fame

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    I strongly suspected that guy was a crook (unless you can find me another I.T. guy turned campaign manager in history splurging on ferraris and luxury properties).

    But still...holy chit. I believe this guy still is employed by the campaign. Will this finally get him officially fired? Lol.
     
  5. leftcoastgator

    leftcoastgator Ambivalent Zealot Premium Member

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    One reason this guy had the job he did because he is a conduit for Trump campaign expenses. Pascale’s company pays Eric, Junior, Mrs. Eric, Guilfoyle, and others who had to leave the administration because of ethical problems and needed a safe harbor. Parscale gives the campaign one invoice without details to avoid FEC scrutiny.

    Meanwhile, the Federal,Elections Commission is powerless because Trump refuses to fill vacancies on the Commission, which is unable to meet the quorum required under the law.

    The corruption runs deep. Parscale got fired after the Lincoln Project, among others, pointed out Pascale’s sudden acquisition of waterfront mansions, condos, a Ferrari and a Range Rover.

    I wonder if Brad threatened to turn the Death Star on himself?
     
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  6. PacificBlueGator

    PacificBlueGator Senior

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    Well now you are in a pickle because Trump is claiming it is fake news and now saying that he really did pay taxes. So do you admire him for not paying taxes or lying in 2016 that he didn't pay taxes, or that he really didn't pay taxes and doesn't mind lying to everyone now? Honestly, who knows what is real with this guy.
     
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  7. BLING

    BLING GC Hall of Fame

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    Depends on the source of their income. Let’s say one of their major sources are book deals and speeches. There aren’t many great ways to (legally) game the system for direct contractual payments like that. The govt is going to get a cut of that like they would with W-2 income

    Real estate does have a standard operating procedure of having more complexities, such as JV’s and partnerships for each project - that can lead to a maze of entities where money gets moved around. But at the end of the day if there is income it has to flow somewhere, paid either through corporate income, or distributions to the individual owners. To get a complete picture you need to know what the entities are paying as well, but i think we’d be hard pressed to find another so called billionaire paying less than $750 as an individual. Will be interesting if any other billionaires or real estate figures chime in.
     
  8. BLING

    BLING GC Hall of Fame

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    I thought he was just “demoted”, not fired? I.e still on the corruption payroll.
     
  9. FutureGatorMom

    FutureGatorMom Premium Member

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    Agreed. This puts our national security in jeopardy. My son was lied to by the Navy recruiter when we asked about his student loan of $19,000 being an issue with his high security clearance for AirCrew. It was an issue after all. The president owes over $300m. Go be president!
     
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  10. AgingGator

    AgingGator GC Hall of Fame

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    Once again boys (and lady), please leave your credit cards at home and only take cash into the bar!

    This will be another "Rachel Maddow Exclusive" for the NYT!!!!
     
    Last edited: Sep 27, 2020
  11. mdgator05

    mdgator05 Premium Member

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    For some people, the American dream must really be to shift paper around enough to appear rich without really creating any value.
     
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  12. BLING

    BLING GC Hall of Fame

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    The President just today trotted out the old classic (paraphrasing) “Fake News, i pay taxes, a lot of taxes, you’ll see when I release them, but right now they are under audit with the IRS, they’ve been under audit a long time”. :emoji_sweat_smile::emoji_sweat_smile::emoji_sweat_smile:
     
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  13. rivergator

    rivergator Too Hot Mod Moderator

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  14. citygator

    citygator VIP Member

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    Looks like Ivanka was laundering money.

    https://www.politicususa.com/2020/09/27/ivanka-trump-tax-fraud.html

    The “consultants” are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.

    Ms. Trump had been an executive officer of the Trump companies that received profits from and paid the consulting fees for both projects — meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father’s business.

    Fake consulting deals with members of a company that is also managing the same project are a big red flag to the IRS. Trump hid income by listing his own daughter a consultant on projects that she was managing. In other words, Ivanka Trump and her father were cheating the United States government, and the American people to hide income and avoid paying taxes.
     
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  15. OklahomaGator

    OklahomaGator Jedi Administrator Moderator VIP Member

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    If she was receiving payment and then paying taxes on that income, what is the problem?
     
  16. Gator515151

    Gator515151 GC Hall of Fame

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    I love the way Biden talks about Trump and his wealthy friends and then speaks of the rest of us. Yeah Joe you are with the rest of us.
     
  17. BLING

    BLING GC Hall of Fame

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    Biden paid his taxes on his income.

    Trump is a scammer who is either the worst businessman in history (producing literally no value, living only on leverage and laundered money), or he’s the greatest tax cheat to never pass through personal income. How does the guy live if he never has personal income?
     
  18. PacificBlueGator

    PacificBlueGator Senior

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    Ivanka was being paid as a consultant for the company she worked for to avoid paying taxes because they were deducting the consulting expenses. Apparently a big red flag for the IRS.
     
  19. BLING

    BLING GC Hall of Fame

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    Whether she paid would be the crux of that particular issue.

    She worked for the company claiming the deduction, and also took the consulting fee. The article suggests that is not allowable. Did she pay regular income tax on that amount? If so, it might just be a technical issue with Trump Org handling of it. If she took the money AND also didn’t pay taxes on the consulting fee a deduction was claimed over, that’s called criminal tax evasion.
     
  20. LouisvilleGator

    LouisvilleGator GC Hall of Fame

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