Why is he not releasing his tax returns? I'm reminded of the philosophies and strategies in a book I read, The Art of War, by Sun Tzu. We go to war because we are fighting over something. All of us have fought with money. I've won some and lost some. As a potential future leader, I wouldn't show one dam thing in light of future international negotiations - whether trade deals, monetary regulations or currency wars. Nope, I'm holding....all day long, regardless. Whatever the International Monetary Policy Gold Standard is, well, I'll keep you wondering and in suspense.
5
My 9 year old understands his actions were "legal" although I do have a question? Who is left to pay fair amount of taxes?? When the rich always win, with the idea/myth that they create jobs?? Walmart also created job... only to detriment if the working class. Walmart employees they have to apply for government assistance. The working class in this great nation are "condemned" to pay taxes. We are the ones supporting the infrastructure of this Nation. Not the rich that harvest all the benefits. The right wing that generally are white, firmly believe that one of their entitlements is not paying taxes. Some of they go and take over fiscal lands, believing the land belongs to them. Where this idea came from?? The Republican mantra has been for decades now... Let's take America back... let's make America great again... for them only, not for the rest of us.
10
REpublicans used to LOVE arguing it was Blacks and Latinos that take advantage of the system, that they're so lazy that the rest of the tax-paying citizens has to pick up the slack.
Yea right.
Turns out rich affluent Republicans have been bleeding us dry for years.
Yea right.
Turns out rich affluent Republicans have been bleeding us dry for years.
12
The "debt scam" is otherwise know as tax law.. Hillary as a member of congress passes said tax rules into law or allowed them to remain law.
Wow, the Times is really digging deep in an effort to deflect scrutiny from Clinton. Guess the email was a big deal after all, eh?
1
Trump's tax avoidance reminds me of Leona Helmsley's statement: "Only the little people pay taxes." He thinks not paying taxes makes him "smart." If Trump is elected, I will consider getting as "smart" as Trump and avoid paying taxes--as other Americans may consider avoiding. Trump probably never read Kant: i.e. first ask "If I do what I want, is it o.k. for my action to be applied universally?"
7
Sooo...He used legal means to reduce his tax burden. End of story. Hillary on the other hand has this Clinton Foundation mess that has yet to be vetted in the media....I get it now.
1
Please tell me how Trump might have gotten a near billion dollar write-off by swapping worthless "partnership equity" (assuming the partnership(s) was (or were) near to being or insolvent) for all or a major portion of his debt. Was he (with the possible help of his lawyers or accountants) fraudulent in valuing this equity? Where was the IRS in all of this?
9
My question is whether the banks that forgave his debt got to write that same money off as a loss on their books. I don't understand why the IRS would let one party classify the same transaction as a trade (equity for forgiven debt) and the other party classify the same transaction as straight-up debt forgiveness. If both parties claimed the loss then I would think that one should be prosecuted for fraud. So the IRS has a system in place to make sure that the same dependents aren't claimed by multiple filers but not for near billion dollar debt transactions?
5
The answer to your question as to why the IRS would permit this is, they wouldn't! This article is pure speculation and it's not based on facts. Believe me, anyone who takes a $900,000 deduction is very closely scrutinized. And no one escapes the wrath of the IRS, not even Donald Trump.
2
When he did it, it was legal. Can we move on?
4
" Legally Dubious " ? The definition is not so clear, as differences between " gross negligence " and " extreme carelessness ".
2
What if we all used this tax code?
4
I will vote for Trump after the repeated pro Hillary press that this corporate non-journalistic organization has put forward. You guys are something else
2
so Trump did not contribute to the funding of US' war crimes? If only everyone else had done the same.
3
This article’s importance, questioned by some readers, is as comparison with the supposition that Hillary is “corrupt.” I’m not convinced her history verifies such, but clearly Donald meets the definition.
7
Madam Secretary will meet with you, grant your country a favor, grant your company permit, etc., if you make a $3 million contribution to the Clinton Foundation and hire Bill as a consultant. No, that doesn't sound like corruption.
1
Once again we have evidence that Trump weasels out of paying what he owes--and many commenters here think it's no big deal because it was (sort of) legal. "What's the big deal?" they demand.
It's no big deal if you don't mind paying more in taxes to make up for billionaire freeloaders. Trump has always made lavish use of taxpayer-funded streets, airports, bridges and highways, apparently without helping to pay for them. If that's okay with you, fine--but I'm sick of helping rich people and their tax lawyers avoid their obligations to the rest of us.
It's no big deal if you want to keep telling yourself that Trump built his fortune on a modest ($14M+) gift from his father and innate business acumen, and that he will apply his talents to fixing the federal tax system. Seeing the lengths to which he went to avoid paying taxes (and his bills), I am skeptical.
And it's no big deal if you don't care about the character of the POTUS. Do NOT come at me about Clinton and the GD emails; that minor kerfuffle pales beside Trump's record. He is a tax dodger; he pays politicians to create outlandish tax loopholes for developers; he cheats his contractors; his charity is a slush fund of other people's money, used to pay the bills he cannot avoid. All this is on top of the bigotry, xenophobia and misogyny.
We've already had a former playboy CEO preppy POTUS; he gave away the surplus to his rich supporters and started two trillion-dollar wars. We can't afford another one.
It's no big deal if you don't mind paying more in taxes to make up for billionaire freeloaders. Trump has always made lavish use of taxpayer-funded streets, airports, bridges and highways, apparently without helping to pay for them. If that's okay with you, fine--but I'm sick of helping rich people and their tax lawyers avoid their obligations to the rest of us.
It's no big deal if you want to keep telling yourself that Trump built his fortune on a modest ($14M+) gift from his father and innate business acumen, and that he will apply his talents to fixing the federal tax system. Seeing the lengths to which he went to avoid paying taxes (and his bills), I am skeptical.
And it's no big deal if you don't care about the character of the POTUS. Do NOT come at me about Clinton and the GD emails; that minor kerfuffle pales beside Trump's record. He is a tax dodger; he pays politicians to create outlandish tax loopholes for developers; he cheats his contractors; his charity is a slush fund of other people's money, used to pay the bills he cannot avoid. All this is on top of the bigotry, xenophobia and misogyny.
We've already had a former playboy CEO preppy POTUS; he gave away the surplus to his rich supporters and started two trillion-dollar wars. We can't afford another one.
8
Eluding taxes is one thing.
Abject and wholesale corruption in and out of office is another.
Abject and wholesale corruption in and out of office is another.
2
So... he hasn't actually committed a crime. And this is of more importance to report than the criminal behaviour Clinton committed, albeit "without the intent"? Such biased reporting is so blatant, it is going to force people to vote against the elites.
1
I'm sorry but who cares about them darn emails heck I have a lot too what the FBI going to investigate me too bring it on who cares already about emails the Government is spying on us and if was running for President I would not make promises I couldn't keep I just ready for this election to be over so things will get back to normal however I'm not going to tell people who to vote but if ya'll watch the debates like I did I would vote for the person that told the least lies and it is not Donald Trump he told more Lies sorry Hillary Clinton won she told the truth more on the debates so do ya'll really think these emails are hers I don't so they are just trying to frame her and running her in my opinion but we all have are on opinions right that is what makes American so great so once again I going to remind the stupid American People If Donald Trump wins You Can Kiss everything like Social Security Goodbye and Hillary Wins she going to help us Middle class people I know we have heard it before from Obama but Hillary is telling the truth but Ya'll go ahead and Vote for Donald Trump and See If Social Security isn't place in the stock market because believe me it will be I'm here not to judge I'm here to warn the American population before it is too late Whites, Hispanics, Mexicans, And So Many more Americans My Boss sent me here from the Heavens above ya'll can either believe me or not if not I don't know I've tried My boss saids to end it here. God Bless The American People
1
If Donald Trump is elected Next Tuesday The people that would suffer the most are seniors and the Baby Boomers and I am not lying so by all means go out and elect Donald Trump because here's what's going to happen to your Social Security and Medicare you've paid In all these years you will no longer have it you will at first but it will decrease over time instead of increase I'm not the one to tell ya who to vote for but I am going to urge ya to use caution follow your heart like I did I voted for the one that told the least lies on the debates so to the American people African Americans, Latinos, Hispanics. Blacks, Whites, American Indians, Alaska Natives, Asians, Native Hawaiians, Other Pacific Islanders, and other Races please use ya best knowledge in this election cycle in 6 days I'm not going to beat around the bush this election will be close and every vote matters so go out and vote for who ya think can do a good job these next 4 years if ya watch the President debates like I have the answer is simple so I'm ending it right here hope and Pray we get the right person we need as President we don't need somebody that makes fun of people or Gropes Women and doesn't pay taxes so if ya want a crook vote for The Donald if Ya want Somebody that is going to help us get on the right track we need to be on then vote Hillary but I not going to tell ya who to vote for ya are big boys and girls now so do the right thing for Americans Future Kids they won't have a future with Trump
2
In the 80's I owned one two family house and lived in half of it. My friend and new accountant, who usually worked with large landlords took every possible deduction, deprecation and credit. Many I was previously unaware of. I was audited by the IRS. The accountant left their office with no change to my return. Does this make me a bad citizen now?
3
Does America really care whether Trump pays his taxes, or not? Does one really need Michael Bloomberg to tell us that the Republican Nominee is a Con Artist?
We seem intent on wanting to have a dull clever businessman lead us into (?), well that is just one question among others. What is going to happen to our journalists if he takes the White House? The 'Elite'? They are beginning to sound rather dumb. They are not as frivolous as one thinks and we will probably see a larger divide between the Haves and Have-Nots.
Where is Assange in these email-leaks? Putin has pristine hands in our Elections? Perhaps it is also time to remember that a vote for Trump is a vote for Pence. Why does this thought send chills down my spine? He is 'The Republican Party', as I see it. Trump will open the door and his advisers will be kind and pacifying to him, while unrest and unease reigns supreme.
Whites first, Blacks next, this trend will continue. We will become a pandering doting Nation under the thumb of Trump, and some of us will never have to pay taxes again because of lifetime unemployment. Dramatic, this may sound to some if they read this, hey, but let's gamble away our Future.
Supporting Hillary Clinton all the way, and hoping the Pope is praying for us in this dark hour. We do not deserve this and we need 'Restoration' on all fronts to banish self-doubts and mistrust of our Country, The Land of the Brave.
We seem intent on wanting to have a dull clever businessman lead us into (?), well that is just one question among others. What is going to happen to our journalists if he takes the White House? The 'Elite'? They are beginning to sound rather dumb. They are not as frivolous as one thinks and we will probably see a larger divide between the Haves and Have-Nots.
Where is Assange in these email-leaks? Putin has pristine hands in our Elections? Perhaps it is also time to remember that a vote for Trump is a vote for Pence. Why does this thought send chills down my spine? He is 'The Republican Party', as I see it. Trump will open the door and his advisers will be kind and pacifying to him, while unrest and unease reigns supreme.
Whites first, Blacks next, this trend will continue. We will become a pandering doting Nation under the thumb of Trump, and some of us will never have to pay taxes again because of lifetime unemployment. Dramatic, this may sound to some if they read this, hey, but let's gamble away our Future.
Supporting Hillary Clinton all the way, and hoping the Pope is praying for us in this dark hour. We do not deserve this and we need 'Restoration' on all fronts to banish self-doubts and mistrust of our Country, The Land of the Brave.
1
"Donald Trump Used Legally Dubious Method to Avoid Paying Taxes". It's either allowed or it's not allowed. 'Dubious' has no legal standing. And good for Trump - the jerk knows that there's no reason to give the government any more money than is necessary and plenty of reasons not to.
3
If elected, which appears ever more likely by the hour, Trump will mark the end of any veneer of decency in America. With a sexual-predator-tax-evader-liar-swindler as President, the Ugly American will no longer be a European stereotype, but a new reality we will all be burdened with. For the first time in modern history, being an American will no longer be a matter of pride, but of embarrassment and shame.
2
Many intelligent people have speculated that the only reason Donald wants to be president is so he can make the tax audit go away (including its likely $1 billion tax bill + $300 million in penalties). If this were the case, then he presumably doesn't realize that the president has no influence with the IRS.
1
I wonder how many of the people close to Donald Trump have "died under suspicious circumstances", over the years. I wonder how many billions of dollars Donald Trump has had spirited into countries known to be harbouring terrorists. I wonder how many million-dollar speaking engagements Donald Trump has done, in exchange for political influence. I wonder how many huge corporations are donating to Donald Trump's campaign. I wonder how many foreign elections Donald Trump has attempted to surreptitiously influence? I wonder how much cocaine Donald Trump was running in and out of Latin America in the 1980's. I wonder how many middle eastern dictators are sending huge amounts of cash to the Trump Foundation.
Nah. Nevermind all that. What matters, is that a rich man took advantage of the tax laws available to him at the time. THAT's the real story here.
Nah. Nevermind all that. What matters, is that a rich man took advantage of the tax laws available to him at the time. THAT's the real story here.
3
"It is impossible to know whether the Internal Revenue Service challenged Mr. Trump’s use of the swaps because, unlike every major party presidential nominee for nearly 40 years, he refuses to release his tax returns."
Just as it is impossible to know whether Hillary destroyed evidence of malfeasance while in office because, unlike every major party presidential nominee for forever, she destroyed as much of her work product while in office as she could to avoid having the public discover what she did while in office? To avoid the public discovering what favors she did in direct exchange for foreign donations? To avoid having the public discover the clear connection between Bill's meeting with Lynch 3 days before Comey took it upon the FBI to pronounce, incorrectly , that intent was an element of the crime she was being investigated for? (See USC 18, section 793 (f).)
To discover she really did know what those little "c's" meant, 'cause he is a Yale-educated lawyer with years of experience with classified info in government? Which would prove intent to share our secrets with a hostile world on an insecure server, in exchange for huge speaking fees and donations...which would prove a lack of patriotism?
Just as it is impossible to know whether Hillary destroyed evidence of malfeasance while in office because, unlike every major party presidential nominee for forever, she destroyed as much of her work product while in office as she could to avoid having the public discover what she did while in office? To avoid the public discovering what favors she did in direct exchange for foreign donations? To avoid having the public discover the clear connection between Bill's meeting with Lynch 3 days before Comey took it upon the FBI to pronounce, incorrectly , that intent was an element of the crime she was being investigated for? (See USC 18, section 793 (f).)
To discover she really did know what those little "c's" meant, 'cause he is a Yale-educated lawyer with years of experience with classified info in government? Which would prove intent to share our secrets with a hostile world on an insecure server, in exchange for huge speaking fees and donations...which would prove a lack of patriotism?
1
If Trump were proud of his business acumen, why would he not have released his tax returns? If his supporters are convinced there are no potential conflicts of interests, why would they not have encouraged him to do so?
One answer - he is ashamed, hiding shoddy practices, and hiding conflicts of interest.
One answer - he is ashamed, hiding shoddy practices, and hiding conflicts of interest.
3
...and so the NY Times ran this story to try to counter the email scale their candidate is trying to wiggle out of. But hardly anybody picked it up and hardly anybody cares. We all try to beat the IRS by taking the dubious deductions and play the audit game. I am sure a zealous agent could audit Hillary's tax return and find many things deducted of a dubious nature. If you get audited, you slug it out with the IRS. Most of the time there is a settlement. Just part of the game although on a higher level. The IRS is one of the most hated agencies of government in this country for many good reasons and many, whether consciously or sub-consciously love to see the IRS lose; and they lose just as often if not more than they win. If you have substantial authority for doing something, and apparently Trump did, the worst that can happen within the Statute of Limitations is you get assessed for the deficiency and then slug it out in court. The statute has long sing run out on this and it is clearly not non reporting. IRS loses. Hurray for the good guys. Hurray for all of us.
7
These were not "since banned" loopholes. There is a language problem in this article. The deductions were never appropriate. It is only appropriate to take deductions on your own funds. There was no loophole. His strategy is to take inconceivable deductions and get lawyers to argue they are a loophole.
Ruling against his maneuver didn't close a loophole that did not exist. Trumps tax strategy involves constant protest and perpetual auditing and then a negotiated settlement which has the effect of reducing taxes an honest citizens pays.
Running for President was probably originally conceived of as a way to make the IRS position weaker in those negotiations. IRS has already been exposed to massive Republican-caused staff reductions, and claims that reasonable IRS oversight is politically driven attacks on Republicans. Bosses quit and staff leaves, and there is no percentage in fighting these battles for undefended IRS staff.
These are never appropriate deductions, and the hassle of fighting to "close" "loopholes" that don't exist is not smart tax strategy, it wantonly consumes public resources for specious and perverse reasons.
Ruling against his maneuver didn't close a loophole that did not exist. Trumps tax strategy involves constant protest and perpetual auditing and then a negotiated settlement which has the effect of reducing taxes an honest citizens pays.
Running for President was probably originally conceived of as a way to make the IRS position weaker in those negotiations. IRS has already been exposed to massive Republican-caused staff reductions, and claims that reasonable IRS oversight is politically driven attacks on Republicans. Bosses quit and staff leaves, and there is no percentage in fighting these battles for undefended IRS staff.
These are never appropriate deductions, and the hassle of fighting to "close" "loopholes" that don't exist is not smart tax strategy, it wantonly consumes public resources for specious and perverse reasons.
10
No loophole needed to be closed in trumps casino disasters. One has never been allowed to declare the losses of another as one's own loss. My only question is why the IRS has not recovered the taxes and penalties from this fraud.
2
Is the Invisible Hand a euphemism for Sleight of Hand?
1
If Trump gets elected, our neighbor country to the north looks very attractive to relocate. Canada looks like a more progressive democratic country than the USA. Perhaps, Canada might wish to build a wall and ask America to pay for it.
8
Ask the law firm whether they received a payment for their advice.
7
He is the billionaire, one of the richest guy in America, cunning to find out holes of federal tax mechanism and might not think much about ethics, is suppose to be the next president of the United States. Great Donald Trump, sharp in using dubious tools to avoid income tax is going to enjoy presidential facilities and American people, be ready to pay for those costs through tax of your excruciating income.
6
The equity for debt exception was neither unethical nor a dubious tool to avoid income taxes. It was a common tax position that actually had economic effect, notwithstanding the article's insinuations to the contrary. The subject was commonly taught at continuing education seminars for tax accountants and lawyers, and if you weren't considering recommending it to your clients at the time, you were considered to be derelict in your duty of advocacy for your clients.
2
Trump is being direct. He acknowledges his guilt and knows the loopholes to fix the tax system. He along with the rest of the 1% and more unbelievably the majority of Fortune 500 companies who have NOT PAID U.S. TAXES for decades in some instances.
Trump says he knows how to fix it, after all he has the combination to the vault. He knows from a business perspective how to get things done. I don't think he will make a good president, but Clinton is no better.
In Trump's favor is the POSSIBILITY of overturning the patronage and special interest lobbyist movement in Washington. That's where the real problems of America's government lie. NO DOUBT Clinton is just more of the same!
Trump says he knows how to fix it, after all he has the combination to the vault. He knows from a business perspective how to get things done. I don't think he will make a good president, but Clinton is no better.
In Trump's favor is the POSSIBILITY of overturning the patronage and special interest lobbyist movement in Washington. That's where the real problems of America's government lie. NO DOUBT Clinton is just more of the same!
5
Absolutely accurate.
Terrible choices—but the wholesale corruption of Clinton, in and out of public life, is worse.
Terrible choices—but the wholesale corruption of Clinton, in and out of public life, is worse.
These so-called loopholes existed because Trump and others used their money to purchase enough legislators to write the tax laws as they then existed. They made the laws, therefore their apologists should stop sniveling that the fat cats were only diligently adhering to the tax laws that, for some strange reason, seemed to favor them.
BTW the Donald promised that he would release his tax returns. Then, he reneged on that promise. His followers are simply the most gullible voters who ever lived.
BTW the Donald promised that he would release his tax returns. Then, he reneged on that promise. His followers are simply the most gullible voters who ever lived.
9
"They made the laws..."
Really? Funny. I seem to recall that Democrats controlled the majority of seats in the House of Representatives from the 84th Congress beginning in 1955 all the way until the 104th Congress beginning in 1995 - which would cover the tax years in the early '90s being referred to in this article. I gently and respectfully remind you that all tax legislation is required to start in the people's House. Or is it your stated position that Democrats who led the tax law writing committees were all "on the take" from the "rich" and utterly failed to look out for the "little guy? "
Really? Funny. I seem to recall that Democrats controlled the majority of seats in the House of Representatives from the 84th Congress beginning in 1955 all the way until the 104th Congress beginning in 1995 - which would cover the tax years in the early '90s being referred to in this article. I gently and respectfully remind you that all tax legislation is required to start in the people's House. Or is it your stated position that Democrats who led the tax law writing committees were all "on the take" from the "rich" and utterly failed to look out for the "little guy? "
1
Trump's supporters are nihilists who want a total collapse of the whole economy. They don't want to better themselves, they want to drag everyone else down to their economic and intellectual poverty.
2
No Trump fan here but NY Times is suggesting it is somehow improper to pay only the taxes one legally owes. Almost everyone who paid taxes before 1986 legally deducted interest on credit cards and car loans. That "dubious loophole" (i.e., a law duly passed by Congress and signed by the president) has since been "banned." Were the millions of Americans who followed the law as written doing something improper or shady?
8
Here's a homework assignment for those outraged at Mrs. Clinton's email crimes. Quickly list all the items you've read within them that have compromised national security in ways serious or trivial. Right. I thought so.
8
Fromthe transcript of Comey's July 5, 2016 testimony:
"For example, seven e-mail chains concern matters that were classified at the Top Secret/Special Access Program level when they were sent and received...There is evidence to support a conclusion that any reasonable person in Secretary Clinton’s position...should have known that an unclassified system was no place for that conversation."
And:
"Separately, it is important to say something about the marking of classified information...even if information is not marked “classified” in an e-mail, participants who know or should know that the subject matter is classified are still obligated to protect it."
And:
"We do assess that hostile actors gained access to the private commercial e-mail accounts of people with whom Secretary Clinton was in regular contact from her personal account. We also assess that Secretary Clinton’s use of a personal e-mail domain was both known by a large number of people and readily apparent. She also used her personal e-mail extensively while outside the United States, including sending and receiving work-related e-mails in the territory of sophisticated adversaries. Given that combination of factors, we assess it is possible that hostile actors gained access to Secretary Clinton’s personal e-mail account."
"For example, seven e-mail chains concern matters that were classified at the Top Secret/Special Access Program level when they were sent and received...There is evidence to support a conclusion that any reasonable person in Secretary Clinton’s position...should have known that an unclassified system was no place for that conversation."
And:
"Separately, it is important to say something about the marking of classified information...even if information is not marked “classified” in an e-mail, participants who know or should know that the subject matter is classified are still obligated to protect it."
And:
"We do assess that hostile actors gained access to the private commercial e-mail accounts of people with whom Secretary Clinton was in regular contact from her personal account. We also assess that Secretary Clinton’s use of a personal e-mail domain was both known by a large number of people and readily apparent. She also used her personal e-mail extensively while outside the United States, including sending and receiving work-related e-mails in the territory of sophisticated adversaries. Given that combination of factors, we assess it is possible that hostile actors gained access to Secretary Clinton’s personal e-mail account."
Avoiding taxes is 100% legal. One would be stupid not to avoid every tax one could.
What Trump did when he did it was legal. There is no story here, except that Donald Trump is a smart financial man.
What Trump did when he did it was legal. There is no story here, except that Donald Trump is a smart financial man.
7
Read the story it was illegal since the tax attorney said it would not fly. Nothing but crooks engage in this kind of tax dealings. Trump was broke and did it anyway. Do you really want a President with this type of slash and burn mentality . Do you want a President that goes around peeping on 15 year old girls at a beauty pageant. Do you want a President to have the nuclear codes that has Trumps lack of judgement. If Trump wins God please help us all and the entire world.
4
The tax thing is not that hard to understand. If I give you a million dollars, you owe $400,000 taxes on it. Realzing this, on Monday, I give you a "loan" for $1 million dollars, then on Tuesday I forgive the loan. Oh-oh, now you still owe $400,000 taxes. So we rewind. On Monday I give you the $1M Loan. On Tuesday, I agree to accept in full payment a magic penny you have with great sentimental value. Obviously, this new penny based situation (call it [C]) is not any different from me (A) giving you $1M on Monday or (B) giving you a loan on Monday and writing it off on Tuesday. Swap the magic penny for bogus stock shares in something that doesn't exist or barely exists, as long as they have no available mark-to-market price. Sounds like you can also save money on taxes on salary income by giving the employee (who earns $52,000 a year) a salary of $1 and a $1000 loan every Monday which is written off on Friday by some maneuver. No taxes there either.
5
Incorrect and off point with the facts described in the article. You assume to know the fair market value of all the net assets inside the partnership, after the debt was exchanged for equity, to be zero - the purported value of your magic penny. The article's author provides no facts in that regard. Do you know something the author does not?
Your employer - employee hypothetical is also incorrect. The employee has no equity that can be exchanged with the employer for debt relief. But even if I played along, if a true debt instrument was issed by the employee to the employer for $1000 per week and, at year end, employer forgave the debt, that would be income from cancellation of debt - unless - one of the following exceptions is met:
(A) the discharge occurs in a title 11 case,
(B) the discharge occurs when the taxpayer is insolvent,
(C) the indebtedness discharged is qualified farm indebtedness,
(D) in the case of a taxpayer other than a C corporation, the indebtedness discharged is qualified real property business indebtedness, or
(E) the indebtedness discharged is qualified principal residence indebtedness which is discharged—
(i) before January 1, 2017, or
(ii) subject to an arrangement that is entered into and evidenced in writing before January 1, 2017.
Your employer - employee hypothetical is also incorrect. The employee has no equity that can be exchanged with the employer for debt relief. But even if I played along, if a true debt instrument was issed by the employee to the employer for $1000 per week and, at year end, employer forgave the debt, that would be income from cancellation of debt - unless - one of the following exceptions is met:
(A) the discharge occurs in a title 11 case,
(B) the discharge occurs when the taxpayer is insolvent,
(C) the indebtedness discharged is qualified farm indebtedness,
(D) in the case of a taxpayer other than a C corporation, the indebtedness discharged is qualified real property business indebtedness, or
(E) the indebtedness discharged is qualified principal residence indebtedness which is discharged—
(i) before January 1, 2017, or
(ii) subject to an arrangement that is entered into and evidenced in writing before January 1, 2017.
1
"...his lawyers said an I.R.S. audit would likely find it improper."
"Improper" - surely one of the most comprehensive one-word descriptions of Donald J. Trump, his political positions and prescriptions, his finances, and his personal life.
"Improper" - surely one of the most comprehensive one-word descriptions of Donald J. Trump, his political positions and prescriptions, his finances, and his personal life.
6
As sue happy as DJT is we might not know who is POTUS until 2021.
5
I'm no Trump fan and have been a tax lawyer and New York Times subscriber for more than 30 years. But in this case, the NYT investigative reporters were misleading.
The tax opinions obtained by the NYT said that "substantial authority" for Trump's position was "legally dubious" Here is the actual langauge from the Federal Income Tax Regulations" which confirms the opposite:
1) Effect of having substantial authority. If there is substantial authority for the tax treatment of an item, the item is treated as if it were shown properly on the return for the taxable year in computing the amount of the tax shown on the return.
Note the word "properly". Substantial authority is actually a good thing and is used by the taxpayer to avoid penalties. Trump was not the only taxpayer that availed itself of this technique and the tax opinions obtained by the NYT were fairly standard.
The tax opinions obtained by the NYT said that "substantial authority" for Trump's position was "legally dubious" Here is the actual langauge from the Federal Income Tax Regulations" which confirms the opposite:
1) Effect of having substantial authority. If there is substantial authority for the tax treatment of an item, the item is treated as if it were shown properly on the return for the taxable year in computing the amount of the tax shown on the return.
Note the word "properly". Substantial authority is actually a good thing and is used by the taxpayer to avoid penalties. Trump was not the only taxpayer that availed itself of this technique and the tax opinions obtained by the NYT were fairly standard.
9
It's no coincidence that The Times arrived at the conclusion it wanted.
There’s no question about it, Trump is a fraud.
“He deducted somebody else’s losses,” Mr. Buckley said. “That Mr. Trump used the same losses to reduce his taxes ultimately increases the tax burden on everyone else, Mr. Buckley explained. “He is double dipping big time.”
Among the members of Congress who voted to finally close the loophole: Senator Hillary Clinton of New York.
“He deducted somebody else’s losses,” Mr. Buckley said. “That Mr. Trump used the same losses to reduce his taxes ultimately increases the tax burden on everyone else, Mr. Buckley explained. “He is double dipping big time.”
Among the members of Congress who voted to finally close the loophole: Senator Hillary Clinton of New York.
10
If Hillary voted to close the loophole, doesn't that mean that until then, the loophole was open? And if the loophole was open, what Trump did was not illegal. So other than provide a forum for some people to say what the tax policy should have been, what is the point of this article?
5
All statements by Mr. Buckley are conjecture by someone not privy to the facts. And in the fact pattern presented in the article, there is no asserion that Trump deducted losses, only that he utilized the equity for debt exception to obviate any reporting of income from cancellation of debt. That's because the rules at the time were that you didn't have income if your debt was exchanged for equity by the creditor.
Hmmmmm . . . . Maybe, as President Trump, he could write off half the national debt. No harm in trying.
7
In essence,this is exactly the same as the 2008-09 Federal Government bailout of companies such as GM and Chrysler. Funds that would normally be loans (debt) were exchanged for an equity stake in companies that,otherwise,would have gone bankrupt. It strikes me that what is legal and justifiable for the goose is equally so for the gander. Significantly, in doing this, the Government's risks were many orders of magnitude greater than that of Trump and his investors. I am not a Trump fan but am distressed by the constant NWT and WP harangues against him with the aim of pushing the candidacy of his equally undesirable opponent.
3
Um, no. In order for GM to regain it's equity from the government, they first had to PAY THEM BACK. The tax laws Trump created were designed so he NEVER PAID THEM BACK. I would say there's a BIG difference.
13
no, not correct. GM did not pay back all the money. GM got the equity back from the treasury by buying athat equity at mkt price
1
Rational taxpayers look at the tax law and pay as little as legally possible. After all, most of us realize that the government wastes most of our hard earned money once they get their grubby hands on it.
6
If all americans were to pay very little tax like Trump how would the country be able to pay off all the debt it has...
5
"The most egregious feature in our tax code is the so-called carried interest exemption which allows hedge fund nerds to deem their income as capital gain. Thus paying 22% on their earnings rather than 39%. That's a 17% differential."
Agreed, though I'll confess that I draft dozens of "carried interest" provisions every year. But if Congress allows it, why would any sane taxpayer not take advantage of it?
To be fair, the carried-interest "loophole" doesn't benefit all hedge fund managers. Those who trade frequently generate only short-term gains (if any gains), which are essentially taxed the same as ordinary income (i.e. at high rates). Only long term capital gains benefit (that's the 17% differential the quoted commenter is referring to). In essence, the "carried interest" rules permit a hedge fund manager, who usually contributes little if any capital to the fund, to pay taxes on his "fund management" income at the same rate as fund investors pay, even though he's providing only services.
One might argue, of course: Why should fund investors -- i.e. capital providers -- pay lower rates than service providers?
Fair question, but the answer is also fair: US fund investors already pay very high tax rates compared to fund investors in most other countries, and raising those rates to much-higher "ordinary-income" rates would result in a lot more offshore funds and fewer US funds. In other words: competition precludes higher rates.
Agreed, though I'll confess that I draft dozens of "carried interest" provisions every year. But if Congress allows it, why would any sane taxpayer not take advantage of it?
To be fair, the carried-interest "loophole" doesn't benefit all hedge fund managers. Those who trade frequently generate only short-term gains (if any gains), which are essentially taxed the same as ordinary income (i.e. at high rates). Only long term capital gains benefit (that's the 17% differential the quoted commenter is referring to). In essence, the "carried interest" rules permit a hedge fund manager, who usually contributes little if any capital to the fund, to pay taxes on his "fund management" income at the same rate as fund investors pay, even though he's providing only services.
One might argue, of course: Why should fund investors -- i.e. capital providers -- pay lower rates than service providers?
Fair question, but the answer is also fair: US fund investors already pay very high tax rates compared to fund investors in most other countries, and raising those rates to much-higher "ordinary-income" rates would result in a lot more offshore funds and fewer US funds. In other words: competition precludes higher rates.
4
Donald Trump is accountable for direction he gives his tax lawyers, and the tax payment choices he makes. Like everyone, he signs his return vouching for it's accuracy and legitimacy.
Tax laws are subject to interpretation, and some tax lawyers and accountants will take conservative or more aggressive stances on the direction of their client. I have instructed my tax preparer to go easy on protecting every last penny; I'd rather take a slightly conservative path, pay a little bit more in taxes, and keep the IRS out of my life. That's my choice.
Donald Trump has evidently made a different choice, and I consider it a reflection of his chinchy character.
Tax laws are subject to interpretation, and some tax lawyers and accountants will take conservative or more aggressive stances on the direction of their client. I have instructed my tax preparer to go easy on protecting every last penny; I'd rather take a slightly conservative path, pay a little bit more in taxes, and keep the IRS out of my life. That's my choice.
Donald Trump has evidently made a different choice, and I consider it a reflection of his chinchy character.
7
Good comment. I agree with you about taking the most conservative path with taxes. I do the same thing and would have to find a different accountant if I wanted to do otherwise.
It says a lot about Trump that he doesn't want to contribute to society through paying a fair share of taxes.
It says a lot about Trump that he doesn't want to contribute to society through paying a fair share of taxes.
1
Considering someone as having "chinchy" character (wharever that word means) because they didn't pay more taxe than they were legally obligated to pay (like you did) is beyond the pale absurd.
1
"Donald J. Trump proudly acknowledges he did not pay a dime in federal income taxes for years on end" (Trump, 2016). Trump also replied that was smart in reply to MSec Clinton's statement in debate that he may not have paid income taxes.
So we, the taxpayers, are footing the bill for Trump to have Secret Service protection, though the money for that protection was awarded to one of Trump's companies. Do I have this information correct?
Regardless, taxpayer dollars go to Trump's presidential candidate protection.
So we, the taxpayers, are footing the bill for Trump to have Secret Service protection, though the money for that protection was awarded to one of Trump's companies. Do I have this information correct?
Regardless, taxpayer dollars go to Trump's presidential candidate protection.
11
Trumpeting the method that Trump used to avoid taxes isn't going to change anything, although it is enlightening. Clinton supporters aren't going to change, and Trump supporters, generally speaking, don't mind sticking to it the government--or other taxpayers. As a matter of fact, they probably wish they were in a position to do the same thing.
5
I wish you obfuscated your headlines less, though I respect your intentions to be fair and accurate. In times like these, could you be more direct? It would go a long way.
3
OK, Nov 1, 2016. Current date. Election over, 11/8/16, for the most part, mid-evening. The wait is unbearable, because it is the ONLY thing Americans have heard about for the better part of 3 years. Don't you think our citizens can benefit from news from other - more important -parts of the world? Can the pundits PLEASE start talking about the horse race ONLY 2 years before it's to be held? Please? Is that too much to ask?
5
Trump used a tax “loophole”[i.e. followed the IRS rules] to avoid paying taxes on income. Reliance on the particular IRS rule was risky, since his attorneys [attorneys? How about his accountant/tax preparer or advisor?] advised that the use of the rule would likely be found to be improper in an IRS audit. The maneuver to use the rule was subsequently outlawed by Congress. So the rule was used. Was there an audit? If so, which I assume is the case, what was the result? Apparently the result was not that there was a problem, or that what Trump did was disallowed. So what’s the problem with that?
The problem is that Trump was in dire straits financially and needed some way to generate cash -- and he took a risk. That he took that risk may be the problem. Does the country want someone in charge to take a risk like that? Some may, but the chances of success were negative, so does the country want someone taking risks with a poor likelihood of success? Maybe if the country thinks it’s in dire straits.
The problem is that Trump was in dire straits financially and needed some way to generate cash -- and he took a risk. That he took that risk may be the problem. Does the country want someone in charge to take a risk like that? Some may, but the chances of success were negative, so does the country want someone taking risks with a poor likelihood of success? Maybe if the country thinks it’s in dire straits.
4
So the tax laws are rigged for all the wealthy people to keep all of their money? How much are they paying lobbyist to create these laws? Then who is getting paid to spread the news so they i.e., the corporation owners and jet-setters (as they were once called) can all use them? Not dubious; only to be used by those that antied up. Nothing has changed since the 90s except they all have more money and whatever they give is mostly to themselves or to others within their wealth club: the arts, the country club, yacht builders or other forms of gloating materialism. Legal, yes. Admirable, no. They have the very best health care, while others have none. Trump has plenty of company in having used this "dubious method." It's likely been restructured and is masterly used for the same people as just another tax shelter method.
4
If Donald Trump is elected President of the United States, it will be the most disastrous action made by the U.S. electoral college and the American voters.
5
The Times in another article speculates that Trump may not want to fix the tax system. Maybe but he sure knows what's wrong with the system. We know that Hillary, in all her years in government did nothing to change the tax system. Past action is the best indicator of future behavior and Hillary is on the payroll of too many people against tax reform.
8
You bawl as though Hillary had been President for 30 years, yet you live in terror that she might become President next year. You people make no sense to me.
4
Maybe you missed the sentence that said that Hillary voted to close the tax loophole that Trump used.
5
You should take a look at the last two paragraphs. I think you missed something.
3
The closeness of Trump to winning the presidency constitutes a national emergency, and in fact a world emergency. This the biggest danger that this country has faced in my lifetime and possibly since WWII. I'm 60 years old and for the first time in my life politics in my own country, the USA, has got me truly frightened. A Trump presidency would weaken our alliances and our influence in the world and thereby make war between the major powers more likely than at any time since 1945. And if Trump appoints hard rightists to the Supreme Court, they could roll back the 1937 decisions on labor, in fact roll the law back to Lochner, and could gut a raft of hard fought gains for civil liberties that we've all come to take for granted. We are close to plunging into the unstable and violent world and depression economics of my parents' and grandparents' generation, and I'm a student of history, so I know what I'm talking about. For crying out loud, please everybody, vote for Hillary! And to all of you 3rd party purists or disaffected voters who want to 'blow the system up' by voting for Trump, burning the ship you're on means you drown too.
16
Dear Walkman:
No worries, we here back East got the message loud and clear. Comey's FBI unprecedented actions this past week is beyond the pale. He has usurped his and the agency's authority, and we are not about to let another Director push the buttons on our democracy the way old J. Edgar used to.
What does Comey and his G-men think they're doing? Bashing the Clintons while sparing the Trump has become so apparent we Hillary supporters who have been somewhat complacent of late are, in President Obama's words, "Fired up and ready to go vote".
New York, a state most familiar with the Trumpster's decades-old track record of nefarious business practices, pulling scams on unsuspecting consumers, has been on our radar a very long time. He's the untrustworthy one, not Hillary, who has been tried and true, in her political beliefs and working for the people, her entire adult life.
We'll be there next Tuesday, count on it. Cali you're our backstop. Once we in the East and Midwest deliver the states Hillary needs, you in the West, along with Oregon and Washington will bring it on home for Hill. See you next Tuesday.
DD
Manhattan
No worries, we here back East got the message loud and clear. Comey's FBI unprecedented actions this past week is beyond the pale. He has usurped his and the agency's authority, and we are not about to let another Director push the buttons on our democracy the way old J. Edgar used to.
What does Comey and his G-men think they're doing? Bashing the Clintons while sparing the Trump has become so apparent we Hillary supporters who have been somewhat complacent of late are, in President Obama's words, "Fired up and ready to go vote".
New York, a state most familiar with the Trumpster's decades-old track record of nefarious business practices, pulling scams on unsuspecting consumers, has been on our radar a very long time. He's the untrustworthy one, not Hillary, who has been tried and true, in her political beliefs and working for the people, her entire adult life.
We'll be there next Tuesday, count on it. Cali you're our backstop. Once we in the East and Midwest deliver the states Hillary needs, you in the West, along with Oregon and Washington will bring it on home for Hill. See you next Tuesday.
DD
Manhattan
7
I have faith in the good judgement of the majority of voters. Trump will not be elected president. My deep concern, though, is that with all we know about Donald Trump, it's troubling to me that so many Americans still support him. It has to be a combination of hate, fear and, re Hillary, sexism and ageism.
2
Dear HWW:
You are so right on. Here in NYC we who know both of them very well for decades are astounded that this race is even close. What are people out there thinking? Don't they see Trump is a showboat, a con man, always trying to see people something which is not so. He boasts of his buildings, his resorts, his brand. Listen folks out there in "flyover country". Trump's buildings are architectural jokes, garish, gold-plated pieces of schlock. His brand? Made in China, child labor sweat shop work he passes off as luxury goods. Why would a person who has lied about his resume think that he knows anything about running a country? Trump did not know what a Gold Star family is until after he insulted the Khan's.
We New Yorkers are not against Trump's policies. He doesn't have any, and please forget that wall nonsense. He does not know what he is doing. Hillary does. What is going on with the FBI is horrible. America is looking more like a banana republic than a great nation. Get out and vote for Hillary as if the nation depended upon it. It does.
DD
Manhattan
You are so right on. Here in NYC we who know both of them very well for decades are astounded that this race is even close. What are people out there thinking? Don't they see Trump is a showboat, a con man, always trying to see people something which is not so. He boasts of his buildings, his resorts, his brand. Listen folks out there in "flyover country". Trump's buildings are architectural jokes, garish, gold-plated pieces of schlock. His brand? Made in China, child labor sweat shop work he passes off as luxury goods. Why would a person who has lied about his resume think that he knows anything about running a country? Trump did not know what a Gold Star family is until after he insulted the Khan's.
We New Yorkers are not against Trump's policies. He doesn't have any, and please forget that wall nonsense. He does not know what he is doing. Hillary does. What is going on with the FBI is horrible. America is looking more like a banana republic than a great nation. Get out and vote for Hillary as if the nation depended upon it. It does.
DD
Manhattan
2
A single question:
1) Are dubious tax returns from the 90s a greater issue than a presidential candidate who is currently under at least one criminal investigation by the FBI?
As a Democrat, my vote is on the sideline as I'm appalled by the recent revelations that have come forth.
And I don't think I'm the only one.
1) Are dubious tax returns from the 90s a greater issue than a presidential candidate who is currently under at least one criminal investigation by the FBI?
As a Democrat, my vote is on the sideline as I'm appalled by the recent revelations that have come forth.
And I don't think I'm the only one.
11
As a republican my vote is in for Hillary so that we can avoid having an easily provoked and manipulated psychopath from becoming President and leader of the free world.
12
I'm with you but what revelations??? we don't know what's in the emails that they're investigating yet.
1
Emails are ridiculously minute compared to an idiot with the nuclear code!
5
In a President, however naive you may claim I am, I expect responsibility, honesty, integrity and dignity. This story conveys the practices of man with none of those traits.
My biggest disappointment isn't in Trump. It's that so many Americans have come out of the shadows to admire him.
I can't think of a worse example.
Trump and his followers have disgraced America.
Why are former Federal Prosecutors Christie and Giuliani supporting him?
My biggest disappointment isn't in Trump. It's that so many Americans have come out of the shadows to admire him.
I can't think of a worse example.
Trump and his followers have disgraced America.
Why are former Federal Prosecutors Christie and Giuliani supporting him?
15
"Why are former Federal Prosecutors Christie and Giuliani supporting him?"
To me, the answer is plain-as-day; they, and all party colleagues who've pledged their support the Republican nominee, place the objectives and interests of the GOP above those of the nation. It is clear they think little of their sworn oath to protect and defend the Constitution of the United States, and have shoved it aside to make room for the treasonous Republican goal of complete, unhindered control of the federal government. They are traitors, and the absolute worst of the nation's enemies.
To me, the answer is plain-as-day; they, and all party colleagues who've pledged their support the Republican nominee, place the objectives and interests of the GOP above those of the nation. It is clear they think little of their sworn oath to protect and defend the Constitution of the United States, and have shoved it aside to make room for the treasonous Republican goal of complete, unhindered control of the federal government. They are traitors, and the absolute worst of the nation's enemies.
2
In this story, he did act responsibly - he filed his tax returns timely and paid for a tax opinion letter on a tax issue over which he had some uncertainty. He acted honestly, and with integrity and dignity vis-a-vis his tax return - he did not under-report his income, because he had substantial authority for the position he took on his return, which is a proper thing, notwithstanding the author's editorial opinion to the contrary. He did not escape taxes that someone else had to pay, notwithstanding the assertions made in the article which wer made up from whole cloth.
Loren:
You could not be more mistaken. They are supporting a candidate who is at odds with the GOP and whose election would dramatically threaten it. They are not looking out for the interests of the GOP. They are looking to shake it up dramatically.
If anything, people's selecting a known liar and unethically challenged person like Hillary Clinton could be accused of being unpatriotic. How could they put someone that dishonest back in the White House?? What kind of values does someone have to have -- or lack -- to vote for Hillary Clinton?
You could not be more mistaken. They are supporting a candidate who is at odds with the GOP and whose election would dramatically threaten it. They are not looking out for the interests of the GOP. They are looking to shake it up dramatically.
If anything, people's selecting a known liar and unethically challenged person like Hillary Clinton could be accused of being unpatriotic. How could they put someone that dishonest back in the White House?? What kind of values does someone have to have -- or lack -- to vote for Hillary Clinton?
The question is: Why does he get away with personal and financial hanky panky all the time? Has he ever been held accountable for any of the vile things he's done and said? No wonder he thinks the American people are losers or, as he so typically puts it in his book, "Crippled America."
11
The thought that so many millions of struggling citizens, with little access to State assistance, support a man who blatantly encourages them to avoid paying taxes (if they can) say a lot about the level of intelligence of those supporters.
18
The NY Times is getting silly
This is a game between professionals. His accountants vs the auditors at the IRS. To believe that Trump understands this game, given his intellect, is more than inbelieveable - even seasoned tax professional do not always get it correct.
Ms Clinton also uses tax loop holes
As the Guardian reported
"Trump and Clinton share Delaware tax 'loophole' address with 285,000 firm
" Eight days after stepping down as secretary of state in 2013, Hillary Clinton set up ZFS Holdings at CTC’s offices in Wilmington."
In the interest of fair and balanced reporting you ought to look into
ZFS holdings
https://www.theguardian.com/business/2016/apr/25/delaware-tax-loophole-1...
This is a game between professionals. His accountants vs the auditors at the IRS. To believe that Trump understands this game, given his intellect, is more than inbelieveable - even seasoned tax professional do not always get it correct.
Ms Clinton also uses tax loop holes
As the Guardian reported
"Trump and Clinton share Delaware tax 'loophole' address with 285,000 firm
" Eight days after stepping down as secretary of state in 2013, Hillary Clinton set up ZFS Holdings at CTC’s offices in Wilmington."
In the interest of fair and balanced reporting you ought to look into
ZFS holdings
https://www.theguardian.com/business/2016/apr/25/delaware-tax-loophole-1...
6
The closeness of Trump to winning the presidency constitutes a national emergency, and in fact a world emergency. This the biggest danger that this country has faced in my lifetime and possibly since WWII. I'm 60 years old and for the first time in my life politics in my own country, the USA, has got me truly frightened. A Trump presidency would weaken our alliances and our influence in the world and thereby make war between the major powers more likely than at any time since 1945. We are close to plunging into the unstable and violent world and depression economics of my parents' and grandparents' generation, and I'm a student of history, so I know what I'm talking about. For crying out loud, please everybody, vote for Hillary! And to all of you 3rd party purists or disaffected voters who want to 'blow the system up' by voting for Trump, burning the ship you're on means you drown too.
19
Oh man, do I agree. I wish everybody could read this but I feel the forces of nature and the FBI are spinning out of control.
9
And consider, if Trump appoints hard rightists to the Supreme Court, they could roll back the 1937 decisions, and in fact roll the court back to Lochner. Very frightening. And say goodbye to Social Security and Medicare, regardless of what that crooked degenerate Trump says.
9
OK. Let's stay on the course we've been on for years and see what happens.
How about we have some FUN with this country! It's all such a snooze.... it's time for a shake-up. Why is everyone so afraid of change?
How about we have some FUN with this country! It's all such a snooze.... it's time for a shake-up. Why is everyone so afraid of change?
2
When I ran my own business, my tax accountant advised me, if there's ANY question, always take the deduction. Don't do anything CLEARLY wrong, but if there is reasonable doubt, take the deduction. If the IRS audits and determines the deduction isn't allowable, THEN pay the difference.
9
Read the article. The tax attorney said this as not legal but guess what Trump did it anyway.
4
Thomas Jones, re-read the article, which specifically says the opposite of what you claim. It says he had substantial authority for the equity for debt exception, a rule that applied to all taxpayers in his circumstances at the time.
"...his lawyers said an I.R.S. audit would most likely find it improper."
So, why didn't the I.R.S. find it improper? That's the question!
So, why didn't the I.R.S. find it improper? That's the question!
9
Because it's not improper. The equity for debt exception was common in those tax years. Substantial authority backing the position he took was a good thing not a bad thing, notwithstanding the author's insinuations to the contrary.
The tax code is a living thing. There are constant cases before the court that based upon a judges interpretation, gives 'guidance' going forward. The serious and real danger in changing the tax code is that so much of it is reasonably 'settled' - major loopholes closed but more to be discovered and litigated. It would be disingenuous to pick out Donald Trump from amongst all the one percenters and lay this at his feet as if it were a crime - do you think that taking a 900,000,000 deduction would not get him a red flag and a look see from IRS? Questioning the ethics of using a legal strategy does not rise to the level of attempting to alter an election by giving one side debate questions in advance or scrubbing, not deleting, scrubbing a private email server and then protesting that one does not understand how these things work and besides they were all turned over to the FBI and BESIDES there was not a single classified email on there. I am not a Trump fan, but neither are you an impartial arbiter of the news.
9
Donald Trump exploited existing laws. Hillary Clinton broke existing laws. And there you have it. Thank you.
4
So why isn't he being charged?
4
well this election will have one great side effect at least
th american exceptionalism meme seems to have been put to bed
as well as usa # 1
9
The most egregious feature in our tax code is the so-called carried interest exemption which allows hedge fund nerds to deem their income as capital gain. Thus paying 22% on their earnings rather than 39%. That's a 17% differential.
Multiple .17 times the obscene amounts made by these leeches and that's a huge amount of income the government could otherwise collect based on a ridiculous fiction. Even a two year old would conclude that the payments for this activity is ordinary income - not gain.
Mr. Trump has come out in favor of closing this ridiculous loop hole. Mrs. Clinton - who has made a fortune from Goldman Sachs - has not. (According to John Podesta, Mrs. Clinton hates everyday Americans in addition to her stated distain for the deplorables. Subtract these two groups from the population of the US and you have the 1%.)
It would be nice if you wrote about this stark difference in policy rather than castigate Trump for simply following the law.
You have such little regard for the intelligence of the voters that you obfuscate the real issues; and instead, engage in unfair character assassination. We are on to you.
Multiple .17 times the obscene amounts made by these leeches and that's a huge amount of income the government could otherwise collect based on a ridiculous fiction. Even a two year old would conclude that the payments for this activity is ordinary income - not gain.
Mr. Trump has come out in favor of closing this ridiculous loop hole. Mrs. Clinton - who has made a fortune from Goldman Sachs - has not. (According to John Podesta, Mrs. Clinton hates everyday Americans in addition to her stated distain for the deplorables. Subtract these two groups from the population of the US and you have the 1%.)
It would be nice if you wrote about this stark difference in policy rather than castigate Trump for simply following the law.
You have such little regard for the intelligence of the voters that you obfuscate the real issues; and instead, engage in unfair character assassination. We are on to you.
9
government is so efficient in spending the tax dollars it should be allowed to take 100% of all population wages to evenly distribute it to the needy families and refugees
3
You must never have been treated at a VA Hospital. Lucky you.
But tell me. When you take one 100% from wage earners and give it to the needy and refugees, what do the wage earners do for food, clothing and shelter.
You might want to rethink that one there big guy.
But tell me. When you take one 100% from wage earners and give it to the needy and refugees, what do the wage earners do for food, clothing and shelter.
You might want to rethink that one there big guy.
2
The average law abiding, tax paying American who isn't a billionaire or a multi-millionaire is not impressed by his loophole cheat tactics. Trump acted solely to benefit himself after losing his casino(s). He forgot about his casino employees, his investors & the impact his loophole tax dodging has on the American public. The casino was in the red but Trump was in the black, making money off the investors. He even wrote a book about his venture deals. I'm in the category of having to pay taxes every year and don't look for ways to avoid paying it.
You can tell a lot about a man by the relationship he has with his wallet. Trump is STINGY! He is also a criminal for cheating so many people out of money and then using them for tax write-offs. He brags about his Presidential campaign and how it's been basically free. God forbid Trump has to part with one dime he's made off one of bankruptcy deals. This vain, egotistical narcissist is so controlling that he will block you from his Twitter account if you even dare to question his opinions or statements.
Presidential material? Trump is not, by a long shot. He has his own personal agenda: (Ditch NATO, gain power & make money), making a mockery of the highest US office, just as he has made a mockery of this Presidential campaign. I thought this only happens in third world countries.
Trump, Release your tax returns, just as every Presidential candidate has for over 40 years. Being audited by the IRS isn't an excuse to not.
You can tell a lot about a man by the relationship he has with his wallet. Trump is STINGY! He is also a criminal for cheating so many people out of money and then using them for tax write-offs. He brags about his Presidential campaign and how it's been basically free. God forbid Trump has to part with one dime he's made off one of bankruptcy deals. This vain, egotistical narcissist is so controlling that he will block you from his Twitter account if you even dare to question his opinions or statements.
Presidential material? Trump is not, by a long shot. He has his own personal agenda: (Ditch NATO, gain power & make money), making a mockery of the highest US office, just as he has made a mockery of this Presidential campaign. I thought this only happens in third world countries.
Trump, Release your tax returns, just as every Presidential candidate has for over 40 years. Being audited by the IRS isn't an excuse to not.
24
He's also a vengeful man who harbors minor grudges and perceived slights.
2
To everybody who thinks that Trump was acting within the law because the IRS didn't object, please re-read the article and pay attention to this sentence: "It is unclear whether the I.R.S. ever challenged Mr. Trump’s use of this specific tax maneuver." We don't know whether Trump was penalized.
19
Because his position - the equity for debt exception - had substantial authority behind it, the IRS would have been barred from assessing any penalties. So we do know that he could not have been penalized. The IRS could have argued on audit that, based upon their opinion, he didn't qualify for the equity for debt exception - for some reason - and assessed tax on the unreported income. Then that could have led to Mr. Trump appealing that decision and eventually defending his position in court. But as you point out, the article fails to enlighten us as to any of that, which we should expect, because taxpayer information exchanged with the IRS is supposed to be confidential.
1
I'm baffled. There is a basic tenant under tax law that basically states no transaction will be allowed that has no economic substance. This was so obviously the case here. Also the IRS should have kept an eye out for the substance over the form this translation took. Should have never been allowed. Bummer there is only a seven year window to contest.
9
You're baffled because you clearly lack an understanding of the economic substance doctrine, which was only codified recently. As well, your assertion of no economic substance in an equity for debt exchange is utterly incorrect. Creditors who are willing to exchange their loans receivable for equity in a business do so precisely for economic reasons - because they believe that they are likely to recover more money by owning and running the enterprise than by leaving Trump in charge and simply suing for collection of the original debts. Some creditors do this because, once the debt has been converted to equity, the net assets of the business may be high enough for the former creditor to sell his equity interest in the business to a third party purchaser. There is nothing but economic reasons for the creditors actions. The same is true for Trump, when his debts are wiped out by the exchange, Trump loses his ownership interest in the business to the extent of the value of the debt - because that equity goes to the creditors. That is 100% economic substance.
1
Keep reporting the information, NYT. That's what I pay you for.
Thank you.
Thank you.
16
Trump seems to have operated in a penumbra between what is clearly legal and illegal. But it is quite possible that he crossed the line, especially if he took large deductions on other people's losses.
Did the IRS know this? Do they have a task force investigating his tax strategy? Was he engaging in tax avoidance or tax evasion?
He claims that he can't release his taxes, because he is under audit. Will the IRS absolve him of evasion, force him to make restitution, or make a criminal referral to the Justice Department?
Can individual investors who bought his bonds that became worthless, while he deducted their losses, bring civil charges against him?
If he is elected President, will the Supreme Court defer any claims against him until he finishes his term?
We ought to know a lot more about his tax problems before November 8th. I hope and assume the Times reporters are continuing their investigation.
Did the IRS know this? Do they have a task force investigating his tax strategy? Was he engaging in tax avoidance or tax evasion?
He claims that he can't release his taxes, because he is under audit. Will the IRS absolve him of evasion, force him to make restitution, or make a criminal referral to the Justice Department?
Can individual investors who bought his bonds that became worthless, while he deducted their losses, bring civil charges against him?
If he is elected President, will the Supreme Court defer any claims against him until he finishes his term?
We ought to know a lot more about his tax problems before November 8th. I hope and assume the Times reporters are continuing their investigation.
11
The assertions that he deducted someone else's losses is incorrect, editorializing. He stands accused of using a tool common at the time - the equity for debt exception - so as not to have to report income from "debt cancellation." That's because the debt wasn't dicharged outright. Trump had to give up his equity in the business to the creditors in exchange.
1
Just because something is "Legal", it doesn't make it right.
A man has to have a sense of right and wrong or he is no man.
A man has to have a sense of right and wrong or he is no man.
15
so you fill out your tax return 100% honestly with no exaggerations and when it says you owe $x, then you pay $x something more than you are required because it is the right thing to do? really?
3
This article makes a lot of assumptions that make no sense. First, it assumes that Donald Trump took tax deductions available to billionaires. That's totally false. Millions of americans own rental real estate in their llc'sand take similar deductions for depreciation, real estate, llc deductions. They are clearly not billionaires.
Second, the author assumes that Trump did indeed swap his bonds for equity in his partnerships. The banks most likely did not agree to this and the author never investigates whether any bank actually agreed to it. Why would a bank agree to take equity in a bankrupt partnership worth nothing in exchange for forgiving their debt? The bank would have to forego their tax deduction for the bond loss if they did. I am sure the bank tax advisors would have advised them not to forego the tax deduction. so I doubt Trump even did this.
Lastly, Trump is not a CPA and does not spend his time thinking of tax deductions. So dont even give him credit for any of the deductions he took or taking his NOL carryforwards. His CPA's and tax advisors do this. These same people who do taxes for hundreds of other people. I'm a CPA and most of the tax deductions we take are available to both wealthy and average americans who invest in real estate. The billionaires do not have many deductions available that most other business people have. Ever hear of AMT?
Second, the author assumes that Trump did indeed swap his bonds for equity in his partnerships. The banks most likely did not agree to this and the author never investigates whether any bank actually agreed to it. Why would a bank agree to take equity in a bankrupt partnership worth nothing in exchange for forgiving their debt? The bank would have to forego their tax deduction for the bond loss if they did. I am sure the bank tax advisors would have advised them not to forego the tax deduction. so I doubt Trump even did this.
Lastly, Trump is not a CPA and does not spend his time thinking of tax deductions. So dont even give him credit for any of the deductions he took or taking his NOL carryforwards. His CPA's and tax advisors do this. These same people who do taxes for hundreds of other people. I'm a CPA and most of the tax deductions we take are available to both wealthy and average americans who invest in real estate. The billionaires do not have many deductions available that most other business people have. Ever hear of AMT?
7
Why do people keep bringing up depreciation as though that was the cause of the losses? There's no indication that depreciation had anything to do with it. And remember, in the '90s there was no 'bonus' depreciation and the Sec. 179 maxed out at $25,000 per year. So it's highly unlikely that depreciation had anything to do with losses of this magnitude. The fact that "millions of Americans own rental real estate in LLCs and take deductions for depreciation" is a red herring; it has nothing to do with his tax strategy. Or to be more accurate, the tax strategies of his tax advisors.
I'm a CPA too, and while getting my masters in the '90s I learned all about partnership tax. and to nitpick, LLCs didn't exist back then; we are talking about general or limited partnerships.
I'm a CPA too, and while getting my masters in the '90s I learned all about partnership tax. and to nitpick, LLCs didn't exist back then; we are talking about general or limited partnerships.
3
It was not dubious but illegal under the US tax codes. This started in the 1980's when the Silicon Valley companies would give a large loan to a new executive to help them buy an expensive home in the area and then they would forgive the debt. The IRS determined that this debt forgiveness was a tax dodge and banned it and debt forgiveness became real income. Even when real estate investors lost everything with structures totaled by the 1989 Loma Prieta earthquake, many found themselves with large income tax obligations as the debt on the destroyed buildings was treated by the IRS as ordinary income and so it was taxed in the highest bracket. What Trump did was illegal and his CPA could be jailed for filing the return as it was illegal at the time starting in the 1980's more than 10 years before Trump filed his fraudulent tax return. Nothing dubious about dishonesty.
15
Incorrect. The equity for debt exception was commonly used to exclude from "cancellation of debt" from taxable income. He had substantial authority for the position. The transaction had real economic effect - he lost ownership in his casino business to his lenders.
1
Trump is laughing from inside. .and thinking. I cant believe i am been choosen as a nomineeof the major party or will become
A president of the usa. Without any merits . Even he is. Mind boggled with the stupidity of naive voters
A president of the usa. Without any merits . Even he is. Mind boggled with the stupidity of naive voters
14
Trump's abuse of the tax code pales in comparison with his disdain for the moral code.
17
Except he didnt abuse the tax code. He had substantial authority for the position he took.
1
Everything about this man -- whether related to avoiding taxes & cheating taxpayers, investors, contractors or students -- makes evident he is an unethical fraud.
And like all delusional, ignorant egomaniacs he is headed for a big fall. You never know when it will occur, of course. Just that it will. It's in the cosmic script, it will happen no doubt. Just hope it is sooner rather than later. Starting next week, hopefully.
And like all delusional, ignorant egomaniacs he is headed for a big fall. You never know when it will occur, of course. Just that it will. It's in the cosmic script, it will happen no doubt. Just hope it is sooner rather than later. Starting next week, hopefully.
18
He didn't avoid taxes that he did not owe. He didn't cheat taxpayers. He had substantial authority for his tax return position.
1
Why oh why do so many people vote for this man who has hidden nothing about himself?
It surely gives me the shivers that in our country I live with people who do not care about how evil he is. Even if he loses, they will still be here with me holding up U.S flags.
No policies to speak of. They just want him to lead this country. WHY?
I literally bow down with sadness.
It surely gives me the shivers that in our country I live with people who do not care about how evil he is. Even if he loses, they will still be here with me holding up U.S flags.
No policies to speak of. They just want him to lead this country. WHY?
I literally bow down with sadness.
18
Karmic justice for Trump would have him going BK and living his last days working as a greeter at Walmart.
12
parasite
/ˈperəˌsīt/
"a person who habitually relies on or exploits others and gives nothing in return"
Precisely.
/ˈperəˌsīt/
"a person who habitually relies on or exploits others and gives nothing in return"
Precisely.
27
A person who has not filed tax returns for years together talks about tax reforms and bringing in more money to the country. A person aspiring for a prestigious and coveted post should come up with clean hands. Trump, has a business man, had the audacity to evade filing tax returns. I wonder what he would do as a president.
11
and of course, no one reading this article is guilty of inflating charitable contributions deductions or anything like that. let the 1 person out there who embraces a civic duty to pat as much taxes as possible please speak up. and she can stay seated also.
6
I seriously doubt that people inflate their charitable deductions. First of all you have to substantiate your contributions if audited and second, a taxpayer has to have a receipt for donations $250 or more. The fact that you think all people overstate deductions makes me think - that you do.
14
Actually, bored critic, I view paying my taxes to be a patriotic duty. I dutifully pay every nickel I owe while being thankful to live in this already great nation. It is offensive to me to say, as Donald does, that we must make America great again.
I note the cynicism in your nom de plume and I feel sorry for you. I also feel sorry for bigots, misogynists, liars, cheats, thieves and other deplorable. What comes around goes around.
I note the cynicism in your nom de plume and I feel sorry for you. I also feel sorry for bigots, misogynists, liars, cheats, thieves and other deplorable. What comes around goes around.
16
We need a complete Congressional investigation and an FBI investigation of Trumps tax returns, including his public testimony for 11 hours under oath. It would not only get to the truth about the legality of his tax returns, but we would know to whom or what he gave that "10's of millions of dollars in charitable deductions" he claims to have given. We know he stole a seat at a fundraiser of one charity to make it looked like he was a big donor and then left without giving a penny. Don really is a con.
16
His voters dont care. Only they care about is that
Con artist. Offered them the moon without any specifics
Con artist. Offered them the moon without any specifics
9
The IRS is the law enforcement agency who investigates tax returns, and apparently they've been doing quite a lot of that with respect to Mr. Trump. The equity for debt exception to cancellation of debt income was legal, and common, at the time. Congress and the FBI wouldn't have the fist clue how to go about determining "the legality of Trump's tax returns."
1
Trump is a fraud. Imagine what a laughing stock the US would be with him in the Oval Office as the lawsuits begin to pile up.
22
Excuse me, what lawsuits? Please clarify, thank you.
2
frank, imagine our president standing trial for the rape of a child. I don't think anyone would be laughing. Except Putin.
9
The people are starting to see through the media bias. The wall street establishment is getting desperate. Look for more smear attacks.
4
Cheating people out of their investments to reap a profit and not pay taxes, and assaulting women (and accusations that one is 13 years old). The Republican Party should be proud of themselves. Paul Ryan just voted for him!
18
The equity for debt exception involves Trump losing his business to his creditors, so no one got cheated out of their investments (it involves a voluntary agreement between the owners of the business and the creditors); Trump reaped no profit (because that is the tax effect of the equity for debt exception - zero taxable income to the extent the ownership of the business was sacrificed for debt relief); Trump didn't avoid tax that he owed, rather he owed no tax to begin with, and he had substantial authority for the tax retun position. The equity for debt exception was commonly used by taxpayers in similar circumstances at the time.
1
Hate him all you want but the real problem is how complicated our awful tax system is. It is a system that rewards people with loads of money who can hire accountants to find loopholes while the avg joe struggles to get his taxes done yearly. Its a systemic problem more than a problem with Trump.
Honestly, most Americans in his place would do the same. Why wouldn't you save yourself money if the rules allow for it. It's time we cut down on all the bureaucratic excess and simplify things like tax payments.
Honestly, most Americans in his place would do the same. Why wouldn't you save yourself money if the rules allow for it. It's time we cut down on all the bureaucratic excess and simplify things like tax payments.
7
Am I missing something? Why can't the IRS begin an investigation now into this maneuver? Is there a statute of limitations?
6
If they believe income was under-reported by more than 25% then the statute may still be open and they can pursue an audit. In that case Trump would likley avail himself of his attorneys to argue the points that they made in their tax opinion letter (which established that Trump had substantial authority for the position he took). If they couldn't come to agreement, they could duke it out in court. If the IRS prevailed in court, they could get a judgmemt for the tax and interest on the tax, but not penalties (because substantial authority precludes penalties).
This is nothing more than the tax-shelter lottery. Try to get away with it. Violate the spirit of the law, try not to violate the letter and see if you get away with it. If you do, great. If you don't, then pay what you owe.
The dis-incentive from playing this game is so low, most business(wo)men will gladly pay. Create real penalties and this behavior may stop. Until then, the fault lies with CONGRESS and by extension, the people who continue to vote for the same
The dis-incentive from playing this game is so low, most business(wo)men will gladly pay. Create real penalties and this behavior may stop. Until then, the fault lies with CONGRESS and by extension, the people who continue to vote for the same
3
Not a tax shelter. If it were, Trumo would have had to pay for a "more likely than not" opinion letter and would have had to disclose the nature of the shelter on his tax return. Phrases like "tax shelter" or "reportable transaction" are terms of art in the world of taxation.
Trump used a common vehicle - the equity for debt exception - and sacrificed his ownership stake in the casino to his creditors in exchange for debt relief - to preclude reporting taxable income from the exchange. This was a common tool that many taxpayer's in similar circumstances utilized. Because he had substantial authority for the tax position he took, raising penalties wouldnt have affected the Mr. Trump on audit - because the IRS is barred from assessing penalties in such a case.
Trump used a common vehicle - the equity for debt exception - and sacrificed his ownership stake in the casino to his creditors in exchange for debt relief - to preclude reporting taxable income from the exchange. This was a common tool that many taxpayer's in similar circumstances utilized. Because he had substantial authority for the tax position he took, raising penalties wouldnt have affected the Mr. Trump on audit - because the IRS is barred from assessing penalties in such a case.
1
Trump ia exposed again. No surprises. He is a fraud (Trump U.), a tax chaeat (why no show the tax returns?), and willing to sell out the USA for the $600 million he got from the Russian banks. A real typical GOPer.
16
To correct, once and for all time, the odious fool Margaret Thatcher: "The problem with crony capitalism is that eventually you run out of other people's money."
8
Margaret Thatcher's actual quote was far more accurate: "The problem with socialism is that eventually you run out of other people's money."
You obviously were not familiar with Britain in the years before Thatcher became prime minister or you wouldn't call her odious. I lived there for four years during that time.
Another thing to consider... Margaret Thatcher never needed to ride her husband's coattails to become prime minister -- unlike a certain presidential candidate.
You obviously were not familiar with Britain in the years before Thatcher became prime minister or you wouldn't call her odious. I lived there for four years during that time.
Another thing to consider... Margaret Thatcher never needed to ride her husband's coattails to become prime minister -- unlike a certain presidential candidate.
1
I've been a supporter of the New York Times for almost 40 years. But one has to wonder what will happen to the Gray Lady if Trump manages to win.
6
NYT reporters, please continue delving into every possible crook and cranny of Trump's massive tax fraud. I don't think that the IRS is doing enough in this regard. True, it is too late to affect the outcome of this election. Nevertheless, uncovering Trump's tax evasion rot will be a worthwhile endeavor later. I truly do not understand the complicated ins and outs of tax laws and was not able to finish this article without my eyes glazing over. However, I do understand that Trump is a crook. If Bernie Madoff could be sent to prison for his financial defrauding, if an NFL player could be sent to prison for tax evasion a few years back, Trump should absolutely pay for his crimes similarly. Yes, I do mean Lock Him Up! And you, NYT reporters have the means to do whatever it takes to make sure that happens!
13
and, oh yes of course, she is as pure as the new driven snow. yup, yup, uh-huh.
5
It was a legal game for the rich which is now illegal. Can't pay for a "crime" which wasn't a "crime" at the time, no?
Don't insult our intelligence by comparing Trump to Madoff-- that "man" will rot in prison for all the evil he did. No comparison, sorry.
Don't insult our intelligence by comparing Trump to Madoff-- that "man" will rot in prison for all the evil he did. No comparison, sorry.
1
The article doesn't accuse Trump of tax fraud. It says he had substantial authority for the tax position he took - that means he didn't cheat. The article does throw in some unsubstantiated quotes from third parties that are editorial in nature, but neither factual nor well reasoned.
1
No one cares that Trump in fact did exactly what he's repeatedly boasted about doing. Trump supporters have no illusions about Trump's sense of civic duty, they just want to Bern it all down, and who can disagree? After sixteen years of the complete lack of accountability for the well-connected that has defined the vomitous Bushbama era (I'll just name Bush's keeping on of Rumsfeld after Abu Ghraib, and Obama's characterization of Timothy Geithner's transparently fraudulent tax avoidance as an "innocent mistake"as two examples among thousands), who cares what ills may befall the rest of us as long as the privileged are brought down with us?
The condescending characterizations of Trump supporters that fill the pages of this site are somehow blind to the real cause -- the deep revulsion felt by so many as a result of the utter immoral nature of government for the past two decades.
The condescending characterizations of Trump supporters that fill the pages of this site are somehow blind to the real cause -- the deep revulsion felt by so many as a result of the utter immoral nature of government for the past two decades.
6
I call it willful ignorance; and it fits the GOP criterion for not caring about the facts.
12
Willful ignorance of what? My point was that supporters accept that Trump fleeced the IRS. What "fact" is it, exactly, that Trump supporters are willfully ignoring? Your comment seems premised on the parochial and condescending assumption that if people whom you clearly look down on knew what you do, they'd agree with your political views.
2
It still boils down to the fact that Trump has something to hide by not releasing his tax returns. If he was virgin white as he claims, his ego would have them spread everywhere for all to see just what a great guy he is.
15
I started doing the joint tax returns for my husband and I in the nineteen nineties. We often owed some money and with the money I always sent a note.
Dear IRS,
We are very proud proud to be part of this country and pay my taxes.
Both of us emigrated from countries where we would have paid much less in taxes but also made very little in salaries. We felt we owed our success to the opportunities in the United States. There was also so much corruption in former our countries whereas in the US I could see where our tax money was going.
It was used for public education, libraries, the police, infrastructure etc.
Trump had millions of dollars but not the heart to pay his fair share of taxes without looking obsessively for loopholes. The millions he didn't pay could have helped so many people and done so much good. But his greed wouldn't allow him to do that.
And this is a man who people thinks will look out for the entire country? Why would he care about anyone else?
Please think carefully on November 8th America.
Dear IRS,
We are very proud proud to be part of this country and pay my taxes.
Both of us emigrated from countries where we would have paid much less in taxes but also made very little in salaries. We felt we owed our success to the opportunities in the United States. There was also so much corruption in former our countries whereas in the US I could see where our tax money was going.
It was used for public education, libraries, the police, infrastructure etc.
Trump had millions of dollars but not the heart to pay his fair share of taxes without looking obsessively for loopholes. The millions he didn't pay could have helped so many people and done so much good. But his greed wouldn't allow him to do that.
And this is a man who people thinks will look out for the entire country? Why would he care about anyone else?
Please think carefully on November 8th America.
20
The stock for debt exception was not an indicator of greed. Trump lost ownership of his business to his creditors in exchange for debt relief. The "millions that he didn't pay" were actually "millions that he never owed."
1
To me, all of this pales into insignificance the fact that he is being accused of raping a 13 year old girl with Jeffrey Epstein...which will actually be heard in court by the end of the year.
It is well documented that he has paid nothing in income taxes, that he discriminated against African Americans accessing his properties, his refusal to pay his hard working suppliers, and his sequestering of funds from his "charitable" foundation for personal and political gain. Is that not enough?
Is America about to elect a suspected child molester? If it does, God help us all.
It is well documented that he has paid nothing in income taxes, that he discriminated against African Americans accessing his properties, his refusal to pay his hard working suppliers, and his sequestering of funds from his "charitable" foundation for personal and political gain. Is that not enough?
Is America about to elect a suspected child molester? If it does, God help us all.
10
This is Big news?
Trump is a disaster, a lunatic, but the choice between Clinton and himself are negligible, in the scheme of things. As a registered Democrat, I have no choice but to sit this one out. I would, however, have voted for Saunders because he was the only one willing to stick his neck out and attempt any change in the way that America runs itself. He understood, along side with so many, that America has been sold out to the corporations which dictate our policies both home and abroad.
The Democratic machine, oiled and coiled, and ready for what? The same old, same old? A star Democrat like Chuck Schumer is a wolf in the hen house who didn't stand up to Wall street banks after the bailout. Hillary Clinton, who voted for going to war in Iraq, is a hawk and ready to go to war again because she will arrive as weak new president (think Bush) and will need to flex muscles. Sure, they believe that they mean well, but they are too embedded in this rigged corporate system which spits out human beings as simply numbers. The food industry, banking, and energy sectors (but to mention a few) function mostly upon a de-regulated economy. This needs to change and we might just think about Roosevelt again.
America needs a revolutionary change in the way things are done.
Trump is a disaster, a lunatic, but the choice between Clinton and himself are negligible, in the scheme of things. As a registered Democrat, I have no choice but to sit this one out. I would, however, have voted for Saunders because he was the only one willing to stick his neck out and attempt any change in the way that America runs itself. He understood, along side with so many, that America has been sold out to the corporations which dictate our policies both home and abroad.
The Democratic machine, oiled and coiled, and ready for what? The same old, same old? A star Democrat like Chuck Schumer is a wolf in the hen house who didn't stand up to Wall street banks after the bailout. Hillary Clinton, who voted for going to war in Iraq, is a hawk and ready to go to war again because she will arrive as weak new president (think Bush) and will need to flex muscles. Sure, they believe that they mean well, but they are too embedded in this rigged corporate system which spits out human beings as simply numbers. The food industry, banking, and energy sectors (but to mention a few) function mostly upon a de-regulated economy. This needs to change and we might just think about Roosevelt again.
America needs a revolutionary change in the way things are done.
6
Revolutionary change is good; Trump is not the man to lead it as he has taken advantage of everything capitalism has to offer and he's not about to stop taking far more than his share of everything while mouthing the words make America great again. Again? When again? Just when was that? I am 68 years old and find this nation just fine, except for all the things that Trump stands for, like racism, xenophobia, elitism...shall I go on?
13
For God sake, why isn't the Clinton camp fighting back on the email debacle by bringing up every Trump instance of wrongdoing, such as this one. How can they let Trump get away as the "squeaky clean" candidate, when Trump must have 100 instances of misconduct? Surely the Clinton team has the power to make Trump into the liar and scoundrel he is. Or would they be satisfied if the country faced the unspeakable election of a totally unfit candidate like Trump. I fear for my country under his so-called leadership.
12
Because that is a juvenile tactic. Pointing out Trumps flaws doesn't absolve Hillary of hers.
7
"Misconduct"? Since when is using legal tax deductions misconduct? Do you write off home mortgage interest, if so how do you sleep at night?
5
Because there are many "tax experts" who could write a very different article about Trump's tax maneuver. The Times has chosen to consult a group that doesn't believe in tax avoidance.
7
Yes, and I am sure every single person here goes into tax season saying, Well no I am not going to take that deduction cause well golly gee I owe the government more money! All this shows me is he knows how to keep money out of the government hands legally and still make a profit. It also tells me he is savy enough to understand the tax code and can actually make the changes he claims he wants to.
10
But will he and if he tries will Congress do anything about it? He still has to learn how to work with every level of government there is, including the IRS. This man is not equipped to lead this country today or tomorrow.
7
We have a tax practice. Let's just say many people become republicans at tax time. And a big reason many are democrats is because it puts more money in their pockets.
Almost universally people are motivated by there pocketbooks.
Almost universally people are motivated by there pocketbooks.
7
Who were the Presidents between 1992 and 2004?
4
A question for the strange Democrats who claim to hate Trump. Why did you select another Clinton as your candidate? You made the decision that kept Trump in the race, nobody else.
13
is that how you think american politics works ?
is that how Irish politics work ?
3
Babeouf has it exactly right. The Dems--nobody else but our own dear, preternaturally wise, politically astute Dem party--picked the surefire winner, Ms. Hillary Rodham Clinton. We could have had Biden, Warren, Sanders, and instead we got stuck with the highly ethical, very presidential, much-beloved Ms. Clinton, with her even more ethical husband, Bill, as a bonus. Good luck convincing the voting public that Ms. Clinton is the one. Maybe the party pols will have better sense and better luck in 2020.
6
Say what you will about them, but the TEA Party and Trump are both products of republicans' rebellion against their party. Democrats are stuck with another Clinton, compliments of their hero, Obama, no less.
And we're supposed to believe the republicans are the "sheep"?
And we're supposed to believe the republicans are the "sheep"?
3
This comment is tangential to Trump and his taxes. What I would like to share is my speculation that Comey worked a quid pro quo deal with the Repubs because his future plan is to run for office, so he threw them the HRC email disclosure as a bone with the expectation that he will get all their backing, and then some, when he runs for office. A speculation, to be sure, but plausible. I wish someone in the media would raise this question as it certainly would explain Comey's inappropriate decision,
15
Now Joe Comey puts out a file where Bill Clinton commuted someone's sentence in 1991. Is he on Trumps payroll. Maybe Trump will stiff him oR give him stock in one of his worthless corps like he did to the IRS in the 1990' to illegally not pay tax.
4
Make more and you should pay more taxes ( progressively )
This is what civilizations are built upon. ( fairness )
This is what civilizations are built upon. ( fairness )
11
Some civilizations are "built" upon sales taxes and property taxes only - no income taxes.
And your suggestion for a progressive income tax system is what we already have. But there is nothing that makes such a system per se fair.
And your suggestion for a progressive income tax system is what we already have. But there is nothing that makes such a system per se fair.
Billionaires and millionaires were doing this for years....so cudos to them. It's a game for them.
I know I don't like how much the "government" takes from my hard-earned paycheck... how about you? With all the dead wood in federal, state and local government he should win an award.
I know I don't like how much the "government" takes from my hard-earned paycheck... how about you? With all the dead wood in federal, state and local government he should win an award.
8
He should teach us how to do the same 'legally'. Another flaw the politicians could not fix. Finders fixers
2
Who are kidding the POTUS is simply a bully pulpit! Congress & the House run the country. I remember when President Obama had a press conference soon after he tried to raise taxes on the rich when the Bush Tax cuts expired saying in frustration that they are the "Holy Grail" for the GOP.
I was in full support of the President's Executive Orders and using his "loopholes" for the betterment of the nation!
Just two years ago, Repubicians had an historic sweep in the national primaries. The GOP may be losing this election b/c of a flawed "trump card" but they are certainly winning in the war of dismantling the govt. to benefit themselves and their social circles.
I was in full support of the President's Executive Orders and using his "loopholes" for the betterment of the nation!
Just two years ago, Repubicians had an historic sweep in the national primaries. The GOP may be losing this election b/c of a flawed "trump card" but they are certainly winning in the war of dismantling the govt. to benefit themselves and their social circles.
11
Max Bialystock, anyone??
5
Has the tax return page and other records were gained through illegal methods they should have no more weight or truth the the stolen Hillary emails, right?
4
Your lights gone out yet, Dorothy?
BTW, Toto's crossed the Mississippi River already.
BTW, Toto's crossed the Mississippi River already.
1
Only the little people pay taxes. (Said famous hotel chain queen)
12
hope Trump ends up doing time like Leona..
14
So, a family member lost his job at 56. After unemployment ended, he had to live off his 401k. Hard to fibd a job at nearly 60.
Being unsophisticated, full of anxiety, he ended up with a 90,000 bill to the IRS for taxes and early withdrawl. 90k in taxes and penalty on a 401k a little over 200,000.
As I said, unsophisticated. The kicker is, that 90,000 would have bridged this poor soul to 62 (he lived a simple life). He went broke 9 months before his 62 birthday.
The losses added up, the depression took hold, the anxiety went off the charts. He committed suicide, despite strong family support.
And then there is Donald and sophisticated individuals like him.
Sickening.
Being unsophisticated, full of anxiety, he ended up with a 90,000 bill to the IRS for taxes and early withdrawl. 90k in taxes and penalty on a 401k a little over 200,000.
As I said, unsophisticated. The kicker is, that 90,000 would have bridged this poor soul to 62 (he lived a simple life). He went broke 9 months before his 62 birthday.
The losses added up, the depression took hold, the anxiety went off the charts. He committed suicide, despite strong family support.
And then there is Donald and sophisticated individuals like him.
Sickening.
32
The tax code, passed by career politicians, is what is sickening. There should be no 10% early withdrawal penalty when one is in financial distress.
8
Debbie – Yes, it is sickening. Sincere condolences on your family's needless tragedy.
7
I am glad that Patricia Cohen has replied to some of the "NYT picks". Some of these comments have either failed to understand the article or portray the article inaccurately. What's going on here today? Is it just me or have some WSJ or NYPost reporters taken a 24 hour leave to monitor Times comments for this article?
This is excellent reporting and explains why Trump refuses to release his tax returns. He has abused our system, pays no or little in federal tax, and uses his vast wealth to avoid his legal responsibility. He is completely unfit to be President
This is excellent reporting and explains why Trump refuses to release his tax returns. He has abused our system, pays no or little in federal tax, and uses his vast wealth to avoid his legal responsibility. He is completely unfit to be President
23
Agree.
7
So after all Donald's smirking about being smart, and asking why Hillary didn't single handedly change the law to thwart him, it turn so out she did in fact vote to end the practice along with enough other members of Congress to see it through.
Score: Clinton 1, Trump Zero
Score: Clinton 1, Trump Zero
20
Who cares? The masses gonna vote for him anyway.
And does it really matter who gets into the WH anymore? Our sick corrupted government system makes it totally irrelevant.
People, relax and get back to "the games of the circus", would you.
And does it really matter who gets into the WH anymore? Our sick corrupted government system makes it totally irrelevant.
People, relax and get back to "the games of the circus", would you.
6
Don't tell that to the many thousands of someone's daughters, wives and mothers who will likely die from back alley abortions over the next 40 years after Trump appoints his henchmen SCOTUS Justices and they overturn Wade.
10
"Our sick corrupted government system makes it totally irrelevant."
If it's all irrelevant, why are you reading and why are you commenting?
And yes, it really does matter who gets in. Trump is a disaster waiting to happen; he has done quite enough damage already.
If it's all irrelevant, why are you reading and why are you commenting?
And yes, it really does matter who gets in. Trump is a disaster waiting to happen; he has done quite enough damage already.
6
Trump dodged the draft, dodged taxes, and was or was not audited, which makes no sense. IRS audited me, and I had to justify every deduction. I also had to take a few hours off from work. I cannot fathom those low income voters, who likely pay their taxes, cheering Trump on for likely avoiding his taxes.
Do they really believe he is Santa?
Do they really believe he is Santa?
24
Assuming, arguendo, that Trump racked up substantial partnership losses and then engaged in debt for equity swaps in a successful effort to skirt cancellation of debt income on the debt that funded those losses, how was he able to avoid having his losses limited by the "basis" or "at risk" rules?
4
Ask the IRS.
3
And voi la! You get the gold star! The article's author is clearly speculating that Trump personally deducted losses from his share of basis in debt in the years prior to the equity for debt exchange. But that isn't known. It could be that the debt was recourse to members of the partnership not named Donald Trump, in which case he would only have been able to deduct the amount he invested in cash in prior years.
1
Trump has done 10 things that are worse than anything Hillary ever did. The emails are misdirection for Trumps record being gone over. It serves as the reflex action that avoids examining Trump's abysmal record. Whenever the emails are spoken of, it never about what specifically was in them and did it rise to the level of indictment which the FBI has already decided it hasn't. The new batch Hillary is telling them to go ahead an examine them. I'm tired of this dog and pony show Trump is leading his mob along with. If figures the Faithful can be told anything and believe it. The SELF PITY wallowing is misplaced thinking Trump can be their savior. Its been said, America already is great in terms of providing the best housing on the planet for its citizens. Trump followers are the people who think Obama is the Anti Christ. This bunch can't be allowed to determine the nest President. I'd go for Obama having a 3rd term. You really can't do better than Obama. I think Trump followers are simply dishonest people.
13
I don't think you grasp the concept of "public service", and the idea that figures in government (say like, the Sec of State) should be held to the highest of standards.
The thing that keeps evading ppl like you is that Trump is a footnote, a parenthetical blip in this thing. Ppl are Fed Up with the corruption & self-enrichment of career politicians. They are simply rejecting anything remotely resembling governmental status quo, this cycle, it happens to be Trump.
There is a tsunami of rejection coming for both the Ds and Rs. Be ready for it.
The thing that keeps evading ppl like you is that Trump is a footnote, a parenthetical blip in this thing. Ppl are Fed Up with the corruption & self-enrichment of career politicians. They are simply rejecting anything remotely resembling governmental status quo, this cycle, it happens to be Trump.
There is a tsunami of rejection coming for both the Ds and Rs. Be ready for it.
2
This is not, ipso facto, a negative. Creative people push the envelope. They have vision. In the finest cases, they are not poseurs, they are confident. They listen to others, evaluate, and have the confidence to be patient and the confidence to say basta!
They say what they think, listen to the replies, THEN they act.
Does this sound like Trump?
They say what they think, listen to the replies, THEN they act.
Does this sound like Trump?
3
Thank you to the team of reporters and writers who worked on this story. This is what investigative journalism is supposed to be.
15
I am far from being a fan of Donald Trump and will not be voting for him, but this article shows a fundamental misunderstanding of the significance of various tax opinion levels. First, the percentages are wrong - "MLTN" is greater than 50%, not 51%. "Should" is at least 70%, but less than 90%, and "will", which I've never Sean in over 25 years of tax practice, is 90% or greater. The meaning of the percentages is that they are an estimate of the position in question being sustained by the courts if challenged, if all relevant facts are known.
"Substantial authority", which is the level of the tax opinion given Mr. Trump, is a 40% chance of prevailing. There is technical significance to this level of authority, though, in that a taxpayer is allowed to take such a position on his return without specifically disclosing it, and is still not subject to certain penalties that apply to frivolous or other weaker positions. As such, Mr. Trump was being aggressive it taking this position, but he was well within his rights in so doing.
Nick
"Substantial authority", which is the level of the tax opinion given Mr. Trump, is a 40% chance of prevailing. There is technical significance to this level of authority, though, in that a taxpayer is allowed to take such a position on his return without specifically disclosing it, and is still not subject to certain penalties that apply to frivolous or other weaker positions. As such, Mr. Trump was being aggressive it taking this position, but he was well within his rights in so doing.
Nick
8
Please, just stop. There is no such thing as straining a loophole. People take advantage of a loophole in the tax code, which is legal, or they don't - most likely because they can't. The IRS has since plugged this particular loophole and does not appear to have penalized Trump for taking advantage of the loophole in prior years. I'm not seeing what the problem is here.
Why are you not talking about the FBI releasing the investigation report of Bill Clinton's pardon of Marc Rich?
Why are you not talking about the FBI releasing the investigation report of Bill Clinton's pardon of Marc Rich?
10
Bill Clinton is not running for president.
13
@Laura - Regardless, it is still news. The FBI also released its records (all 5 pages or so) on Trump's father. I guess both reports were released due to FOIA requests.
3
So I guess the headline could also be: "Like millions of other Americans, Trump exploited all the legal tax loopholes."
He's been audited almost every year. Do you think if he'd ever done anything illegal in those 15 years or so, the IRS wouldn't want to display his scalp in public to serve as a lesson to other people who actually cheat on their taxes?
He's been audited almost every year. Do you think if he'd ever done anything illegal in those 15 years or so, the IRS wouldn't want to display his scalp in public to serve as a lesson to other people who actually cheat on their taxes?
12
Trumps taxes are no longer under audit? Another promise broken by Trump? Just wonder why CNN & Fox haven't covered the Jane Dkoe case? All the hypotheticals covered & this case is not.
5
While I am not a Trump supporter I do find it so funny to see so many dismiss his actions as illegal.
I am betting the people who are most offended are the same people who want 12 million here illegally to get a path to citizenship.
I am betting the people who are most offended are the same people who want 12 million here illegally to get a path to citizenship.
12
The bottom line is that Trump got away with this stunt because the IRS was looking the other way. Is this correct? // I had a friend who was an attorney for the IRS. I asked him, "Is it true that the less money one makes the greater the chance of being audited by the IRS." He answered, "Yes." I wonder how many people making less than $50,000.00, were audited that year? Hundreds of thousands?
9
Mr. Trump is so arrogant, he apologizes for nothing...all the while complaining that our bridges and railroads are like that of a third world country.
14
Just a second!
Aren't taxes supposed to be paid of your actual INCOME?
In the presented case, the basics remain. If Trump hadn't made the "maneuver" in the 90ties, the casinoes would have been bankrupt, and businesses would have gone under -people would have lost their jobs etc.
The article doesn't deal with the element that very likely the casinoes value as pr. the junk bonds we're highly inflated -and it's a common business practice when times are tough, to ask your creditors to chip in and forego the debts in part. Look at Greece!
I'm not generally considered stupid -so this might be a first, but I have to ask: How on earth can saving a business with your creditors acceptance be transferred into Trump having to pay income taxes from a perceived gain, when he never obtained any money in the first place?
This is the root cause of the problem, everything else that he caught a tax break of nearly a billion just goes to reflect how rediculous taxation systems around the world have become.
If you want to fix it, you have to hire the shrewdest guy you can get, Trump apart from all the glitter and drama just might be that one, wouldn't you think? He's already caught the first tax break of a billion and if held in office wouldn't be able to conduct his business personally during the 4 years. Why would you want to hire a Wall Street proxy and pay the billion (or more) once again?
Aren't taxes supposed to be paid of your actual INCOME?
In the presented case, the basics remain. If Trump hadn't made the "maneuver" in the 90ties, the casinoes would have been bankrupt, and businesses would have gone under -people would have lost their jobs etc.
The article doesn't deal with the element that very likely the casinoes value as pr. the junk bonds we're highly inflated -and it's a common business practice when times are tough, to ask your creditors to chip in and forego the debts in part. Look at Greece!
I'm not generally considered stupid -so this might be a first, but I have to ask: How on earth can saving a business with your creditors acceptance be transferred into Trump having to pay income taxes from a perceived gain, when he never obtained any money in the first place?
This is the root cause of the problem, everything else that he caught a tax break of nearly a billion just goes to reflect how rediculous taxation systems around the world have become.
If you want to fix it, you have to hire the shrewdest guy you can get, Trump apart from all the glitter and drama just might be that one, wouldn't you think? He's already caught the first tax break of a billion and if held in office wouldn't be able to conduct his business personally during the 4 years. Why would you want to hire a Wall Street proxy and pay the billion (or more) once again?
And what makes you think he wants you to have the same advantages? He is a "star", you know, and you are not. Someone has to pay to keep our military going as well as all the programs we all love so much, like education in a public school, roads to drive on with our cheap gas, etc. Why should that be the poor and middle class while this clown dresses up, flies around on his private jet, and gropes women without their permission...who could vote for such a degenerate?
5
The casinos had income in the year in question. Look at the NJ return: it's the only one showing income in 1995. NJ did not allow net operating loss carryforwards in 1995, so the billion in losses were a) from an earlier year and b) initially much larger than the $912 million.
2
IRS needs to be penalized and pay back that money to the people.
5
Did the investors declare losses on the same transactions? If so and permitted, the IRS was asleep at the switch. Or (cue the conspiracy music) were there bribes paid?
6
The wealthy don't make their own wealth. They are made by others people's money.
Trump is a gambler who won and lost over the years.
Now he plays the biggest bet with the best odds, that of running for office.
Using other people's money.
Even millionaires and billionaires are giving him money. Think about that.
He must have the gift of gab, if only we could believe what he says. Even the rich did.
Rambling and gambling.
Trump is a gambler who won and lost over the years.
Now he plays the biggest bet with the best odds, that of running for office.
Using other people's money.
Even millionaires and billionaires are giving him money. Think about that.
He must have the gift of gab, if only we could believe what he says. Even the rich did.
Rambling and gambling.
7
There are a whole slew of GOPers out there who are giving him their hard earned money...don't know why, but seriously, after he brags about loopholes, why would anyone vote against their own best interests and think that he is some kind of money magician who is going to change their lives. I'm quite sure his primary concern is for himself and his people, just look at how many people came forward to say he stiffed them, from minimum wage employees in his hotels to contractors. Grow up, please and take off the blinders.
4
Though Trump apparently gets audited, it is unfortunate that the Congress has not seen fit to provide the funds for the IRS to audit more returns. The forced compliance would pay for itself in tax revenue. Failure to report forgiven investment loans, or flagrant overvaluation of stock or partnership interest in exchange for debt should have been identified by the IRS even before the 1990's tax legislation referenced. It is only fair to the rest of us who pay taxes on "phantom income" reported on 1099's that those who are running real estate business, or investing as an individual, pay the same as limited partners do. It is too easy for them to fail to report this obligation. Working people who receive W-2 forms should be outraged even more.
5
He acted legally but not morally. Even the legal piece is questionable.
10
I'm not understanding what part of this is news. Trump has said ad nauseam that he tries to pay the least amount of taxes (like everyone does), that he understands the tax code better than most everyone else (clearly true since it takes no less than 5 NYTimes reporters to even begin to comprehend the strategies), and that Hillary has never done anything to change the code (closing one loophole doesn't mean squat when there's thousands more to exploit). There is absolutely nothing in this article that is new, nor is this perspective even contrary to Trump's own. Please let's focus on real news like what Hillary is really going to do for black people - any development on that front would truly be news!
8
You say we need a businessman for president? No. That is incorrect, and this is just one example of why it's incorrect.
10
To bad this article is not about the fact there are two sets of rules - one for the rich (10%) and one for every one else (90%).
We are all charged with following the intent of the law. Of course if you are armed with attorneys and accountants who are paid handsomely you are entitled to pursue any and all means (legal or otherwise) to circumvent the intent of the law. Similarly, we routinely see many elected officials that skirt laws until they are caught and then hunker down surrounded by a cadre of attorneys who devine different "legal" decisions than what ordinary Americans would receive.
This is yet another example of fleecing America. I'm both furious and disgusted with any American that condones these corrupt acts or votes for anyone who regularly frequents the seedy edges of our laws.
We are all charged with following the intent of the law. Of course if you are armed with attorneys and accountants who are paid handsomely you are entitled to pursue any and all means (legal or otherwise) to circumvent the intent of the law. Similarly, we routinely see many elected officials that skirt laws until they are caught and then hunker down surrounded by a cadre of attorneys who devine different "legal" decisions than what ordinary Americans would receive.
This is yet another example of fleecing America. I'm both furious and disgusted with any American that condones these corrupt acts or votes for anyone who regularly frequents the seedy edges of our laws.
7
Sadly, I don't believe this is an issue that moves too many Americans, possibly because they see manipulating one's tax burden as a venial sin.
4
It find it a mortal sin when that person is a billionaire who is trying to convince a country that he's the one to lead us; lead us in what, how to bilk our civic responsibilities like he has? Not a good idea, Frbenoit.
5
Did he comply with Federal Law as it then existed? Yes.
Was he convicted of tax fraud, or did he fail to comply with deficiency orders? No.
Is this a manufactured issue intended to inflame anger? YES.
Remember this quote from a tax decision by famed jurist, US Court of Appeals Judge Leaned Hand (who, in my opinion, was one of the great judges never appointed to the SCOTUS)
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes.
Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any
public duty to pay more than the law demands."
-Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810 (2d Cir. 1934), aff'd, 293 U.S. 465 (1935)
Was he convicted of tax fraud, or did he fail to comply with deficiency orders? No.
Is this a manufactured issue intended to inflame anger? YES.
Remember this quote from a tax decision by famed jurist, US Court of Appeals Judge Leaned Hand (who, in my opinion, was one of the great judges never appointed to the SCOTUS)
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes.
Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any
public duty to pay more than the law demands."
-Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810 (2d Cir. 1934), aff'd, 293 U.S. 465 (1935)
9
This selfish, shameless man, Trump, will do anything to enrich himself and his family. His depravity knows no bounds. The only thing we can do is to hit him where it hurts (his pocket book) by boycotting his hotels, his golf courses and his products.
15
This all sounds familiar... Oh, yes:
"We don't pay taxes. Only the little people pay taxes." — Leona Helmsley.
"We don't pay taxes. Only the little people pay taxes." — Leona Helmsley.
12
Dear Trump supporter,
Just imagine your reaction if this had been Hillary Clinton in stead of Donald Trump.
What would you say to her?
Just imagine your reaction if this had been Hillary Clinton in stead of Donald Trump.
What would you say to her?
11
Reading over the comments, it seems to me that at this point people have chosen their "team" and will believe anything to defend that affiliation. How many of us are willing--even able-- to evaluate each action independent of actor? Not me, certainly.
This election can't end soon enough. But after that, this country and our social media handlers need to craft a new way of politics.
This election can't end soon enough. But after that, this country and our social media handlers need to craft a new way of politics.
7
Maybe we should have a go at the IRS. Why don't they have the nerve to challenge stuff like this in front of a jury?
2
Are you sure you want to go there? Because I would like to see a repeal of the mortgage interest deduction (why should anyone get a tax benefit just because they own a house?) and a repeal of multiple tax statuses and rates (why should the married have a lower tax rate than single people?). I am sure others have areas of the tax code they would like to change as long as it is put up for a vote.
4
I think the following three simple points are noteworthy:
1) In general, there must be a business purpose underlying business transactions. As in this case, the structuring of complex transactions to avoid taxes is not a goal or business purpose justifying such transactions in and of itself. Markets become inefficient when the motive driving transactions is tax avoidance instead of profit generation.
2) If Mr Trump relied on the US Tax Court instead of other federal court jurisdictions, he could have deferred payment of IRS tax liabilities he questioned until after a ruling by the Tax Court. To a businessman with small cash reserves and owning few other liquid assets, such a court venue would be amenable to a person who "scrambled to stave off financial ruin," as Mr Trump did in the early 1990s.
3)The fundamental accounting equation helps in understanding Mr Trump's tax strategy. This equation is: [ Assets = (Liabilities (Liab) + Owner's Equity)]. Meaning simply that: assets must be financed and traced to their sources of either borrowing, or the owner's investments. Under the corporate model, this equation becomes: [Assets = Liab + Stockholders' Equity]. and, with partnerships it becomes: [Assets = (Liab + Partners' Capital)].
When part of the debt owed by his casinos was forgiven, some of this $1.3 billion in debt was reduced. This reduction was recast as partners' capital to avoid its taxation via the tax code's debt forgiveness sections.
[Tues 11/01/2016 5:54p]
1) In general, there must be a business purpose underlying business transactions. As in this case, the structuring of complex transactions to avoid taxes is not a goal or business purpose justifying such transactions in and of itself. Markets become inefficient when the motive driving transactions is tax avoidance instead of profit generation.
2) If Mr Trump relied on the US Tax Court instead of other federal court jurisdictions, he could have deferred payment of IRS tax liabilities he questioned until after a ruling by the Tax Court. To a businessman with small cash reserves and owning few other liquid assets, such a court venue would be amenable to a person who "scrambled to stave off financial ruin," as Mr Trump did in the early 1990s.
3)The fundamental accounting equation helps in understanding Mr Trump's tax strategy. This equation is: [ Assets = (Liabilities (Liab) + Owner's Equity)]. Meaning simply that: assets must be financed and traced to their sources of either borrowing, or the owner's investments. Under the corporate model, this equation becomes: [Assets = Liab + Stockholders' Equity]. and, with partnerships it becomes: [Assets = (Liab + Partners' Capital)].
When part of the debt owed by his casinos was forgiven, some of this $1.3 billion in debt was reduced. This reduction was recast as partners' capital to avoid its taxation via the tax code's debt forgiveness sections.
[Tues 11/01/2016 5:54p]
2
If I may briefly elaborate on point 1) of my original post: "Markets become inefficient when the motive driving transactions is tax avoidance instead of profit generation." The letter of the tax law may be followed; but the competitive spirits of efficient markets can easily be lost in this verbatim adherence to the tax law.
A very practical example of such a rules bound market can be found in the Times analysis of the aluminum trade conducted under the aegis of the London Metal Exchange (LME). In the July 21, 2013 issue of the Times, in an article entitled: "A Shuffle of Aluminum, but to Banks, Pure Gold," David Kocieniewski writes of aluminum warehouses complying with strict rules regimes via "make-work" and the types of artificial, rules-driven inefficiencies that can result. He states that "Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again." Mr Kocieniewski concludes: "This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange..." He continues: "The back-and forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman, which owns the warehouse and charges rent to store the metal." A former warehouse worker states: "the process is a 'merry-go-round of metal.'"
Thus, tax and rules driven compliance regimes can easily vitiate market forces.
[W 11/02 12: 50p]
A very practical example of such a rules bound market can be found in the Times analysis of the aluminum trade conducted under the aegis of the London Metal Exchange (LME). In the July 21, 2013 issue of the Times, in an article entitled: "A Shuffle of Aluminum, but to Banks, Pure Gold," David Kocieniewski writes of aluminum warehouses complying with strict rules regimes via "make-work" and the types of artificial, rules-driven inefficiencies that can result. He states that "Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again." Mr Kocieniewski concludes: "This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange..." He continues: "The back-and forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman, which owns the warehouse and charges rent to store the metal." A former warehouse worker states: "the process is a 'merry-go-round of metal.'"
Thus, tax and rules driven compliance regimes can easily vitiate market forces.
[W 11/02 12: 50p]
1
I don't support Trump. I don't like tax loopholes for the wealthy or corporations. But this article, which ostensibly criticizes Trump, actually confirms that his supporters have a point: the game is rigged.
5
Yeah
it is rigged for the 1% and will continue to be until we vote out all republicans and replace with socialists
Citizen united and corporation being people - the system is corrupt with money buying legislation and tax code that benefit the 1%
it is rigged for the 1% and will continue to be until we vote out all republicans and replace with socialists
Citizen united and corporation being people - the system is corrupt with money buying legislation and tax code that benefit the 1%
3
But Trump complains that everything is rigged against him, when in fact the tax system has worked out magnificently in his favour.
1
What I find uncomfortable about this is that Trump took a tax cut that really belonged to the investors. Yes, we all look for loopholes, but how many of us can do so at the expense of others.
11
Rich man follows tax law and maybe escapes paying some taxes that
NYT thinks he should pay. Not sure why this is considered news.
Nowhere do you assert he did not pay what was owed.
Now based on this story is someone supposed to not vote for him?
Seems he acted in a prudent fashion.
NYT thinks he should pay. Not sure why this is considered news.
Nowhere do you assert he did not pay what was owed.
Now based on this story is someone supposed to not vote for him?
Seems he acted in a prudent fashion.
5
This just illustrates how the rich are robbing us blind. I'm sure that they all engage in some form of thievery similar to what Trump is doing.
5
As if being a racist, misogynist, prejudiced, xenophobic fire brand wasn't enough.
13
Maybe I'm missing the point, but I doubt it.
Trump hired tax lawyers to figure out how to reduce or eliminate his income taxes, and they did. What's wrong with that? Presumably the IRS was fully aware of it. Congress later changed the law (Clinton had nothing to do with that law change, by the way), but what Trump did (and probably many other taxpayers did) was allowed at the time.
As for those who say the rest of us pay our "fair share," let's keep clearly in mind that we don't. Our government spends far more than it collects in taxes. That's why the national debt has nearly doubled in the past 8 years or so. We spend money now, pay for some of that spending with tax revenues and pay for the rest by selling government bonds to raise cash. Those bonds must be repaid some day, of course, but the government usually just "rolls them over" -- i.e. it issues new bonds to raise cash to pay off the old bonds (and often issues additional bonds for good measure -- that's why the debt keeps increasing).
This shifts the repayment burden to our children and grandchildren. We don't ask our children and grandchildren, of course, whether that's OK with them. Whether it is or not, the key point is that Trump is not alone in failing to pay for what our government spends. The rest of us don't pay either, We just borrow the money, spend it, and stick our children and grandchildren with the bill (though they probably will pass it on to THEIR children and grandchildren).
Trump hired tax lawyers to figure out how to reduce or eliminate his income taxes, and they did. What's wrong with that? Presumably the IRS was fully aware of it. Congress later changed the law (Clinton had nothing to do with that law change, by the way), but what Trump did (and probably many other taxpayers did) was allowed at the time.
As for those who say the rest of us pay our "fair share," let's keep clearly in mind that we don't. Our government spends far more than it collects in taxes. That's why the national debt has nearly doubled in the past 8 years or so. We spend money now, pay for some of that spending with tax revenues and pay for the rest by selling government bonds to raise cash. Those bonds must be repaid some day, of course, but the government usually just "rolls them over" -- i.e. it issues new bonds to raise cash to pay off the old bonds (and often issues additional bonds for good measure -- that's why the debt keeps increasing).
This shifts the repayment burden to our children and grandchildren. We don't ask our children and grandchildren, of course, whether that's OK with them. Whether it is or not, the key point is that Trump is not alone in failing to pay for what our government spends. The rest of us don't pay either, We just borrow the money, spend it, and stick our children and grandchildren with the bill (though they probably will pass it on to THEIR children and grandchildren).
5
The Trump issue aside, MyTreeCents' litttle rant reflects an ignorance of history. We don't invariably and always increase the national debt, as measured by percentage of GDP, the customary measure. We have done so since 2008, initially for the best of reasons, a major recession that called for stimulus and reduced tax revenues at the same time. More recently the deficit has been reduced, but congressional gridlock has precluded needed tax reform to reduce it faster.
6
DT's tax lawyers advised against this 'double-dipping.' DT tried it anyway, because if you've read about how he operates, he has used legal maneuvers to delay the final reckoning in many instances. Perhaps he'll go to his grave owing billions to the US as well as many individuals. We'll never know, but in the meantime, he lives in luxury (of sorts). The guy's a leech.
See the recent arcticle in Newsweek for a full description.
See the recent arcticle in Newsweek for a full description.
5
There is a certain irony here in that one of Trump's basic tenets is that the US government is extremely stupid and loses out on every deal it enters. Here we see a perfect example: so much tax revenue forfeited due to slothfulness and ineptitude. The fact that Trump is the beneficiary does not lessen the forcefulness of this observation, it only gives it greater credibility. Trump knows our government is dysfunctional because he has outwitted it many times before. It's too bad it's not at all convincing that he will actually repair anything.
5
Modus Tollens...Thus he will make his own place in deepest levels of justice that the almighty shall determine. God's will be done over evil and greed...not our place...leave it to the higher powers...he will receive what he has coming to him soon enough.
1
How does Trump differ from Madoff?
7
The irony behind all of this is, his most loyal supporters are the ones who'll get burned the most by his presidency.
10
You don't know that any more than his most loyal supporters are the ones who'll get burned the most by Clinton. How do you know that with any certainty whatsoever?
4
trump wants to give himself and other 1% a huge tax break
that means more taxes for everyone else or no regulation
so we can all be dumded down by lead poisoning
that means more taxes for everyone else or no regulation
so we can all be dumded down by lead poisoning
4
From Comey's testimony we KNOW that Hillary committed numerous felonies. The Attorney General and Barack the Brittle simply demanded that she not be prosecuted.
We have never elected a president or member of Congress who we KNEW had committed serious federal crimes.
We have never elected a president or member of Congress who we KNEW had committed serious federal crimes.
6
More alt-right conspiracy theories. To quote Trump, "SAD"
5
Saying it doesn't make it so, except in Trumpworld!
7
Listen to his testimony again, and then put your delusional spin on it.
3
If Hillary thinks raising taxes is such a good idea for everyone who earns more than 205K a year, did she pay a dime more than necessary when she was earning money?
Lord knows she has enough now and never needs to earn another dime of income. She has more than she can spend. And thus will never pay income tax again despite raising ours.
Biggest hypocrite ever.
Lord knows she has enough now and never needs to earn another dime of income. She has more than she can spend. And thus will never pay income tax again despite raising ours.
Biggest hypocrite ever.
11
At least she pays taxes.
10
So that was 1990 - You don't have anything better to write about then something that is no longer important. The Fed approved it because he is audited every year.
7
What Trump did was legal. Hillary is a congenital liar . Zeifmann , chief counsel of the House judiciary committee said that Hillary is a lair , an unethical dishonest lawyer who conspired to violate the constitution, rules of the House ,the committee and confidentiality.Hillary wrote a fraudulent brief , confiscated public documents, . Zeifmann wouldn't give her a letter of recomendation and later said she was unfit for the Senate. Hillary is worth $200,000,000 and that money is mainly from selling our country to foreign entities in exchange for speaking fees and donations to her foundationn which gives <6% to charity.
Hillary and Podesta have made millions from their ties to Russia .
Hillary insults our intelligence with absurd claims such as the claim that trump will have little illegal children taken out of school and tossed over the border and the claim that Trump's policies will allow toddlers to have access to guns.
Hillary's policies, free college , free medicine ,will dramatically raise middle class taxes and the mobney will go to the rich . We need to lower costs not increaase taxes to make rich drug comapnies hospitals and doctors and medical device manufacturers richer . We also dont need to make govt cronies who take the exta college money richer
Hillary and Podesta have made millions from their ties to Russia .
Hillary insults our intelligence with absurd claims such as the claim that trump will have little illegal children taken out of school and tossed over the border and the claim that Trump's policies will allow toddlers to have access to guns.
Hillary's policies, free college , free medicine ,will dramatically raise middle class taxes and the mobney will go to the rich . We need to lower costs not increaase taxes to make rich drug comapnies hospitals and doctors and medical device manufacturers richer . We also dont need to make govt cronies who take the exta college money richer
9
Actually, the article and analysis therein strongly suggest that Trump acted illegally by claiming personal deductions for monies actually donated by other people. That, my friend, is income tax fraud. The article and analysis therein also indicate that Trump failed to report as income excused and forgiven debts, as required by law. That, my friend, is income tax evasion.
15
Just because you hate Hillary you can't make up your own facts
Wake up to reality
Trump got millions from Russia not Clinton
Wake up to reality
Trump got millions from Russia not Clinton
5
I have no doubt that this man has used every loophole to avoid paying taxes. That is what rich people do. No surprise. If he's elected, I'm certain he'll use every loophole imaginable to avoid doing his job properly, and then blame everyone else, including the "rigged" press, "rigged" polls, "rigged" government, the American people, global warming (which probably doesn't exist for him currently), immigrants, etc. for everything that doesn't go his way.
9
Trump is not making is tax returns public despite the fact that his near billion dollar deduction is now a public knowledge. That in itself implies that he still has perhaps more damaging information to hide than his one time loss in 1995.
How ironic is it that he is the one screaming about Clinton's alleged corruption and dishonesty?
How sad is it that his followers aren't able to discern this obvious truth?
How ironic is it that he is the one screaming about Clinton's alleged corruption and dishonesty?
How sad is it that his followers aren't able to discern this obvious truth?
19
They can discern it. They just have no more integrity than he does.
10
They can. They want the whole system burned down. They think Trump can do it.
3
Russia is a good place to live
you want to destroy America so do they
you want to destroy America so do they
2
This is truly hilarious. But I would expect nothing less from this birdcage liner. Trump made a mockery of this idiotic tax code, approved by the dim bulbs in Congress, and I'm supposed to be upset by HIS actions? I applaud him for it. I know that the government would have wasted those additional tax dollars on more patronage payoffs or "not so shovel ready jobs". I know this: Trump has created more jobs than Hillary, or any other bottom feeder in DC.
8
It looks like Trump has already swallowed you, bottom-dweller.
11
Nobody cares about Trump's taxes! He is a private citizen and he paid what he legally had to, end of story. Hillary on the other hand is a public servant and appears to have engaged in many financial and security crimes while in office. We need more coverage on real news like that.
11
You would care if Clinton didn't show her taxes.
1
He's running for President, you give up privacy when you do that.
I find it ironic that this "private citizen" is happy to talk about his private parts on national TV.
I find it ironic that this "private citizen" is happy to talk about his private parts on national TV.
11
If you enable Trump, you will have put the most blatant con artist on this planet in charge of the full faith and credit of the USA.
Life is a comic book!
Life is a comic book!
7
Those famous Trump hands have been extremely busy for 70 years. When they weren't groping their way up women's skirts who had the misfortune to be seated beside him at the dinner table, they were reaching into investor's pockets and lifting their wallets, knowing full well that he would not deliver on his promised part of the bargain. As Hillary noted, how does a man lose a billion dollars in the casino business? Well, he didn't. His investors and hired contractors did.
17
When comparing Hillary to Donald Trump it's like comparing a tiger to a crocodile. Both of them are dangerous to humans.
3
I think the point of this article gets lost in the length. To me, the point is he deducted other people's loss. A LOT of loss. The man has no moral compass. He will run the country into bankruptcy just as he did his own companies, and he will walk away at the end as the first trillionaire.
19
Not only New Yorkers know a conman when we see one!
17
Generally, yes:
"Does this imply that every homeowner that has defaulted on their mortgage and every student that has defaulted on their student loans, and those loans have been forgiven also should be paying income tax on these amounts?"
For income tax purposes, if I borrow $100 from you and don't pay it back, it's the same as if you gave me $100. Whether that makes the $100 a gift or taxable income may depend on our relationship. For example, if you are my mother, that $100 might be considered a gift. But that's unlikely. The presumption is that the $100 is taxable income. There are various exceptions, and various work-arounds (as Trump well knows), but the general rule is that forgiven debt is taxable income.
"Does this imply that every homeowner that has defaulted on their mortgage and every student that has defaulted on their student loans, and those loans have been forgiven also should be paying income tax on these amounts?"
For income tax purposes, if I borrow $100 from you and don't pay it back, it's the same as if you gave me $100. Whether that makes the $100 a gift or taxable income may depend on our relationship. For example, if you are my mother, that $100 might be considered a gift. But that's unlikely. The presumption is that the $100 is taxable income. There are various exceptions, and various work-arounds (as Trump well knows), but the general rule is that forgiven debt is taxable income.
5
The tax code for real estate in the 1990s allowed real estate assets to be depreciated and deducted from income. This reduced the basis of the real estate, so that when the asset was sold, the apparent gain was higher by the amount of the depreciation. The tax law intended to recapture the tax benefit of the depreciation by taxing the depreciation gain on the sale of the property. For almost worthless real estate assets, like the Trump bonds, the intent of the law was to tax the amount of the bond loss, to compensate for the reduction in taxes when the real estates loss was treated as a net operating loss. Ideally, the loss deduction and the phantom income due to the reduction in loan forgiveness from the bond failure should be about the same so that a tax reduction on a loss is matched by a tax increase on income. According to the documents in the article, Trump avoided the tax on the phantom income from the bond failure. Did the swap succeed in transferring the phantom income to another party, who then paid the income tax? If so, the IRS should be satisfied because the tax on the phantom income from the $900 million loss was paid somehow. But if that phantom income were left behind by the swap so that no party had to pay a tax on it, this would be grossly unfair to the taxpayers. Is there a knowledgeable party out there who can comment on this?
3
If "he didn't pay a dime in income taxes for years on end", then he shouldn't make a dime while he's in office if he does get elected.
How is it possible that the two (yes, only two) candidates we have for president both also could/should be in prison?
How is it possible that the two (yes, only two) candidates we have for president both also could/should be in prison?
2
Lets talk ethics. Wasserman-Shultz resigned as DNC chair because of unethical behavior, participating in a campaign to destroy Bernie Sanders in favor of another Democratic candidate, Hillary Clinton. She was replaced by Donna Brazile, who was fired by CNN because of unethical behavior - she provided questions to Hillary Clinton in advance of a debate. Doesn't Hillary Clinton have any associates that she can appoint to chair the DNC that will act ethically? That's like asking if Hillary Clinton has any associates that will act ethically. Who supports these people? Not people that value ethical behavior, that's for sure. How about the NY Times. Isn't the NY Times a "news" organization which has an ethical responsibility to not only present the news in a fair manner, but has the responsibility to carry all the news, including the latest news on the unethical and criminal behavior of politicians, our elected representatives in OUR government? Why isn't the NY Times all over the stories that have been brought out by Wikileaks and videos that show widespread unethical and criminal behavior by Democrats, including the Clintons? The NY Times has met the #1 requirement for being a Clinton associate - unethical behavior. Congratulations. You are now eligible to be on her staff.
16
False equivalency. Hillary Clinton has been persecuted by the rabid right for decades and has shown no more "unethical" behavior than the average politician and a lot more ethical behavior. Trump is a fraud, sexual predator, racist and probably a traitor as well.
11
The concept of ethics can be applied to many things; distinguishing the level of a breach of ethics requires some judgement and critical thinking. It doesn't really take much of that to see that Trump's breaches of ethics absolutely dwarf those you just delineated.
8
Yes and the Trump university fraud trial starts November 28 and the pretrial date for Donald Trump’s child rape case is December 16. Looking forward to both!
11
I always wondered how he appears to have avoided cancellation of debt income. The idea is if you borrow and lose the money in a company you get to deduct the loss on even the borrowed money because the lender will likely try to collect. But if the debt goes away you have income unless you are insolvent or in bankruptcy. So if the net operating losses are based on these losses but the debt was forgiven you have income equal to the forgiven debt and the losses get smaller. Looks like Trump didn't report the debt forgiveness income or his companies which borrowed didn't report the debt forgiveness income. No statue of limitations on fraud so this tax treatment could be fraud and Trump could owe not only additional tax but a 75% fraud penalty to boot. He might be too big to prosecute given how the GOP has gelded the IRS. Let's audit the crook.
15
Story is old and not very effective. The IRS was satisfied with the return. Who would pay taxes that are not due? I surely wouldn't
11
How do you know the IRS audited his return?
8
There's a difference between taxes that are due and taxes that are avoided by creative accounting. The tax experts seem to have agreed that in this particular case the maneuver was of dubious legality. For all we know the IRS agreed, since we haven't seen his tax returns.
4
The difference between Hillary and her emails and Trump and is taxes is simple. For her it's all about preventing the public from seeing what may be dirty laundry, versus for him, putting your dirty laundry in full view and laughing at us and the IRS for not being able to catch him at it. Trump, by his very nature laughs at us all and you can be sure he calls us all losers, even his supporters. He said he could walk down Fifth Avenue, shoot someone, and get away with it. He lives to get away with things that non of us would ever get away with. Let's hope he doesn't get away with the Presidency.
15
it is ok if Bush Rice and Powell have their own server but not the Democrat
sorry you have no credability
Either way sending email is banal
assulting young women - dangerous and needs to be away from innocent citizens
sorry you have no credability
Either way sending email is banal
assulting young women - dangerous and needs to be away from innocent citizens
1
They didn't! Only Hillary had her own server. Bush, Rice, and Powell sometimes used private email for business but also had government e-mail accounts. Hillary didn't even have a government email account.
Besides the FOIA rules were changed to prevent this sort of thing starting in 2009, just before Hillary served as SOS, and she signed off on the new rules and then ignored them. Bush, Rice, and Powell served under an entirely different set of rules.
Learn the facts.
Besides the FOIA rules were changed to prevent this sort of thing starting in 2009, just before Hillary served as SOS, and she signed off on the new rules and then ignored them. Bush, Rice, and Powell served under an entirely different set of rules.
Learn the facts.
1
When Trump describes the way wealthy elites buy off politicians he does so as if he is totally disgusted. Totally disgusted with the way in which his fellow elites take advantage of America. Trump says that he alone can be the one to fix our rigged system. Trump espouses he knows the system better then anyone else. More then anyone has, or ever will. Because in every possible way someone could think of taking advantage of our rigged system Trump has already been there and done that. The unpaid casino debts were those of the bankers, bondholders and creditors of the Trump casinos. Trump deducted someone else's tax losses to reduce his taxes. This ultimately increases the tax burden for everyone else. This is unprincipled. UN-American. Where is such a person's core values. What are the core principles of such a person. When Trump displays how he is so purely disgusted with the wealthy elites and how they are taking advantage of our fixed system - it is outright deceitful. It is so disgusting how Trump elegantly maneuvers his audience into belief and trust. Thus; the Trump audience unknowingly supports what they never would. A deplorable position. They know the system is rigged. They want to change it for the better. But can someone with no core principals be trusted to bring about change for the better.
15
So Donald Trump has been a burden on the middle class all these years because he has not paid his fair share.
19
This is the truth about Donald Trump; he's not an entrepreneur, he's a con artist. He cheats his suppliers, vendors and contractors, and gets away with it because he's managed to perfect his art to a breathtaking degree.
If he were working the street corners with a $10 3-card monte scam, he would have been in jail decades ago. Instead, he's bilked others for millions, cheated American taxpayers out of billions, lied his way to the top and now convinced a significant portion of the American voters that he's a genius.
Trump is the most flagrant fraud in modern history. The question isn't why should he be in the White House, it's simply why isn't he in prison?
If he were working the street corners with a $10 3-card monte scam, he would have been in jail decades ago. Instead, he's bilked others for millions, cheated American taxpayers out of billions, lied his way to the top and now convinced a significant portion of the American voters that he's a genius.
Trump is the most flagrant fraud in modern history. The question isn't why should he be in the White House, it's simply why isn't he in prison?
28
I thought this was picked up in IRC Section 108, which allowed Trump to avoid realizing the income on the debt cancellation because he opted to forgo taking future depreciation charges on the properties in the same amount. As I understood it, he then transferred the partnerships' assets into a publicly traded company (presumably the creditors owned a piece) and the assets carried forward their inability to take depreciation charges.
4
So this is the next president of the United States? Time for me to jump aboard that Dr. Strangelove bomb!
11
The Clintons' tax attorney is Howard M. Topaz. He indicates that his specialty is "structuring business ventures, acquisitions and dispositions, executive compensation, and representing clients before federal and state tax authorities." You will note that Mr. Trump is faulted here for structuring business venture to minimize taxes. I think it's fair to say that the Clintons' tax lawyer does the very same tax work that we are told is unconscionable with respect to Mr. Trump.
9
What the rich people never changes, from the Clintons and Kennedy to the Trumps. People pay accountants to save them money, as do the people working at the NY Times.
4
How can you possibly call Hillary more secretive than the orange mop-head when she has disclosed practically every tax return she has ever filed?
9
Perfect play of the 3rd grade recess tactic "I know you are but what am I."
2
Legal theft.. The American way..
6
do you think you are helping hillary by flashing headlines like this? what you are doing is further destroying the reputation of the NYT. hillary has hired actors to stage disruptions at Trump rallies. How low can you get; I guess as low as a Clinton and that's pretty low.
Trump followed the law with his taxes. May Trump win by a large margin and may Clinton lose and hopefully we won't hear from the Clintons again unless it is an event like Bill meeting Loretta Lynch on the tarmac. That was a disgrace.
Yeah Trump. We appreciate your ideology and we want no part of the left in this country. They have done enough harm to the United States: No More Democrats. Yeah
Trump followed the law with his taxes. May Trump win by a large margin and may Clinton lose and hopefully we won't hear from the Clintons again unless it is an event like Bill meeting Loretta Lynch on the tarmac. That was a disgrace.
Yeah Trump. We appreciate your ideology and we want no part of the left in this country. They have done enough harm to the United States: No More Democrats. Yeah
9
Trump is a leech on society.
11
I don't understand all this tax stuff, but it is obvious that Trump hires loads of hot & cold running tax lawyers to avoid his civic duty of paying his fair share to sustain our good country. He is very selfish. I can't believe that over the last two centuries many Americans have worked hard and even died so that their fellow Americans would have a good life, only to have an uncaring sociopath so close to being President. A compliment we used to pay each other in the Army was, "I'd share a fox-hole with you anytime." In other words - you trust them with your life. I would never want Donald Trump sharing my fox-hole.
22
So the IRS had the opportunity to challenge and audit and either sanctioned or did not sanction this tax approach 20 years ago. In fact the article suggests it resulted in an audit, outcome unknown. Does not that moot any debate twenty years later? He either was not permitted to use it, orthe IRS did not challenge it. Moreover, if Congress changed a law later to preclude this tax approach, that presumably means it was permitted prior to the law change. To term it "dubious" now when the IRS had the means and opportunity to approve or disapprove it twenty years ago really seems a stretch.
7
If I'm understanding this correctly, Trump got millions in income in the form of cancelled debt by issuing worthless partner equity AND he claimed more than $900 million dollars in losses which included the cancelled debt? It appears that Trump went to the Al Capone Institute of Tax Avoidance. How did he get the creditors to go along with this fraud and accept the worthless equity?
15
Hillary is a politician who has made some stupid mistakes in the past, but for most of her 30 years in the public eye, she's contributed greatly to society - and she's paid her taxes. The Donald is a creepy huckster out to get whatever he can, from whomever he can get it, and then not pay any federal income taxes on his profits. The Donald has not contributed anything to society - PERIOD!
22
she's contributed greatly to society -
How? name one achievement that was not a speech or a photo op.
PERIOD!
How? name one achievement that was not a speech or a photo op.
PERIOD!
2
"“Your thesis is a criticism, not just of Mr. Trump, but of all taxpayers who take the time and spend the money to try to comply with the dizzyingly complex and ambiguous tax laws without paying more tax than they owe. Mr. Trump does not think that taxpayers should file returns that resolve all doubt in favor of the I.R.S."
No, there is no criticism of legally taking advantage of all the tax laws and they are not dizzingly complex to tax law attorneys and cpa's. The criticism goes to those who will attempt to stretch the meaning of a tax law way beyond any reasonable interpretation of that law, which appears to be what Trump's advisers have done.
And let's remember that all of those tax laws, including those that are highly complex and have ambiguous provisions in them were all written by the rich Representatives and Senators in our Congress for the benefit of the rich benefactors and financial supporters of those people in the Congress. It's called Welfare For
The Rich.
No, there is no criticism of legally taking advantage of all the tax laws and they are not dizzingly complex to tax law attorneys and cpa's. The criticism goes to those who will attempt to stretch the meaning of a tax law way beyond any reasonable interpretation of that law, which appears to be what Trump's advisers have done.
And let's remember that all of those tax laws, including those that are highly complex and have ambiguous provisions in them were all written by the rich Representatives and Senators in our Congress for the benefit of the rich benefactors and financial supporters of those people in the Congress. It's called Welfare For
The Rich.
9
Hooray for Mr. Trump. Anyone smart enough to sick it to the IRS that big should be President. Way to go Donald
7
Mr. Robert the IRS is us. By that I mean the IRS raises the money the country needs to pay Social Security, provide national defense, build highways, provide health care to seniors. The IRS is not the cross town football rival.
14
I work hard and pay my fair share of taxes. I don't appreciate Trump getting a free ride at my expense.
10
Nothing this article reports is new. These practices have existed for more than 100 years. In "Frenzied Finance," Boston-based energy executive Thomas Lawson provides similar accounts on the schemes orchestrated in the early 1900s to maximize earnings at the benefit of a select few. Among those were some of America's financial elite at the time; in the book, he ends up complaining about those practices, though he greatly benefited from them. How unbecoming of him.
It is the very nature of capitalism to reward financial engineering and the utmost preservation of wealth. This is what has made this country the power it is. Though such practices have carried large social costs, they also are the very same things that have made America the envy of the world.
The moment capitalism vanishes because a bunch of angry leftists change the rules of the game, then the American Dream will be over. Just ask Europe.
It is the very nature of capitalism to reward financial engineering and the utmost preservation of wealth. This is what has made this country the power it is. Though such practices have carried large social costs, they also are the very same things that have made America the envy of the world.
The moment capitalism vanishes because a bunch of angry leftists change the rules of the game, then the American Dream will be over. Just ask Europe.
4
Ask the American poor and middle class instead.
3
yeah
6 weeks paid vacation
paid parental leave
healthcare for all
universal preschool
yeah lets ask Europe
6 weeks paid vacation
paid parental leave
healthcare for all
universal preschool
yeah lets ask Europe
3
Trump is the "natural" man described by Thrasymachus in Book I of Plato's Republic; he is nothing new under the sun. His basic belief is that humans are fundamentally selfish and that their relations are a war of all against all. For such men the goal of human striving is to get the better of everyone else, including fellow citizens. For such men the law reflects nothing more than the exploitative "interest of the stronger" (the rulers of the political community) and "justice", defined as obedience to the law is nothing more than weak-minded submission to the selfish desires of the rulers. There is no recognition public responsibility; hence escape from the limits and duties imposed by the public law are to be avoided by what-ever means possible. Trump brags about escaping his obligations to contribute to the common welfare by not paying taxes just as he is proud that he escaped the military draft by means of a phony bone spur.
He is not content with petty theft: he has the ambition of a complete tyrant. His followers celebrate his extreme selfishness, whose image they dimly recognize in their own souls, as "telling it like it is". They forget that they themselves are the ultimate object of Trump's tyrannical ambition
He is not content with petty theft: he has the ambition of a complete tyrant. His followers celebrate his extreme selfishness, whose image they dimly recognize in their own souls, as "telling it like it is". They forget that they themselves are the ultimate object of Trump's tyrannical ambition
16
You constantly hear Trumpites talk of media bias. Actually, I would welcome media bias. It's about time we call this election for what it is, A large sector of our population believing slanderous lies and willing to vote for someone that is a clear danger to America and free world. How can we be so naïve? The Press has to point this out and stop making excuses pretending that Trump is a real candidate.
13
The press should do no such thing. It is wrong for the press to insert itself into elections and try to influence the outcome. That is not its role. No one elected it or granted it the authority to have that kind of influence.
Using the press to promote a candidate is what happens in a banana republic.
After this election, the media needs to do some serious soul searching. It has gravely damaged its reputation.
Using the press to promote a candidate is what happens in a banana republic.
After this election, the media needs to do some serious soul searching. It has gravely damaged its reputation.
2
Christiane Amanpour has it right: not "fair and balanced" but "truthful". And truth is what the journalists are finally pursuing. And truth is what's setting Trump supporters' hair on fire.
1
To think that so many Americans find Trump appealing, alluring, shrewd and a worthy advocate for their rights and dreams is shocking. To think he could be elected president reveals the precarious nature of our democracy.
Trump supporters have no idea how fragile are the freedom and stability they take for granted.
Trump supporters have no idea how fragile are the freedom and stability they take for granted.
17
The article states that Trump's tax lawyers wrote opinions that 6 out of the 7 items considered, tax positions Trump took on his return, had only " substantial authority", the lowest IRS standard, in which 2/3 of such positions will be ruled against by the IRS. It is legal to attempt to " try" such tax positions, and apparently he did. We do not know if they were accepted or rejected by the IRS, but we can assume he was audited for that year.
As reprehensible as I find him, this was legal. We don't know if the audit disallowed these strategies which would have allowed him to offset gains in the amount of $913 million over the next 18 years. The amount could have been reduced, not changed, or totally disallowed; ; its all conjecture at this point because he hasn't released his tax returns, we don't know.
We do know that Hillary Clinton did vote and succeeded in getting these kinds of debt for partnership equity exchanges stopped, or modified to be fairer.
As reprehensible as I find him, this was legal. We don't know if the audit disallowed these strategies which would have allowed him to offset gains in the amount of $913 million over the next 18 years. The amount could have been reduced, not changed, or totally disallowed; ; its all conjecture at this point because he hasn't released his tax returns, we don't know.
We do know that Hillary Clinton did vote and succeeded in getting these kinds of debt for partnership equity exchanges stopped, or modified to be fairer.
9
I've seen the bought and paid for tax opinions on tax shelters. The courts usually disallow the tax treatment.
4
In order to end up not having to pay taxes you have to have money, lots of it. You need money to shelter, to reinvest, to provide expenses that result in write offs, and most importantly, to hire accountants to think up all these schemes and defend actions that we see as undefendable. None of us ordinary people have that kind of money, so we end up paying what we think is our fair share, like the contractors he stiffed to get rich. Is this the kind of a guy we want in the Oval Office? Don't fool yourself, Making America Great Again, only applies to him.
10
So (in answer to Donald Trump’s snide remark at the third debate) Hillary Clinton did change the tax code when she was Senator to stop Donald Trump from his outrageous tax dodges that put the onus on hard-working Americans to make up the difference in spending on roads, bridges, schools, military, police, libraries. And isn’t this likely why Donald Trump is being audited by the IRS, because his $916 million “deduction” was so dodgy, rather than a system “rigged” against him? And hardly than prove Trump to be a "smart" businessman who could figure out how to work through loopholes, it only shows that he can afford clever accountants, lawyers, which most ordinary Americans cannot.
11
Yes Michael Martin, I hate him too. For how he treats women, for how he even thinks of them, his appeals to racism and religious bigotry, his off handed violence, his preening need for affection, arm candy, and the roar of the crowd. He would make a deal with the devil if if suits him. And that's what I fear most, where would that leave the rest of us.
11
Trump has lived a over the top, in your face, lavish lifestyle and he boastfully didn't pay taxes...that really irks me.
9
It irks me too. And you can believe that if he sits in the Oval Office, there will be those, especially in the outside world that would love to bring him down, and us with him.
4
What this is the equivalent of is if someone defaults on their mortgage and credit card debt, then on their income tax writes it off as a loss. Trump gets away with this because he did this in real estate, he borrowed a ton of money (through bonds mostly, some financing), then declares bankruptcy on the deal, pays off bondholders pennies on the dollar, still retains the property, and then deducts the 'losses' (ie the money his bondholders lost) against his personal income taxes.
The problem with this? While it may or may not be legal (tax lawyers would have to fight this out), Trump is running on the party line that he will help the 'ordinary americans' hurt by the "elites", he rails about the federal debt for example, how that hurts the country, yet he himself contributed to that by taking the kind of deductions he did (hint to all of those defending Trump, the law doesn't require you to take deductions, I know a lot of people, including myself, who won't deduct charitable contributions). Hate to tell you, but Trump in effect not only paid no personal taxes, he likely got money back, son a personal basis he is living off the rest of us, pure and simple. You think someone with those kind of ethics (or lack thereof) gives a rat's tail about working class Americans? This tax scheme of his shows he is just another elitist, someone who thinks he is too big to pay taxes, and guess who pays for him?
The problem with this? While it may or may not be legal (tax lawyers would have to fight this out), Trump is running on the party line that he will help the 'ordinary americans' hurt by the "elites", he rails about the federal debt for example, how that hurts the country, yet he himself contributed to that by taking the kind of deductions he did (hint to all of those defending Trump, the law doesn't require you to take deductions, I know a lot of people, including myself, who won't deduct charitable contributions). Hate to tell you, but Trump in effect not only paid no personal taxes, he likely got money back, son a personal basis he is living off the rest of us, pure and simple. You think someone with those kind of ethics (or lack thereof) gives a rat's tail about working class Americans? This tax scheme of his shows he is just another elitist, someone who thinks he is too big to pay taxes, and guess who pays for him?
9
He didn't get away with it because he is in real estate. He got away with it because he's too big to prosecute.
2
This tax maneuver, if disallowed by the IRS could get Trump at the minimum a 20% penalty of the entire tax amount that was being assessed plus any other penalties and interest.
If the IRS says this maneuver is fraud, Trump would be assesses a civil fraud penalty of 75% of the tax that was being assessed, plus all other penalties and interest.
Of course there is also the possibility of criminal charges and prosecution in federal court for those criminal charges. If Trump gets a criminal charge(s) he could be looking at 3 to 5 years in jail on each count, plus a fine of $250,000.00 and costs of prosecution plus all the taxes, all penalties and interest.
If the Taxes to be assessed are Millions of Dollars, all the various penalties and interest from the due date of each tax return will most likely add millions of dollars more to Trump's ultimate tax bills.
So the bottom line for the republican candidate for President who has bragged of not paying federal taxes could find himself paying millions of dollars and maybe a stay in one of the federal governments prisons.
If the IRS says this maneuver is fraud, Trump would be assesses a civil fraud penalty of 75% of the tax that was being assessed, plus all other penalties and interest.
Of course there is also the possibility of criminal charges and prosecution in federal court for those criminal charges. If Trump gets a criminal charge(s) he could be looking at 3 to 5 years in jail on each count, plus a fine of $250,000.00 and costs of prosecution plus all the taxes, all penalties and interest.
If the Taxes to be assessed are Millions of Dollars, all the various penalties and interest from the due date of each tax return will most likely add millions of dollars more to Trump's ultimate tax bills.
So the bottom line for the republican candidate for President who has bragged of not paying federal taxes could find himself paying millions of dollars and maybe a stay in one of the federal governments prisons.
5
the blind stupidity of NYT readers never ceases to amaze me. The Clintons have been lying, cheating and stealing for decades, and Hillary would have been convicted of her crimes already but for the corrupt Obama Administration, and the endless support of George Soros and the hypocritical and corrupt media.
5
If you really want to make your case cite valid references and give us links to thoroughly researched, fact-checked, verified, backed-up articles and investigations and help educate the blind stupidity out of readers.
btw: Trump's twitter doesn't count as a fact-checked reference.
btw: Trump's twitter doesn't count as a fact-checked reference.
8
So wait... Trump may be responsible for the current national deficit (at least in part)? He used holes in the tax law to contribute nothing financially to this country and in doing so, tipped the income/expense balance of the budget with enough force to have a hand in budget and service cuts that threaten to shut down the government every time. As this is patriotic?
7
It is the duty of every income producing taxpayer to legally pay as little tax as possible. I applaud Mr. Trump for reducing his tax obligation. I believe he used his tax savings to reinvest in his businesses and employ more people.
I trust Mr. Trump because his inactions/actions did not result in the deaths of four good Americans in Benghazi. He did not, while in government service, shrewdly devise a pay-for-play scheme that netted billions of dollars. He did not contribute to the rise of ISIS. Mr. Trump did not blatantly lie to the FBI and Congress. Mr. Trump won the Republican primary fairly. Mr. Trump did not receive advance notice of town hall and debate questions. Mr. Trump is not under FBI investigation.
Mr. Trump is competitive in spite of relentless adverse coverage by the liberal media and a concomitant blackout of reporting imperious Hillary's troubles and scandalous history.
I absolutely do not trust unethical, dishonest, avaricious, imperious Hillary "Mendacious" Clinton.
I trust Mr. Trump because his inactions/actions did not result in the deaths of four good Americans in Benghazi. He did not, while in government service, shrewdly devise a pay-for-play scheme that netted billions of dollars. He did not contribute to the rise of ISIS. Mr. Trump did not blatantly lie to the FBI and Congress. Mr. Trump won the Republican primary fairly. Mr. Trump did not receive advance notice of town hall and debate questions. Mr. Trump is not under FBI investigation.
Mr. Trump is competitive in spite of relentless adverse coverage by the liberal media and a concomitant blackout of reporting imperious Hillary's troubles and scandalous history.
I absolutely do not trust unethical, dishonest, avaricious, imperious Hillary "Mendacious" Clinton.
3
Fine. I think you will regret your support of Donald Trump if he is elected. He has the lack of morality of Nixon and the stupidity and lack of knowledge about the world of George Dubya' Bush.
8
Speak for yourself. I happily pay my fair share of taxes. I don't appreciate the fact that I've been subsidizing lying losers like Trump.
6
The same people that obsess about Benghazi care nothing for the troops and civilians killed in Iraq. They are despicable.
3
Nice try to deflect attention from Hillary's problems. The Clinton News Network is as transparent as ever.
3
Hillary's corruption is the topic of the day.
This reporting is why 90%+ deride and ignore NYT and establishment media.
If Trump broke an IRS rule we know they would jump on it asap. They didn't.
Trump followed the rules of the time. If they're different now, what's the news?
NYT is wasting reporting talent with this prejudiced, ludicrous trolling. Look at the destruction Hillary commits before your young, ignorant eyes.
This reporting is why 90%+ deride and ignore NYT and establishment media.
If Trump broke an IRS rule we know they would jump on it asap. They didn't.
Trump followed the rules of the time. If they're different now, what's the news?
NYT is wasting reporting talent with this prejudiced, ludicrous trolling. Look at the destruction Hillary commits before your young, ignorant eyes.
5
Debt for stock swaps are actually a legitimate way to recapitalize a business. There is absolutely nothing morally or ethically dubious with swapping delinquent debt for equity--so long as the equity is priced fairly using previous transactions/market prices. The NYT is alleging that Trump did not pay for his forgiven debt. Well, if he did a legitimate debt for stock swap, then he did pay for his forgiven debt--he paid for it with ownership interest in his company. This move would only be ethically/morally dubious if there was collusion between Trump and his creditors to price the equity offering waaay below market prices, essentially forgiving his debt in a tax-free fashion. This is what the NYT is alleging, and yet they stop short of calling out collusion between Trump and his creditors, the essential missing piece to make his actions ethically questionable. Knowing the NYT they would have called him out on this if they had credible evidence to show. The fact that they didn't means that they probably don't have evidence of collusion and that this is really nothing more than a smear piece based on half-baked reasoning and evidence. Shame on the Times.
5
This is not what he did. He reported losses from borrowing and then did not report cancellation of debt income.
4
I think that's the main issue. ...was the partnership equity valued at market prices, what an unbiased buyer or adversary would pay for this ownership equity? And what was the partnership, anyhow? Or was there some kind of collusion, as you say. The law was changed in the 2000s decade so presumably there was something unfair, but legal, previously that Trump took advantage of him. It's a travesty people have tolerated him as a candidate, chose him as a candidate, knowing he refused to release his tax returns, which would shed light on what happened.
2
For those that think they will be better off having a con man in the oval office, just remember, taking advantage of loopholes to avoid paying taxes is only available to the rich. Promising cheaper health insurance, lower taxes, better schools, and more jobs is just as phoney as him saying, "nobody respects women more than me, or, no one knows more about fighting a war than me."
16
Trump in one word -- Flimflammer
10
Would POTUS be able to pardon self for tax evasion?
5
No, the Constitution forbids that.
1
Trump could step down and have Pence pardon him. I think that might be legal as long as he wasn't impeached or forced to step down.
A business owner took a tax deduction, even though there was a risk the IRS might challenge it, which could have led (but didn't) to court proceedings where his attorneys would have to explain why they thought the IRS was wrong? Horrendous!
To think that Donald Trump and his attorneys had the nerve to disagree with the IRS's (potential) interpretation of a statute, and would have defended themselves in court if necessary -- what sort of business owner does such a thing?
Clearly, any moral and decent person who thought the IRS's interpretation of a statute was wrong would just accept it anyway, rather than vindicate his rights before a federal court that has the sole power to authoritatively interpret U.S. statutes.
To demonstrate how outrageous this is, all of Hillary Clinton's donors should immediately sign a pledge to adhere to every IRS opinion on the legality of every tax deduction, and never to take any deductions that the IRS doesn't approve of (irrespective of whether a federal court would rule in their favor).
To think that Donald Trump and his attorneys had the nerve to disagree with the IRS's (potential) interpretation of a statute, and would have defended themselves in court if necessary -- what sort of business owner does such a thing?
Clearly, any moral and decent person who thought the IRS's interpretation of a statute was wrong would just accept it anyway, rather than vindicate his rights before a federal court that has the sole power to authoritatively interpret U.S. statutes.
To demonstrate how outrageous this is, all of Hillary Clinton's donors should immediately sign a pledge to adhere to every IRS opinion on the legality of every tax deduction, and never to take any deductions that the IRS doesn't approve of (irrespective of whether a federal court would rule in their favor).
4
Mr Trump could turn out to be a male version of Leona Helmsley who famously said only little people pay taxes. And when the IRS and a Federal Court got through with her, she spent some time in a Federal Women's prison for tax evasion.
And this article is about Mr Trump, not about Mrs. Clinton nor any contributor to her foundation.
And this article is about Mr Trump, not about Mrs. Clinton nor any contributor to her foundation.
7
Secretary Clinton's foundation gets stellar ratings from CharityWatch and Charity Navigator. Better than the Red Cross.
In the meantime, Trump's self-dealing through his foundation is under investigation.
The Trumpites are making up stuff, throwing it against the wall to see if it sticks.
In the meantime, Trump's self-dealing through his foundation is under investigation.
The Trumpites are making up stuff, throwing it against the wall to see if it sticks.
And, this con man is close to being our next President. You got to be kidding me. Give me Hillary any day than an ignorant tax dodging liar with no respect for anybody except himself.
13
One has to wonder how Mr. Trump has evaded the criminal justice system that
has incarcerated such a vast portion of our population over the decades.
If his virtual impunity as a private citizen has been nothing short of egregious,
his actions if elected would no doubt exceed those of Kim Jung Un.
has incarcerated such a vast portion of our population over the decades.
If his virtual impunity as a private citizen has been nothing short of egregious,
his actions if elected would no doubt exceed those of Kim Jung Un.
9
Useless chit-chat about Trump's taxes... the US tax office already knew all the data. For decades.
But the US government does NOT know all the data of 33,000 "lost" emails.
And to believe they have been really lost and not deliberately erased only remain NYT and Santa Claus.
But the US government does NOT know all the data of 33,000 "lost" emails.
And to believe they have been really lost and not deliberately erased only remain NYT and Santa Claus.
4
The FBI should also resume analyzing the 22 million emails identified while investigating the Bush administration's political firing of Dem attorneys general, emails destroyed but recovered during the last Republican fiasco of an administration. Maybe we'll finally get the real scoop on their machinations about WMDS.
Legally dubious? A thing is either legal or illegal, there is no gray area in the federal tax code. Trump took advantage of the law as it was written, nothing dubious about it at all.
It may be a good idea for the New York Times to stop trying to slander the next President of the United States.
It may be a good idea for the New York Times to stop trying to slander the next President of the United States.
3
It is nonsense to say a thing is either legal or illegal. Life is too complicated for that. There are countless cases where legality has to be established through litigation: does this strategy violate the law, or not? In this instance, Trump's people thought there was a good chance they would not prevail in tax court, but he ignored them. Legislation eventually confirmed that what he was doing should not be legal from that point on, even if it was not clearly prohibited when he did it.
This is important information, hardly a smear job. Would President Trump similarly disregard advice on constitutional law and international law? I think he has already given us to understand that he is a law unto himself.
This is important information, hardly a smear job. Would President Trump similarly disregard advice on constitutional law and international law? I think he has already given us to understand that he is a law unto himself.
7
"Trump took advantage of the law as it was written, nothing dubious about it at all."
There are many dubious areas of the Internal Revenue Code that are taken advantage of by taxpayers. At some point the interpretation of that law goes much beyond any reasonable persons reading of that law and "dubious" turns into evasion. So it appears to be with Mr Trump.
There are many dubious areas of the Internal Revenue Code that are taken advantage of by taxpayers. At some point the interpretation of that law goes much beyond any reasonable persons reading of that law and "dubious" turns into evasion. So it appears to be with Mr Trump.
3
What he did was perfectly LEGAL...unlike his opponent's recent actions & there really is NO comparison....but it's funny how he is being criticized by the Dems & the liberal media for this, when in fact all of the Clinton political donors I am sure use the exact same tax laws to there advantage...and if it's so bad then perhaps the laws should be changed...I mean she only had 30 years to make the changes...but I doubt this will ever happen so I think it's time to STOP complaining.
5
Thanks for your input but the only way to be sure that it's legal is for the snake oil salesman to release his tax returns.
8
There must be very scary stuff in his taxes if he's too afraid to release them. We don't know the whole picture with his tax returns.
14
This is the candidate who said in the debates that he would make NATO countries pay their fair share of the costs, yet on the home front, as a citizen, he scoffs at his responsibility to pay taxes for the common good. He is a shameless hypocrite.
16
Now that the IRS has completed the audit, will they assess taxes on this undeclared income, with interest and penalties?
That would make a dent in the national debt...
That would make a dent in the national debt...
9
I hear his supporters say "he never took Saudi money." He was actually bailed out personally twice by Saudi princes.
Hillary by contrast never took Saudi money. The Clinton Foundation, from which she receives zero income, got donations from Saudis. They used to money to promote education for the poor, combat the illegal trade in endangered species, and to fight HIV/AIDS.
In either case it is irrelevant to this issue of what to experts and his accounts looked like an illegal abuse of the tax code. Even if it turns out not to be illegal (we do not know since her refuses to release his financial data in all likelihood because he knows it would expose crimes) Saudi Arabia has been a vital US ally for generations.
If Saudi princes want to bail out a failed American businessman with massive loans, or donate to a world class charity, that is their business. That is one thing that is neither nefarious nor criminal.
However, it is never good business to vilify people who have saved your failing businesses .... but we all know he is a massive failure at business.
http://www.huffingtonpost.com/entry/saudi-prince-alwaleed-donald-trump_u...
Hillary by contrast never took Saudi money. The Clinton Foundation, from which she receives zero income, got donations from Saudis. They used to money to promote education for the poor, combat the illegal trade in endangered species, and to fight HIV/AIDS.
In either case it is irrelevant to this issue of what to experts and his accounts looked like an illegal abuse of the tax code. Even if it turns out not to be illegal (we do not know since her refuses to release his financial data in all likelihood because he knows it would expose crimes) Saudi Arabia has been a vital US ally for generations.
If Saudi princes want to bail out a failed American businessman with massive loans, or donate to a world class charity, that is their business. That is one thing that is neither nefarious nor criminal.
However, it is never good business to vilify people who have saved your failing businesses .... but we all know he is a massive failure at business.
http://www.huffingtonpost.com/entry/saudi-prince-alwaleed-donald-trump_u...
8
Voters don't seem to care about Trump's tax dodge. Many US citizens seem to think that if you can get away with not paying tax, it shows your talent. Anyone who can beat the IRS should be admired and be our next president.
Isn't this the American dream? To be so succssful that you can get away with anything. Exactly like Trump. Since this is the ethics that many US citizens hold true, why do we wonder the immiment decay of US democracy?
If Trump can con his way into the White House, he would be the most successful con man in human history.
Isn't this the American dream? To be so succssful that you can get away with anything. Exactly like Trump. Since this is the ethics that many US citizens hold true, why do we wonder the immiment decay of US democracy?
If Trump can con his way into the White House, he would be the most successful con man in human history.
6
I wish readers of this article would concentrate on the differences between the tax laws applied to the rich (as interpreted by tax lawyers and accountants) and the tax laws the rest of us who file using Turbotax.
Mr. Trump deducted for tax purposes losses that he did not actually suffer, or stated another way, he avoided reporting for tax purposes debt forgiveness income that he did receive.
Either way it stinks.
Not clear in this article is whether Trump's lenders also deducted the same losses, and there would have been justification for that. His lenders suffered true economic losses when they received near-worthless interests in Trump's failing partnerships in exchange for their paid-for claims against Trump. If they did deduct those losses, perhaps subsequently when they disposed of the partnership interests or wrote them off as totally worthless, then the same losses were deducted twice, once by Trump and again by his lenders.
We, Leona Helmsley's "little people", not only paid our own taxes, we covered taxes on nearly a trillion dollars of income for Trump and/or his lenders, too. Aren't we nice?
Mr. Trump deducted for tax purposes losses that he did not actually suffer, or stated another way, he avoided reporting for tax purposes debt forgiveness income that he did receive.
Either way it stinks.
Not clear in this article is whether Trump's lenders also deducted the same losses, and there would have been justification for that. His lenders suffered true economic losses when they received near-worthless interests in Trump's failing partnerships in exchange for their paid-for claims against Trump. If they did deduct those losses, perhaps subsequently when they disposed of the partnership interests or wrote them off as totally worthless, then the same losses were deducted twice, once by Trump and again by his lenders.
We, Leona Helmsley's "little people", not only paid our own taxes, we covered taxes on nearly a trillion dollars of income for Trump and/or his lenders, too. Aren't we nice?
9
There's a word for people who do not avail themselves of legal and appropriate means of reducing their taxes ... stupid.
5
Trump supporters are so proud of their candidates' barely legal tax dodging. To them it's an indication of his business acumen. But then they rail against the moneyed elite for taking advantage of the same loopholes and leaving them, the working class, behind. The corporations that the working class feel have bailed on them are using the same tax laws that their savior Trump is. So how can Trump supporters vilify them and cheer Trump for exactly the same thing?
9
Because they just aren't very smart.
9
The headline by the NYT is so misleading it is beyond the pale. We have billionaires and Congressmen who owe our government millions in taxes and they are not talking about that.
Trump did what most Americans do at tax time, they hire good, knowledgeable tax accountants to help them save money when filing their taxes. We pay a lot in taxes and don't want to pay more than is required by our own tax laws.
Trump did what most Americans do at tax time, they hire good, knowledgeable tax accountants to help them save money when filing their taxes. We pay a lot in taxes and don't want to pay more than is required by our own tax laws.
4
Donald J Trump is triple threat dodger: he dodged the draft, he dodged taxes, and above all he dodges the truth.
13
The Clintons have accepted money, and continue to accept money, from nations that support terrorist acts against the U.S. Trump has not done the same. But then everyone says Trump is a bad man because he knows how to take advantage of the tax laws that were written by the Democrats and Republicans.
4
Just imagine if on top of his alleged tax issues, misogyny issues, and his unholy knack to insult anyone within a 5,000-mile radius, we had Trump's tax returns, purloined emails from him, his campaign staff, and the RNC!
8
It’s a boondoggle to complain about someone else’s taking advantage, legally dubious or not, of the capital-rigged tax system. Best and unflagging efforts should be devoted to repealing it. Breaking the release of tax practice by candidates also does not mean fraudulence when compared to the “pay-for-play” practice which does. Tax avoidances in various ways are what capital makes a beatific living possible on exploiting labor twice: the first time by appropriating unpaid surplus value of the working class and the second time by shifting tax burden onto labor-consumers.
“Mr. Trump managed to save millions in personal taxes by borrowing – then losing – other people’s money.” Well then why did those “other people” want to lend him money in the first place? They did so, on their own account of earning high interest at their own high risk that their sweet expectations might go sour and lose their fortune. And authors do not seem to understand what risk investment means.
All capital holds it an axiom incontrovertible that the profit maximization tenet can be realized by minimizations of outlays on rents, interests and taxes in addition to notoriously known strong-arm tactics to ratchet up surplus value through monopsony on the job market for an instance. That’s the way it has been for more than 140 years and this article does not hold capital, but does hold DJT for obvious reasons, responsible for the tax loopholes and any other spoils. What a hypocritical bathos!
“Mr. Trump managed to save millions in personal taxes by borrowing – then losing – other people’s money.” Well then why did those “other people” want to lend him money in the first place? They did so, on their own account of earning high interest at their own high risk that their sweet expectations might go sour and lose their fortune. And authors do not seem to understand what risk investment means.
All capital holds it an axiom incontrovertible that the profit maximization tenet can be realized by minimizations of outlays on rents, interests and taxes in addition to notoriously known strong-arm tactics to ratchet up surplus value through monopsony on the job market for an instance. That’s the way it has been for more than 140 years and this article does not hold capital, but does hold DJT for obvious reasons, responsible for the tax loopholes and any other spoils. What a hypocritical bathos!
1
Trump, the businessman has used all the tricks of the trade, to make & keep his money. Like he said during the debate, if you don't like it change the law! What is frustrating is that all this noise about Hillary Clinton's email server use is drowning out all the crookedness of Trump with his private email server connection to Russian bank, his secret connections with the Russians, his destruction of documents breaking court orders, his tech guy, Brad Parscale, saying they have 3 major voter suppression operations going on right now. Where is the FBI investigations looking into these? How can such a man be at the top of the GOP ticket?
3
Even the NYT rhetoric and lies and innuendos cannot help Ms. Hillary win the presidency of the US because Hillary and Bill Clinton both are deceitful people.
Even people associated with Hillary are corrupt, like Podesta, who didn't report Donna B giving debate questions to the Clinton Campaign.
Enough is enough. We don't want another liar like Bill Clinton who was impeached because of his lying.
Even people associated with Hillary are corrupt, like Podesta, who didn't report Donna B giving debate questions to the Clinton Campaign.
Enough is enough. We don't want another liar like Bill Clinton who was impeached because of his lying.
2
Was it illegal? Sounds like a smart businessman. None of these transactions were top secret.
2
Just imagine the indignation if Hillary, Bill, or even Chelsea Clinton had done (or god forgive write an email about) this!?
11
The interesting thing is that Trump bragged about his ability to evade tax, and somehow he's not audited by IRS?
There is a reason that a lot of rich people don't like him, other than the fax that he's nuts. He is actually stupid (or smart?) enough to brag about all the stuff that the top rich have been getting away with years.
Trump does make a good point about the tax code (at least during some of his positions). The real problem is why we have all the loopholes designed to let people like him to get away with anyways? Not to mention that we had the CEO of Apple taunting the US government that they would only repatriate tax back when they think "it is fair"? Most American who work for a living don't have the "loophole" available nor can they bargain with the government as what they consider "fair" tax.
There is a reason that a lot of rich people don't like him, other than the fax that he's nuts. He is actually stupid (or smart?) enough to brag about all the stuff that the top rich have been getting away with years.
Trump does make a good point about the tax code (at least during some of his positions). The real problem is why we have all the loopholes designed to let people like him to get away with anyways? Not to mention that we had the CEO of Apple taunting the US government that they would only repatriate tax back when they think "it is fair"? Most American who work for a living don't have the "loophole" available nor can they bargain with the government as what they consider "fair" tax.
1
Remember your World History. Nazis (Germans) kept documents, took and kept photographs, of all their atrocities. They were proud of them. Trump is 1/2 German (Nazi). So, I hope people keep digging. Deeper and deeper.
Proof of his criminality is out there somewhere in his own handwriting. We just have to find it, photocopy it, and give every American a copy. Then wherever he lives in this country we all go and hand him bills for every cent we all paid in takes 1990-2016 plus interest. And sit on his doorstep until he pays in cash.
We will of course take every company he or his family owns, close them, tear down the buildings, sell all the resorts and golf courses to factory owners to build new factories on. Naming them the Trump Memorial Smoking Gun Factories. He will have dropped dead by then.
Proof of his criminality is out there somewhere in his own handwriting. We just have to find it, photocopy it, and give every American a copy. Then wherever he lives in this country we all go and hand him bills for every cent we all paid in takes 1990-2016 plus interest. And sit on his doorstep until he pays in cash.
We will of course take every company he or his family owns, close them, tear down the buildings, sell all the resorts and golf courses to factory owners to build new factories on. Naming them the Trump Memorial Smoking Gun Factories. He will have dropped dead by then.
I would like to thank Donald Trump for becoming enough of a public figure that these kinds of practices are being fully exposed. We all wonder why the rich get richer all the time while the rest of us pay our taxes. We must now vigilantly close all these loopholes that Trump has exposed for us to see, and work to claw back some of what us taxpayers have lost in these dubious deals. Not just from Donald Trump, but all the others who've been gaming us for years.
11
What saddens me about this article is that the Americans who most need to read it are the Americans who are least likely to understand this article.
10
I was surprised to see that the Times has been reluctant to use the term "tax dodge" to describe Donald Trump's tax behaviour. If what he has done was not and is not "Tax Dodge", what is?
6
Something that at the moment (not even a day later when it might have become illegal) was semi legal.
The tax code should be abolished. A new one written, in American, not lawyerese. With straight percentages for each level and very few deductions and those only for middle class and down. Say, for the next 100 years everyone 'earning' 1 million plus pays 75% in federal taxes. 10 million 85%, 50million 95%, over 100 million 99.9%. Then we can lower those a bit as the rich will have paid back what they stole, with interest. Oh, if the money came from lotteries, no tax. If it came from an inheritance, bump up 10 million plus to 99.9%. Make buying and making money on stocks, bonds, and real estate, straight income.
The tax code should be abolished. A new one written, in American, not lawyerese. With straight percentages for each level and very few deductions and those only for middle class and down. Say, for the next 100 years everyone 'earning' 1 million plus pays 75% in federal taxes. 10 million 85%, 50million 95%, over 100 million 99.9%. Then we can lower those a bit as the rich will have paid back what they stole, with interest. Oh, if the money came from lotteries, no tax. If it came from an inheritance, bump up 10 million plus to 99.9%. Make buying and making money on stocks, bonds, and real estate, straight income.
We used to expect our politicians to be honorable. Now for some of the people posting here anything short of actually breaking the law is apparently OK. And if it's admitted sexual assault, even that's apparently not a disqualifier if you're a rich white guy.
7
Sexual assault has never been breaking the law for a rich white guy. That is how it's been and unless we get mad enough, the way it always will be. I think it should be a hanging, in public, offense.
Also, In any criminal trial, all lawyers must be public defenders. No rich guy should get the highest paid lawyer in the country.
Also, In any criminal trial, all lawyers must be public defenders. No rich guy should get the highest paid lawyer in the country.
3
TWO roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth; 5
Suddenly a wave of Pro Trump comments came washing through the NY Times comments section. All stating quite clearly that Mr. Trump is a law abiding and God fearing US citizen who only pays taxes when he has to! Which is pretty much never. I, of course, would disagree. I believe the taxes we pay are going to make our military, schools, roads, R+D infrastructure and our National Parks a whole lot better! I'm proud to be part of the system and do my fair share to keep it in rolling in a positive direction.
And this, my friends, makes all the difference.
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth; 5
Suddenly a wave of Pro Trump comments came washing through the NY Times comments section. All stating quite clearly that Mr. Trump is a law abiding and God fearing US citizen who only pays taxes when he has to! Which is pretty much never. I, of course, would disagree. I believe the taxes we pay are going to make our military, schools, roads, R+D infrastructure and our National Parks a whole lot better! I'm proud to be part of the system and do my fair share to keep it in rolling in a positive direction.
And this, my friends, makes all the difference.
8
These pro Trumpers don't understand it is them who pays the taxes Trump won't pay. It is them who can't get a loan to send a kid to college. Because Trump won't pay. It is them who will die in front of a hospital after being kicked out, cause they can't pay up front for an injury or illness (and age won't count, be in infant or elderly, out you go), and Trump has killed ObamaCare and not replaced it with anything, except the law that all hospitals and doctors can kick you out if you can't pay up front. So better buy a big cemetery plot for your family Trumpers, you'll need it.
4
So how many tax avoidance maneuvers would these supposed "tax experts" actually support? Probably none, which means their opinion is heavily biased.
Next time find some tax experts that exist in the real world.
Next time find some tax experts that exist in the real world.
3
Trump is a very clever guy. Opens a business with other peoples money and makes millions while losing all of the investors money. Then he claims the lose as his deduction when he never had any of his money at risk. But why does this surprise anyone. He cheated money out of investors and now the American people. Typical rich guy, gaming the system.
9
I have not made up my mind yet. I think both candidates are despicable, but your paper has now lost all credibility. Donald Trump may have stretched tax law beyond all recognition, but as far as I know he is not being investigated by the FBI or IRS. Hilary, who's party controls the White House and Justice Department is being investigated by the F.B.I. We know who the Times wants for president, but do you have to be so obvious about it in your reporting?
6
See you are getting ready to start kneeling to your master. Then the licking will begin and he doesn't wear boots. He likes it higher. So better practice, so at least you look like it's the best thing to do in all the world. Then hand him your wallet, direct deposit to him your paycheck. He wants it all. Including your small children, daughters and wives. If they aren't up to his standards, he'll rent them out. Suit you? Can't hear you.
3
You don't know much do you? Start with Trump university and go from there.
2
A lot of missing the point going on here. The issue isn't legality.
"Mr. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited."
You don't necessarily go to jail for not following IRS rules. But this statement clearly suggests that he would not have gotten away with this had he been audited. That's all the article is saying.
So, he did get away with that as he gets away with calling Hillary a crook.
"Mr. Trump avoided reporting hundreds of millions of dollars in taxable income by using a tax avoidance maneuver so legally dubious his own lawyers advised him that the Internal Revenue Service would most likely declare it improper if he were audited."
You don't necessarily go to jail for not following IRS rules. But this statement clearly suggests that he would not have gotten away with this had he been audited. That's all the article is saying.
So, he did get away with that as he gets away with calling Hillary a crook.
3
In this article, the reporters set up a hypothetical situation where a $100 million dollar bank debt is repaid using $60 million in cash and $40 million in stock. The article further states: "Best of all, it did not matter if the actual market value of the stock was considerably less than the $40 million in canceled debt." The end result was no income tax was due on the $40 million in canceled debt.
Why won't the value of the stock have matter? Why wouldn't the IRS have challenged the value of the stock? And if Trump used a similar technique by swapping "partnership equity," why wouldn't the IRS have challenged its value?
Moreover, how might a tax lawyer give an opinion favorable to Trump's purpose to avoid taxes knowing the "partnership equity" (assuming the partnership was insolvent) had little or no value?
The whole set up seems like fraud to me, unless, for example, as in the hypothetical, you could support the $40 million stock value.
Why won't the value of the stock have matter? Why wouldn't the IRS have challenged the value of the stock? And if Trump used a similar technique by swapping "partnership equity," why wouldn't the IRS have challenged its value?
Moreover, how might a tax lawyer give an opinion favorable to Trump's purpose to avoid taxes knowing the "partnership equity" (assuming the partnership was insolvent) had little or no value?
The whole set up seems like fraud to me, unless, for example, as in the hypothetical, you could support the $40 million stock value.
2
There's a big difference between exploiting loopholes to avoid paying taxes but for most of us, we must file a return and report income over $10,300. it's the not reporting I don't get.
2
"losing vast amounts of other people’s money"
Isn't that what our state and federal governments do every hour of every day?
Both Trump and the governments are acting legally according to regulations.
Anyone who has ever looked at just a few of the IRS loopholes for avoiding the AMT (Form 6251 - alternative minimum tax) should know that there are myriad ways of avoiding taxes in this country. How many of your friends and neighbors this year are using Form 6251 line 26: "Intangible drilling costs preference"? Or how about line 25: "Income from certain installment sales before January 1, 1987"? With our current tax code and an entire accounting industry built on skirting it, I support any candidate who will eliminate it all for a simple one page tax form.
While tax shenanigans seem to go on forever because of entrenched D.C. lobbyists, Trump should be hammering Clinton on the double-digit increases in cost for Obamacare subscribers. What plan does either candidate have, besides rationing care, to tackle yearly double digit increases in American health care costs? And has Obamacare ever been shown to have improved the country's "health" rather than some glorious statistics about numbers covered?
Isn't that what our state and federal governments do every hour of every day?
Both Trump and the governments are acting legally according to regulations.
Anyone who has ever looked at just a few of the IRS loopholes for avoiding the AMT (Form 6251 - alternative minimum tax) should know that there are myriad ways of avoiding taxes in this country. How many of your friends and neighbors this year are using Form 6251 line 26: "Intangible drilling costs preference"? Or how about line 25: "Income from certain installment sales before January 1, 1987"? With our current tax code and an entire accounting industry built on skirting it, I support any candidate who will eliminate it all for a simple one page tax form.
While tax shenanigans seem to go on forever because of entrenched D.C. lobbyists, Trump should be hammering Clinton on the double-digit increases in cost for Obamacare subscribers. What plan does either candidate have, besides rationing care, to tackle yearly double digit increases in American health care costs? And has Obamacare ever been shown to have improved the country's "health" rather than some glorious statistics about numbers covered?
1
I know that most Americans love paying as much in taxes as they can and feel the tax code is terribly fair. Up until know, I had never heard of any taxpayers doing anything to minimize their tax liability and I assumed the extremely well paid tax accountants and attorneys merely helped people identify areas where they may accidentally underpay taxes. I also know that none of Hillary Clinton's mega rich supporters have employed tax avoidance, reduction or timing strategies which have resulted in substantial benefits and that the few who did things like take advantage of the carried interest concept or reincoporation to foreign jurisdictions had valid business reasons for doing so that had no relation to taxes. So thank God the new york times has uncovered the one evil person in the United States who violated these basic principles. The fact that he obtained legal opinions that analyzed these strategies resulting in something called a "More Likely Than Not" conclusion is further proof of his pure evil. While the IRS may be asleep at the switch or busy targeting conservative charities, we can sleep soundly knowing the times will root through the deepest caverns of tax law to bring us this important information.
3
I think you mean he used a LEGAL method. It's called tax-deferment.
4
I think the issue here is not the legality or illegality of Trump’s taxes as discussed in this comments section. What’s important about this reporting is that it finally sheds some light on his finances/taxes, which he has refused to disclose, and again raises obvious questions about his qualifications:
—Trump claims to be a great businessman but it appears that he's great at and proud of avoiding taxes through failed business ventures. Does this make sense?
—If Trump profits so handsomely by loopholes, etc., why would he suddenly want to change that system in favor of America’s greater good?
—Trump says Hillary didn’t work in the Senate to close the loophole he used, but she did vote to close it. Does he want to be president so that he can try to reopen it or something similar? (How much do we really know about this man and his motivations?)
—And last but not least, has Trump sold his supporters a bill of goods that he will later default on?
—Trump claims to be a great businessman but it appears that he's great at and proud of avoiding taxes through failed business ventures. Does this make sense?
—If Trump profits so handsomely by loopholes, etc., why would he suddenly want to change that system in favor of America’s greater good?
—Trump says Hillary didn’t work in the Senate to close the loophole he used, but she did vote to close it. Does he want to be president so that he can try to reopen it or something similar? (How much do we really know about this man and his motivations?)
—And last but not least, has Trump sold his supporters a bill of goods that he will later default on?
15
Of course, I should have added, that if he is found to have done something illegal, then by all means Lock Him Up!
2
Is there one of us that wouldn't take full advantage of the tax codes? I've never met anyone that will not try to minimize taxes. Trump is no different than you or I.
7
Donald Trump gets audited all the time and if he had done anything wrong he would have been fined or imprisoned but he wasn't . How many people pay more taxes than they are required to pay? Trump is not a CPA and if his team of accountants found legal means to lower his tax bill he paid the taxers they told him to pay. between federal state and local taxes , the cost of regulations many people already pay half of their earnings and if an accountant can find ways to minimize someone's taxes they use it. the govt doesn't spend money more efficiently than the private sector
6
The answer is that Trump is not above bribing or intimidating IRS auditors. Remember, he sues people all the time to bully them into submission - not by beating them in court, but by exhausting their resources on lawyers. It's a myth that the federal government has bottomless money for litigation. That's why millionaire defendants get to settle without admitting guilt (let alone going to jail) - while small fry get locked away. So it would be no surprise to learn he got IRS auditors to back off by threatening to sue them personally.
I was once a government administrator in a State agency regulating the garbage industry - an industry with a history of Mafia control. We denied a trash hauler a license, and he sued both the agency and me personally. The lawsuit got nowhere, and the State provided a lawyer for me. But it's a scary experience when someone goes after you for millions of dollars. You'll think twice about tangling with a rich bully like Trump.
I was once a government administrator in a State agency regulating the garbage industry - an industry with a history of Mafia control. We denied a trash hauler a license, and he sued both the agency and me personally. The lawsuit got nowhere, and the State provided a lawyer for me. But it's a scary experience when someone goes after you for millions of dollars. You'll think twice about tangling with a rich bully like Trump.
5
There's such a thing as settling in audit appeals too, i.e. before the audit goes to court. Nothing in the few pages of returns we've seen says anything as to whether his returns were changed in audit at any point either. Trump SAYS he hasn't lost an audit, but we know how truthful he is.
Time for NY times to flip the probability of win to 90% for Trump and stop writing stories on 1992 tax returns (long done and lot other millionaires do it as well)
7
@Karl: Trump is a liar and a dishonest person, period. That's on top of being a racist and a sexual abuser. Why anyone would want his low IQ & his infantile personality to represent this country is beyond me.
5
He stiffed the Treasury, and he'll stiff us and our allies if he gets elected. Where is his sense of civic responsibility? There is none. His only sense of responsibility appears to be to himself and those who kowtow to him. It's sad that there are so many Americans who want to hand over their lives to him.
7
I think the authors are creating a new term. legally dubious??? I think they lost the argument when they said legally. Many Americans when filing taxes use the law as written and they are legal doing so. Trump at the time used the tax laws as they were written and was legal doing so. So what is the big deal?? If one of the authors of this article would have done different if given the same set of circumstances please stand up.
6
Assuming the Times is correct over the issue of marginally legal, if Hillary were the one taking advantage of the loophole in question, Trump would nevertheless be leading the chant "She Deleted Her Emails, Lock Her Up! She Avoided Paying Taxes, Lock Her Up!"
The two major party candidates are highly flawed, and the minor party candidates just don't have enough appeal.
This election the record needs to state that the people who stayed home and didn't vote did so not because of voter apathy, but voter _disgust_, and those who did vote, might have acted out of fear, not because they believed in (or were deceived by) the candidate.
The two major party candidates are highly flawed, and the minor party candidates just don't have enough appeal.
This election the record needs to state that the people who stayed home and didn't vote did so not because of voter apathy, but voter _disgust_, and those who did vote, might have acted out of fear, not because they believed in (or were deceived by) the candidate.
I think the goal of winning the presidency is Donald Trump's way of settling his tax and debt problems.
4
I expect the Republican and Democratic campaigns to inject into the election an 'October Surprise' in order to try and influence the outcome of the race, without giving their opponent time to respond to the charge. But for the media to partake in this... you mean to tell me this story couldn't have been published earlier??
It's one thing to allege that a media outlet is biased towards one candidate over the other, but that isn't even necessary. They let you know their bias by quote unquote 'endorsing' a candidate. Seems like an example of a newspaper being less interested in informing the public, and more interested in affecting the outcome of an election.
It's one thing to allege that a media outlet is biased towards one candidate over the other, but that isn't even necessary. They let you know their bias by quote unquote 'endorsing' a candidate. Seems like an example of a newspaper being less interested in informing the public, and more interested in affecting the outcome of an election.
1
The utter stupidity, that's right utter stupidity of the American electorate never ceases to amaze.
I am a registered Independent in a very blue state and city. Although the people that govern SF have completely acquiesced to the entrepreneur class here and now run SF like a major city in the Bible belt. Go ahead and pick one.
Trump is woefully inadequate to be President and he's master a con artist and pathological liar.
By the way Trumpsters, where are Trump's tax returns.
Hillary has some issues as well but there is a disgusting false equivalency when discussing Hillary and Trump's shortcomings.
In fact there is absolutely no comparison.
And I don't have to like someone to vote tor them.
The just have to be smart and competent.
Therefore I already voted for the only smart and competent candidate, Hillary Clinton.
For all of you Trump supporters I feel sorry for you as you have been conned and are likely suffering from Stockholm syndrome.
I am a registered Independent in a very blue state and city. Although the people that govern SF have completely acquiesced to the entrepreneur class here and now run SF like a major city in the Bible belt. Go ahead and pick one.
Trump is woefully inadequate to be President and he's master a con artist and pathological liar.
By the way Trumpsters, where are Trump's tax returns.
Hillary has some issues as well but there is a disgusting false equivalency when discussing Hillary and Trump's shortcomings.
In fact there is absolutely no comparison.
And I don't have to like someone to vote tor them.
The just have to be smart and competent.
Therefore I already voted for the only smart and competent candidate, Hillary Clinton.
For all of you Trump supporters I feel sorry for you as you have been conned and are likely suffering from Stockholm syndrome.
7
These are democrat tax experts I presume??
2
Why was this never hammered home a few months ago? What is wrong with the media?
3
Sad, sad day for this land of ours. That our choice for the leadership of this country of ours should have come down to a thoroughly corrupt and unprincipled financier and a thoroughly corrupt and unprincipled Washington insider speaks volumes about our current state of affairs. And to top it off, we still pretend and proclaim in all directions that we are the leader of the so-called free world. What free world? Aaah, yes, our corrupt ruling class decidedly has no shame left if it ever had any!
We recognize, honor and give thanks to Americans who serve in the military but we don't similarly honor Americans who pay their taxes, and we should. Like military service, paying taxes is part of our responsibility as Americans and the friends and family that I respect always pay their fair share of taxes with a measure of pride. Sure it's possible to cheat the tax system or to try to outsmart the tax code and dare the government to catch you. But Americans who are tax cheats should be doubly despised for their lack of moral character and also for their broken promise to payback all the rights and privileges of citizenship by fulfilling the duties and responsibilities of citizenship - including paying taxes.
4
Not really a Trump fan but media bias drives me crazy and this article is clearly an example of that as it distorts so many aspects of our tax system.
There is nothing wrong about taking a position based on substantial authority. The reason the lawyers couldn't give a higher opinion was because there were no rulings, cases, statutes that matched the facts of an extremely complex tax issue. A substantial authority position just means that there is enough authority that the taxpayer can take the position without being penalized but the application of the law to the specific facts is not definitive enough that the government would agree.
The rest of the article is also biased and speculative. Nobody has any idea of how this played out in Trump's tax returns and releasing his tax returns would not provide any additional info. What is does provide is validation to is Trump's claims that his taxes would be too complex for people to understand.
The speculation that he was able to deduct other's losses is goofy. Likely, the bondholders did deduct their losses at some point and the article does not address at all partnership basis/at risk limitations both of which would likely have come into play in some fashion and at some point in time to limit Trump's ability to deduct losses without the corresponding gains.
There is nothing wrong about taking a position based on substantial authority. The reason the lawyers couldn't give a higher opinion was because there were no rulings, cases, statutes that matched the facts of an extremely complex tax issue. A substantial authority position just means that there is enough authority that the taxpayer can take the position without being penalized but the application of the law to the specific facts is not definitive enough that the government would agree.
The rest of the article is also biased and speculative. Nobody has any idea of how this played out in Trump's tax returns and releasing his tax returns would not provide any additional info. What is does provide is validation to is Trump's claims that his taxes would be too complex for people to understand.
The speculation that he was able to deduct other's losses is goofy. Likely, the bondholders did deduct their losses at some point and the article does not address at all partnership basis/at risk limitations both of which would likely have come into play in some fashion and at some point in time to limit Trump's ability to deduct losses without the corresponding gains.
6
" What is does provide is validation to is Trump's claims that his taxes would be too complex for people to understand."
Oh, I don't think that "Trump's claims that his taxes would be too complex for people to understand." The people can easily see the difference in a claimed tax liability of $ -0- and a true and correct tax liability of $ Millions of dollars of taxes, penalties and interest.
Oh, I don't think that "Trump's claims that his taxes would be too complex for people to understand." The people can easily see the difference in a claimed tax liability of $ -0- and a true and correct tax liability of $ Millions of dollars of taxes, penalties and interest.
2
I believe, correct me if I'm wrong, if he released his tax returns we'd be able to see how much of this $913 million loss was available and used , after an audit, to offset future income?
2
Sure, Trump's a menace. But you're using your reporters like hit men to unearth transgressions that may or may not be illegal, in the meantime continually defending on your news and editorial pages Hillary's dodgy past and present; it not only looks and is unfair but undercuts any claim to be objectively covering the campaign and will bite you in the end.
6
Ethical/unethical? Ultimately, it is irrelevant. These loopholes were put in place by politicians at the behest of their corporate masters.
7
Nice try. This last minute nonsense will have no effect on the voting. Does anyone here think any Republican or conservative pays any attention to the New York Times? The Times s simply a media outlet for the DNC and everyone knows it.
9
So if I, as an average Jane, can't pay a debt to Chase on my credit card for, say $10,000, and they do a charge off, I will get a tax form saying that they canceled my debt. That cancellation of debt form will increase my taxable income by $10,000 that year, meaning I will have to pay an extra $3,000 in taxes (assuming I pay ~30% between state, city, and federal). Trump gets HOW MUCH written off in cancelled debt and has to pay ZERO taxes on it? In what world is this fair? How do people not see how rigged this system is? How does the average person support him? How/why are the people of NJ OUTRAGED at how much he stiffed them? How do people in the military - who rely on the government for funding (which Trump is not providing through his taxes) - support him?
Yeah, maybe it was legal - or rather, not illegal - to do this practice at the time. But that doesn't mean that it was morally or ethically the right thing to do OR that the practice followed the spirit of the law. There were (and still are) plenty of things that are not illegal but are just NOT DONE because we have a code of morals and ethics and common sense that we live by. Trump has none of these qualities and I am baffled how people STILL continue to support him.
Yeah, maybe it was legal - or rather, not illegal - to do this practice at the time. But that doesn't mean that it was morally or ethically the right thing to do OR that the practice followed the spirit of the law. There were (and still are) plenty of things that are not illegal but are just NOT DONE because we have a code of morals and ethics and common sense that we live by. Trump has none of these qualities and I am baffled how people STILL continue to support him.
6
Your entire paragraph perfectly describes Billary's "public service career." Thank you.
3
I'd like to know how many of the pro-trump comments were written by Russian stooges.
9
You wish.
4
Transparent partisanship. You are just reinforcing Trump's bias media argument.
3
Not that the world needs the 2339th comment on this story, and not that anyone will read it, but.......I write from a Clinton field office in Cleveland, Ohio. To get here I drive through Shaker Heights, in which live hordes of affluent families, many so wealthy as to make Croesus seem like Oliver Twist. Trump-Kaine yard signs abound in Shaker Heights; nary a TRUMP-PENCE (Pence in smaller print) sign is to be seen. Many of the owners of the spacious turf lawns on which these signs are posted make over $250,000 per year, thus face a tax hike if Sec. Clinton is elected. Still they support her unconditionally and enthusiastically.
Enough. Said.
Enough. Said.
4
You make the point for the entire campaign... The rich want to keep the establishment as is. They are the ones who have benefitted almost exclusively from the policies of the Clinton's. If you'll so kindly drive over to the working class part of town, that's where you'll observe the Trump-Pence signs.
3
Because they want a Clinton near the WH so they can use their "FOB" card.
1
@Arthur Taylor: P.S. No apostrophe in "Clintons" there.
Wow, according to the Huffington Post, the greatest secret Trump has kept most of his life is he is unable to read! Unable to read! That is a staggering disability that would instantly disqualify him for office. And it'd be so easy to disprove, just have him read a page on television from a random book choosen by an independent Democrat. And if he waffles for any reason whatsoever, that is an admission.
1
Just because the Tax Policy Center calls itself "non-partisan" does not make it so. It leans left. That does not make it wrong, but the generally accepted political tilt should be recognized.
1
Whack a mole. If someone wants to cheat, they find a way.
1
None of this matters to those who love Trump. They wish they could share his evasion of taxes. They revel in his boorish banter. They share his disdain for immigrants, the poor, the homeless and others despite many being the same condition themselves. Trump is their hero who supposedly is the ultimate outsider who defied odds and made his way against an array of enemies allied against him.
In fact, Trump is the ultimate insider who used inherited wealth, extra-legal and legal means to develop an empire that uses the good graces of others (communities and individuals) to rob them of their dignity and property taxes.
His loyalists love him for it all.
In fact, Trump is the ultimate insider who used inherited wealth, extra-legal and legal means to develop an empire that uses the good graces of others (communities and individuals) to rob them of their dignity and property taxes.
His loyalists love him for it all.
3
I guess the same can be said for the most corrupt US politician in decades.
4
And just what do we do if he is elected? Reminds me of the Cuban missile crisis. Duck and cover?
2
if NYT thought this a bombshell you best reload - too complex for average guys to understand, so it will be ignored. "Legally dubious" is not "illegal" - have you resurrected Wm Randolph Hearst to write this? Has the National Enquirer bought the NYT?
PS We are not voting for Trump as you likely imagine: that is because he is a bum, not because his accountants and tax attorneys did a good job.
PS We are not voting for Trump as you likely imagine: that is because he is a bum, not because his accountants and tax attorneys did a good job.
4
Tax dodge? How dare you. It was legal, and proved so durably all these years. The IRS didn't act against him, and now the law is changed, so did he try it when it was unlawful? No. You know very well Trump doesn't prepare his own taxes and in spite of contrary advice, he's entitled by law to lower or eliminate any tax liability he has. The Times Co. does the same thing, and so does everyone else.
6
The bottom line is that any system that taxes something called "income" will forever be manipulated by people redefining what income is.
The real basis of taxation needs to be on transactions, which are far more easily defined and tracked. The wealthy will still find dodges, and necessities like food and rent can be excluded, but a VAT will at least minimize the rampant tax-cheating in the underground economy and among small businesses.
The real basis of taxation needs to be on transactions, which are far more easily defined and tracked. The wealthy will still find dodges, and necessities like food and rent can be excluded, but a VAT will at least minimize the rampant tax-cheating in the underground economy and among small businesses.
3
Paul--If only that were the real problem, a few low income folks shaving some pennies off their taxes. Go after the BIG money. I think most wealthy people walk a very thin line, or get away with gross fiddling, entirely. They should be more thoroughly checked, every one of them, and let's recover the billions they fail to pay. Elect a Congress that will fund the IRS to do this work. They have cut funding for the express purpose of taking away the agency's power to pursue wealthy people, no doubt thanks to lobbying by the wealthy. Elect a Congress that will close the loopholes, that are unavailable to all but the wealthy, and make these people pay their taxes, just the way I have to do.
2
Who cares? No one apparently. Trump's tax playtime will go into the wind along with everything else he does that seems "questionable". He's the Teflon Don with good reason.
Character and facts will be in short supply in these last few days. Trump only has 7 days to stand before his adoring crowds and drink in the adulation and cheers he so desperately needs.
Character and facts will be in short supply in these last few days. Trump only has 7 days to stand before his adoring crowds and drink in the adulation and cheers he so desperately needs.
1
The NYT is a piece of work. Did Donna Brazil's leak debate questions to Hillary before the debates? Yup!
5
Was Trump audited that year? Does anyone care? The voters right to vote should be reserved to people who have a modicum of brain power and shown to have used it.
2
Said the pot to the kettle.
The header says it all - "Legally" he did not break any laws.. why does this matters so much? We are given a glimpse as to what is going on with the DNC and the corruption, Clinton Foundation and their corruption and yet all you care about are his tax returns? I understand leaning left, but c'mon, be a little less of a homer and report the actual news!
7
The article doesn't say if Trump is still liable for this tax dodge. Some people go to jail for stuff like this. Other people with much less money get audited by IRS and hammered with killer tax bills they can't afford to pay. Trump is the lowest form of life. If the Dems win the Senate they should launch their own GOP-style investigation of Trump and his taxes. Then he should go to the slam!
3
Another Billarybot who lacks reading comprehension skills. IT WASN'T A TAX DODGE. IT WAS LEGAL AT THE TIME. I'm not screaming; I'm just using big print to make it easier for you to understand.
5
Well, that didn't take long for the Clinton campaign to come up with an "November" surprise to counter her on going never ending email morass.
Everyone was waiting for it. So no big surprise.
Hilary will win the election hands down. My only hope to get rid of the "deplorable " Clintons is for the Congress to remain in the hands of the GOP. If not the American voters will never learn the truth about their racketeering.
I couldn't care less about Trump taxes.
This was 20 years ago and the tax laws were different.
The Dems have the media on their side so Trumps taxes will be the big news. Let's not forget the Clintons through the "charity" has been involved with pay for play for years.
The Clintons are greedy and line thier pockets using their charity as a front. Sad
Everyone was waiting for it. So no big surprise.
Hilary will win the election hands down. My only hope to get rid of the "deplorable " Clintons is for the Congress to remain in the hands of the GOP. If not the American voters will never learn the truth about their racketeering.
I couldn't care less about Trump taxes.
This was 20 years ago and the tax laws were different.
The Dems have the media on their side so Trumps taxes will be the big news. Let's not forget the Clintons through the "charity" has been involved with pay for play for years.
The Clintons are greedy and line thier pockets using their charity as a front. Sad
5
We can assume that Mr. Trump took every legal tax loophole he could. This article alleges that he and his advisers figured out one or lengthily stretched one that is not covered by law and was not actually made illegal until some years later. However, the main thing is that he deducted money that was not his, but was clearly deductible by those who actually experienced the loss.
Certainly there is something dubious here; but only an expert with access to his tax returns would be able to figure it out. With his refusal to release any tax information at all, Mr. Trump is adding to confusion and suspicion regarding his tax payments, proper or not.
As a reasonable person, I would conclude that his refusal to release his returns actually speaks to more common issues, which most people would recognize: few or no charitable contributions, debt to foreign nations or individuals, etc.
If he releases his returns, he may not be legally in trouble, but he may be definitively exposed as an unrepentant and repeated liar.
Certainly there is something dubious here; but only an expert with access to his tax returns would be able to figure it out. With his refusal to release any tax information at all, Mr. Trump is adding to confusion and suspicion regarding his tax payments, proper or not.
As a reasonable person, I would conclude that his refusal to release his returns actually speaks to more common issues, which most people would recognize: few or no charitable contributions, debt to foreign nations or individuals, etc.
If he releases his returns, he may not be legally in trouble, but he may be definitively exposed as an unrepentant and repeated liar.
4
The only thing illegal about Trump's taxes is that they were leaked to the Times by the Obama administration. If the Times wants to accuse the FBI director of trying to influence an election by notifying Congress (not leaking the news) what of the IRS? Where was the outrage over the Trump/Tax leak?
8
CNN, MSNBC investigating report that in 1958 Fred Trump gave his son Donald a quarter to put in the Collection Plate at Sunday Services and that Donald Trump kept the quarter spending it on baseball cards, a candy bar and soda.
4
So, if anyone needs to be locked up, it's the sexual assaulter, federal tax cheat and promoter of espionage?
7
As soon as the defender and enabler of a serial predator, "charitable foundation" tax scammer, and actual comiter of espionage is locked up.
2
You can see now why the issue of his tax returns has been overstated and misunderstood. It borders on the impossible for the undecided voting public to make intelligent use of them.
I emphasize undecided because, as comments here show, his opponents are outraged he pays ~zero. But this has been known for a long time, you don't need the returns for that. His supporters say he took full advantage of the law, and why not. We know there has been no case where the IRS took him to court (as does happen with some wealthy people -- Pritzkers, eg). So if there was audit, & dispute, it was resolved.
Yes, it's the *undecideds* who are important. But how many are left and what can they learn from his returns? This story uses experts, but is slanted. They accuse him of "using someone else's loss", as if he stole it. This is childish. You would need impartial experts who can educate. How long would that take, & to what purpose?
I emphasize undecided because, as comments here show, his opponents are outraged he pays ~zero. But this has been known for a long time, you don't need the returns for that. His supporters say he took full advantage of the law, and why not. We know there has been no case where the IRS took him to court (as does happen with some wealthy people -- Pritzkers, eg). So if there was audit, & dispute, it was resolved.
Yes, it's the *undecideds* who are important. But how many are left and what can they learn from his returns? This story uses experts, but is slanted. They accuse him of "using someone else's loss", as if he stole it. This is childish. You would need impartial experts who can educate. How long would that take, & to what purpose?
Trump is very much "a finders, keepers, losers, weepers" kind of guy.
Is that illegal, who knows, the laws were written at the bidding of lobbyists paid for by people like Trump to be nebulous, open to creative interpretation with loop holes (escape hatches) galore if you can the high price to find them.
Is it indecent, yes. But, much of what passes for business and success these days is and has become more entitled and emboldened by the decade. It doesn't have to be that way but money and fame have trumped decency and awareness, ethical concerns, civic duty, social duty and country for many decades and more.
Will anyone do anything about it? That remains to be seen. Trump is the tip of the iceberg. But, a big chill is in the air if this continues to be ignored.
Is that illegal, who knows, the laws were written at the bidding of lobbyists paid for by people like Trump to be nebulous, open to creative interpretation with loop holes (escape hatches) galore if you can the high price to find them.
Is it indecent, yes. But, much of what passes for business and success these days is and has become more entitled and emboldened by the decade. It doesn't have to be that way but money and fame have trumped decency and awareness, ethical concerns, civic duty, social duty and country for many decades and more.
Will anyone do anything about it? That remains to be seen. Trump is the tip of the iceberg. But, a big chill is in the air if this continues to be ignored.
1
I am wondering if some of that last-ditch $25 MM Republican dark money for swing states found its way to paying for comments on NYT articles that are negative for Trump.
NYT, any article that garners this much irate pushback means you've hit a nerve. Keep up your important work.
NYT, any article that garners this much irate pushback means you've hit a nerve. Keep up your important work.
5
Apart from taxes, what about also discussing in an editorial overview the many well-known facts of the rest of Mr. Trump's corruption? Surely that's a public duty before a momentous election!
http://www.salon.com/2016/11/01/in-the-media-narrative-hillary-clinton-i...
http://www.salon.com/2016/11/01/in-the-media-narrative-hillary-clinton-i...
3
What a freeloader, his tax avoidance scam so egregious that Congress had to pass a law against it.
3
Further proof that good business and good government are two different things, and often in conflict. Donald Trump excels at personal greed; Hillary has a long track record (buried under right wing muck) of doing public good. But she used a private email server, so let's reincarnate Mussolini.
3
So Trump had great tax advisors, great for him. He probably figured out how to handle it himself. The guy is brilliant. He saved his business, rebuilt, didn't let failure tear him down, moved forward and built a very successful business that created thousands of new jobs for over 25 years. Do the math, the economic activity Trump has created, and most importantly all the thousands of people that could put food on their tables due to his business activity, is the real story.
Newsflash for NYT: instead of sending your cub reporters on useless exercises, hunting down obscure 1990 tax letters that have ZERO relevance to the other 300+ million Americans today, the year is 2016, try a "follow the money" story on the massive failure of Obamacare and how it's hurting millions of Americans today. That is happening today and needs professional reporting.
Another great "follow the money" story for today would be the Clinton Foundation and its clear corruption, at least cover the major conflicts of interest and pay to play.
Do a story on the corruption of Donna Brazil too.
Better yet, let's elect Trump and drain that swamp and REBUILD, Trump knows how to rebuild from failure firsthand. He no doubt can find and use the many thousands of very smart, practical thinking Americans who truly care about their country and fellow man/woman, hire them and rebuild this mess both parties have made for past 25+ years. Now that will be a great story to tell 9 years from today.
Newsflash for NYT: instead of sending your cub reporters on useless exercises, hunting down obscure 1990 tax letters that have ZERO relevance to the other 300+ million Americans today, the year is 2016, try a "follow the money" story on the massive failure of Obamacare and how it's hurting millions of Americans today. That is happening today and needs professional reporting.
Another great "follow the money" story for today would be the Clinton Foundation and its clear corruption, at least cover the major conflicts of interest and pay to play.
Do a story on the corruption of Donna Brazil too.
Better yet, let's elect Trump and drain that swamp and REBUILD, Trump knows how to rebuild from failure firsthand. He no doubt can find and use the many thousands of very smart, practical thinking Americans who truly care about their country and fellow man/woman, hire them and rebuild this mess both parties have made for past 25+ years. Now that will be a great story to tell 9 years from today.
4
So lets see if I have this straight, at the time Mr Trump took the tax deduction it was a legal one but the Congress later changed the tax code to eliminate that deduction, is that what your telling me? Because if it is I remind you of what John D Rockefeller said back in the day; "I never broke any laws but a lot of laws were changed because of me" or words to that effect. The Democrats are really getting desperate to retaliate for all that's being revealed in those Wikileaks emails about the Clinton's and their inner circle's shenanigans. Only 8 more days and this nightmare is over at least Chapter one anyway. I can't wait for the next chapter after HRC is sworn in on January 20th. Oh Hillary what a dilemma you created for your country.
6
Tax free debt for equity swaps in the partnership context were not subject to the restrictive rules applicable to corporation until passage of the Jobs Act in 2004. This very important and critical fact is omitted until the second from the last sentence of the article. As a tax professional, it pains me to see how ineffectively the tax issues were presented.
3
Again he used all of the same tax loopholes as every other millionaire and member of the 1%
I don't think he ever took Saudi money though.
I don't think he ever took Saudi money though.
8
Why is the Times not covering the issue at Standing Rock, North Dakota? I read this web site nearly every day and the coverage has been buried so deep I can barely find it. The NY Times is already on the right side of history with Trump.....how about getting on the right side of history with this one???
3
But it doesn't matter, does it? Nothing he does is "wrong," either because what he is alleged to do, he didn't do (e.g. sexually assault 11 women, who, despite confirming that he used on them the same approach he told Billy Bush he uses on women, were lying), or what he did do, is not improper (e.g. twisting the Tax Code by deducting, as his losses, other people's losses). That's what makes him such a comforting candidate. Before he came along, we had a moral obligation to act a certain way. The "humanistic" thing to do was to accept other cultures and not make fun of disabilities, and to treat women with respect. But a lot of people found that to be very hard. He came along, and changed the narrative by rejecting other cultures, making fun of people of people with disabilities and disrespecting women who weren't as sexy as Melania. But he never admitted to doing that. In fact, he said he loved Mexicans and that he wasn't mocking the reporter with the disability, and that no one respected women more than he did. Thus he's made our lives easier, because now we can insult Mexicans and people with disabilities without being accused of being culturally insensitive or inhumane, and, no matter how fat we white guys may get, if a woman is overweight, we can call her on it without being accused of being sexist. Life will be a lot easier with President Trump.
1
Ok fine. I'm no Trump fan, but he's not the first person to push the boundaries on interpreting the tax code. It's not like you make up a tax strategy and execute it in secret. You file this thing called a return every year. It's up to the IRS to challenge you. The next thing we'll hear is Trump screaming: "Bill Clinton was the worst president ever because his IRS never audited tax cheats like me!" And he wouldn't be totally wrong.
1
Good for him! He used the tax laws which were primarily passed by Democrats in congress to his advantage. Let's put this myth finally to rest, when it comes to taxes no one wants to pay taxes period. Clintons took deductions against clinton foundation the pay to play scam foundation they created go figure this one out!
2
They forgot to declare an awful lot of the in-kind payments too.
There is nothing that this man does that I can possibly respect, let alone vote for. His arrogance knows no limits, his hubris is off the charts, he's intellectually and ethically challenged, lies with impunity and questions the very basis of our democracy. A spoiled man-child who thinks the rest of us are chumps if we don't manipulate the system to our advantage. I truly fear for this country's future whether he wins or loses. What loop-hole has allowed this creature into our public consciousness. A lesson to us all...
9
Follow the money. Who were the creditors(bondholders)? Did they keep the swapped partnership stake or sell it on to someone else? If a foreign national or entity is the ultimate beneficial owner of these partnership stakes then Mr. Trump, as a candidate or president, might be severely conflicted or even under control of said foreign entity or national.
2
Nothing Trump has done in 60 years compares to the Corruption of Hillary and her cohorts. Why hasn't Comey arrested Anthony Weiner and Huma? Cuffs and imprisonment is a tool to get to the Truth... unless he again isn't interested in getting to the bottom of the Clinton Foundation and Crime Family. Comey the Coward is going to screw us all again. It is what Cowards like him do!
6
In spite of the GOP's badly-reviewed song and dance routine and their associated alligator tears about how the Republican wealthy pay all the taxes in America, the system is actually rigged to screw working families who have a household income in the $100-300K range derived from actual work. The truly rich typically pay a pathetically low percentage of their income in federal taxes. They are the unpatriotic mooches.
7
well this article will certainly make him even more popular with his base.
1
So he run roughshod all over the system, and now he wants to rule over it (that is what he thinks being the President means!)
What a great country!
PS. I want to know all about this miscreant, so that keep my pockets zipped, and do all I can not to allow a con artist ruin this country.
What a great country!
PS. I want to know all about this miscreant, so that keep my pockets zipped, and do all I can not to allow a con artist ruin this country.
6
This only shows how out of control the United States' tax code is. Sorry folks, but a code that is thousands of pages long will definitely have loop holes for people to take advantage of all while Congress, the people who are supposed to 'represent' us do absolutely nothing to fix, or do, anything. This is shameful.
3
Legality aside, he loses the right to complain about the deficit and poor infrastructure.
6
"... for losing vast amounts of other people's money..." Now, if elected, he can lose the money for vast numbers of other people.
7
America loses with Trump. America loses with Clinton.
America loses!
America's experiment with democracy ended with the Constitution and Bill of Rights. It said when read correctly: "Move over King and move over democracy. The 1% are now in control." And with few exceptions that has remained true.
No eligible to vote: slaves, women, Native Americans, white men without slaves, land or an education, and immigrants.
Properly conditioned, a quite large proportion of eligible voters elect not to elect people running for elective office up to today.
Why should they? They know that once election day is over they will never hear from the elected officials and representatives again (or at least not until the next election). They also know that they will never get an appointment to see their elected representative because they also know that their elected representative is busy with the 1% and their representatives known as lobbyists. They know that the elected were selected by their political parties and that "rigged" does not start with the ballot.
In Astoria, Queens, New York, the elections were held within these guidelines:
(A) have a drink
(B) vote early
(C) vote often
(D) vote for the dead
(E) vote for the candidate of our selection and choice!
Trump is one side of a corrupted coin. Clinton the other. But drop that coin and watch both scramble to get it.
The revolution now continues. All power to the impotent for they shall spread their seed in the soul of America.
America loses!
America's experiment with democracy ended with the Constitution and Bill of Rights. It said when read correctly: "Move over King and move over democracy. The 1% are now in control." And with few exceptions that has remained true.
No eligible to vote: slaves, women, Native Americans, white men without slaves, land or an education, and immigrants.
Properly conditioned, a quite large proportion of eligible voters elect not to elect people running for elective office up to today.
Why should they? They know that once election day is over they will never hear from the elected officials and representatives again (or at least not until the next election). They also know that they will never get an appointment to see their elected representative because they also know that their elected representative is busy with the 1% and their representatives known as lobbyists. They know that the elected were selected by their political parties and that "rigged" does not start with the ballot.
In Astoria, Queens, New York, the elections were held within these guidelines:
(A) have a drink
(B) vote early
(C) vote often
(D) vote for the dead
(E) vote for the candidate of our selection and choice!
Trump is one side of a corrupted coin. Clinton the other. But drop that coin and watch both scramble to get it.
The revolution now continues. All power to the impotent for they shall spread their seed in the soul of America.
2
Yes, vote Chicago style
Early and often!!
Early and often!!
1
Expand the "Chicago style" as you call it to include the whole nation and allow those alive to vote for those dead and also vote for those who elected to not elect.
Then the right to vote becomes meaningful. Some who elect to elect can vote to elect many times. This gives elections and the right to vote true meaning. Would it not be great for America to announce to the world that 300% of the population (including some of the dearly departed) voted?
Oh democracy! Land that I love! God bless America!
Better yet, let only those 5-21 vote. After all, the future is really theirs. And give those in America three votes and everyone else world-wide one vote. Now that would educate the young about voting as it would spread the discussion about choosing your own electors to some of our closest allies and trading partners.
As Reagan said when president was asked at a press conference which included questions about a then recent terrorist attack in Lebanon which killed 243 Marines, "Oh! Yes! Well we were fixing the barracks when the attack occurred. It was similar to fixing a kitchen before the job was done!"
So much for 243 dead Marines. So back to the kitchen we go.
Then the right to vote becomes meaningful. Some who elect to elect can vote to elect many times. This gives elections and the right to vote true meaning. Would it not be great for America to announce to the world that 300% of the population (including some of the dearly departed) voted?
Oh democracy! Land that I love! God bless America!
Better yet, let only those 5-21 vote. After all, the future is really theirs. And give those in America three votes and everyone else world-wide one vote. Now that would educate the young about voting as it would spread the discussion about choosing your own electors to some of our closest allies and trading partners.
As Reagan said when president was asked at a press conference which included questions about a then recent terrorist attack in Lebanon which killed 243 Marines, "Oh! Yes! Well we were fixing the barracks when the attack occurred. It was similar to fixing a kitchen before the job was done!"
So much for 243 dead Marines. So back to the kitchen we go.
1
"Such letters, typically written by highly paid lawyers who spend entire careers mastering the roughly 10,000 pages of ever-changing statutes that make up the United States tax code, can provide important protection to taxpayers."
Five gifted reporters and the entire NYT editorial board missed the point, though it was right in front of them, to wit: "roughly 10,000 PAGES OF EVER-CHANGING STATUTES THAT MAKE UP THE UNITED STATES TAX CODE!" Have none of you smart people ever heard of the legal maxim regarding statutes, and especially tax statutes: VOID FOR VAGUENESS? The IR Code is indecipherable even by tax liaXXX lawyers. It is void, merely awaiting SCOTUS to say so.
Two of Trump's objectives resonate with all Americans: 1. "I'm going to drain the swamp that is Washington, D.C." 2. "We will reduce taxes across-the-board, especially for working and middle-income Americans who will receive a massive tax reduction."
I've written Mr. Trump telling him "you can't drain a swamp and keep it drained if you don't stop the flow of water into it," Trump could deliver on those two pledges by abolishing the individual income tax and replacing it with--ta, ta, ta, taaa--NOTHING! No flat tax, no value-added tax, no national sales tax, no new or increased taxes whatsoever"
If Mr. Trump has the moxie to do that, he will end Hillary's quest for the presidency post haste. And Americans' most-hated agency, the IRS, can be reduced to a remnant or terminated.
Five gifted reporters and the entire NYT editorial board missed the point, though it was right in front of them, to wit: "roughly 10,000 PAGES OF EVER-CHANGING STATUTES THAT MAKE UP THE UNITED STATES TAX CODE!" Have none of you smart people ever heard of the legal maxim regarding statutes, and especially tax statutes: VOID FOR VAGUENESS? The IR Code is indecipherable even by tax liaXXX lawyers. It is void, merely awaiting SCOTUS to say so.
Two of Trump's objectives resonate with all Americans: 1. "I'm going to drain the swamp that is Washington, D.C." 2. "We will reduce taxes across-the-board, especially for working and middle-income Americans who will receive a massive tax reduction."
I've written Mr. Trump telling him "you can't drain a swamp and keep it drained if you don't stop the flow of water into it," Trump could deliver on those two pledges by abolishing the individual income tax and replacing it with--ta, ta, ta, taaa--NOTHING! No flat tax, no value-added tax, no national sales tax, no new or increased taxes whatsoever"
If Mr. Trump has the moxie to do that, he will end Hillary's quest for the presidency post haste. And Americans' most-hated agency, the IRS, can be reduced to a remnant or terminated.
2
And say goodbye to roads, bridges, airports, police, fire, schools, military, hospitals, social security, medicare, electricity . . .
It's either legal or it isn't. Dubious legal? Like a little bit pregnant.
7
Everything that I have read indicates that it was Mr. Trump's advisors who devised the tax avoidance schemes, not Mr. Trump. It's been documented that Trump's limited attention span meant he couldn't sit still long enough to be fully briefed on the details of his tax returns.
So let's not give Mr. Trump credit for his alleged mastery of American tax laws. He is merely another rich man who can afford the very best tax lawyers who stick average American workers with the cost of running our country.
Why any working person would trust Trump to work for their benefit after devoting his entire life to enriching himself at the expense of others is beyond me.
So let's not give Mr. Trump credit for his alleged mastery of American tax laws. He is merely another rich man who can afford the very best tax lawyers who stick average American workers with the cost of running our country.
Why any working person would trust Trump to work for their benefit after devoting his entire life to enriching himself at the expense of others is beyond me.
5
Can IRS open an investigation of his abuse of that code?
2
Think about what you just said. If the code said it was legal, how is complying with it abusing it? I suppose you forego all your deductions because you love giving the government money for doing nothing. Really, liberals' lack of reading comprehension skills never cease to amaze me. And I bet most of them aren't even products of the modern public school system.
It's hard to tell which is more rapacious, Donald Trump or the American Tax Code.
And to those who say he followed the law I would simply say, the law used to see black people as property. That didn't make it any less immoral. But, or course, for people like Trump there is no such thing as immorality.
After all, racists don't believe in morality.
And to those who say he followed the law I would simply say, the law used to see black people as property. That didn't make it any less immoral. But, or course, for people like Trump there is no such thing as immorality.
After all, racists don't believe in morality.
1
Puh-lease, this reads exactly like an investment prospectus. Why? Because if the law firm had said it was completely fine and then the IRS disallowed the writeoffs, Trump could have (and likely would have) sued the law firm for the damages, which would have been hundreds of millions of dollars.
There's also a point in Trump's favor: Congress subsequently passed laws forbidding this kind of write-off. Why? Because it was obviously a gray area in the tax code.
Go speak to tax experts at major accounting firms - these kinds of secret findings are done all the time. In fact, its a fairly healthy business for accounting firms to get a favorable ruling via an IRS interpretation letter, and then sell that knowledge to others in similar tax situations. Of course, they also put in the same type of weasel-wording to assure that, if the IRS does come after a client, they are held harmless.
This is the type of thumb-on-the-scale reporting that drives otherwise sane voters to consider electing Trump. Brexit redux.
There's also a point in Trump's favor: Congress subsequently passed laws forbidding this kind of write-off. Why? Because it was obviously a gray area in the tax code.
Go speak to tax experts at major accounting firms - these kinds of secret findings are done all the time. In fact, its a fairly healthy business for accounting firms to get a favorable ruling via an IRS interpretation letter, and then sell that knowledge to others in similar tax situations. Of course, they also put in the same type of weasel-wording to assure that, if the IRS does come after a client, they are held harmless.
This is the type of thumb-on-the-scale reporting that drives otherwise sane voters to consider electing Trump. Brexit redux.
4
Hillary made a mistake in using a private email server, no doubt she wanted to keep secret some conversations. I'm not sure why this is considered so horrible, since 25 years ago, all of these conversations would have been secret anyway.
Trump apparently avoided taxes, maybe stretch the law, hard to tell how bad it was because he's done a great job keeping ALL of his financial information secret.
The supreme irony is the fact that the Clinton's are far more transparent, thanks to their years in the public lime light than Trump is. Yet it's the Clinton's how get blasted for being secretive.
Trump apparently avoided taxes, maybe stretch the law, hard to tell how bad it was because he's done a great job keeping ALL of his financial information secret.
The supreme irony is the fact that the Clinton's are far more transparent, thanks to their years in the public lime light than Trump is. Yet it's the Clinton's how get blasted for being secretive.
5
I imagine she did "want to keep secret some conversations"--like the ones with the DNC about rigging the primaries. Or the ones about trading "donations" to the "Foundation" (and fat speaking fees for Billary 1.0) in exchange for access. Those kinds of conversations, sure.
4
Why do you cal it a tax "dodge" instead of, say, a tax "maneuver"? Isn't "dodge" a word you'd expect in a tabloid? But if the Times is going to persist in making judgments in news columns - rather than report news in disinterested language - why has it never referred to Hillary Clinton's many "lies"? Surely when Hillary said her use of a private server was "allowed" by the State Dept. she was lying. State's Inspector General made that clear enough. Like many NY Times readers I weep for what the paper has become.
6
Or when she claimed to be dodging bullets in Bosnia. Or when she said she was named after Sir Edmund Hillary. Or when she said Monica, Gennifer, Juanita, et al. were fibbing. I'll even go out on a limb and bet that when she said "I don't recall" 27 or 37 times or whatever it was when she recently was put under oath, as unbelievable as it seems (NOT), she was even lying then.
1
Could you please elaborate on what exactly it is Hillary Clinton lied about. I just keep hearing "Hilary Clinton lied" but still do not understand what she lied about.
1
We just gave you 5 or 6 examples.
2
So why didn't Hillary, the great debate preparer, have this answer ready? She could have answered, "Actually, Donald, I did vote to fix this loophole, once I was given the chance as a Senator. Only problem, you'd already gotten away with a $900 million bailout before I got a chance to clean up the system."
1
Unbelievable, the lead story is about Trump's taxes when there is so, so much dirt coming out about Clinton and the Democrat machine from Wikileaks. Revelation and revelation is coming out about the corruption, the lying and the cover-up. Podesta says we better dump the emails right after it's revealed that Hillary had a private server. Comment section is just a big echo chamber where most come to have their beliefs reinforced by other like-minded readers.
7
I know, you'd think Correct the Record would have realized they're wasting their money on sites like this. They're not changing anyone's mind. People who get tired of teasing the dumb animals (who make it easier and easier, the more desperate they get) will just leave and go vote for Trump anyway.
Listen, Willfully blinded,
Quote From Derek Williams:
"Why doesn't anyone ever mention the 22 MILLION classified emails that the GW Bush administration destroyed in defiance of a court order in the midst of the highly sensitive atmosphere engendered by the Iraq hostilities? Why don't they mention that former Secretaries of State Colin Powell and Condoleezza Rice both kept classified emails on a private RNC server, and advised Hillary Clinton on how to set hers up? Why don't they mention that Trump's businesses also destroyed thousands of emails in defiance of court orders over a period of decades?
Trump gets away with lying repeatedly, with sexual braggadocio, serial adultery, he has zero public service experience, and he himself is facing criminal charges relating to the sexual assault of a 13 year old girl, and fraud over Trump University, yet they want to hang Hillary Clinton over emails from which she has already been cleared.
The hypocrisy and wilful blindness is staggering."
Quote From Derek Williams:
"Why doesn't anyone ever mention the 22 MILLION classified emails that the GW Bush administration destroyed in defiance of a court order in the midst of the highly sensitive atmosphere engendered by the Iraq hostilities? Why don't they mention that former Secretaries of State Colin Powell and Condoleezza Rice both kept classified emails on a private RNC server, and advised Hillary Clinton on how to set hers up? Why don't they mention that Trump's businesses also destroyed thousands of emails in defiance of court orders over a period of decades?
Trump gets away with lying repeatedly, with sexual braggadocio, serial adultery, he has zero public service experience, and he himself is facing criminal charges relating to the sexual assault of a 13 year old girl, and fraud over Trump University, yet they want to hang Hillary Clinton over emails from which she has already been cleared.
The hypocrisy and wilful blindness is staggering."
1
Donald Trump = Entitled Rich Guy
Donald Trump is in bed with the establishment not outside of it.
Donald Trump is in bed with the establishment not outside of it.
4
Trump followed the law. If he did not report his taxes the way he did, he would have been violating the law.
In fact, if the IRS were to audit and discovered that he reported the way the New York Times seems to think he should have, the IRS would have made and adjustment and given him a refund because he did not file properly. The IRS makes taxpayer favorable adjustments all the time.
Trump followed the law.
In fact, if the IRS were to audit and discovered that he reported the way the New York Times seems to think he should have, the IRS would have made and adjustment and given him a refund because he did not file properly. The IRS makes taxpayer favorable adjustments all the time.
Trump followed the law.
4
If low voter turnout (which seems likely) favors Republicans, and many people who do vote (myself included) choose not to vote for either of these miserable front-runners, this race could be a lot closer than the NYT predicts.
The Times and the liberal elite would be apocalyptic. This could be fun.
The Times and the liberal elite would be apocalyptic. This could be fun.
5
You don't expect the rich to pay taxes like the ordinary filthy workers, do you?
If it's a poor child---and the U.S. leads the wealthy world in depth and extent of child poverty---every measure is justifiable in grabbing food from the kid's fingers.
Billionaires though deserve to have no taxes.
Tax every penny of capital gains, dividends, carried interest and other unearned income above $50,000 at a 40 per cent rate.
Warren Buffett's dream is that he pay a higher tax rate than his secretary. Make his dream a reality. And take back from Dump all that he has stolen allowing him $800/month to live on.
If it's a poor child---and the U.S. leads the wealthy world in depth and extent of child poverty---every measure is justifiable in grabbing food from the kid's fingers.
Billionaires though deserve to have no taxes.
Tax every penny of capital gains, dividends, carried interest and other unearned income above $50,000 at a 40 per cent rate.
Warren Buffett's dream is that he pay a higher tax rate than his secretary. Make his dream a reality. And take back from Dump all that he has stolen allowing him $800/month to live on.
5
This was yesterday news? Front page headlines ? Your girl is toast.
4
Here, let me proffer another straw at which you may grasp...
4
Where is the US justice system?
In Germany everbody who avoids taxes to this extent serves time in prison and pays the taxes with interest.
Even the president of the famous Bayern Munich soccer club went to prison for his tax avoidance schemes although he clearly has celebrity status and friends in the Bavarian state government.
In Germany everbody who avoids taxes to this extent serves time in prison and pays the taxes with interest.
Even the president of the famous Bayern Munich soccer club went to prison for his tax avoidance schemes although he clearly has celebrity status and friends in the Bavarian state government.
2
We need a smart man like TRUMP to run the government and to drain the WDC swamp!! TRUMP/PENCE 2016 & 2020
4
For those who like justice....White House Petition:
"Immediatley Terminate FBI Director Comey for Violating Hatch Act."
https://petitions.whitehouse.gov/petition/immediat...
"Immediatley Terminate FBI Director Comey for Violating Hatch Act."
https://petitions.whitehouse.gov/petition/immediat...
1
Trump supports voter intimidation in four states. "You know what I mean," Trump says.
2
Actually tax loss claims are usually a low risk gamble for a taxpayer. Unlike a claim for an immediate deduction or a report of lower income than might otherwise be declared, which can result in interest and penalties if the claim is denied, a claim for loss can be established before it is relied upon to reduce income that would otherwise be taxed. In Trump's case, he no doubt had many deductions available to shelter income from taxes before he had to rely upon these losses to offset income that would otherwise have been taxed, and he could wait until he knew the loss claim would be allowed, or was highly confident that it would be, before relying on it.
Plus the NYT does not know how the matter was actually resolved - the loss may have been disallowed in whole or in part.
Most Americans would love to reduce their taxes. Few Americans pause over their deductions on moral grounds in the belief they have a duty to pay rather than claim a deduction. If there is a pause, it is more likely due to an unwillingness to risk a fight with the IRS, and possibly suffer interest and penalties if they lose. Trump was willing to take those risks.
The fact is that American businesses and business people are taking these kinds of risks every day, at a cost to the US Treasury of billions per year. That is the real story here, and that the tax code is too complex, has too many loopholes, and that it is the elected officials who have been in power who are responsible.
Plus the NYT does not know how the matter was actually resolved - the loss may have been disallowed in whole or in part.
Most Americans would love to reduce their taxes. Few Americans pause over their deductions on moral grounds in the belief they have a duty to pay rather than claim a deduction. If there is a pause, it is more likely due to an unwillingness to risk a fight with the IRS, and possibly suffer interest and penalties if they lose. Trump was willing to take those risks.
The fact is that American businesses and business people are taking these kinds of risks every day, at a cost to the US Treasury of billions per year. That is the real story here, and that the tax code is too complex, has too many loopholes, and that it is the elected officials who have been in power who are responsible.
3
I think that the NYT staff have lost their collective minds. This article is as interesting as standing on the corner of Main Street USA and screaming "US businesses exploit the tax code," into a megaphone. Really, you don't say??!! Directly after, I start reading an article that compares Comey to J. Edgar Hoover...? Is that a satirical or factual piece of journalism? Just turn all of section A into the Editorial section until after the election. Deep breaths, Trump is not president. NYT, I hate to say this because I respect ye so much, but you're beginning to look absurd in your panic.
5
They might as well cut it down to tabloid size and stock it at the supermarket checkout. It has as much credibility.
1
Legally dubious? HA HA HA HA HA as opposed to violating 18 U.S. Code § 793?
2
Comments wide open for articles on Trump.
No option for comments on Clinton articles.
Way to keep things impartial NYT.
I cancelled my WSJ subscription when it got too right wing.
I'm ready to do the same with NYT
No option for comments on Clinton articles.
Way to keep things impartial NYT.
I cancelled my WSJ subscription when it got too right wing.
I'm ready to do the same with NYT
4
I actually find the WSJ relatively balanced, but maybe that's just by comparison to the NYT and pretty much every other major news outlet. And good on the Chicago Tribune for its recent editorial.
What should shame and shock Americans is what was and is legal in America. Enslaving Africans was legal during slavery and it still is legal during mass incarceration. Discrimination against Africans based upon their color in every phase of civil secular life was and still is legal in America.
The federal income tax code provides deductions, credits, subsidies and lower tax rates. But only for certain industries, transactions, sources of income, business entity structures, contracts and securities favored by lobbyists for corrupt crony capitalist corporate plutocrat oligarch special caste class interests who buy our executive, legislative and judicial governing officials.
Law is gender, race, color, faith, ethnicity, socioeconomics, education plus history and arithmetic. Law is not just nor moral not fair nor objective. Trump is not a desperado. Trump is a scavenger and parasite by legal design in our divided limited power democratic republic.
The federal income tax code provides deductions, credits, subsidies and lower tax rates. But only for certain industries, transactions, sources of income, business entity structures, contracts and securities favored by lobbyists for corrupt crony capitalist corporate plutocrat oligarch special caste class interests who buy our executive, legislative and judicial governing officials.
Law is gender, race, color, faith, ethnicity, socioeconomics, education plus history and arithmetic. Law is not just nor moral not fair nor objective. Trump is not a desperado. Trump is a scavenger and parasite by legal design in our divided limited power democratic republic.
3
"Discrimination against Africans based upon their color in every phase of civil secular life was and still is legal in America."
No it is not. Is every comment of yours race related, i.e. blacks are totally oppressed and nothing is ever their fault? Slavery has become your security blanket.
No it is not. Is every comment of yours race related, i.e. blacks are totally oppressed and nothing is ever their fault? Slavery has become your security blanket.
So let me see if I have this right. Like it or not one of these two will be elected President of the United States. I can caste aspersions all I want on Trump-misogynist, egotist, bigot, spoiled brat, tax dodger, xenophobe, etc (where do I stop) but then all I have as an alternative is a liar, an enabler, an egotist, an opportunist, a cheat......those who support Trump will let these articles fall by the wayside and those that support Clinton will call Comey a Trump supporter, Benghazi a fiction, inside dealings a mirage, etc., the never ending scandals a right-wnd conspiracy and look the other way at all that has been reported about her, Bill, CGI (wonder how many millions of dollars Jimmy Carter made from The Carter Center through all the years- a mediocre President but an honorable person). Come November 9th this back and forth trying to decide on the lesser of two evils will hopefully be behind us- then the hangover begin. We can do better but what decent, intelligent individual wants to subject himself and his/her family to this garbage.
4
I saw a video today which revealed that the Hillary Clinton email scandal originated due to Benghazi.
When the government started to investigate Benghazi is when they realized that Hillary didn't have all her SOS emails on the State Dept servers this is what brought up the question of where are her emails....which led to her home secret server. And the rest is history.
Mulling this over made me think...
"Well, those 4 men that died in Benghazi, didn't die in vain because what occurred as a result of the investigation into their deaths, led to taking down Hillary" and saving America.
God Bless Ambassador Chris Stevens, Information Officer Sean Smith, and two CIA operatives, Glen Doherty and Tyrone Woods, both former Navy SEALs.
America will never be able to repay you guys for all you did for our country.
Never forget Benghazi and who was responsible for leaving those four men to fend for themselves. I never will.
When the government started to investigate Benghazi is when they realized that Hillary didn't have all her SOS emails on the State Dept servers this is what brought up the question of where are her emails....which led to her home secret server. And the rest is history.
Mulling this over made me think...
"Well, those 4 men that died in Benghazi, didn't die in vain because what occurred as a result of the investigation into their deaths, led to taking down Hillary" and saving America.
God Bless Ambassador Chris Stevens, Information Officer Sean Smith, and two CIA operatives, Glen Doherty and Tyrone Woods, both former Navy SEALs.
America will never be able to repay you guys for all you did for our country.
Never forget Benghazi and who was responsible for leaving those four men to fend for themselves. I never will.
4
Did what we all do to minimize taxes within the law. With opportunity, the IRS would have been all over him if he broke the law. This article is a waste of ink and the motive is sleazy. Let's discuss real issues.
5
It is long past time for Apprentice producers to release the tapes, especially in light of the gross abuse of power by comey in planting misleading stories in the press.
They said at the time of the Billy Bush tape release that they have hundreds of hours of him being more explicit in his sexual abuse chatter, and using racist tirades on set. It is important for the American people to get a look at this man one more time before next Tuesday, because apparently some have forgotten that in addition to having zero governing experience and zero background in anything related to governing, being a tax cheat, business fraud, and having committed criminal acts in destroying emails and documents under subpoena, that he is a bigot and sex predator. Is two weeks too long to remember "grab them by the p-------" for some people?
They said at the time of the Billy Bush tape release that they have hundreds of hours of him being more explicit in his sexual abuse chatter, and using racist tirades on set. It is important for the American people to get a look at this man one more time before next Tuesday, because apparently some have forgotten that in addition to having zero governing experience and zero background in anything related to governing, being a tax cheat, business fraud, and having committed criminal acts in destroying emails and documents under subpoena, that he is a bigot and sex predator. Is two weeks too long to remember "grab them by the p-------" for some people?
3
This article is an attempt by the NYT, one of the most ardent supporters of Clinton, to deflect from her problems of her putting US security at risk because of her paranoia that people may examine her actions. 33,000 emails destroyed, dozens of cell phones smashed with hammers and the list goes on. Why does the NYT find it so objectionable that his accountants took advantage of deductions allowed under the tax code? Should he have said "wow that's a great deduction but morally I shouldn't take it". "Legally dubious"? Do the owners of the NYT tell their accountants that they should only take deductions which are "moral or fair". If it was so dubious the IRS would have come down on Trump decades ago.
6
I do not like Trump in the least. But through his own corruption, venality and prejudice he has exposed a society that works in favor of and is advantageous to rich, mostly white men. A society where being rich offers a whole new playing field, access to laws and interpretations of, made possible by loopholes written into them by paying lobbyists to essentially write them, paying lawyers and accountants, using fame & fortune as leverage. A society that is misogynist, racist, xenophobic and prejudiced against the poor and uneducated for its advantage. A society where welfare for the rich and protecting that position and its assets is the driving force. A society not unlike the gilded age of the aristocrats in Europe. The feudal system, the serfs. The only difference is/was the rise of an educated middle class, a place of positive change and innovation a buffer zone between two extremes. It allowed leeway, ambition, possibility of transition to a better life. But it is shrinking, not from lack of anything but from laws and entitlements that favor only those who can pay a high price.
The important question; what will be done to address this? Will everyone just see it as Trump being Trump. The laws, rights that have allowed this to happen are deeply ingrained in society mores, in an American way more akin to a developing nation. The extreme between rich and poor in stark contrast. The middle class, the place of hope and freedom barely breathes - is being suffocated as we speak.
The important question; what will be done to address this? Will everyone just see it as Trump being Trump. The laws, rights that have allowed this to happen are deeply ingrained in society mores, in an American way more akin to a developing nation. The extreme between rich and poor in stark contrast. The middle class, the place of hope and freedom barely breathes - is being suffocated as we speak.
3
This serves to illustrate the many ways the tax system fails small business. My husband had four spec houses in development when the market crashed in 2008. It was a sold, well planned project but the timing was bad and his banker worked with him to help prevent the homes from going into foreclosure before they sold at significantly under value. It was a huge shock to receive a 1099 for debt forgiveness five years later, in 2013, when the lending bank was sold and the new bank wrote off outstanding loans.
Because the law exempting debt forgiveness from taxable income only applied to homeowners, this was considered taxable income to the business. We were still in recovery and had no money to pay this unexpected tax bill or to hire an army of accountants and attorneys to figure out a way to exploit provisions in the tax laws that only serve the wealthy, and were forced to shut down the business my husband spent 25 years of his life building. I'll never be able to explain to him how he could be taxed on money he never made, but at least we are smart enough to recognize that if America isn't great, people like Mr. Trump are the cause not the cure.
Because the law exempting debt forgiveness from taxable income only applied to homeowners, this was considered taxable income to the business. We were still in recovery and had no money to pay this unexpected tax bill or to hire an army of accountants and attorneys to figure out a way to exploit provisions in the tax laws that only serve the wealthy, and were forced to shut down the business my husband spent 25 years of his life building. I'll never be able to explain to him how he could be taxed on money he never made, but at least we are smart enough to recognize that if America isn't great, people like Mr. Trump are the cause not the cure.
1
the tax theory is that cancelled debt is no different than income received. not saying it's right, it is what it is.
does the business have net operating losses? they could be carried fwd to offset the cancelled debt income.
does the business have net operating losses? they could be carried fwd to offset the cancelled debt income.
You seriously think "disastrous gaffes" turn off more voters than corruption and illegal activities that include perjury and mishandling classified information for financial gain?
6
Now, who's the crook? It seems that whatever Trump says about other people is really about him.
4
While we hate the fact that wealthy individuals like Trump pay little to no taxes, if this was indeed illegal the IRS would have caught it long ago. Instead of blaming Trump for taking advantage of tax laws, blame the politicians who enacted them
4
Wow, just wow.. the author tooks some major liberties here. I would say journalist or reporter, but this lacks the true essence of those. It's largely a work of fiction, wrapped in pieces of fact.
Like the issue of claiming he ask the investors and debts be forgiven. Maybe someone should actually get their heads out of the a%%es long enough to realize Debt Reorganization does not include "Forgiveness of Debt"!!
And, in all four instances, the individuals Trump owed ended up better after the process than the original deal!!
The financial losses on his taxes were losses HE had to be accountable for, and there are requirements to do business in the US and in most states, that covers the results of losses...
Obviously, the individuals cherry-picked facts and tried to sell it to people with as much lack of knowledge in how it all works.
And people wonder WHY things are so freaking messed up. Why we are like this, at this point in time. Why there is two of the worst candidates, rioting in the streets and complete disillusion.
Well, NEWSFLASH... News reporting has failed to do it's job! It's completely distorted it's scope and purpose to why they were granted individual freedoms in the US Constitution...
Like the issue of claiming he ask the investors and debts be forgiven. Maybe someone should actually get their heads out of the a%%es long enough to realize Debt Reorganization does not include "Forgiveness of Debt"!!
And, in all four instances, the individuals Trump owed ended up better after the process than the original deal!!
The financial losses on his taxes were losses HE had to be accountable for, and there are requirements to do business in the US and in most states, that covers the results of losses...
Obviously, the individuals cherry-picked facts and tried to sell it to people with as much lack of knowledge in how it all works.
And people wonder WHY things are so freaking messed up. Why we are like this, at this point in time. Why there is two of the worst candidates, rioting in the streets and complete disillusion.
Well, NEWSFLASH... News reporting has failed to do it's job! It's completely distorted it's scope and purpose to why they were granted individual freedoms in the US Constitution...
4
"As a senator, she backed the bloodbath in Iraq. When she ran against Obama in 2008, she threatened to "totally obliterate" Iran. As Secretary of State, she colluded in the destruction of governments in Libya and Honduras and set in train the baiting of China.
She has now pledged to support a No Fly Zone in Syria - a direct provocation for war with Russia. Clinton may well become the most dangerous president of the United States in my lifetime - a distinction for which the competition is fierce."
In my books, the blood dripping from her hands of countless acts of war, along with sending out rhetoric suggesting she will take us to the gates of WW3 actually knocks being a 'sexual deviant' into a cocked hat.
The evidence is there in the public domain for both of them and this evidence suggests both are truly repulsive human beings.
She has now pledged to support a No Fly Zone in Syria - a direct provocation for war with Russia. Clinton may well become the most dangerous president of the United States in my lifetime - a distinction for which the competition is fierce."
In my books, the blood dripping from her hands of countless acts of war, along with sending out rhetoric suggesting she will take us to the gates of WW3 actually knocks being a 'sexual deviant' into a cocked hat.
The evidence is there in the public domain for both of them and this evidence suggests both are truly repulsive human beings.
5
So - one is a tax cheat, and the other doesn't have enough common sense to use proper mail accounts at the State Dept. I look to issues in character, and better to have a dumb person with good character than a smart person who has no ethics.
2
Comey drops a bomb on this election, and the NYT retaliates with a warmed over story of Donald's tax dodges.
It's obvious both parties have their surrogates who will bend the rules of ethical behavior.
It's obvious both parties have their surrogates who will bend the rules of ethical behavior.
6
What the ultimate shame in this latest boondoggle is that everything seems set up by both parties. The citizens of this country need to seriously contemplate the repercussions of their choice for President, Although I may not agree with some of Hillary's methods, she is highly educated, intelligent, and understands public and foreign policy. Whereas Trump literally frightens me with his blatant misogyny, and sociopathic tendencies. Trump has been using scare tactics frankly to people who tend to fall for such tactics. I worry about this country.
1
It's hard to understand why a paper that is based in arguably the center of the business world would take such a naïve view of this type of transaction.
Any well run business should, and in fact is obligated to, focus on maximizing gains for their shareholders and their employees ideally. With that end goal in mind not taking full advantage of existing tax laws would be something to question... taking full advantage of existing tax laws is just good business.
Any well run business should, and in fact is obligated to, focus on maximizing gains for their shareholders and their employees ideally. With that end goal in mind not taking full advantage of existing tax laws would be something to question... taking full advantage of existing tax laws is just good business.
4
This is a very interesting article, but I'm not sure I understand why the Times is reporting about things that Trump has done that are quasi-legal. There are actual court cases pending against Trump (one of which has a trial date of December 16, 2016) that are credible enough to have found their way into court. And the New York Attorney General is currently investigating Trump for tax fraud perpetrated through Trump Foundation. I haven't seen any coverage of these three items for several weeks now, but I have seen a SURFEIT of coverage of the e-mail "scandal" perpetrated against Secretary Clinton. Is the New York Times now a tabloid on par with the Enquirer?
1
Why, again, isn't he being charged with fraud?
What do you call swindling millions of dollars from the public coffers, so the hardworking average Joe and Jane has to make it up for him?
What do you call swindling millions of dollars from the public coffers, so the hardworking average Joe and Jane has to make it up for him?
2
I have difficulty understanding this central tenet of the Trump pure evil vs. Clinton being unfairly targeted by (fill in the blank) argument now being furiously spoon fed to the great unwashed (i.e., the registered voter), by the now (even more) freaked out liberal media. Let's be reductionist. Trump was (and is), an overhyped, bombastic, booming, flawed, mediocre, and biased private businessman. Trump played the tax code, took a huge gamble to avoid sinking in the (if you recall), recession of the early 90s. Trump was not setting public policy, wasn't an elected official. He was rife with scandal, pure tabloid material. It's the core of his brand. OK. Clinton is a 40-year political operative, highly intelligent in an academic sense, but lacking the central meat of a successful executive and prone to making illogical and self-destructive decisions (server is representative example). Clinton can carry a virtuous cause forward, but always collects scandal, innuendo, and investigations along the way. It's not a vast right wing conspiracy, gender-bias, or Fox News that has dogged Clinton (and Clinton) for decades. It's the candidate's own proclivity to also live close to the edge, make legally and ethically questionable choices, which are apparently also mainly driven by the desire for wealth. I wouldn't be surprised if Clinton is wealthier on paper than Trump. So, oh great moral barometer, NYT, how are these candidates all that different?
2
The people who were done unto were the investors. They paid for it. While not illegal, why the IRS didn't investigate a high $ dubious tax return is questionable.
The "moral majority" as Trump supporters have been called, should question Trump's moral integrity in taking advantage of his investors. Why would they think he'd treat us, the voters, any differently if he were POTUS? Because he says so?
The "moral majority" as Trump supporters have been called, should question Trump's moral integrity in taking advantage of his investors. Why would they think he'd treat us, the voters, any differently if he were POTUS? Because he says so?
1
I am a border-line diabetic and my diabetic-specialty nurse from United HealthCare,, who calls me every month to check up on me, advises me to cut out bananas, my favorite fruit.
It hurts me to think, just when I am supposed to cut out bananas, this particular fruit will become so cheap and plentiful in this great country of ours when Trump becomes our president and we officially become a banana republic!
I think I will now be motivated to get rid of my diabetes one way or other, making use of all the legal loopholes that might be available to me.
And, wow, that will make me smart too!
It hurts me to think, just when I am supposed to cut out bananas, this particular fruit will become so cheap and plentiful in this great country of ours when Trump becomes our president and we officially become a banana republic!
I think I will now be motivated to get rid of my diabetes one way or other, making use of all the legal loopholes that might be available to me.
And, wow, that will make me smart too!
2
I am surprised by how many people care only about the legal obligation and nothing about the moral obligation of our potential President to pay his taxes.
2
There is no moral obligation to pay taxes. Politicians just waste the money and use it to pay off their constituencies.
1
do you take all allowed deductions on your return? no different for DJT. I guess you don't use the standard deduction, personal exemptions, mortgage interest or property tax deductions.
Ridiculous comment. He did pay them; if he didn't the IRS would have dealt with him. There's no moral obligation to pay more than you have to; is that what you do?
Just in folks! A "fake vote" conducted by a German newspaper asked people to vote online for HRC or The Donald. Seventy percent of the Russians who voted cast their ballot for Trump. Doesn't it make you smart to vote for a man who developed the "Art of the Scam"?
What Hillary teachers our kids?
Hillary Clinton and the Democratic Party teach our kids that it is OK to cheat on test it is OK to get the questions before the test and not let anybody else have them . It is OK as long as you don't get caught !
That is the message for women everywhere teach your kids to cheat ! voting for Hillary guarantees more of the same
Hillary Clinton and the Democratic Party teach our kids that it is OK to cheat on test it is OK to get the questions before the test and not let anybody else have them . It is OK as long as you don't get caught !
That is the message for women everywhere teach your kids to cheat ! voting for Hillary guarantees more of the same
5
Headline: Donald Trump complies with ridiculously complex tax laws.
Nice try.
Nice try.
4
The New York Times should report the cost of publishing the paper as a Hillary Clinton campaign donation. The bias of this paper is unbelievable, And I am no Trump fan.
1
And he can't read either!
No...seriously! The man is illerate.
No...seriously! The man is illerate.
3
"Trump’s Tax Dodge Stretched Law ‘Beyond Recognition"
I detest Trump and will be voting for HRC. However how can something that is legal, be a "tax dodge" It's like being pregnant, either it's legal or not legal.
I detest Trump and will be voting for HRC. However how can something that is legal, be a "tax dodge" It's like being pregnant, either it's legal or not legal.
3
If you want to change the laws, change them. If you want people to use the existing laws - let em' YOU CAN'T have it both ways at the same time. Bottom line is that TRUMP is a law abiding BILLIONAIRE. He followed the laws on the books. What is the PROBLEM ???
5
" only the bondholders who forgave Mr. Trump’s unpaid casino debts should have been allowed to use those losses to offset future income and reduce their taxes. That Mr. Trump used the same losses to reduce his taxes ultimately increases the tax burden on everyone else"
The author is overstepping here -- according to his/her explaination of the scheme, no one lost money and no one gained money. The bondholders got 'equity' and Trump didn't have to pay back as much. While that 'scheme' might be invalid, there is no double dip. Trump isn't using 'cancelled' debt to offset future income, and the bond holders can't write it off.
At any rate, the problem isn't with the losses -- the problem is with the definition of income. The IRS needs to be glad they got the money they did.
The author is overstepping here -- according to his/her explaination of the scheme, no one lost money and no one gained money. The bondholders got 'equity' and Trump didn't have to pay back as much. While that 'scheme' might be invalid, there is no double dip. Trump isn't using 'cancelled' debt to offset future income, and the bond holders can't write it off.
At any rate, the problem isn't with the losses -- the problem is with the definition of income. The IRS needs to be glad they got the money they did.
3
I don't dispute anything in the article. I'm in no position to do that.
What I do observe is that this newspaper is not balanced in its reporting. Hillary Clinton has a mountain of questionable activity. Where is the coverage?
Sad that the New York Times is no longer "ALL the news that's fit to print."
What I do observe is that this newspaper is not balanced in its reporting. Hillary Clinton has a mountain of questionable activity. Where is the coverage?
Sad that the New York Times is no longer "ALL the news that's fit to print."
7
Yes, the maneuver was just so outrageous that the IRS tax experts approved it.
So what was the point of this article??
So what was the point of this article??
6
Ahhh, the NYT Democratic voice of the people. Never mind reporting on Hillary and illegal schemes, never mind reporting on a presidential candidate who is being investigated by the FBI..yet again. (Nice moral values there). Along with emails being leaked that are so far indistinguishable from a criminal.
Also: The criminal law that Hillary Clinton and her surrogates appear to have violated, 18 USC 793, doesn’t require intent. It requires only “gross negligence” DOJ is in her pocket, and yet again another DOJ best friend of Podesta is in charge of the 2nd inquiry.
I have used every single tax legal loophole ever invented, if you are too ill educated to do the same...
Imagine your daughter bringing home a new boyfriend who was investigated by the FBI....twice. Along with immoral factual actions.
Keep voting for the opposite side to the same coin, you've been doing it for over 50 years with the same dead end results....it's called insanity.
Also: The criminal law that Hillary Clinton and her surrogates appear to have violated, 18 USC 793, doesn’t require intent. It requires only “gross negligence” DOJ is in her pocket, and yet again another DOJ best friend of Podesta is in charge of the 2nd inquiry.
I have used every single tax legal loophole ever invented, if you are too ill educated to do the same...
Imagine your daughter bringing home a new boyfriend who was investigated by the FBI....twice. Along with immoral factual actions.
Keep voting for the opposite side to the same coin, you've been doing it for over 50 years with the same dead end results....it's called insanity.
5
Is This Your Best Shot?
At this point the attacks on Trump seem so pale next to the scandals of the Clinton campaign, Donna Brazile, and the entire media collusion with the DNC. If news agencies want to be believed in the future, they're going to have to have a period of unbiased honesty. This article doesn't seem like a good start.
At this point the attacks on Trump seem so pale next to the scandals of the Clinton campaign, Donna Brazile, and the entire media collusion with the DNC. If news agencies want to be believed in the future, they're going to have to have a period of unbiased honesty. This article doesn't seem like a good start.
6
How come Trump is not the subject for an investigation for his handling of his taxes? We have become OCD about Hillary's emails. Dumb.
4
If average citizens receives debt forgiveness from, say, a credit card company, they are required to report it as income. But Mr. Trump did not, under a theory that even his lawyers found dubious. Did the IRS rule this manipulation improper at some point? Was this particular strategy audited at all? And if he was allowed to avoid declaring the forgiven debt as income, why shouldn't the average citizen?
2
this is a non-story with deliberately partisan headline that does little except add fuel to Trump's charges of media bias.
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
-Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810 (2d Cir. 1934), aff'd, 293 U.S. 465 (1935)
"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."
-Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810 (2d Cir. 1934), aff'd, 293 U.S. 465 (1935)
2
Although legal, the whole casino scam probably represents the best example of how he ran his businesses and is essentially the story of Trumps life, others lose tons of money and he walks away scott free and gets enormous tax breaks in the process, of course, at others expense. If nothing else and up until now, Trump has been successful in selling his brand to the unsuspecting investor and that is where his wealth lies, his brand, not his investments. It ultimately boils down to why was this loophole in place, how did it get there and whose interests did it serve? As has been exposed, the buildings that have been built have been financed primarily by other parties to whom Trump has sold his name and management/promotion services, usually for several million dollars a pop.
If his election campaign hasn't already done the damage, this is the single most important reason why he does not want to divulge his tax returns. Doing so would finally put to rest and confirm his total wealth is not nearly as much as he claims it is and by knowing that, it would severely damage the value of what is left of the Trump brand.
If his election campaign hasn't already done the damage, this is the single most important reason why he does not want to divulge his tax returns. Doing so would finally put to rest and confirm his total wealth is not nearly as much as he claims it is and by knowing that, it would severely damage the value of what is left of the Trump brand.
1
Trump is as sleazy as they come, but I can't help but not care at all about his use of then-LEGAL loophole to avoid paying his fair share of taxes. Trump has never denied that he's used to his advantage tax loopholes, so what's the news here?
I feel about Trump's taxes the way I feel about Hillary's email debacle: ultimately, it won't quite matter.
I feel about Trump's taxes the way I feel about Hillary's email debacle: ultimately, it won't quite matter.
So... he really is "Hiding" his tax returns from us!
How dishonest.
How dishonest.
1
"Thanks to this one maneuver, which was LATER outlawed by Congress..."
Therefore, it was legal. So why is this on the front page.
Therefore, it was legal. So why is this on the front page.
6
Your writers imply, but don't know if, Trump avoided taxes. And he may not want to disclose his returns if the avoidance plan ultimately failed which would mean his losses would put him in a very poor light.
In any case, there are no moral issues in tax avoidance. Tax specialists and their clients do this all the time. It is the responsibility of taxpayers to utilize tax law to their advantage. It is the responsibility of tax legislators to revise the law when it is not working as intended.
The NYT needs to focus more damaging issues than tax avoidance to bring down Trump.
In any case, there are no moral issues in tax avoidance. Tax specialists and their clients do this all the time. It is the responsibility of taxpayers to utilize tax law to their advantage. It is the responsibility of tax legislators to revise the law when it is not working as intended.
The NYT needs to focus more damaging issues than tax avoidance to bring down Trump.
2
So the lawyers succeed in using semantics to obscure their sleight of hand, and nobody in the nation ever asks the simple question: "But is it right?" so, faced with the increasing possibility of a Trump administration, no one is able to pose the now genuinely existential question: "But is Trump a right and proper person to be President of the United States?"
4
This doesn't mean Trump is smart, it means that he is rich and can afford to pay people to be smart for him. When you look at many of Trump's past business dealings he always comes out on top, but those around him lose. If he wins this time around it will be the American people that lose. I for one don't want to take that risk.
3
Democrats accuse Trump of using a “loophole” that has since been rendered “illegal.” Such statements abuse the meaning of both of those words. I used the income averaging option for a few years after law school in the 1970s. Income averaging has since been removed from the tax law. That removal does not make my prior use of averaging a “loophole,” and removing averaging did not make averaging “illegal.” Its removal simply made that benefit unavailable going forward.
As far as debt forgiveness is concerned, treating all debt forgiveness as income is bad policy. I am sure that the home mortgage debt relief that some people received after the real estate meltdown did not feel like income to them. Nor would students relieved of crushing student loan debt feel showered with extra income. Trump surely operated at a much larger scale than these folks, but he, too, was financially distressed at the time of his debt forgiveness, and many other regular folks depended on his continued financial viability.
As far as debt forgiveness is concerned, treating all debt forgiveness as income is bad policy. I am sure that the home mortgage debt relief that some people received after the real estate meltdown did not feel like income to them. Nor would students relieved of crushing student loan debt feel showered with extra income. Trump surely operated at a much larger scale than these folks, but he, too, was financially distressed at the time of his debt forgiveness, and many other regular folks depended on his continued financial viability.
1
The real story here is that the wealthy do not pay great percentages in taxes. They have, through lobbying, created a tax code that hits the middle class hard and relieves them of paying their fair share. Trump and others benefit greatly with the use of this county's infrastructure that is paid for by the middle class. It is a travesty and Trump wants to make it even easier for the top 1 percent. The rub is that he has the upper middle class going all-in for it. What a con man.
1
I keep seeing Trump defenders using the term legal. That is not the bar to set for a Presidential selection ...not getting caught (as in filing dubious or outright fictitious tax returns) isn't the same as legal. Not getting caught is not a conference of honesty or a pass from future prosecution. It's just getting away for it for now.
Maybe this is another reason Trump doesn't want anybody looking at his taxes. He might end up in jail like Al Capone. How close to the Russian Mafia has he been?
Maybe this is another reason Trump doesn't want anybody looking at his taxes. He might end up in jail like Al Capone. How close to the Russian Mafia has he been?
1
Dubious? I can assure you that Mr. Trump did not do his own taxes. He had CPA's galore I am sure, who took advantage of any laws the U.S. government and the IRS had set. In other words, he did not do anything less than lessen his tax burden legally. Did he make a lot of money? Obviously. Did he pay a tax rate lower than most people? Of course. But so what? Only the NY Times would find these methods dubious. Actually, the NY Times probably has its own staff of CPA's who probably try and do the same thing as Trump's CPA's did. Lower taxes as much as possible. I would do the same, if I were in both positions. Before I blame either entity, I might ask the NY Times if they believe the government and IRS are also dubious in their methods for providing the tax code.
2
Too bad we don't have an IRS commissioner who, in the name of "radical transparency", declares on the eve of the election that he has come across new information relative to Trump's tax audit that might (if reviewed) show him to be guilty of tax evasion. He could also hold a news conference stating how outraged he feels personally by the brazen grand-scale rip-off of American taxpayers and Trump's business partners.
2
Stretched but didn't break the law v. his opponent who actually broke laws, the gravamen of which had national security implications.
I don't like Trump but your proportionality is way out of whack. You folks either need help or should just stop referring to these pages of your publication as "news".
I don't like Trump but your proportionality is way out of whack. You folks either need help or should just stop referring to these pages of your publication as "news".
5
Wow. A front-page stunner. Trump used accountants who legally used the tax code at the time to lessen his tax burden.
Hands up for all those people each year who use accountants and decided to kick in some extra cash not due to the IRS?
Anyone? Anyone?
Hands up for all those people each year who use accountants and decided to kick in some extra cash not due to the IRS?
Anyone? Anyone?
5
Gotta hand it to the NYT for doing its best to go after Trump while keeping quiet about Hillary. Please don't think it's not incredibly obvious to everyone what you're doing.
3
Yawn...
I suspect Trumps accountant's tax methods are less dubious than this article.
I have the next led story for the NYT - Trump's taxes prepared by Vladimir Putin himself according to a reliable KGB source in the Kremlin (according to a less than reliable source from the Clinton campaign)!!!
I suspect Trumps accountant's tax methods are less dubious than this article.
I have the next led story for the NYT - Trump's taxes prepared by Vladimir Putin himself according to a reliable KGB source in the Kremlin (according to a less than reliable source from the Clinton campaign)!!!
1
I don't care about Trump's taxes and I don't care about Clinton's emails. I don't care about sex scandals and I don't care about Foundations. That's all white noise and pinatas to knock around.
What I do care about is the fact that one candidate is clearly unfit intellectually, emotionally and tempermentally to be POTUS.
Donald Trump cannot be allowed to be President. Period.
What I do care about is the fact that one candidate is clearly unfit intellectually, emotionally and tempermentally to be POTUS.
Donald Trump cannot be allowed to be President. Period.
2
Look, we get it, our tax code is broken. So let's fix it. Meanwhile, it seems Trump acted in accordance with the law.
And what's this about how an IRS audit "would have" revealed trouble? Doesn't the IRS audit anyone claiming a billion in losses?
And what's this about how an IRS audit "would have" revealed trouble? Doesn't the IRS audit anyone claiming a billion in losses?
4
So in 1993, under the Clintons, Mr. Trump followed the law using permitted loopholes.
In 2004, under Bush, the law was changed and the loophole was closed.
In 2004, under Bush, the law was changed and the loophole was closed.
2
Reading some of the silly comments posted here by some Trump supporters has me worried about our democracy. They seem immune to facts, reasoning, or rational discourse.
Instead of thoughtful articles I guess what the electorate needs is a compilation of Trump out-takes from "The Apprentice." Hearing offensive, potentially felonious comments by DJT himself has proven the only possible way of piercing the bubble surrounding many Trump supporters.
Instead of thoughtful articles I guess what the electorate needs is a compilation of Trump out-takes from "The Apprentice." Hearing offensive, potentially felonious comments by DJT himself has proven the only possible way of piercing the bubble surrounding many Trump supporters.
1
When the Donald fires up the war machine it will be your children and grandchildren that will go. The draft will be reinstituted! Our volunteer Army cannot do the job alone.
1
And as a veteran I will be honored to serve my country again as I did under bush and Bill Clinton so people like you that have done nothing for our country but be a lemming to the Hillary war machine so you can keep bumping your gums and have the right to do so your welcome
1
Tax eluding Trump is rapidly swaying his fans, by fanning the flames of furor over the perfidy and mendacity of the establishment candidates in general, and by his jeopardizing jeremiads. In essence, he is projecting himself as the do-gooder, and as a savior.
With his rudimentary knowledge in current affairs, tax, and other policies, he persistently prods his belligerent people to turn ballistic, at the drop of a hat. many of them are becoming rabidly anti-semitic. Conceivably, he seems to be hermetically sealed in an alternate universe. Even when he apologized for his unsavory and unpalatable remarks about women, one could not sense any compunction in him.
Hillary has a huge history of issues, as well, of combating her email woes with all her might, and she says she is continuing to evolve. Not Trump. He refuses to learn from his follies. And now the pot is calling the kettle black.
As more of Trump's factories manufacture pseudo-truths and semi-truths, sane people are flummoxed. Bewildering as it is, It is also shocking to see his supporters are hardly listening any type of reasoning.
With his rudimentary knowledge in current affairs, tax, and other policies, he persistently prods his belligerent people to turn ballistic, at the drop of a hat. many of them are becoming rabidly anti-semitic. Conceivably, he seems to be hermetically sealed in an alternate universe. Even when he apologized for his unsavory and unpalatable remarks about women, one could not sense any compunction in him.
Hillary has a huge history of issues, as well, of combating her email woes with all her might, and she says she is continuing to evolve. Not Trump. He refuses to learn from his follies. And now the pot is calling the kettle black.
As more of Trump's factories manufacture pseudo-truths and semi-truths, sane people are flummoxed. Bewildering as it is, It is also shocking to see his supporters are hardly listening any type of reasoning.
So much for secrets being an important issue to this election.
The NY Times is trying so hard to dig up dirt on Trump in an effort to sway the election in Hillary's favor.
Remember, Trump never held public office. Thus, he was never accountable to the American public. Hillary was, and that is the big issue. We cannot compare apples to oranges. If Trump were a politician, and he did what he did, then these would be big issues. But he never was.
Hillary's bad actions occurred all while in public office. The lying about it made it even worse.
Remember, Trump never held public office. Thus, he was never accountable to the American public. Hillary was, and that is the big issue. We cannot compare apples to oranges. If Trump were a politician, and he did what he did, then these would be big issues. But he never was.
Hillary's bad actions occurred all while in public office. The lying about it made it even worse.
4
"...enormous tax benefits on Mr. Trump for losing vast amounts of other people’s money."
Rip off your investors, then rip off the whole country by not paying your taxes. What exactly people admire in this self-indulgent elder brat is incomprehensible.
Rip off your investors, then rip off the whole country by not paying your taxes. What exactly people admire in this self-indulgent elder brat is incomprehensible.
1
For me the issue is not so much whether he acted legally or not, but how this is a reflection of the man's moral codes and principles - which routinely seem to be selfish and self-serving. Where in his biography has he shown compassion and empathy for others? Slam HRC all you want, but if you look seriously at her record you'll see strong stands on rights for women, the lgbtq community and childrens' health. Trump? Nothing but exploiting people for gain.
2
He was "legally dubious" when he violated the embargo on Cuba, too.
2
No news here, but it’s worth noting that: (1) It sounds like Trump made money when other people lost money; (2) Trump took advantage of tax loopholes, then blamed other people for not having closed those loopholes (3) There is something evil about someone making millions of dollars and NOT paying taxes, then blaming the government for poor infrastructures throughout the territory, etc. I could also mention that this is someone who inspires the likes of David Duke, but we’re talking about income taxes, so I won’t.
The bottom line: if you think we have two bad candidates this year, then let’s go with the less bad. Personally, I find Hillary to be the “less bad” candidate.
The bottom line: if you think we have two bad candidates this year, then let’s go with the less bad. Personally, I find Hillary to be the “less bad” candidate.
2
Bottom line, Trump did nothing illegal or wrong, nothing that anyone else, such as someone such as George Soros, hero of the left wouldn't also do.
As usual, the NYT works hard to create a false impression and to discredit Trump before the election.
If the Clinton's had used the same law, it would either never be mentioned or it would be rationalized as legitimate.
NYT reeks of a double standard.
As usual, the NYT works hard to create a false impression and to discredit Trump before the election.
If the Clinton's had used the same law, it would either never be mentioned or it would be rationalized as legitimate.
NYT reeks of a double standard.
6
You report small tremors about Donald and ignore earthquakes of 8.0 magnitude about Hillary. What happened to our First Amendment and a free, unbiased press?
5
Clearly we need to be done with these two. Obama is still President. He sits in the White House, he still runs the government.
Please, somehow keep him in place until America gains it's sanity.
It can be done. Roosevelt ran three times......
Please, somehow keep him in place until America gains it's sanity.
It can be done. Roosevelt ran three times......
I already know that he doesn't pay taxes and give money to charities. What I want to see are his prenuptial agreements.
3
It i amazing to me that people would want to continue to invest in and underwrite this guy's projects. He has an abysmal track record for honoring his debts. Or any other obligations to anyone other than his nasty self.
3
Over the course of decades, Donald Trump’s companies have systematically destroyed or hidden thousands of emails, digital records and paper documents demanded in official proceedings, often in defiance of court orders.
This has been going on for years. Needs more attention!
This has been going on for years. Needs more attention!
3
Trump colludes the old-fashioned way, on golf courses, cell phones off.
And Trump is still going around the country saying what terrible shape our infrastructure is.
He doesn't contribute a dime in taxes to fix our roads, airports,bridges etc and to fund for our military, schools, police, etc.
TRUMP IS A FREELOADER!
He doesn't contribute a dime in taxes to fix our roads, airports,bridges etc and to fund for our military, schools, police, etc.
TRUMP IS A FREELOADER!
5
Trump does a lot of disgusting things that are legal: sneak-attack kisses on women, borderline sexual assault (illegal?), insulting women minorities veterans foreigners disabled, spewing lies and propaganda, stiffing his contractors, cheating on his wives, and failing to pay his fair share of taxes.
Apparently millions think that anybody who can get away with that stuff deserves to be our president.
Apparently millions think that anybody who can get away with that stuff deserves to be our president.
2
Cheating on his wives may be legal but sneak-attack kisses on women are NOT.
Few con-artists ever get all the way to where they can pardon themselves for all their previous crimes!
Thanks for this great piece of investigative reporting? Shouldn't the FBI be investigating these maneuvers as racketeering? At a marginal rate of 30%, Trump bilked the US government out of $300M in taxes! As you noted, “He is double dipping big time.” How sweet though - "Among the members of Congress who voted to finally close the loophole: Senator Hillary Clinton of New York". I wish one of the so called debate moderators had mentioned this when Trump lied repeatedly in front of hundreds of millions of viewers.
3
Everyone is fretting about hundreds of thousands of e mails which up to this point have revealed nothing. And since the FBI has been poring through them for months nobody has stuck their waved their hand and said "aha read this, a smoking gun"
Yet Trump refuses to release his tax returns which signals he has something to hide and continues to cover up his "smoking gun" Perhaps Comey should concentrate his efforts on why that is and stop being Trump's new poodle.
Yet Trump refuses to release his tax returns which signals he has something to hide and continues to cover up his "smoking gun" Perhaps Comey should concentrate his efforts on why that is and stop being Trump's new poodle.
2
The handling of those emails revealed plenty. It demonstrated that Hillary Clinton will not only lie but will also go as far as ignoring a subpoena and destroying evidence during an FBI investigation.
It revealed that she will never cooperate with law enforcement. She will never tell the entire truth. She will never divulge information that she hasn't scrubbed clean. She will always err on the side of enriching herself. She will put herself above the country's interests, dragging us all down into the gutter every time she's caught.
It revealed that she will never cooperate with law enforcement. She will never tell the entire truth. She will never divulge information that she hasn't scrubbed clean. She will always err on the side of enriching herself. She will put herself above the country's interests, dragging us all down into the gutter every time she's caught.
1
"Dubious"? Apparently it was legal at the time but Congress later made it illegal. NYT is working hard to get dirt on Trump - but a legal tax filing 20 years ago is not it. No one pays more then they are obligated to pay (including the NYT). Going down the tax road is foolish - Americans don't care. I was an undecided voter but now that we know Hillary and her top aid were incredibly reckless and, worse, incompetent, I am voting for Trump.
5
Lincoln was applauded for using the law to his advantage.
So, what's changed.
So, what's changed.
4
To his very own personal financial advantage? Of did he just make a living as a lawyer?
1
He avoided military service because of flat feet. Now he wants to be commander in chief. Have his arches risen?
2
Were Mr. Trump's actions illegal? If so, can your newspaper article be transmitted nationwide through other media sources?
1
It's called despair. I have had enough of Donald Trump, anything he says and anything about him. I'm voting for Hillary next Tuesday and whatever happens, happens.
2
Dems don't cheat...not even a smidgen
Google it - Have a look - pass it on
"Busted On Camera Stuffing Ballot Boxes"
Google it - Have a look - pass it on
"Busted On Camera Stuffing Ballot Boxes"
2
Why is it that we let people be above the law? We did it with Bush, several times, and now it's being done for Trump.
Yet Republicans go after ANY Democrat, for any reason, stupid or otherwise. And if they don't get the result they want, they do it all over again - several times, too, at huge cost to taxpayers.
For the people whose crimes pose a severe threat to democracy, the doors are always wide open. The DNC has utterly failed to go after Republicans, no matter how heinous the crime,
The GOP has become a criminal organization. They don't even bother trying to hide it very much. In many cases, there is prima facie evidence, like Trump inviting Russia to hack the email of high U.S. officials. That was treason, on its face and in full public view. So was the letter by 47 Republicans to Iran, telling them the nuke negotiations were worthless.
Time and again, Republicans get away with - sometimes literally - murder, while the Democrats sit on their hands.
The more impunity they get, the more they reach for, and they get that, too.
What's WRONG with this picture??
Out of 330,000,000 citizens, how is it we've got a presidential slate where we must choose between bad and the unthinkable?
We have to vote for Hillary. No other option. Third parties are lunacy. Not voting, we can't afford to do, or we'll end up with a dictator.
How could we have let this happen?
Yet Republicans go after ANY Democrat, for any reason, stupid or otherwise. And if they don't get the result they want, they do it all over again - several times, too, at huge cost to taxpayers.
For the people whose crimes pose a severe threat to democracy, the doors are always wide open. The DNC has utterly failed to go after Republicans, no matter how heinous the crime,
The GOP has become a criminal organization. They don't even bother trying to hide it very much. In many cases, there is prima facie evidence, like Trump inviting Russia to hack the email of high U.S. officials. That was treason, on its face and in full public view. So was the letter by 47 Republicans to Iran, telling them the nuke negotiations were worthless.
Time and again, Republicans get away with - sometimes literally - murder, while the Democrats sit on their hands.
The more impunity they get, the more they reach for, and they get that, too.
What's WRONG with this picture??
Out of 330,000,000 citizens, how is it we've got a presidential slate where we must choose between bad and the unthinkable?
We have to vote for Hillary. No other option. Third parties are lunacy. Not voting, we can't afford to do, or we'll end up with a dictator.
How could we have let this happen?
They should tax him and his crooked billionaire friends 90 percent, just like under that great Socialist president, Dwight D. Eisenhower.
3
A law needs to be passed to make it mandatory for the IRS to audit all tax returns for those having income or claiming deductions of millions of dollars.
Here is the real story for you: Huma, HRC and group claimed that emails bleached out of her private server dealt only with Yoga and wedding plan. Guess what? courtesy Wiener's laptop all of the emails are here now, and if FBI finds those deleted email, and they dealt with other things than Yoga, then I wonder whats your headline will be. Maybe then you will go after Trumps family, after the fake women accusers and tax charges don't stick.
4
Shhhhh. Don't tell anyone this secret. Ronald Reagan was elected in 1980 when everyone thought he was just a dumb Hollywood actor who chanced to be California Governor (you mean like Arnold?) Do you remember how appalled and surprised the NY TImes was then? Well, its going to happen again, but this time its going to be much much worse.
2
Trump gets audited every year. If he was doing something illegal, he would be have been busted. Sorry, but everything he is doing is legal. So go find another dead horse to beat.
BTW, next year when you do your taxes, make sure NOT to take all the deductions / advantages you can.
BTW, next year when you do your taxes, make sure NOT to take all the deductions / advantages you can.
5
"If he was doing something illegal, he would be have been busted."
This is the most naive statement in literary history.
This is the most naive statement in literary history.
1
He says he is audited every year. He says he is currently being audited. The IRS is not saying that he is being audited, or that he has been audited. The IRS has said that being under audit would not prevent Trump from making his tax returns public.
Has he made public any information that would shed light on his tax situation? Has Donald Trump been know to lie?
Has he made public any information that would shed light on his tax situation? Has Donald Trump been know to lie?
1
Everyone I know tries to pay the least amount of taxes they legally can.
Does anyone out there pay more because it makes them feel patriotic?
Does anyone out there pay more because it makes them feel patriotic?
6
This wasn't legal.
The point is the law is written to the advantage of only a few who often pay lobbyists to essentially write new laws that will be to their advantage. It's far too costly for most people to buy in or take advantage of a scheme like that. It's tantamount to insider trading. Simplify tax law and level the playing field.
1
The bottom line:
Trump avoided taxes for decades by losing other people's money in vast amounts.
If he had been audited, the maneuver would not have been allowed and he would have been bankrupted in the early 1990s.
And we would not have been burdened with this silver spooned incompetent ever after.
Trump avoided taxes for decades by losing other people's money in vast amounts.
If he had been audited, the maneuver would not have been allowed and he would have been bankrupted in the early 1990s.
And we would not have been burdened with this silver spooned incompetent ever after.
4
Silver spooned incompetent sums it up very well. But we need to incorporate liar, bigot, cheater and sexual predator.
I'm glad that this loophole was closed. However, we see a candidate that boasts of using others' losses to his own advantage, over and over. I can visualize him escaping to Russia, leaving this country inflames. The sad thing is his supporters don't see themselves as the ones he sets on fire.
5
Hillary has admitted using a private server and apologized for it. What has Don the Con apologized for? I worry about Trump supporters who think he will run the country like he runs his businesses. Cutting corners, avoiding paying his fair share, demeaning others and filing lawsuits in the midst of temper tantrums and sexual misadventures, yes, that's the kind of man I want in the White House...not! Donald Trump would not let the average person ride in an elevator with him, let alone work to make sure that average person reached the top floor. Wake up, people!
9
How could the New York times know the details of Trump's tax deductions without illegally being given his tax returns by the IRS. This is not a case like the Pentagon papers. It is more like Hillary Clinton using FBI files to get information to attached what in her mind were her enemies.
3
Well, the purpose of this piece appears to be to get the dispirited liberal voters to go to the polls and 'pull the lever' for Hillary by making the case that Trump exploits tax loopholes and grubs crotches.
How desperate are you?
How desperate are you?
5
I am pretty desperate. A horrible crook, a protofascist, a charismatic monster has a very good chance of becoming president. So, yeah, pretty desperate.
1
Conversely, how desperate are those who will vote for Trump?
2
Wrong. Exposing his incompetence is a warning that we cannot put him in a position of power.
3
Thank you for this article. My hope is that this reporting will not only solidify a landslide loss for Trump, but also encourage the IRS to go after him for all the taxes he did not pay based on his "legally suspect tactics." If there is evidence that what he did was not legal, then the people deserve for this to come to light and also deserve wealthy tax scofflaws like Trump to pay their fair tax share like the rest of us. More than anything, our government cannot afford these enormous losses in tax revenue from folks who already pay much less as a percentage of income than the average American.
4
So his own lawyers tell him it's wrong, but he's somehow smarter than them. Just like he's smarter than the generals, the congress, the supreme court, the framers of the constitution, and four of the last six presidents and their cabinets. "Noob" and "narcissist" are not words associated with successful presidencies, and thanks for the additional evidence. I'll almost forgive your choice of "floundered" over "foundered".
7
Trump stretched the US tax code “beyond recognition” under the advisement of his lawyers and accountants; HRC destroyed emails subpoenaed by a federal investigation under the advisement of her lawyers. One stretched the law, but did not break it; whereas the other outright broke the law. Which is worse?
4
She didn't destroy the subpoenaed emails. Someone else screwed up. And he went against the advice ("advisement"?) of his own lawyers. Read.
Think of the things that the government could do if it had the billions that "smart" Donald Trump stole from the taxpayers! Maybe Secretaries of State could have expert government computer support and not have to finance their own computer services and workers displaced by NAFTA could be retrained. Oh my God, maybe we could even provide free college tuition and health care.
2
As a tax attorney and having read the article, it is unlikely Trump is under a "routine audit" as he claims. His audits are more likely the sort that end up with large penalties and even criminal investigations. Another likely reason that Trump is not releasing his tax returns is because they might reveal that he LOST bigly against the IRS.
8
The USA has become so corrupt due to greed that a despicable human being like Trump is primed to be our corrupted commander in chief. If he becomes President it will be no surprise. Talk about rigging the election, he has the FBI on his side and the Republican lead states actively disenfranchising voters.
3
So Trump wrote off the debt and the IRS did an audit of his financials and found that he did nothing wrong. Why are we talking about this? He used the tax code to his advantage like any good money man and he beat the system that is designed to take as much money from hard working people as possible. Way to go Trump.
3
So we have this "successful businessman" who lost $900 million in failed business ventures and stuck it to thousands of vendors and investors and in turn exploited the tax code to avoid paying personal income tax for nearly 2 decades. His political supporters insist he is a champion for the working class as he promises massive tax cuts for the wealthiest of Americans.
I'm sure many of his supporters know he's a grifter and don't care.
The main appeal is the anti-immigrant, anti-Muslim bigotry. It was the nationalist message coupled with bigotry that first united his supporters and continues to hold his coalition together.
I'm sure many of his supporters know he's a grifter and don't care.
The main appeal is the anti-immigrant, anti-Muslim bigotry. It was the nationalist message coupled with bigotry that first united his supporters and continues to hold his coalition together.
5
Trump's investors were *also* able to declare the huge loss and make a ton of money.
My own father had a company in the 80s that did this. He was prosecuted by Rudolph Giuliani! and sentenced to 15 years in federal prison.
Looks like Trump/Giuliani is a deal with the devil.
My own father had a company in the 80s that did this. He was prosecuted by Rudolph Giuliani! and sentenced to 15 years in federal prison.
Looks like Trump/Giuliani is a deal with the devil.
3
You name it, economics, taxes, defense, border
control, foreign policy, health care, education,
the courts or immigration; when Ted Cruz
proposed it followed by a sensible plan to
achieve those goals, it sounds like a well
thought out policy to run the country, because
Cruz has been there and done that. When Trump
mimics and twists every one of Cruz's stances
out of all proportion to reality, followed by:
"we're gonna make Mexico pay for it", and a
slimy Trust Me, with an endless slew of
personal insults; it sounds like a little
boy with mommy issues crying for attention.
It rattles out of Trump's mouth like every
other publicity stunt Trump has pulled over
the last forty years with the strident
shpiel of a carnival barker, as hollow as
every broken campaign promise Obama has
made over the last eight years.
Every Republican running for office in this
country will spend the next twenty years
apologizing for nominating Donald Trump for
president.
control, foreign policy, health care, education,
the courts or immigration; when Ted Cruz
proposed it followed by a sensible plan to
achieve those goals, it sounds like a well
thought out policy to run the country, because
Cruz has been there and done that. When Trump
mimics and twists every one of Cruz's stances
out of all proportion to reality, followed by:
"we're gonna make Mexico pay for it", and a
slimy Trust Me, with an endless slew of
personal insults; it sounds like a little
boy with mommy issues crying for attention.
It rattles out of Trump's mouth like every
other publicity stunt Trump has pulled over
the last forty years with the strident
shpiel of a carnival barker, as hollow as
every broken campaign promise Obama has
made over the last eight years.
Every Republican running for office in this
country will spend the next twenty years
apologizing for nominating Donald Trump for
president.
Another hit piece on Trump. I would definitely understand if it were balanced by a hit piece on Hillary, but it is not. The purpose of a free press is to inform the citizens. The citizens can do their own analysis / come to their own conclusions. A biased media that chooses only the new that fits its narrative and ignores other news-worthy reports is doing a disservice to its readership.
The mission of the media should be to keep the citizens informed and not to help a candidate of their choice get elected. I say this in reference to both sides of the spectrum, the NYT and Fox alike. From were is an independent person supposed to get his/her news now that the media has joined the partisan politicians in being so polarized?
The mission of the media should be to keep the citizens informed and not to help a candidate of their choice get elected. I say this in reference to both sides of the spectrum, the NYT and Fox alike. From were is an independent person supposed to get his/her news now that the media has joined the partisan politicians in being so polarized?
5
OMG, you missed all the hit pieces on Hillary? Wow!
There are none so blind as those who will not see.
There are none so blind as those who will not see.
2
I've seen so many comments here that say "Why didn't the IRS do something?" We don't know if they did or didn't, because DT hasn't released his returns. From the article: "It is unclear whether the I.R.S. ever challenged Mr. Trump’s use of this specific tax maneuver. According to a financial disclosure statement prepared by Mr. Trump’s accountants, he was under audit by the tax authorities as of 1993, only a year after he avoided reporting hundreds of millions of dollars in taxable income because of this legally suspect tactic. But the results of that audit are unknown, and the agency declined to comment on Monday." Seems likely, if his own tax advisors thought what he was doing, he was at least audited. I, for one, hope he didn't get away with it, because, like everything he does it was underhanded, and other people got screwed in his favor.
1
One's an apple, the other is an orange. Both are rotten to the core.
1
Trump claims to know more about the tax code than anyone. I would love to hear the mumbo jumbo that would come out of his mouth if he were asked about his use of stock for debt swaps and equity for dept swaps. Does anyone actually believe that Trump has ever done anything more than sign the documents that his lawyers and accountants prepare for him?
1
Mr Trump's financial maneuver reminds me of a joke about the guy who kills his parents, and then asks for mercy because he's an orphan.
1
Enough with the euphemisms like "falsehood" and "dubious".
Trump is a liar, a tax evader, and sexually assaults women. Two out of those three are crimes.
Trump is a liar, a tax evader, and sexually assaults women. Two out of those three are crimes.
1
It appears that Steve Rosenthal has found religion after enriching himself by providing the type of tax advice Trump got back in the 90's. I've worked with Steve personally over the years. He is really smart, and was fine charging $1,000/hour for his expertise in helping his very wealthy clients navigate the complexities of the tax law to the detriment of the US treasury. Now that he and his clients have theirs I guess it's time to shut it down for everyone else.
1
Contrast this article to the one yesterday about the Finnish view of taxes where all tax returns are public record and they feel an obligation to pay their share because "we get a lot for our taxes."
We live in the country of stupid and we get what we deserve.
We live in the country of stupid and we get what we deserve.
1
The operative clause is: "... which was later outlawed by Congress..." What Trump did could be considered brilliant and then envy of most Americans looking to minimize their own taxes. It also suggest Trump would be a formidable negotiator by seeing through other countries, particularly China's, sneaky tactics and make far better deals than the reckless ones our naive "leaders" have made thus far.
2
Why is this a problem? Apple uses the similar loopholes to make sure that it pays the least amount of tax and holds all the money outside of the country because the tax is too high. Yet, Hillary was doing fund raising with him. NYT didn't feel anything bad about that.
2
Trump may be a sleaze ball (though one naturally wonders why the IRS didn't object to this if in fact he broke the law). But I wonder whether Clinton is any better.
The Donna Brazile story is troubling. Apparently she passed on two likely debate questions to Clinton's campaign, a clear violation of the rules, and told them she probably could get more. Would she have given them Question #2, and offered to give them more, if they'd told her unequivocally: "We appreciate your support of Hillary Clinton, Ms. Brazile, but debate rules flatly prohibit the candidates from knowing the debate questions in advance. So we are not going to pass on your information to Ms. Clinton, and we ask that you not give us any more such information."
It would appear Clinton's campaign did NOT say that to Ms. Brazile, nor anything like that. Unless Ms. Brazile is really, really stupid, or is a really, really loose cannon, she must have had reason to think her information would be both welcome and useful.
And since Ms. Brazile's information would have value only if Hillary Clinton knew it, it seems likely that her campaign staffers passed it on to her, and that she did nothing to discourage Ms. Brazile from coming up with more.
This is troubling. Trump may be a sleaze ball, but Clinton may be no better.
The Donna Brazile story is troubling. Apparently she passed on two likely debate questions to Clinton's campaign, a clear violation of the rules, and told them she probably could get more. Would she have given them Question #2, and offered to give them more, if they'd told her unequivocally: "We appreciate your support of Hillary Clinton, Ms. Brazile, but debate rules flatly prohibit the candidates from knowing the debate questions in advance. So we are not going to pass on your information to Ms. Clinton, and we ask that you not give us any more such information."
It would appear Clinton's campaign did NOT say that to Ms. Brazile, nor anything like that. Unless Ms. Brazile is really, really stupid, or is a really, really loose cannon, she must have had reason to think her information would be both welcome and useful.
And since Ms. Brazile's information would have value only if Hillary Clinton knew it, it seems likely that her campaign staffers passed it on to her, and that she did nothing to discourage Ms. Brazile from coming up with more.
This is troubling. Trump may be a sleaze ball, but Clinton may be no better.
2
Trump is charged with racketeering and fraud. Avoiding taxes is the least of his criminal activities. How about more coverage of Trump University?
1
Sounds like Trump suffers from "Reverse Robin Hood Syndrome"...steals from the poor and gives to the rich. The argument is one of ethics more so than legalities. No matter how you slice it, the American people are ultimately the ones paying for Trump's self-serving decisions...more in his coffers and less in ours.
2
If progressives want a progressive president, they need to vote for a progressive candidate. Hillary Clinton is NOT a progressive.
The fact that she would personally enrich herself from Wall Street speaking fees immediately before running for president tells us everything that we need to know about her administration.
If people want change, they have to vote for it. Voting for the status quo, as represented by the current Democratic establishment and its do-nothing approach to the economic misery of the working class, will not bring about change.
I'm with you, Jill. In fact, I'm headed to my local board of elections this afternoon for early voting!
The fact that she would personally enrich herself from Wall Street speaking fees immediately before running for president tells us everything that we need to know about her administration.
If people want change, they have to vote for it. Voting for the status quo, as represented by the current Democratic establishment and its do-nothing approach to the economic misery of the working class, will not bring about change.
I'm with you, Jill. In fact, I'm headed to my local board of elections this afternoon for early voting!
1
Jill Stein is an exploitative opportunist, not a true green candidate. She would look much worse than Hillary in the spotlight. That's why Bernie doesn't support her.
Here's John Oliver on the subject: https://www.youtube.com/watch?v=k3O01EfM5fU
Here's John Oliver on the subject: https://www.youtube.com/watch?v=k3O01EfM5fU
3
A vote for anyone but Hillary or abstaining is a vote for Trump. Trump is a dangerous demagogue who's made white supremacists feel safe to come out into the open. Think!
1
Good article and cudos to NYT for explaining a complicated tax issue and the related law.
The article explains how Mr Trump got away with deducting losses, more than once, thereby creating a $1 billion negative AGI and subsequent NOL.
Which then he could use to offset future earnings from unrelated business.
1. Losses on assets that fell in value as the casinos went bankrupt.
2. Debt forgiveness that was claimed as a loss on investment in the same casinos by converting debt to partnership equity.
The resulting negative effects on tax revenue is explained as this practice allowed two entities to claim the same loss, both Mr Trump and the banks.
Rightfully the IRS and Congress outlawed the practice for good reasons, because it offered tax forgiveness to one party, and it violated common sense and accepted accounting principles, for the other party.
The article explains how Mr Trump got away with deducting losses, more than once, thereby creating a $1 billion negative AGI and subsequent NOL.
Which then he could use to offset future earnings from unrelated business.
1. Losses on assets that fell in value as the casinos went bankrupt.
2. Debt forgiveness that was claimed as a loss on investment in the same casinos by converting debt to partnership equity.
The resulting negative effects on tax revenue is explained as this practice allowed two entities to claim the same loss, both Mr Trump and the banks.
Rightfully the IRS and Congress outlawed the practice for good reasons, because it offered tax forgiveness to one party, and it violated common sense and accepted accounting principles, for the other party.
1
Trumps returns have all been audited and the IRS has not found any wrong doing nor filed any charges against him. End of story.
1
Scott: How do you know "all of Trumps [sic] returns have been audited"? How do you know "the IRS has not found any wrong doing [sic]"? How do you know the IRS has not "filed any charges against him"? But if it hasn't, what makes you think that just because someone can get away with something it's all right? Clearly, Donald Trump is a tax cheat, a liar, a fraud, and a con-man. Why do you excuse him?
2
When? Link please.
Baloney! I see you cannot produce any sources. Trump has yet much to answer for. Yes, the truth will be told.
I've finally come to a place of peace about who I am voting for. Not only will I vote for Donal Trump, but I will do so with greater enthusiasm than I have with any other election to date, and I am 60 years old.
No other candidate has presented a platform like his. It's not conservative, it's not liberal, it's just sensible for our country at this time. And what occurred to me is, he's never deviated from it from day 1:
1. Secure our borders (which is the only way to keep our country safe)
2. Rebuild our military (which is the only way to avoid war)
3. Redo our horrible trade deals that have sent the majority of our manufacturing jobs overseas.
4. Appoint justices who will uphold our constitution, instead of legislating from the bench at the whims of their personal ideologies.
Do I like the man? No! But for the first time I think we have someone who is going to shake things up and get things on the right track! Hilary is so corrupt I have a hard time looking at her or listening to her. Like him or not, Trump is 100 times more credible and believable than Hilary!
No other candidate has presented a platform like his. It's not conservative, it's not liberal, it's just sensible for our country at this time. And what occurred to me is, he's never deviated from it from day 1:
1. Secure our borders (which is the only way to keep our country safe)
2. Rebuild our military (which is the only way to avoid war)
3. Redo our horrible trade deals that have sent the majority of our manufacturing jobs overseas.
4. Appoint justices who will uphold our constitution, instead of legislating from the bench at the whims of their personal ideologies.
Do I like the man? No! But for the first time I think we have someone who is going to shake things up and get things on the right track! Hilary is so corrupt I have a hard time looking at her or listening to her. Like him or not, Trump is 100 times more credible and believable than Hilary!
2
Nope. Burning the house down leaves you homeless. And he's very good at lies, corruption, taking people's money, scams, and doesn't care as long as he gets his.
3
So your presupposition is that he's not believable, and you think Hilary is? Hillary, who whitewashed 33K emails. Hilary who is now worth over 100million dollars from being a public servant?
Give me a break. Whatever Trump is good at, he will be good at for America! And whatever he did wrong, it wasn't as an elected leader of people.
Give me a break. Whatever Trump is good at, he will be good at for America! And whatever he did wrong, it wasn't as an elected leader of people.
1
Congratulations! Now you own the Brooklyn Bridge!
Tax evasion, schmax evasion. What about his e-mails? That's where the real threats to our nation lie: misfiled e-mails! Ask Comey.
1
Please stop the behavior judgements for both candidates.
I believe:
~13% of voters have already voted early
-86% of voters have firmly decided on their candidate and will not be swayed.
Its time for policy articles on both candidates and leave the dirt in the ground.
I believe:
~13% of voters have already voted early
-86% of voters have firmly decided on their candidate and will not be swayed.
Its time for policy articles on both candidates and leave the dirt in the ground.
1
I can't wait to learn more about the economic theories of a flim-flam man. I hope the Nobel Committee is watching as well.
“When the law no longer protects you from the corrupt, but protects the corrupt from you – you know your nation is doomed.”
She's a crook and her only way to get elected was to face a clown.
That's what everyone up there wanted and that's what is happening.
She's a crook and her only way to get elected was to face a clown.
That's what everyone up there wanted and that's what is happening.
3
Max: To be a "crook" you have to do something crooked. Clearly, Hillary has not done any such thing.
1
Rich people use “tax lawyers” to work out the most elaborate schemes how to pay the least possible tax. Most likely these schemes will test the tax laws to their maximum limit. That’s why they are rich.
Poor people don’t have money for tax lawyers and financial advisors. They just pay what they have been told to. It has always been like this and will stay the same forever. Arguing about how morally wrong these practices are is just as hypocrite as impeaching a President for his (mis) interpretation of “Sexual relationship”. Move on People! There is nothing to see here! And again, America elects, and the World suffers the consequences.
Poor people don’t have money for tax lawyers and financial advisors. They just pay what they have been told to. It has always been like this and will stay the same forever. Arguing about how morally wrong these practices are is just as hypocrite as impeaching a President for his (mis) interpretation of “Sexual relationship”. Move on People! There is nothing to see here! And again, America elects, and the World suffers the consequences.
"Legally" in the headline, if you will excuse the expression, trumps your case for many, New York Times! He's going to probably lose anyway, for other, I would think more justifiable reasons! And NY Times, the newspaper of record, and all that news that's fit to print; Whatever happen to objective reporting?!!!
2
Counter Measures: " Whatever happen to objective reporting?!!! [sic]" It's obviously right here in this article. (One unaccompanied question mark it quite sufficient, thank you very much.)
1
Our tax code and the irs continue to be sick jokes. It only took 20 years to ban partnerships from using the same scam that corporations had been banned from using. Ridiculous.
The Congress has made quite a show of putting IRS executives through inquisitions for thinking about the purpose of the IRA, while cutting its budget as well.
This article is total speculation, and placing it on the front page is a blatant political ploy. The article characterizes his possible tax strategy as 'for billionaires' when in fact the tax code provisions are common and available to anyone. Don't blame people for using the tax laws as written; blame Congress and the President for writing them and voting them into law!
2
Did the banks and other financial institutions that "forgave" the loans, take tax deductions for their losses as these financial shenanigans were benefiting the Don? A good follow-up piece would disclose whatever can be determined about the banks' treatment of their losses on their taxes and how the IRS ruled in this or other similar efforts to avoid taxes incurred from loan forgiveness as the policy intended.
Why isn't this tax cheater in jail?
1
Trump fans don't care about any of this. They will blame the "liberal media" like they always do. Talking to a Trump fan is like talking to a whining petulant child who plugs its ears and howls when it doesn't want to listen.
It's a disgrace that this is allowed to happen when millions of people who are living pay check to pay check are subjected to merciless, unfair tax burdens. Like it or not, the bottom line is it was legal.
3
I suspect that Trump's taxes and Clinton's emails are of little or no concern to anyone who remains undecided. And I suspect many of the undecided are wavering over whether to vote for one of the two major candidates or not to vote at all. Negative messages are most likely to convince them to abstain. What they need is a reason to vote for Clinton or Trump. I think this is a time to drop negative messaging and to try to sell the candidates based on what they offer to the voters.
1
Trump's tax avoidance schemes, labeled "brilliant" by his pal Rudy, are just as vile and ugly as the man himself. He played a system which was rigged in his favor to make himself a fortune and he thinks that qualifies him to be President.
A week from today, we have the chance to tell him what we think.
A week from today, we have the chance to tell him what we think.
3
Isn't there anything worthy of a headline besides more trash about these two crooks running for what used to be considered the most powerful and respected position in the world?
1
Close horse race = big media profits
Ignoring Trump's crimes while emphasizing Hillary's = close horse race
Getting us this close to a Trump presidency = foolishness bordering on the criminal.
Ignoring Trump's crimes while emphasizing Hillary's = close horse race
Getting us this close to a Trump presidency = foolishness bordering on the criminal.
3
Congress changes the tax code to close "loop holes" all the time. Millions of people that took deductions that were later removed are all guilty of taking "dubious" deductions? GM writes off billions as did Chrysler and a number of big banks in the last financial crisis. All are guilty, right? No? Well they would be if they ran as a Republican for President.
Next you'll be telling me Trump deducted his charitable contributions and interest on his mortgages. Boy what a crook, eh?
This article proves once again, that liberals need to step away from all things financial...it's just too much for their little brains.
This article proves once again, that liberals need to step away from all things financial...it's just too much for their little brains.
Nope, he just lied about making the charitable contributions at all.
1
Reality is that whether Trump gets elected or not his business empire is in ruins - so the old adage that cheats don't prosper is true after all.
2
In other breaking news........Trump failed to wear seat belts before it was required by law. Dirty Harry Reid calls for a Congressional investigation.
2
Too many Americans do haven't grown out of that simplistic fairy-tale thinking whereby if one character is obviously a villain, then someone in proximity must be contrastingly good.
Isn't anyone implying that women should vote for Hillary as she is a Woman also ipso facto saying men should vote for Trump as he is a man? It is inexorably the same thing.
Isn't anyone implying that women should vote for Hillary as she is a Woman also ipso facto saying men should vote for Trump as he is a man? It is inexorably the same thing.
1
Trump uses the tax code to his advantage. Big Story.
Hillary's classified emails go onto Weiner's laptop; Hillary collapses and shows other evidence of neurological disorder; Hillary funnels Saudi cash into her "foundation"; Hillary beats up on women sexually abused by Bill ... and no story at all.
Hillary's classified emails go onto Weiner's laptop; Hillary collapses and shows other evidence of neurological disorder; Hillary funnels Saudi cash into her "foundation"; Hillary beats up on women sexually abused by Bill ... and no story at all.
2
What an absolute load of garbage. And why aren't this legion of experts interested in the dubious Clinton Crime Family Foundation and charity? Guess we won't be hearing much of that from the Gray Lady with 'all the news that's fit to print', will we? Or an even more interesting question...why don't these geniuses here question exactly how Hillary managed to lose $6 billion while she was SecState, as quoted by government investigators and overseers? But those thoughts will never pass the egregious NYTs editorial board, now will it?
1
Ms. McFarland, the Clinton Foundation was rated "A" while the Trump Foundation broke the law (as did Trump University).
1
Does anyone here think Trump supporters are reading the New York Times? Or reading?
And then I too think that, unfortunately, had I been in his position years ago, I probably would have chosen to exploit whatever loopholes there were. How many of us wouldn't have done so? I admire anyone who would have voluntarily offered money to the IRS.
And then I too think that, unfortunately, had I been in his position years ago, I probably would have chosen to exploit whatever loopholes there were. How many of us wouldn't have done so? I admire anyone who would have voluntarily offered money to the IRS.
1
Where is the letter to Congress saying Donald Trump is being investigated for possible tax fraud?
2
They decided to withhold it so as not to prejudice the election, along with rumors and emails of Russian grooming him as their asset and his pending court date for allegations of raping a 15 year old etc. They want to be seen as impartial.
Many folks probably know this. But it is misleading to some. Tax avoidance is the legal use of tax code provisions and tax court opinions to fashion clever strategies that reduce tax liability. Tax evasion is the criminal use of false information to illegally avoid taxes. There is no law against avoidance. The tax evasion statute, 26 USC 7201 provides for imprisonment up to five years for each violation of the law. Obviously avoidance and evasion are very different but sometimes the media suggests that avoidance is about as bad as evasion. That is not true.
1
Only in the fifth paragraph in the end, NYT acknowledges that it is not certain that the "tax return" it obtained was actually filed, and actually stood as what Mr. Trump paid. This is the newspaper-speak of "It is unclear whether the I.R.S. ever challenged Mr. Trump’s use of this specific tax maneuver".
Essentially, the article says that Trump sent this return for tax review, and got negative response from the lawyers. Whether or not this tax return was actually filed is a whole different question.
Essentially, the article says that Trump sent this return for tax review, and got negative response from the lawyers. Whether or not this tax return was actually filed is a whole different question.
Trump: " Show us your taxes" It is the only way to resolve that there are no conflicts of interest. How can a president be elected without such an important disclosure? He says he's going to fix the loopholes that keeps his house of cards afloat? Maybe his taxes will shine a light on the most recent "legally dubious methods" he employs.
1
“Why didn’t she ever try to change those laws so I couldn’t use them?” Mr. Trump asked during a campaign rally last month.
He sounds like a thief passing the blame to a householder failing to lock a door to a house he robbed. Moreover, if that householder had the same power as Clinton to change tax laws, he would never have possessed the key.
He sounds like a thief passing the blame to a householder failing to lock a door to a house he robbed. Moreover, if that householder had the same power as Clinton to change tax laws, he would never have possessed the key.
1
So Trump is a biased, self serving business man having made a fortune. Would he make a better chance to be the next President if he was honest, paid taxes, gone bankrupt. I don't like the guy, am confused, what is the message here.
The reason that I will vote for Hillary is that I like her just a little bit better. That's all.
The reason that I will vote for Hillary is that I like her just a little bit better. That's all.
2
Lame. What does this prove besides our tax code is completely ridiculous and needs a major overhaul?
2
The news media looks to what you and I read to determine what to publish. It seems to me we are being righteous, petty, and nasty in our approach to assessing the people who want to make a difference in this country! I am NOT saying it is alright for congressmen to send cockshots and government officials to utilize private email servers. But I AM saying YOU AND I have a role in all of this drama and nastiness, and it's time to get responsible for it. Because while we read another titillating story about Weiner's weiner or Trump's taxes, people are hungry and dying around the world as the result of your and my - OUR COUNTRY'S - action or inaction.
She has been one of the worst Secretaries of State in a long time, intimately connected with massive US foreign policy disasters in Libya, Syria and Ukraine. She's also overly keen on Saudi Arabia. (Interestingly according to Wiki, Clinton aide Huma Abedin grew up in Saudi Arabia and her mother apparently still lives there).
And that's before you get to all the questions over her honesty and judgement and the fact that she's a hugely uninspiring establishment figure.
Yes, Trump is bloody awful too, but I'm not sure why the Times staff seem to find it so hard to get their heads round just how bad a candidate Hillary is.
And that's before you get to all the questions over her honesty and judgement and the fact that she's a hugely uninspiring establishment figure.
Yes, Trump is bloody awful too, but I'm not sure why the Times staff seem to find it so hard to get their heads round just how bad a candidate Hillary is.
1
This is another example of how Trump gamed systems to his advantage and to others' detriment. That he got away with a legally questionable move is NOT something to brag about.
Why are we surprised when this slimeball is found out on his borderline and semi-legal dealings about money? That's what we want in a President, Right? Well, not me. Hillary's email mistakes didn't end up hurting people. Trump's calculated actions and refusing to pay hurt many individuals, both rich and not rich. While he's breaking his arm patting himself on the back, his victims are struggling. What a creep!
Why are we surprised when this slimeball is found out on his borderline and semi-legal dealings about money? That's what we want in a President, Right? Well, not me. Hillary's email mistakes didn't end up hurting people. Trump's calculated actions and refusing to pay hurt many individuals, both rich and not rich. While he's breaking his arm patting himself on the back, his victims are struggling. What a creep!
1
Well, doesn't this just reveal his genius! He loves using other people's money and then bragging how successful he is. This is why he will obviously strike a hard deal with Mexico to pay for the wall - of course, he forgotten to bring up or start negotiations with the Mexican President when they had their sit-down this summer. Ooops! But then he has also demonstrated his genius by soliciting contributions to Trump Foundation that he could then use to pay legal fines, refurbish fountains and buy decorations (portraits of Donald!) for his properties. And ultimately, his genius will be revealed when after the election his followers realize that he did NOT self-fund his campaign. spending about one-third as much as he claims to be spending! Instead he has used their donations to pay exorbitant rents TO HIMSELF for space in Trump Tower SUPPOSEDLY used for campaign purposes! Hmmm....was it Donald who coined the phrase..."There's a sucker born every 10 seconds!" (And they'll vote for me!)
Now you know why the Donald is fond of using the word crooked so much. It takes one to know one.
2
There is no federal statute of limitations on tax evasion or tax fraud. Isn't someone at IRS looking into this?
1
But it's not fraud. It's a judgment call. The income was reported somewhere and apparently accepted by the IRS or adjusted at an audit. As such, the statute of limitations has long since run.
1
Jeff S,
IRS can investigate evasion and fraud without concern for an SOL. At the conclusion of their investigation, they can proceed to bring charges or close the case. Given the widely published findings in the press, someone at IRS may consider the case worthwhile. Unlike the current FBI director, IRS may hew to the tradition of avoiding influencing elections, but let's see what happens after the election, when Trump is once again merely a private citizen.
IRS can investigate evasion and fraud without concern for an SOL. At the conclusion of their investigation, they can proceed to bring charges or close the case. Given the widely published findings in the press, someone at IRS may consider the case worthwhile. Unlike the current FBI director, IRS may hew to the tradition of avoiding influencing elections, but let's see what happens after the election, when Trump is once again merely a private citizen.
Even though most of the national and international journalists, experts and politicians have opined that Trump will be the worst American President, if elected. He will create serious problems for not only America but the entire world. They have proved him to be a con artist, fake, racist, money hungry, liar, crook, have not lived following laws but not following and find loop holes to avoid them.
Still, white America is bent upon electing him, why???
Now for next 6 days, media must exposed him fully and let the blind followers know what they are going to get? It is time to prevent America becoming a Banana Republic and one of the third world countries; where laws and orders are for the second class people, not for the elite group. If you want to avoid Trump Kingdom in America not only vote for Hillary but tell your friends and relatives to do so.
Still, white America is bent upon electing him, why???
Now for next 6 days, media must exposed him fully and let the blind followers know what they are going to get? It is time to prevent America becoming a Banana Republic and one of the third world countries; where laws and orders are for the second class people, not for the elite group. If you want to avoid Trump Kingdom in America not only vote for Hillary but tell your friends and relatives to do so.
1
When will Trump release his tax returns? He promised to do so, and it is standard practice for the major party nominees to release their past ten years of returns well before election day. Is he trying to hide something?
His non-disclosure of what every other major party candidate has released over the past fifty years should be taken into account next week by voters on election day.
His non-disclosure of what every other major party candidate has released over the past fifty years should be taken into account next week by voters on election day.
4
Forget about stretching the tax codes, what about plain decency as an American. We all benefit, in some way, from government programs, i.e., weather information, national parks, military protection, highways, airport support etc. Trump is nothing more than a freeloader.
3
This is a nice effort to take attention away from Clinton's problems, but it's not very convincing. What did he do that other taxpayer's didn't? It isn't the least bit clear.
1
This is the case the Times presents against Trump.
"Mr. Trump potentially escaped paying...federal personal income taxes. It is impossible to know for sure...."
"The basic maneuver he used was essentially a new twist on a contentious strategy corporations had been using for years to avoid taxes created by canceled debt."
"documents recently discovered by the Times...the documents offer only a partial descriptions of events"
"It is unclear whether the I.R.S ever challenged Mr. Trump's use of this specific tax maneuver."
The bottom line is that Trump took advantage of a legal maneuver widely used by Big Money to cover losses. The IRS upon audit did not reject his claim.
The Times based its entire piece on incomplete information and speculation.
The Times jettisoned its integrity when it went down the Clinton rabbit hole.
"Mr. Trump potentially escaped paying...federal personal income taxes. It is impossible to know for sure...."
"The basic maneuver he used was essentially a new twist on a contentious strategy corporations had been using for years to avoid taxes created by canceled debt."
"documents recently discovered by the Times...the documents offer only a partial descriptions of events"
"It is unclear whether the I.R.S ever challenged Mr. Trump's use of this specific tax maneuver."
The bottom line is that Trump took advantage of a legal maneuver widely used by Big Money to cover losses. The IRS upon audit did not reject his claim.
The Times based its entire piece on incomplete information and speculation.
The Times jettisoned its integrity when it went down the Clinton rabbit hole.
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Change the law. Business is in many respects a darwinian world - moral behavior is generally not rewarded and can lead to your competitor taking your market share. I don't know if market pressures drove Trump to this behavior so I don't approve it necessarily. I just like to see real solutions for solid equitable tax policies.
"loopholes he says Hillary Clinton failed to close during her years in the United States Senate. “Why didn’t she ever try to change those laws so I couldn’t use them?” Mr. Trump asked during a campaign rally last month."
Really? This sounds like a car thief blaming the owner of the car for having the car just to tempt him into stealing it. And people still want to vote for this guy?
Really? This sounds like a car thief blaming the owner of the car for having the car just to tempt him into stealing it. And people still want to vote for this guy?
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Thank you for running this. Please continue to shine a spotlight on Trump's taxes. Trump is still getting a free pass on his lack of transparency about his taxes, and he will continue to get a free pass so long as the media fixates on the Comey letter. We know more-or-less what the concerns about Hillary's e-mails are, and the chances that there will be any fundamentally new developments are likely slim; but we know nothing about what's hiding in Trump's tax returns. Without knowing what's in Trump's returns, I think the decision to vote for him is uniformed. Believe you? No, Donald, I think the American people need to know that you haven't been lying to them all this time about your dealings. Absent evidence to the contrary, I'll can only assume that you have been.
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Your use of the word Dubious between Legally and Method is a very dubious connection in my opinion.
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