Trump’s ludicrous spin on his taxes doesn’t pass the laugh test

[nhboy]

In response to revelations that Donald Trump may have rolled over massive real estate losses to avoid paying federal taxes for nearly two decades, his campaign is pushing back with an argument that is not only deeply ludicrous, but also deeply revealing about both Trump’s own priorities and his campaign strategy in the final stretch of the race.

The New York Times reported over the weekend that Trump declared a $916 million loss in 1995, which could have then allowed him to exploit an arcane provision in the tax code to cancel out taxable income for as long as 18 years. Though it hasn’t been confirmed that he took advantage of the provision that way, Trump, who boasted during the debate that not paying federal taxes “makes me smart,” did not deny that he had done this. Instead, he and his campaign made two other separate but interrelated arguments.

The first is that Trump’s exploitation of this provision, well, “makes me smart.” Trump’s initial statement declared that he is a “highly-skilled businessman” who has a responsibility “to pay no more tax than legally required.” Similar arguments tumbled forth from Trump surrogates Rudy Giuliani on ABC’s This Week and Chris Christie on Fox News Sunday, who both extolled Trump’s awesome fiscal wizardry.

But as Ruth Marcus notes, if Trump’s tax manipulation proves Trump’s brilliance, why the continued refusal to release his returns, which is tantamount to concealing evidence of that brilliance from the public?

The second, and more significant, argument from Trump’s campaign is that his firsthand inside knowledge of how to game the tax code in his favor uniquely qualifies him to reform it — and prevent people like him from gaming it in the future. “I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them,” Trump tweeted. Christie added that Trump is well equipped to “change the tax laws” that are “favoring people that they shouldn’t favor,” which he would do “against his own personal interests.”

https://www.washingtonpost.com/blogs/plum-line/wp/2016/10/03/trumps-ludicrous-spin-on-his-taxes-doesnt-pass-the-laugh-test/?utm_term=.3312fcdb5ab8

 

[Gilligan]

That sure was a lot of words wasted just to say "Trump pays only the tax he owed". Are those on the left really that stupid?

 

[mAlice]

That sure was a lot of words wasted just to say "Trump pays only the tax he owed". Are those on the left really that stupid?

Is that a redundant question?

 

[Gilligan]

Is that a redundant question?

Only rhetorical, at the very least.

 

[vraiblonde]

Are those on the left really that stupid?

That sure appears to be the case, doesn't it?

What's so amusing about this is that I have personally heard a number of rich Lefties complaining that they don't pay enough in taxes - not just celebrities, but actual normal people that I personally know. When you explain to them that, if they don't feel they're paying enough in taxes, they can simply stroke a check for the amount they think is more fair, they start with the backpeddling. "Uh, we ALL need to pay." "Um, it's going to take more than just me." Not a single one of them, that I'm aware of, has actually volunteered what they consider their "fair share". They all take the max deductions, and write off what they can.

So they are stomping their angry little feet at Trump....for doing exactly what they do. The only difference is that Trump isn't a hypocrite running around saying he wishes he paid more in taxes.

 

[tommyjo]

The only difference is that Trump isn't a hypocrite running around saying he wishes he paid more in taxes.

No Mr. Trump is running around saying he is the "only one" who knows how to fix the tax system.

And what is his fix? To lower taxes, mostly for the wealthy. To eliminate the estate tax (a benefit ONLY for the wealthiest---like his kids). Yet at the same time, increasing spending on defense, infrastructure, deporting illegals, and building a 1000+ mile long wall.

With ideas like those, it is not difficult to understand how Mr. Trump booked a net loss of nearly $1billion on his tax return.

 

[SamSpade]

That sure appears to be the case, doesn't it?

What's so amusing about this is that I have personally heard a number of rich Lefties complaining that they don't pay enough in taxes - not just celebrities, but actual normal people that I personally know. When you explain to them that, if they don't feel they're paying enough in taxes, they can simply stroke a check for the amount they think is more fair, they start with the backpeddling. "Uh, we ALL need to pay." "Um, it's going to take more than just me." Not a single one of them, that I'm aware of, has actually volunteered what they consider their "fair share". They all take the max deductions, and write off what they can.

So they are stomping their angry little feet at Trump....for doing exactly what they do. The only difference is that Trump isn't a hypocrite running around saying he wishes he paid more in taxes.

Reminds me of Mike Huckabee's "Tax Me More" fund, which proposed the same thing - if you think you don't pay ENOUGH in taxes, oh you rich people, here's a fund where you can pay more.
After nine years, thirty six donors contributed amounts ranging from a penny (two donations) to as high as 200. Some even came from out of state.
Virginia tried the same thing - one year, they got a little less than 20 dollars. The current page shows a total of seven donors for the General Fund.

Doesn't the left love Warren Buffett? Doesn't he take every tax break to which he is entitled?

Now - *I* have a confession to make - I've had a couple years in my adult life where I "paid no taxes". In fact, I had taxes withheld, but I got it all back.
Credits, low income, deductions - truth be told, if you've EVER gotten it all back, maybe when you were in your early twenties - you also "paid no taxes".
You paid FICA taxes, because you have to - but if you ever filed a 1040EZ or otherwise got all your money back - you paid nothing.
And most of you did that at least ONCE in your life.

 

[GURPS]

You paid FICA taxes, because you have to .....

Earned Income Credits refund this part ...

 

[vraiblonde]

No Mr. Trump is running around saying he is the "only one" who knows how to fix the tax system.

And what is his fix? To lower taxes, mostly for the wealthy. To eliminate the estate tax (a benefit ONLY for the wealthiest---like his kids). Yet at the same time, increasing spending on defense, infrastructure, deporting illegals, and building a 1000+ mile long wall.

With ideas like those, it is not difficult to understand how Mr. Trump booked a net loss of nearly $1billion on his tax return.

Look at you, making a response that isn't filled with personal attacks and insults. I knew you could do it!

As such, I will respond in kind:

I disagree with you, and that should be the crux of this election: where do you stand on the issues? Here is a down and dirty comparison:



Now pick one.

Forget cult of personality. Forget personal lives (although I have a hard time getting past Hillary and her sexual predator husband, and the way they treated those women). Forget everything else. There is your comparison of the issues affecting our country today.

Make your choice.

 

[Gilligan]

Now - *I* have a confession to make - I've had a couple years in my adult life where I "paid no taxes". In fact, I had taxes withheld, but I got it all back.
Credits, low income, deductions - truth be told, if you've EVER gotten it all back, maybe when you were in your early twenties - you also "paid no taxes".
You paid FICA taxes, because you have to - but if you ever filed a 1040EZ or otherwise got all your money back - you paid nothing.
And most of you did that at least ONCE in your life.

Pffft. As someone who has owned businesses since 1978, I couldn't count the number of years I've paid no income taxes.

 

[vraiblonde]

PS, based on the chart above, I am still voting for Trump.

 

[tommyjo]

The first is that Trump’s exploitation of this provision, well, “makes me smart.” He declared that he is a “highly-skilled businessman” who has a responsibility “to pay no more tax than legally required.” Similar arguments tumbled forth from Trump surrogates and who both extolled Trump’s awesome fiscal wizardry.

No...it shows that Mr. Trump has skilled (or competent) accountants...taking losses to offset income is a pretty basic income tax completion technique as there is and paying the least amount of tax as is legally required is the job of the accountants/tax preparers (Not Mr. Trump).

No...again it doesn't make Mr. Trump a financial wizard...given the size of the losses (and depending on how "creative" the accountant were) the tax returns bring into question Mr. Trump's financial and business abilities. The economy was doing pretty well in the mid 90s.

 

[SamSpade]

To eliminate the estate tax (a benefit ONLY for the wealthiest---like his kids).

Well, that, and anyone who runs a farm or has a small business, where estate taxes essentially kill it off completely.
There's also the philosophical argument that you are taxing something twice.

Where does government get the idea that it's ok to take someone's wealth once they die?

 

[Gilligan]

To eliminate the estate tax (a benefit ONLY for the wealthiest---.

Utter, total, unmitigated BS, you pond scum.

High estate taxes destroy family farms and all manner of family-owned businesses. You unaccomplished government teat-sucking types wouldn't understand that...no reason to expect you would. To you, every dollar in the hands of "rich" people is a "bad thing".

 

[Larry Gude]

In response to revelations that Donald Trump may have rolled over massive real estate losses as per the IRS rules and regulations to ensure paying federal taxes properly, sometimes referred to as 'the rules'...Hillary's minions are counting on the American people to have no clue as to tax law....

It doesn't make Trump smart. This is simple stuff. There are these people who get paid to follow tax laws and sell their services advising clients as to how to properly apply them to their returns.