Trump's Taxes

Welcome to our community

Be a part of something great, join today!

Register Log in
Stevenson

Stevenson

Old School
Joined
Nov 20, 2008
Messages
4,175
Likes
5,419
Points
113
So clearly there is something in there he doesn't want us to know. What do you think it is? I think it's that he's not as rich as he boasts. (And btw, Hillary has released tax returns every year since 1977.) Personally, I don't care if he's worth $1 billion or $10 billion. But it's something.
 
I just read an article about this, just got home from the post office food bank thing and I'm tired and hungry so I'm not going to find it but there was just an article about this.

Long story short, Trumps worth isn't what he states but also he pays a very very low tax rate.
 
My take is that he pays $0 or very low taxes. Real estate investing has a lot of tax benefits, like depreciation. His travel can be written off if he has property at his destinations. He's basically hinted at this, especially recently. "I try and pay as little tax as possible, because I hate what they do with my tax money. I hate the way they spend our money."

Like Hiliar, Nixon released his tax returns.
 
If these are the two choices we're stuck with then both need to release some shirt. Clinton needs to release her kiss ass speeches to wall street and Trump needs to release his tax returns.
 
Denny Crane said:
My take is that he pays $0 or very low taxes. Real estate investing has a lot of tax benefits, like depreciation. His travel can be written off if he has property at his destinations. He's basically hinted at this, especially recently. "I try and pay as little tax as possible, because I hate what they do with my tax money. I hate the way they spend our money."

Like Hiliar, Nixon released his tax returns.
Click to expand...
There is nothing wrong with paying as little tax as you can if you follow the rules and have the correct documenation. Tax avoidance(otherwise known as planning) is fine. Tax evasion is not.

Idk what trumps taxes show, but as you and i eluded to, he could be racking up losses. Then when he sells the property, he has a massive gain and pays a bunch of taxes on that (the basis would be minimal, especially if held long ago and heavily depreciated).

Not willing to judge until i see them. It is interesting that he doesnt want to. Personally, i would want to wait until.an irs audit was over too though. If they adjust a bunch, id want to wait until after adjustments were made. Its still kind of a cop out though. He could release past returns that arent currently under audit.
 
The tax returns don't tell the whole story.

In business, you keep 3 sets of books.

One you show to investors: "we're making piles of money."

One you show the IRS: "we lost money."

One you use to manage your cash flow so the payroll gets paid on time.

Much of Trump's net worth and income might be held in multiple LLCs and corporations.

Hiliar can effectively skim funds from her foundation to pay for extravagant trips worldwide to "raise funds." Trump can likewise throw massive parties in the name of PR, recruiting tenants, etc., at the expense of businesses he controls.
 
JFizzleRaider said:
There is nothing wrong with paying as little tax as you can if you follow the rules and have the correct documenation. Tax avoidance(otherwise known as planning) is fine. Tax evasion is not.

Idk what trumps taxes show, but as you and i eluded to, he could be racking up losses. Then when he sells the property, he has a massive gain and pays a bunch of taxes on that (the basis would be minimal, especially if held long ago and heavily depreciated).

Not willing to judge until i see them. It is interesting that he doesnt want to. Personally, i would want to wait until.an irs audit was over too though. If they adjust a bunch, id want to wait until after adjustments were made. Its still kind of a cop out though. He could release past returns that arent currently under audit.
Click to expand...
If I were being audited, I would not want thousands of Woodward/Bernstein wannabes digging through the records looking for dirt.

If he lost $1m on a deal ten years ago and made $1m this year, he can wash the gain with the loss and pay $0. Past years can and do affect current one.
 
Youre right, some of his stuff might be claimed in c corporations. Which wouldnt show up on his personal returns.

A lot of times property is held on form 1065s though, which would pass through to his personal return.
 
Denny Crane said:
If I were being audited, I would not want thousands of Woodward/Bernstein wannabes digging through the records looking for dirt.

If he lost $1m on a deal ten years ago and made $1m this year, he can wash the gain with the loss and pay $0. Past years can and do affect current one.
Click to expand...
No duh? Which is why ive mentioned net operating losses multiple times. Which is easily identifiable if you look at the tax return.

If he lost it ten years ago, he could theoretically claim it in ten years, but thats unlikely. Because it probably would be used before them. Elect to Carryback 2 yrs, or carryforward up to 20 yrs.
 
I think he'd be better off getting it out in the open ASAP. Closer to the election means less time to explain it.
 
JFizzleRaider said:
Keeping three sets of books showing what you describe denny is fraud.
Click to expand...
Not at all.

Tax rules are not GAAP rules.

GE, for example, is famous for showing profit on its books to the stock market, yet $0 or losses on the tax returns.
 
Seriously, I agree with the scrutiny you're putting Hillary under, but not doing it with Trump makes no sense. Why are some of you so quick to explain away Trump and his financials when you know nothing because he hasn't released a thing?

Demand more.
 
Denny Crane said:
Not at all.

Tax rules are not GAAP rules.

GE, for example, is famous for showing profit on its books to the stock market, yet $0 or losses on the tax returns.
Click to expand...
Youre right that there is a difference between gaap rules and tax basis rules.

But most in the finance world want to see tax returns. And if youre using a second set of books with gaap like recording to explain things like differences in depreciation, ok. But too many times businesses fraudulently adjust things to show massive money they make, then adjust back out for tax returns through illegal journal entries. Which is fraud.
 
SlyPokerDog said:
Seriously, I agree with the scrutiny you're putting Hillary under, but not doing it with Trump makes no sense. Why are some of you so quick to explain away Trump and his financials when you know nothing because he hasn't released a thing?

Demand more.
Click to expand...
I don't care about Hiliar's tax returns. Not unless they're the subject of a criminal investigation. Same for Trump's.
 
JFizzleRaider said:
Youre right that there is a difference between gaap rules and tax basis rules.

But most in the finance world want to see tax returns. And if youre using a second set of books with gaap like recording to explain things like differences in depreciation, ok. But too many times businesses fraudulently adjust things to show massive money they make, then adjust back out for tax returns through illegal journal entries. Which is fraud.
Click to expand...

A 10-Q is a different form than the 1120 or other corporate income tax forms.

Fraud is fraud.

Net income on the tax return is minus deductions. There aren't deductions on the P&L, other than depreciation.

And neither are an indication of cash flow. A company can be generating $1 in profit and spending $2 in capital investment. Cash flow -$1.
 
Denny Crane said:
A 10-Q is a different form than the 1120 or other corporate income tax forms.

Fraud is fraud.

Net income on the tax return is minus deductions. There aren't deductions on the P&L, other than depreciation.

And neither are an indication of cash flow. A company can be generating $1 in profit and spending $2 in capital investment. Cash flow -$1.
Click to expand...
I look at these things all day denny, i know everything youre talking about.

I agree its fine if they have gaap and tax basis books. But most in the finance world are capable of knowing which deductions on tax returns do not affect cash flow. Which is why whenever a small business requests a loan, the bank immediately wants the tax returns.

There are many businesses that commit fraud this way. By having two sets of books. One sent to the government. The other sent to the bank.
 
I don't suggest fraud is at play here.

When you do your tax return, your objective is to reduce your net income so you reduce the taxes you owe.

When you do your public filings or show your books to investors, your objective is to show maximum net income.

Neither of these are indicative of whether the company needs to borrow money or sell equity to remain afloat.

With GAAP, your statements show income distributed evenly over the time of a contract, for example. But you may have received all the money up front or at the end.
 
I wonder if his tax returns show contributions to charities or political organizations that are antithetical to his currently claimed political positions.
 
I'm guessing it's a bunch of stuff. Donations to planned parenthood. Him losing a bunch of money. Writing off the medical expense of hand enlargement.
 
Denny Crane said:
Granted it is a right wing source...

https://www.commentarymagazine.com/...gns-elections/remember-clinton-cash-scandals/
Click to expand...

Wrong thread? What does that have to do with Trump's taxes?

I know this is your favorite way to argue in political threads, "X isn't bad when you compare him to Z!" But no one was talking about Z. Politics has become this giant shit show of selecting between the lesser of two evils and for some reason you fall right into that.

Someone posts an article saying that a Republican is bad and you post 3 articles showing different Democrats that are worse. Really?!?

I agree, a lot of the Clinton's shit stinks. But that doesn't mean Trump's shit doesn't stink too. Instead of demanding more we're settling for less and thinking that is some great accomplishment.
 
And I'm not picking on Denny but here is a typical S2 argument when it comes to politics.

Denny: "I just got my wife a new Honda Accord."

Sly: "Really? I looked at the Accord but I think I'm going to get my wife a Toyota Camry."

Denny: "Kia is the worst car you can buy, here is an article, it's from a source you will disagree with but you should read it."

Sly: "Okay but why do you like the Accord?"

Denny: "Silly Sly, here is another article showing how terrible Kia is, this is from a liberal source."

Sly: "Why did you buy the Accord? I think the nav system on the Camry looks better."

Denny: "Why won't you just agree that the Kia is the worst car you can buy? You're a Kia lover!"

Sly: "Were you ever thinking about buying a Kia?"

Denny: "Why would I ever buy a Kia? Here is another article showing that they are the worst."

Sly: "If you weren't thinking about buying a Kia why do you keep talking about them?"

Denny: "I'm not the one who keeps talking about Kia, you keep trying to defend Kia so I'm posting articles showing you how bad they are. Why do you keep defending Kia? Why can't you admit Honda is better than Kia?"
 
SlyPokerDog said:
And I'm not picking on Denny but here is a typical S2 argument when it comes to politics.

Denny: "I just got my wife a new Honda Accord."

Sly: "Really? I looked at the Accord but I think I'm going to get her a Toyota Camry."

Denny: "Kia is the worst car you can buy, here is an article, it's from a source you will disagree with but you should read it."

Sly: "Okay but why do you like the Accord?"

Denny: "Silly Sly, here is another article showing how terrible Kia is, this is from a liberal source."

Sly: "Why did you buy the Accord? I the nav system on the Camry looks better."

Denny: "Why won't you just agree that the Kia is the worst car you can buy? You're a Kia lover!"

Sly: "Were you ever thinking about buying a Kia?"

Denny: "Why would I ever buy a Kia? Here is another article showing that they are the worst."

Sly: "If you weren't thinking about buying a Kia why do you keep talking about them?"

Sly: "I'm not the one who keeps talking about Kia, you keep trying to defend Kia so I'm posting articles showing you how bad they are. Why do you keep defending Kia? Why can't you admit Honda is better than Kia?"
Click to expand...
Legendary post. One of the all time greats. Well done.
 
Denny Crane said:
My take is that he pays $0 or very low taxes. Real estate investing has a lot of tax benefits, like depreciation. His travel can be written off if he has property at his destinations. He's basically hinted at this, especially recently. "I try and pay as little tax as possible, because I hate what they do with my tax money. I hate the way they spend our money."

Like Hiliar, Nixon released his tax returns.
Click to expand...

\
SlyPokerDog said:
If these are the two choices we're stuck with then both need to release some shirt. Clinton needs to release her kiss ass speeches to wall street and Trump needs to release his tax returns.
Click to expand...

Denny Crane said:
The tax returns don't tell the whole story.

In business, you keep 3 sets of books.

One you show to investors: "we're making piles of money."

One you show the IRS: "we lost money."

One you use to manage your cash flow so the payroll gets paid on time.

Much of Trump's net worth and income might be held in multiple LLCs and corporations.

Hiliar can effectively skim funds from her foundation to pay for extravagant trips worldwide to "raise funds." Trump can likewise throw massive parties in the name of PR, recruiting tenants, etc., at the expense of businesses he controls.
Click to expand...

SlyPokerDog said:
Seriously, I agree with the scrutiny you're putting Hillary under, but not doing it with Trump makes no sense. Why are some of you so quick to explain away Trump and his financials when you know nothing because he hasn't released a thing?

Demand more.
Click to expand...

Lots of posts about Hiliar's taxes and having her expenses paid by the charity. The tax returns don't tell the whole story. Same is true for Trump. SPD mentioned Hiliar first (5th post in this thread). Then threw a hissy fit for no good reason.

Whatever.
 
Last edited:
What does Hiliar's wall st speeches have to do with Trump's taxes?

Whatever.
 
You must log in or register to reply here.

Similar threads

B
Taxes
Replies
17
Views
1K
Shapecity
Shapecity
B
Passed Tax Measure Having Desired Effects
2
Replies
47
Views
3K
Blazer_Hippie
Blazer_Hippie
SlyPokerDog
Federal taxes haven't changed in 60 years
Replies
2
Views
692
maxiep
maxiep
A
NY's proposed tax-increase
Replies
4
Views
679
Real
Real
Denny Crane
The Tax Tsunami On The Horizon
Replies
24
Views
2K
Denny Crane
Denny Crane

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Top