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![Trump Taxes: Biden: You know, I found all of Trump's tax returns.
Obama: Joe, these are done in crayon.
Biden: Think I'll just misplace them in the briefing
room
Obama: Your granddaughter did these, didn't she?
Biden: Fox News will never notice.
It's quite amazing this hasn't happened already. [CB]](https://pics.onsizzle.com/biden-you-know-i-found-all-of-trumps-tax-returns-7479196.png)
![Trump Taxes: WHY DON TIHEAR THE PEOPLE WHO SPENT
YEARSDEMANDING MY BIRTH CERTIFICATE
ASKING FOR TRUMP'S
TAX RETURNSP
OCCUPY DEMOCRATS
[w]](https://pics.onsizzle.com/why-don-tihear-the-people-who-spent-yearsdemanding-my-birth-6130234.png)
![Trump Taxes: HERE'S THE DEAL
1. I DON'T care whether or not any classified emails were on Hillary Clinton's
private server and/or email accounts Six OR MORE YEARS AGo since (A) her
server was NEVER hacked; (B) there was absolutely NO resulting fallout
detrimental to United States interests. Let me repeat: I DON'T CARE.
2. I DO care that Trey Gowdy falsified documents to impugn the honor of
former Secretary of State Clinton.
3. I DO care that Jason Chaffetz outed a CIA op putting American lives in
danger.
4. I DO care that the current REPUBLICAN nominee is being investigated by
the FBI for his and his campaign's ties to a hostile foreign government.
5. I DO care that -10 days before the election Americans do not have
Trump's tax returns and no clear plan has been announced for what happens
with Trump empire should he win to avoid conflicts of interest given his deep
indebtedness to Russia, China and Saudi Arabia
6. I DO care that Ohio lost absentee ballots, Indiana may disallow 45,000
voters registered in predominantly black neighborhoods.
7. I DO care that multiple arrests have been made in the past 3 days for voter
fraud and election rigging of TRUMP SUPPORTERS
8. I DO care that the once esteemed 4th Estate, upon which most Americans
rely to report FACTS has turned into a freakin' 24/7 reality show filled with
guest appearances by every freakin' loser with an unsubstantiated and
factless "opinion" that God ever put on this earth
9. I DO care that a civil suit for CHILD RAPE against Donald Trump has
survived his million dollar lawyers' attempts to dismiss it.
10. I DO care that a civil suit for FRAUD against Donald Trump has survived
his million dollar lawyers' attempts to dismiss it
11.IDO care that Republicans have threatened yes THREATENED
Americans with FOUR MORE YEARS of political gamesmanship and
obstruction if they don't get their way
American News X [MS]](https://pics.onsizzle.com/heres-the-deal-1-i-dont-care-whether-or-not-5914119.png)
![Trump Taxes: The People For Bernie Sanders 2016
Yesterday at 4:52pm
Ever.
Ben Moser
benjamin moser
If you're applauding Trump's gaming
of the system, I never want to hear
your thoughts about who's taking
advantage of welfare again. Ever.
6:29 AM 02 Oct 16 from Brookline, MA
Luke Comment
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Top Comments
Three common strategies used to
reduce tax liability:
1. Reinvesting
2. Charitable contributions
3. Not making money
Taking a tax deduction for investing loss
is NOT "gaming the system."
If you invested $2 million, lose S1
million this year, then make S1 million
next year, you didn't make $1 million.
You broke even. You don't owe any
taxes for getting your money back.
That's how the system works.
Learn how the tax system works before
you pop off again. Ever.
-WAC
The media and Clinton supporters have been fixated on Trump's tax returns, recently renewed over the weekend as the New York Times published his leaked 1995 tax returns [1], which is painting his deduction for a $916 million loss as some kind of scheming, dishonest tactic to evade taxes.
From the source article,
"Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show. The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan. Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period."[1]
The ignorant, such as the one who made the post shown on the left, are up in arms. "OMG, no taxes for 18 years? So unfair! Y do I have to pay taxes when rich boy doesn't! Cheater! Deadbeat!"
This is highly unethical reporting. Never mind the egregious, and illegal, invasion of privacy [2], which could land felony charges against the NYTimes, the headline is misleading, and is a conjuncture with baseless assumptions.
"Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years."[1]
They admit that they have no idea how much money Trump had made since 1995, but using a guesstimate of "Eh, I dunno, let's call it $50 million. What's 916 divided by 50? So that'd be 18 years. Wait, call it 2 decades. Yeah, that sounds better." Note that this is the New York Times, not Huffington Post. For all we know, Trump could have made it all back a few years later, and used up this deduction. Or, he could have kept on losing money, and adding to the deduction indefinitely (which would actually worry me more than if he were a tax dodger).
So is that deduction illegal? Even the same NYTimes article says there's nothing wrong with it.
"The tax experts consulted by The Times said nothing in the 1995 documents suggested any wrongdoing by Mr. Trump."[1]
A CPA stated that not only is it legal, it's completely normal and expected. Barry Hall, a Managing Partner at Kruggel Lawton CPA:
"I can tell you it's not unusual; especially in the initial years of a business to not have successful years,"
He says Trump did what most businessmen would.
"You certainly don't wanna pay taxes if you're losing a lot of money. I don't think anybody does." [2]
Here's the deal. If you invested $2 million in a company, and it lost $1 million this year, you get to claim that as a carryover deductible loss. Then, if you make back the $1 million next year, you could apply the $1 million loss from this year against it, and have $0 tax liability, because you didn't make any money. You're back to the $2 million that you started with, with $0 profit or gains.[3] You only broke even. Is it fair? Actually, no, it's not. When you factor in the opportunity cost and risk, you've actually suffered an economic loss, even if the accounting says $0. But you can't take a deduction for intangible loss, so too bad. The only difference between Trump and the rest of us 99-percent is we don't have $916 million to lose.
How is that different than welfare? In order for an investor to claim a deduction, he has to lose money first. That $916 million loss is part of a larger investment, which paid for jobs and materials (which is also, indirectly, jobs). Trump risked his own money, and lost it in the process of creating jobs, to earn that deduction. Meanwhile, someone "earns" their welfare, paid by us taxpayers, by simply existing.
Another possible tax avoidance strategy (which is legal, not to be confused with tax evasion) is to reinvest your profit to defer tax payments. There are several methods or programs, each with various requirements, codes, restrictions, etc, that must be followed. But the basic concept is like this (Note, this is VERY simplified): Say you had invested $1m in something, and sold it for $2m. Congratulations, you've created $1m in value! And now you have to pay taxes on that $1m. But say you reinvest the entire $2m into another company. You didn't take a penny of that profit out for personal use. By letting it ride, without taking money off the table, then you didn't actually "make" any money. However, if that $2m reinvestment is then sold for $4m, that's recognized as a $3m profit ($4m minus the initial basis of $1m), rather tha a $2m profit over your reinvested $2m.
Is that good to let investers postpone tax payment? Well first, it promotes reinvestment. Hurry, gotta create more jobs with that money before the IRS takes it! Second, it enables individuals to invest in something that could generate a profit, and thus presumably something consumers want. Rather than let the government squander it by sending aid to people who hate us.
Then there are charitable deductions. The issue is that many charities or foundations are fronts to launder money, to either avoid taxes or to channel funds from another source. $1,000,000 of the Clinton's $1,042,000 in tax deductable charitable donations went to the Clinton Family Foundation [4]. So, she took a tax deduction for donating to herself. To be fair, Romney was caught doing the same when he released his tax returns, donating top the Mormon church and his family ran foundation. The difference is the media went after Romney for it, but giving Clinton a pass.
[1] http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html
[2] http://wsbt.com/news/local/local-experts-break-down-trump-tax-return-leak
[3] http://www.bankrate.com/finance/taxes/capital-losses-can-help-cut-your-tax-bill.aspx
[4] https://www.documentcloud.org/documents/3011306-Hillary-Clinton-Just-Released-Her-2015-Tax.html#document/p1](https://pics.onsizzle.com/the-people-for-bernie-sanders-2016-yesterday-at-4-52pm-ever-4267735.png)
