Tax evasion or terrible business owner? Pick one

Discussion in 'Politics' started by GeneWright, Sep 27, 2020.

  1. GeneWright

    GeneWright Well-Known Member

    You're not wrong, I suppose the actual crime supposedly committed is the inflation of assets for loan purposes while deflating asset value for tax purposes.
  2. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

    Property owners don't determine the asset value of the property for purposes of taxation . . . tax assessors do that.

    I've written too many times that I'm no Trump fan, but I'm not going to stand idly by and watch liberals waste his time and the nation's valuable time by throwing anything and everything at him in desperation. It prevents him from getting done what is on the agenda.

    I feel for the next liberal president, and for the nation again, because he / she is likely to get the same treatment in return.
    Last edited: Sep 28, 2020
    JohnHamilton and Mopar Dude like this.
  3. GeneWright

    GeneWright Well-Known Member

    It's possible it was all legal, but it still looks scummy. Which, I agree with your earlier suggestion, we should change the tax code to fix.

    But he's been under investigation for tax fraud for quite some time in the state if new york. We'll see how that plays out.

    Plus it's a matter of public record he borrowed 200 million from China and owes it back by 2022. Does that part not bother you? In terms of potential leverage for them to use against him?
  4. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

    That doesn't bother me . . . they way things are going, the costs of borrowing will be even lower by then, so he'll have no trouble moving that debt to a different creditor. China has no leverage there.
  5. GeneWright

    GeneWright Well-Known Member

    Light, half-joke: perhaps he's waiting for another Russian oligarch to buy one of his properties at 200% its value again.
  6. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

    I wouldn't be surprised . . . I've never studied the practice, but I've heard that there's a serious tax advantage in the hotelier industry to turning over inventory at regular intervals and at ever increasing prices. I'd be interested in more detail if others know anything about this.
  7. JoeNation

    JoeNation Patron Saint of Idiots

    If Trump was telling the truth, he could easily put the NY Times in it's place by releasing his taxes. The fact that he won't, would lead any rational person to believe the NY Times over Trump. Now I had to qualify that statement with the phrase "rational person" because those that support this life-long liar and cheat can't exactly be called rational. If you still believe anything Trump says at this point about anything, you need a serious rebuilding of your tenuous grasp on reality. Trump didn't become a liar, cheat, and con man when he decided to run for president, he was all those things long, long before he ever considered running for president. But for some reason, a certain demographic thinks Trump suddenly became their Knight is Shining Armor once he became a Republican. Here is a bit of news for them. He is still that same piece of crap asshole he has always been and it is YOU that have become his next marks.
  8. FryDaddyJr

    FryDaddyJr Well-Known Member

    what are you babbling about celebs. we were talking about the President, a person we hold to a higher standard.
  9. FryDaddyJr

    FryDaddyJr Well-Known Member

  10. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

    It’s impossible not to hold the president to a higher standard . . . Celebrities are held to absolutely no standards at all.
  11. GeneWright

    GeneWright Well-Known Member

    As demonstrated by the case of Donald Trump, reality TV star
  12. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

  13. Mopar Dude

    Mopar Dude Well-Known Member

    • Bill Clinton was promiscuous.
    • Obama was a closet cigarette smoker.
    • Bush II was not very eloquent.
    • Ford was a bumbling oaf.
    • Kennedy had quite the libido.
    There isn't a human alive that does not posses character flaws. I don't know enough about tax law to say whether the man has or has not broken the law. I am sure that a judge somewhere down the road will make that determination. It isn't for me to judge. And fact is, the wealthy do have the resources at hand to minimize their tax burden. I imagine everyone here has used loopholes to enrich their lives. Perhaps you used a sick day as a vacation day or drove your car ten mph over the speed limit because you have a radar detector..... There was once a great man that said, "Let he who is without sin cast the first stone". There is great wisdom in that when you think about it....... We elect a man when his charisma appeals to us then give him four years to manage our nation. If we are unhappy with his results, we utilize our power as a voter to change that direction. We have six weeks remaining to render that choice.
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  14. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

    I can speak firsthand to the legality of loss carryover to reduce one's tax liability.

    I lost enough in a single burglary incident in 2009 that required profits from the subsequent 3+ years of operations to erase. My accountant assured me that it was perfectly legal to claim the carryover loss against my profits for those 3 years on my tax returns.
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  15. GeneWright

    GeneWright Well-Known Member

    @Mopar Dude

    So it may very well be legal, but it would imply he's one of the worst business people ever. He's claiming to lose an absurd amount of money on everything he touches. So either he's lying about something or he's really just that bad at running a business.

    Of note, his father got in some trouble for likely tax evasion. Donald first became a millionaire at age 8 because his father Fred was transferring funds to his name starting at age 3.

    It may not be a crime to be a terrible business owner, but it does kinda shatter his image of being some genius with money that can handle our country. In the legal scenario, his "genius" is at gaming the tax laws and paying as little to the government as possible. That doesn't work when you are running the government.
  16. Mopar Dude

    Mopar Dude Well-Known Member

    I don't disagree with anything you are saying. I am a small potatoes businessman and wouldn't go into a deal with the man..... However, the markets respond positively to his leadership. And that's the foundation of economic success for all of us.
  17. toughcoins

    toughcoins Rarely is the liberal viewpoint tainted by realism

    I don't know, but I'm guessing he pumps so much money into improvements of his acquisitions that he can claim operating losses until he realizes capital gains upon the sale. Much like buying, rehabbing and flipping dilapidated houses, the house makes a great big sucking sound until it is turned for a profit.

    Trouble is, he's ignored that business these past 4 years for our benefit, has 4 more years to go, and will have a lot of catching up to do when he steps down.
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  18. JohnHamilton

    JohnHamilton Well-Known Member

    Having worked in New York City for a short time and having to report to the New York State insurance regulators for a longer time, I can tell that it is very easy to run afoul of the New York State tax and regulatory authorities. Their forms and information requirements are a nightmare, and sometimes make no economic sense. Trump still has business there because it has been his home. I were him, I'd divest the whole thing and move to a much friendlier state like Florida. Many people are doing just that now.

    If I were still running a small business, New York, California and now Minnesota would all be states to avoid if at all possible. Minnesota's recent laws have crippled the rare coin business in that state. California had a law that turned most any vendor, who set foot in the state, a resident for tax purposes. It almost killed the coin convention business there.
  19. FryDaddyJr

    FryDaddyJr Well-Known Member

    Trump PANICKING, Accused of Laundering $170 Million
    We are currently witnessing the joining of two stories in American politics. One is about the New York Times releasing Donald Trump’s tax data showing he’s not nearly as rich and successful as he claims to be. There’s also the story about how the Trump campaign is accused of laundering donor money into all sorts of sketchy places. It’s now becoming a lot easier to connect the dots between these two things. Trump has $300 million in loans which are soon coming due and $420 million in total debt. His businesses are not doing well enough to make that money. It’s obvious then that Trump could be using campaign dollars to pay his personal debts and fund a lavish lifestyle for those around him.

    This news also overlaps with Trump’s former campaign manager Brad Parscale being apprehended by police and taken to a hospital over an apparent suicide threat. Parscale was suspected of being a huge player in the money-laundering scheme and maybe this medical incident was related. The Trump campaign was doing a decent enough job at keeping their schemes under wraps. Now with the New York Times exposing Trump’s debts, it’s going to be a lot harder to get away with these suspected financial crimes.
  20. FryDaddyJr

    FryDaddyJr Well-Known Member

    Republicans are struggling to keep their stories straight about Donald Trump's tax returns. There are some who claim Trump did nothing wrong when he avoided paying federal taxes for years. His more devout supporters seem to think he deserves a gold medal in Olympic tax dodging. But even Ann Coulter, while evil incarnate, appreciates that it's not a great campaign strategy to suggest that paying their taxes is for suckers who can't get out of jury duty.

    Democrats have tried fixing this problem. A few of them even ran for president. The problem is that real billionaires own a lot of Republicans.

    Turning Point USA founder Charlie Kirk realized that the New York Times expose wasn't good news for Trump or John McCain. He immediately argued that a great crime had been committed against Dear Leader, the same crawling smear of slime who “jokingly" asked Russia for Hillary Clinton's emails.

    Wow, look at Kirk quoting the exact US legal code like he's a common Adam West Batman.

    Rep. Kevin Brady from Texas, the top Republican on the House Ways and Means Committee, called for an investigation into who provided the Times with evidence of Trump's habitual deadbeatness.

    "While many critics question the article's accuracy, equally troubling is the prospect that a felony crime was committed by releasing the private tax return information of an individual -- in this case the President's," Brady said in a statement this week.

    "To ensure every American is protected against the illegal release of their tax returns for political reasons, I am calling for an investigation of the source and to prosecute if the law was broken."
    Thank you, Rep. Brady, for looking out for every American tax cheat, regardless of status.

    Trump himself has claimed the Times article is “totally made up," but he's also whined that the articles rely on “illegally obtained information." It's obvious that the accuracy of the returns aren't the issue. They're real and they're spectacular. Trump just wants to lash out at whoever helped prove he's a big stupid loser head.

    During an appearance today on Fox News, where she'll be working next year, White House Press Secretary Kayleigh McEnany said Brady's proposed investigation was “fair" and “important."

    MCENANY: We've seen these smears from the New York Times before.
    It's not a “smear" or even a blasphemous rumor if it's true, lady. Did they have a dumb white girl quota to fill at Harvard Law when McEnany applied?

    New York has a shield law protecting journalists from revealing their sources, so these losers can “investigate" all they want. It's a waste of time, and it won't halt the free fall of Trump's reelection campaign.

    But what does the law matter to Attorney General Bill Barr? He's guaranteed to try something disgustingly unethical with more than a soupçon of racism. However, the clock is ticking on his reign of terror. If we keep our eye on the prize, next year we'll have an actual Department of Justice that isn't run by lizard people. Attorney General Sally Yates or Doug Jones won't pursue charges against the brave patriot or vengeful Melania who leaked the tax returns.

    Besides, Trump has personally pardoned people who committed serious felonies, and that's a shame because now he'll be lonely in prison once New York Attorney General Tish James is done with him. Trump even commuted the sentence of Roger Stone so his good friend would keep his mouth shut. It's likely that the leaker is confident that whatever Trump's goons might try in the next few months, a President Joe Biden is set to arrive in four months. You live by the pardon power, President Tax Cheat, and you die by the pardon power.

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