Trump's Tax Boondoggle by David A. Schwinghammer
Last edited: Wednesday, October 5, 2016
Posted: Wednesday, October 5, 2016
Did Trump really lose as much as he claimed on his 1995 tax filing?
If Trump claimed over a $900 million loss on his taxes in 1995, due to the bankruptcy of three casinos and other business failures, how much of that money was money he owed to his creditors prior to the bankruptcy? When Detroit declared bankruptcy, the city workers had to agree to take a cut in their pensions, despite the fact that they were legally negotiated contracts. How fast would Trump have sued if that had been him? Getting back to Trump's bankruptcies, there are negotiations with your creditors during bankruptcy proceedings. Trump borrowed the money to build those casinos. He did it over and over with his casinos and hotels, then declared bankruptcy after they failed. So how much of that 900 million plus was really a business loss if he only paid his creditors half of that after those negotiations? Shouldn't somebody investigate? Did anybody investigate then? If he really didn't lose $900 million plus, sounds like income tax evasion if he really didn't pay any taxes at all for fifteen years. Trump did something like this again when his Initial Public Offering was floated on Wall Street, once again using his casinos as bait for potential investors. Eventually he declared bankruptcy again; his investors got back thirteen cents on the dollar. Yeah, he's a genius alright. Who's stupid enough to give him a nickel? Russia? Other clueless foreign officials? Maybe that's why he thinks the North Korean dictator is such a great leader.
You are about 93 million short. It was close to $1 billion.
Initially, the income tax was a progressive tax that made sure that those that could afford to pay taxes paid more proportionally than those that could not. Shortly, there were provisions added for those who had to support children (dependents) and so on. Measures were added to improve economic health and protect industries like the mohair (used for furniture and car seats through the 1930s) industry and others… Many impacted by the Great Depression.
The wealthy and conservative caught wind of these bills that were being passed protecting all kinds of businesses and started lobbying their Congressman to get a law passed in the tax code to protect them from what they considered to be, abuse.
Landlords like Trump, now have many laws protecting them and allowing them to avoid taxes. I know, as a landlord on a very small scale, I have taken advantage (like a genius?) of these loopholes to my advantage over many years, including audits. While I may have come very close at times, I never declared bankruptcy or declared myself disabled to take advantage of tax law designed to allow businesses to recover from catastrophic loss. My integrity prevented me from doing that.
But Trump has no integrity when it comes to getting ahead. Not only does he want to make more millions, he wants to gain the power of the presidency of the greatest country in the world so that he can claim that he was the one that made it that way… Hypocrite.
Initially, the income tax was a progressive tax that made sure that those that could afford to pay taxes paid more proportionally than those that could not. Shortly, there were provisions added for those who had to support children (dependents) and so on. Measures were added to improve economic health and protect industries like the mohair (used for furniture and car seats through the 1930s) industry and others… Many impacted by the Great Depression.
The wealthy and conservative caught wind of these bills that were being passed protecting all kinds of businesses and started lobbying their Congressman to get a law passed in the tax code to protect them from what they considered to be, abuse.
Landlords like Trump, now have many laws protecting them and allowing them to avoid taxes. I know, as a landlord on a very small scale, I have taken advantage (like a genius?) of these loopholes to my advantage over many years, including audits. While I may have come very close at times, I never declared bankruptcy or declared myself disabled to take advantage of tax law designed to allow businesses to recover from catastrophic loss. My integrity prevented me from doing that.
But Trump has no integrity when it comes to getting ahead. Not only does he want to make more millions, he wants to gain the power of the presidency of the greatest country in the world so that he can claim that he was the one that made it that way… Hypocrite.
Ron