Precious, I'm creating a new thread so as to not hijack the old one.
Quote:
Originally Posted by Precious_b
Bidens returns are public record.
What irrefutable proof you have donny&co pay their fair taxes? He will not release his tax forms for public record.
Guess the court case he lost and they are determining how much in taxes he owes, you are still turning a blind eye to.
Or using his court ordered closed non-profit to pad his pockets to the point his family members were ordered to take ethic classes was lost on you.
Wish people would show on joeys taxes were he under/over reported income.
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Trump's tax returns are public record too, because Democrats on the House Ways and Means Committee released them. I don't know how they got away with that. Tax returns are supposed to be confidential. If I were dictator, I'd slap those Democrats with a much bigger fine than what I'd dish out to the QAnon Shaman or Ray Epps. I might even put them in jail for few weeks.
https://apnews.com/article/trump-tax...x-978260721336
Anyway, here's Trump's adjusted gross income by year. You can see why he didn't want people to see his tax returns. He looks like an abject failure.
2015 -31,756,435
2016 -32,409,674
2017 -12,819,400
2018 24,339,696
2019 4,380,714
2020 -4,795,757
Over six years, Trump's cumulative "adjusted gross loss" was $53 million.
So, the question arises, has Trump had a poor run in business in recent years? Or is he very good at avoiding recognition of taxable income? I'd bet it's more of the later.
He pulled a doozy back in the 1990's when his casinos went under. His bondholders lost around a billion dollars. Now normally what would happen is that the bondholders get to recognize a billion dollar tax loss, that they could use to offset taxable income, and Trump would in turn have to report a billion in "forgiveness of debt income." And pay tax on that income. But not the Donald. Instead he ended up with a $900 million carried forward tax loss! These were the accumulated losses from squandering the bondholders' moneys on the casinos. The IRS allowed him to do this because the casino business was considered worthless or close to it. A bankrupt business under the Internal Revenue Code doesn't have to recognize forgiveness of debt income. And somehow Trump was able to take the $900 million in net operating losses and use it to offset taxable income many years into the future, according to the New York Times, which has copies of his old tax returns. Neat trick!
As I posted in another thread, Biden's taken full advantage of at least one tax dodge, by avoiding Medicare tax on millions by running income from his books and speeches through Sub S Corporations.
Yes, Biden's a piker in the tax avoidance game compared to Trump. But still I have less respect for the man, as to how he reports his taxes, than Trump. The game Biden's playing with his Sub S Corporations is in a gray area. I personally wouldn't do what he's doing. He's a hypocrite in my opinion, given that he claims the rich aren't paying their fair share. And he's rich and he's using a somewhat shady tax avoidance scheme. Trump on the other hand admits he games the system. He brags about it. So you sure can't accuse him of hypocrisy on this issue.
Secret Tax Tricks of Presidents - How You Can Save Millions on Taxes and Not Go to Jail!!!
