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Donald Trump 2020


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Weird. The Russian pageant was the only one to make money in 20 years

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The committee interviewed a top Miss Universe executive, Paula Shugart, who said the Agalarovs offered to underwrite the event; their family business, Crocus Group, paid a $6 million licensing fee and another $6 million in expenses. But while the pageant proved to be a financial loss for the Agalarovs — they recouped only $2 million — Ms. Shugart told investigators that it was “one of the most lucrative deals” the Miss Universe organization ever made, according to the report.

That is borne out by the tax records. They show that in 2013, the pageant reported $31.6 million in gross receipts — the highest since at least the 1990s — allowing Mr. Trump and his co-owner, NBC, to split profits of $4.7 million. By comparison, Mr. Trump and NBC shared losses of $2 million from the pageant the year before the Moscow event, and $3.8 million from the one the year after.

 

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4 minutes ago, horncyclist said:

Trumpers: "well, that's just how smart he is, getting out of paying taxes." Fuck the military. Fuck paying taxes. Maga!

Oh, it's not gonna move the needle with all of the 40%.  But maybe .5 of 1 percent of those folks will see that $750 figure and start to think.

Maybe.

 

 

 

 

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He falsely claimed 700 million in losses in 2009 and got a 71 million check from the tax payers!!

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The dispute may center on a single claim that jumps off the page of Mr. Trump’s 2009 tax return: a declaration of more than $700 million in business losses that he had not been allowed to use in prior years. Unleashing that giant tax-avoidance coupon enabled him to receive some or all of his refund.

The material obtained by The Times does not identify the business or businesses that generated those losses. But the losses were a kind that can be claimed only when partners give up their interest in a business. And in 2009, Mr. Trump parted ways with a giant money loser: his long-failing Atlantic City casinos.

 
Mr. Trump announced in 2009 that he was abandoning his stake in his Atlantic City casino business. Mark Makela for The New York Times

After Mr. Trump’s bondholders rebuffed his offer to buy them out, and with a third round of bankruptcy only a week away, Mr. Trump announced in February 2009 that he was quitting the board of directors.

“If I’m not going to run it, I don’t want to be involved in it,” he told The Associated Press. “I’m one of the largest developers in the world. I have a lot of cash and plenty of places I can go.”

The same day, he notified the Securities and Exchange Commission that he had “determined that his partnership interests are worthless and lack potential to regain value” and was “hereby abandoning” his stake.

The language was crucial. Mr. Trump was using the precise wording of I.R.S. rules governing the most beneficial, and perhaps aggressive, method for business owners to avoid taxes when separating from a business.

A partner who walks away from a business with nothing — what tax laws refer to as abandonment — can suddenly declare all the losses on the business that could not be used in prior years. But there are a few catches, including this: Abandonment is essentially an all-or-nothing proposition. If the I.R.S. learns that the owner received anything of value, the allowable losses are reduced to just $3,000 a year.

And Mr. Trump does appear to have received something. When the casino bankruptcy concluded, he got 5 percent of the stock in the new company. The materials reviewed by The Times do not make clear whether Mr. Trump’s refund application reflected his public declaration of abandonment. If it did, that 5 percent could place his entire refund in question.

If the auditors ultimately disallow Mr. Trump’s $72.9 million federal refund, he will be forced to return that money with interest, and possibly penalties, a total that could exceed $100 million. He could also be ordered to return the state and local refunds based on the same claims.

 

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36 minutes ago, Brisketexan said:


Maybe. But what it definitely is is an utter and complete failure of a businessman. Leveraged out the ass, and incapable of turning a profit. He’s the “$30k millionaire” turned up to 11,000. He’s all about the appearances and trappings of wealth... but has a massively negative net worth.

He’s both completely broke AND committing tax fraud. It takes a trump level of idiocy to accomplish both of those at the same time. But that’s our president! 

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51 minutes ago, Brisketexan said:

Maybe. But what it definitely is is an utter and complete failure of a businessman. Leveraged out the ass, and incapable of turning a profit. He’s the “$30k millionaire” turned up to 11,000. He’s all about the appearances and trappings of wealth... but has a massively negative net worth.

Some people would probably argue that lying and cheating is exactly what a successful businessman does. Donald Trump is definitely one of those people. 

Those are the sort of people who call the rest of us who are trying to be good, decent people and live by a code of ethics "suckers." Those are the mobsters. Those are the Tony Sopranos and Johnny Sacks of the world. 

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56 minutes ago, HenryJames said:

 

please, some reporter or chris wallace:

"in 2018, you publicly reported $434mm in gains.  yet your tax records show $47mm in losses.  which is it, please?"

any smart person aware of self-preservation would admit that he inflated the gains in an attempt to continue to puff himself up for the public, and would admit that the losses are correct.  but trump won't.  he'll say the gains are correct and admit to tax fraud.  i mean, he won't, he'll call the numbers bullshit and filibuster for 12 minutes, and also nobody will ask him that, but somebody fucking should.  because he would absolutely inadvertently admit to a felony. 

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3 minutes ago, henrygandorf said:

please, some reporter or chris wallace:

"in 2018, you publicly reported $434mm in gains.  yet your tax records show $47mm in losses.  which is it, please?"

any smart person aware of self-preservation would admit that he inflated the gains in an attempt to continue to puff himself up for the public, and would admit that the losses are correct.  but trump won't.  he'll say the gains are correct and admit to tax fraud.  i mean, he won't, he'll call the numbers bullshit and filibuster for 12 minutes, and also nobody will ask him that, but somebody fucking should.  because he would absolutely inadvertently admit to a felony. 

He ALWAYS says the crime part out loud

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3 minutes ago, henrygandorf said:

"in 2018, you publicly reported $434mm in gains.  yet your tax records show $47mm in losses.  which is it, please?"

The way I would ask it.

"In 2018, you publicly reported $434mm in gains.  Yet your tax records show $47mm in losses.  Which makes you a criminal, doesn't it?  Never mind, it's not a question."

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18 minutes ago, Goredho said:

And to think, cheating on his taxes is only like the 54663rd worst thing he’s done over the last 4 years.

Yes, but this one hits differently. We all pay taxes. Most of us don’t have personal frame of reference for all the other terrible stuff. But we all get taxes. $750? Seriously? 

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44 minutes ago, Aqua Buddha said:

Everyone knows the reason for the Florida move is the impending bankruptcy after he leaves office.  Florida has more favorable laws.

Except he’s legally precluded from claiming residency there. He’s using Maralago, so he’s already committed perjury and also prob committing voter fraud

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4 minutes ago, Pig Bellmont said:

Except he’s legally precluded from claiming residency there. He’s using Maralago, so he’s already committed perjury and also prob committing voter fraud

Shit, by the end of the year, DeSantis and the Florida legislature will have some kind of bill drawn up that allows Trump to use Mar A Lago as a residence in spite of the local ordinance that prevents it from being a home.

 

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Tuesday at the debate, after Trump says the tax story is fake news, etc, Biden needs to hand him a 4506-T and a sharpie.  

Also, I've emailed the Biden campaign.  Trump is demanding a drug test?  Biden should demand a weigh-in and height measurement.  Barefoot.  No elevator shoes. 

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1 minute ago, TexEx15 said:

THERE IS ALWAYS A TWEET.

 


Mind you, the New York Times report says that he didn't pay income tax in 10 of the 15 years preceding 2016.  So when he wrote this, odds are he didn't pay any income tax that year.

And the "crippling government debt"  comment is just so ironic, given that the deficit this year will be in the neighborhood of 4-5 trillion dollars and given that the deficit that Obama handed Trump has gone up every year of Trump's presidency.

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2 hours ago, Aqua Buddha said:

Everyone knows the reason for the Florida move is the impending bankruptcy after he leaves office.  Florida has more favorable laws.

It does, but bankruptcy law largely prevents using favorable state exemptions for those who recently domiciled themselves or acquired ostensibly exempt property, i.e. a homestead.

But, he isn't filing any kind of bankruptcy where Florida's exemption laws are going to play any part.  It will be a "personal" Chapter 11 reorganization.  If he's that far underwater, maybe it could be converted by creditors or the US Trustee into a 7 liquidation.  That would be highly amusing.

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1 hour ago, henrygandorf said:

please, some reporter or chris wallace:

"in 2018, you publicly reported $434mm in gains.  yet your tax records show $47mm in losses.  which is it, please?"

any smart person aware of self-preservation would admit that he inflated the gains in an attempt to continue to puff himself up for the public, and would admit that the losses are correct.  but trump won't.  he'll say the gains are correct and admit to tax fraud.  i mean, he won't, he'll call the numbers bullshit and filibuster for 12 minutes, and also nobody will ask him that, but somebody fucking should.  because he would absolutely inadvertently admit to a felony. 

But see the chucklefucks think that's brilliant.  They think he actually makes shitpiles of money and is so smart that he pays annually what they pay in 3-4 paychecks in taxes.

And they also believe that "smart wealthy" fuckers like him deserve a tax cut.

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