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JEleazarian
Trad climber
Fresno CA
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Is it just me, or is everyone missing the point? If the returns are true, Trump obtained his deductions by losing almost a billion dollars. It takes a special kind of person to claim to be an uber-competent businessman while losing that much money.
John
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Gary
Social climber
Desolation Basin, Calif.
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Fact check???
Facts are stupid things. - Ronald Reagan
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Bob D'A
Trad climber
Taos, NM
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"Is it just me, or is everyone missing the point? If the returns are true, Trump obtained his deductions by losing almost a billion dollars. It takes a special kind of person to claim to be an uber-competent businessman while losing that much money.
John"
No John is it just that his supporters don't care, their hate is deep.
Looks like he has always been a bad business man, just that rich always bail out their own.
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jstan
climber
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Got a question JE. Can a person's 1040 Schedule D filed more than 3 years in the past be audited on these prior returns if the data supports deduction in the present year? That 916MM$ may be a seriously inflated paper loss. Perhaps including an estimated decrease in the value of the owner's brand?
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Flip Flop
climber
Earth Planet, Universe
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Dang! I really wanted post 6666 on this pile.
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Jon Beck
Trad climber
Oceanside
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Perhaps including an estimated decrease in the value of the owner's brand?
You have to pay actual money for an asset that you subsequently depreciate.
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JEleazarian
Trad climber
Fresno CA
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John, the relevant deadline for audits on Trump's taxes depends on more facts than I have available. I note, however, that Trump uses the existence of an audit as an excuse for failing to disclose his returns, so they may still be fighting it out. I have been involved in some extremely long-lived tax disputes.
And Bob, we tax income in the United States. That means that one takes a person's losses to offest against gains. It's entirely possible that Trump's tax loss exaggerates his true economic loss. If so, remeber who made the tax laws in effect in 1995. (Hint: The Democrats, who controlled Congress and the Presidency for 1993 and 1994, passed the version of the federal Internal Revenue Code in effect for the 1995 tax year. I don't know (and, really, don't care) who passed the New York tax code then in effect.)
That's why I think objective observers can safely ignore whether Trump got a tax break, but still conclude that those tax returns show his incompetence.
John
P. S.
Dang! I really wanted post 6666 on this pile.
Me, too, Flip-Flop, but jstan is certainly a worthy holder (not for "beastliness," but rather for meritorious contributions to this forum (not to mention our sport)).
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dirtbag
climber
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Dang! I really wanted post 6666 on this pile.
Done!
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zBrown
Ice climber
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Is it just me, or is everyone missing the point? If the returns are true, Trump obtained his deductions by losing almost a billion dollars. It takes a special kind of person to claim to be an uber-competent businessman while losing that much money.
Well John, I have pointed that out about four or five times already and nobody is denying that they are Trump's actual returns, including the guy who prepared them for him.
Similary the tax code was not created in one year, why pretend that is was and blame it on Democrats. Silly.
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10b4me
Mountain climber
Retired
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And, it is important to understand what sort of man Pence is, since he would be the grunt doing all the president work, in the unfortunate event that Trump does get elected. For all we know, THAT might be the plan. Trump the Entertainer gets all the racist/misogynists to go out and vote, and then after the election has to step aside because, he is impeached. Pence, who would not have been able to beat Clinton on his own accord becomes POTUS.
Fixed it for you Teri :-)
Looks like Pence, and trump disagree about climate change.
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High Fructose Corn Spirit
Gym climber
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"I have great respect for Ben Gazi. Great leader, great statesman." -Gary Johnson
anon tweet, :)
...
That candidate is Hillary Clinton.
I support Hillary because she will build on the legacy of my good friend, President Barack Obama. I believe in what President Obama has done for our country and support her commitment to continuing that legacy.
Like my foundation, Hillary has always been a champion for children and their futures. For over 40 years, she’s been working to improve public schools, expand access to health care, support children’s hospitals, and so much more.
LeBron James
http://www.ohio.com/editorial/lebron-james-endorsement-for-my-kids-for-hillary-1.716350
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JEleazarian
Trad climber
Fresno CA
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Similary the tax code was not created in one year, why pretend that is was and blame it on Democrats. Silly.
I guess I did a poor job of communication, zBrown. The point I was trying to make was that Trump apparently acted legally. If so, and he got a deduction that exaggerated his economic loss, the problem lies in the Internal Revenue Code. Rather than try to blame Trump for the code, all you need to do is concentrate on the fact that he claimed a gargantuan loss. That way, without getting into a partisan blame game over who bears responsibility for the code's inadequacy, you can point directly at the gall of someone who lost almost a billion dollars claiming to be one of the world's greatest businessmen.
John
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Ken M
Mountain climber
Los Angeles, Ca
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Trump suggests military members with mental health issues aren’t ‘strong’ and ‘can’t handle it’
Got that, Chief? It's a shame that you are so diminished next to the rest of us.....or at least Donald thinks so.
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Ken M
Mountain climber
Los Angeles, Ca
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Christie: "What it shows is what an absolute mess the federal tax code is, and that's why Donald Trump is the person best positioned to fix it. There's no one who's showed more genius in their way to move around the tax code."
My response: Oh! You mean that Donald does his own taxes?????
Or perhaps he hires accountants that actually have the knowledge, while he has little or none.
Nothing like sharing credit, it's a sign of character.
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blahblah
Gym climber
Boulder
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Rather than try to blame Trump for the code, all you need to do is concentrate on the fact that he claimed a gargantuan loss. That way, without getting into a partisan blame game over who bears responsibility for the code's inadequacy, you can point directly at the gall of someone who lost almost a billion dollars claiming to be one of the world's greatest businessmen.
Hmmm, not sure I'm following this.
If Trump can (legally) claim a gargantuan loss to get his tax burden to zero (for the year in question and many subsequent years), but that loss is just an accounting trick and his actual wealth and business are great, isn't that consistent with him being a great businessman?
While I'm making some assumptions, they seem consistent with reality (he likely pays no tax but has lots and lots of money, and is getting more all the time!)
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Ken M
Mountain climber
Los Angeles, Ca
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It looks to me that this loss reflects the outrageous, special tax break that real estate developers that people like Trump can get, but that the rest of us can’t.
>>>>"The rest of us" can, and have, but it takes a lot of doing.
Uhhh. No, you cannot. Unless you are a REAL ESTATE DEVELOPER, you cannot use losses in real estate against other income. It is illegal.
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Escopeta
Trad climber
Idaho
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We have definite progress people. Obeezy has moved on from blaming Bush and is now blaming Sarah Palin.
Breaking Headline:
Obama: I see 'straight line' from Sarah Palin becoming VP nominee 'to what we see today' with Trump
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Ken M
Mountain climber
Los Angeles, Ca
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True. But then again I don't remember the Democrats doing a political theater "sit-in" to protest the Republicans unwillingness to change the tax code either.
Huh, wonder why that is?
Perhaps, because it doesn't work? I can see why you would enjoy the expenditure of your tax dollars on things which are known not to work.
You must have enjoyed the expenditures involved in 55 votes to repeal Obamacare. Uselessly.
I think that falls into the category of "fraud, waste, and abuse", that you supposedly are so against.
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Escopeta
Trad climber
Idaho
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If it doesn't work, then why were they sitting on the floor like children (for 15 minutes) because the Republicans didn't want to vote for gun control?
If the Democrats consider the current tax code as unrepresentative of the "little" guy, why aren't they doing anything to fix it? I guess they got sidetracked checking their cuticles when that topic came up?
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Ken M
Mountain climber
Los Angeles, Ca
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Hmmm, not sure I'm following this.
If Trump can (legally) claim a gargantuan loss to get his tax burden to zero (for the year in question and many subsequent years), but that loss is just an accounting trick and his actual wealth and business are great, isn't that consistent with him being a great businessman?
While I'm making some assumptions, they seem consistent with reality (he likely pays no tax but has lots and lots of money, and is getting more all the time!)
Not so fast. Many people have questioned his wealth, and he refuses to disclose they type of information that all other candidates have disclosed for many, many years. Mark Cuban, an initial supporter, questions Trumps financials (such as they are) as fantasy. Cuban, in contrast, is an ACTUAL billionaire.
You don't have a clue, nor do I, as to his wealth accumulation.
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