Trump and federal taxes, NYT

[flowerseverywhere]

so the NY times has reportedly been sent a document that reports Donald Trump may have not paid federal taxes for 18 years. Reportedly nothing illegal went on, he had a huge loss in 1995 and has been able to carry that forward.

http://www.nbcnews.com/politics/2016...rly-1b-n658051

I know he has probably paid huge amounts to social security through payroll taxes, property and local taxes, as well as sales taxes on all the stuff most of us could never afford to buy, but he has also criticized our crumbling bridges and roads and so on, which need tax money to repair. Is he a hero for taking advantage of the tax code or do you find this appalling?

I have struggled this election season with both candidates, but Trump bothers me far more due to his judgement and attitudes towards anyone who is not a white Christian heterosexual male. The system just seems so rigged, but not against Trump as he claims, but against those of us in the middle class.

[catherine]

Hmmm.. smacks of Leona Helmsley's famous "Only the little people pay taxes." Drives me crazy. Thanks to people like Helmsley and Trump, my husband things we're fools for paying taxes. (I do our taxes, and he seems to think I can/should hide income, or if not that, he thinks I'm voluntarily not itemizing some deductions. Of course I am, but guess what, we all have to pay taxes).

I think Trump's interjection during the debate that not paying taxes makes him "smart" was foolhardy when he's trying to appeal to the middle class. It's probably very possible that his tax returns are legit, at least on the surface, given his "losses" but if anything, it's probably another red flag for our need to revamp the tax code. And it's not going to do anything to further his narrative that he's "one of the people."

[Yossarian]

I am no Trump fan but somehow portraying the use of loss carryforwards as a philosophical problem is IMHO off base. We tax net income, so part of that is inherently the use of losses to offset income. I think the bigger issue is that it makes him look a lot less successful if he hasn't had net income for 20 years.

[Zoe Girl]

I think the bigger issue is that it makes him look a lot less successful if he hasn't had net income for 20 years.

Yes, I know lots of people who are proud to pay the lowest on taxes, i got a significant raise one year and paid more taxes, that was great! It meant I was earning more! But everything is so twisted this year, I am waiting for a collective moment of 'oh sh**'

[iris lilies]

There are plenty of reasons to vote against The Donald. This isn't one of them.

Why shouldn't he take advantage of all legal tax savings, dont you? He is neither hero nor horrible for this, he is just a guy doing his taxes.

[jp1]

Indeed there are a million other reasons not to vote for him, like the doing a bizarre tweetstorm in the middle of the night to slutshame a former Miss Universe contestant.

The only issue I see in this are all the previous times when he tweeted regarding taxes. I realize that expecting honesty or consistency from this guy is probably not realistic, but geez.

http://www.cnbc.com/2016/10/02/donal...x-records.html

"HALF of Americans don't pay income tax despite crippling govt debt..."

"To the geniuses at 'Americans United for Change': the more you tax me the less people I employ. Get it?"

"Facebook billionaire gives up his U.S. citizenship in order to save taxes. I guess 3.8 billion isn't enough for (cont) "

"The @washingtonpost loses money (a deduction) and gives owner @JeffBezos power to screw public on low taxation of @Amazon! Big tax shelter"

"@BarackObama who wants to raise all our taxes, only pays 20.5% on $790k salary. http://1.usa.gov/HFZJKH Do as I say not as I do."

[LDAHL]

There are plenty of reasons to vote against The Donald. This isn't one of them.

Why shouldn't he take advantage of all legal tax savings, dont you? He is neither hero nor horrible for this, he is just a guy doing his taxes.

I have to confess that in 1995 I also DELIBERATELY arranged my affairs to minimize my tax liability under the rules prevailing at the time. I am every bit as culpable as Trump, and live in fear that some courageous soul will anonymously mail three pages of my twenty-year-old return to the Times and expose me for the moral monster that I am.

[bae]

I have a significant amount of wealth, and many years I pay no federal taxes. I do not violate the law in doing so, I simply follow it.

"Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes. " - Learned Hand http://law.justia.com/cases/federal/...9/809/1562063/

"Over and over again courts have said that there is nothing sinister in so arranging one's affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant." Learned Hand http://law.justia.com/cases/federal/...9/848/1565902/

[Yossarian]

Of course in both those cases the taxpayer lost

But it isn't really even as much as arranging one's affairs to legally avoid tax, it's just a simple timing issue.

I'm more curious on how he lost the $900+ million. If he lost that much equity then the carryforward is pretty straight forward. Debt financed losses are more complicated.

[jp1]

I have to confess that in 1995 I also DELIBERATELY arranged my affairs to minimize my tax liability under the rules prevailing at the time. I am every bit as culpable as Trump, and live in fear that some courageous soul will anonymously mail three pages of my twenty-year-old return to the Times and expose me for the moral monster that I am.

The real question, though, is how many times have you declared bankruptcy and stuffed your creditors. The atories about all the little guys trump stiffed, like the piano store guy in NJ, are endless. But lets not forget the likely billion plus dollars that he got out of paying by declaring bankruotcy multiple times. Not oaying taxes for a few years because he's a crappy ass business man pales in comparison to this.