Discussion in 'Free Speech Alley' started by APPTiger, Apr 8, 2020.
I heard she had quite a reputation...
So did anyone catch last night when ole girl said Trump was $400m in debt and we needed to know who he owed that money to, so we could understand what's driving his decision making? Doubtful that's even true, but even if it is 1) it's most likely the reason he paid so little in income tax and 2) imagine a man that loves his country so much that he ignores his highly successful business ventures to focus completely on what's best for the nation.
Trump Didn't Avoid Taxes, He Prepaid Them
Contrary to the false impression in The New York Times story, Donald Trump did not avoid taxes.
He pre-paid them.
In 2016 and 2017, he requested and got an extension to file his returns.
As required, he made an estimated tax payment of $1 million in 2016 and $4.2 million in 2017. Then, it turned out that he did not owe that much in taxes, but, rather than demand the money back, he let the IRS keep it and apply it to any future tax he owed.
So — when he only paid $750 in taxes for the first two years of his presidency it was because he had already overpaid during the two previous years and just reduced his payment by that amount.
Over the longer term, Trump overpaid his taxes by $72 million.
Because some of that overpayment was more than two years earlier, he was not allowed to offset it against current taxes. But Obama changed the law to allow taxpayers to go further back and he offset his tax liability in future years by citing his overpayment.
So Donald Trump did not avoid paying taxes, he prepaid them.
So what's wrong with that?
Many taxpayers overpay or have more withheld from their paychecks than they end up owing in taxes. They look forward to a deserved refund each year.
Some even use the process as a way of saving money.
All that Trump did differently, was to leave the money at the IRS and take the refund over several years. A government strapped for cash should reward such conduct, not vilify it.
And, since no good deed goes unpunished in politics, the president also being skewered for taking a charitable tax deduction of $119 million for agreeing not to build homes on a 200 acre plot in Westchester, New York and a similar one in Los Angeles.
In each case, Trump bought the property planning to build a golf course and homes on them. Both times, the local zoning board refused to allow the development.
So Trump donated the right to develop develop this land to charity and took a deduction of $119 million, called a charitable easement.
So now the beautiful land in each location will be preserved forever wild as a place of refuge for people, birds, and animals.
Beyond these points, several facts emerge:
Trump never used any illegal means to reduce his tax liability. He always followed the law.
He never used his power as president to get the IRS to pull its punches even though he appoints the director who serves at his pleasure.
He took advantage of every way to cut his tax burden. Do you know any taxpayer who doesn’t?
The answer my friend, is blowin' in the wind
Trump deals in massive real estate development. For him, $400M is nothing. Trump tower on fifth avenue in NY has a $100M mortgage. Trump tower on fifth avenue in NY was valued at $615M in 2016 and $475M in 2017. He could sell the place, pay off the mortgage, settle the rest of his debts and maybe pocket $75-100M. And they call him a bad business man. Also, that is just one building.
I'd like someone to ask Biden about all the shady family side businesses and subchapter S corporations he and his family own.