Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Trump declared "at least" $434 million in "revenue" NOT "earnings as you falsely say.
Revenue is cash brought in before you consider expenses like paying employees, paying local property taxes, and other expenses.
So if he claimed $434 million in revenue, it is possible to have a net loss of $47 million, especially with depreciation.
P.S. Even the NY Times estimates that he has "substantial" assets and if his revenue really is $434 million, he has close to at least $1.5 billion in value for his companies. Therefore, $0.421 billion of debt, actually isn't that bad. He'd have a net asset of about a billion bucks if he sold all his companies and paid off all of the loans that the NY Times reported. Gee. He is struggling. Not quite the 8 to 10 billion Trump claims, but if the NY Times is correct, he is a legit billionaire in total assets.
'' He has close to at least $1.5 billion in value for his companies. "
Thats the problem. Who assessed these values, he did. Its well known he exaggerates his companies worth to make himself appear more successful than he is, but undervalues at tax time for tax purposes, along with questionable write offs.
Multiple Donald Trump tax deductions and expenses are fishy as hell. I am all for efficient government. I am also for people (regardless of their political affiliation) who are financially responsible to run this country to get us back in black.
Any Conservative on here (or out in public) who claims they are all for non bloated efficient tax payer funded government, but then says they are ok with these types of deductions / expenses, I question their honesty.
Any conservative who would blast a Democrat President for these same types of expenses and financial irresponsibility but support a Conservative President doing it would reek of hypocrisy.
Any Conservative who can not see how owing so much money in debt (some to foreign entities) is not a cause for concern for coercion, I question their objectivity.
$750
Federal tax Trump paid in 2016, when he won the presidency.
$750
Federal tax Trump paid the following year.
Zero
Federal tax paid by Trump in 10 of the previous 15 years, including 2014 and 2015.
$100,000 a year
By comparison, the kind of figure regularly paid in federal taxes by Trump’s predecessors, Barack Obama and George W Bush
$70,000
Paid to style Trump’s hair for television, claimed as expenses.
$95,464
The total sum nine of Trump’s companies have paid as expenses to style Ivanka Trump’s hair.
$210,000
The amount written off as expenses to hire a photographer taking photographs at the Mar-a-Lago club.
$26m
“Consulting fees” charged as a business expense between 2010 and 2018, at least some of which appears to have been directed to a company co-owned by Ivanka Trump.
$434m
What Trump declared his earnings to be in the 2018 presidential public annual financial disclosure.
$47.4m in losses
What he had declared to the Internal Revenue Service (IRS) for tax purposes over the same period.
$421m
Outstanding loans that Trump owes, most of which becomes due within the next four years.
$73m
Revenue generated from outside the US, presenting a potential conflict of interest with US foreign policy.
$13m
Earned in one licensing deal for Trump Towers in Istanbul, including $1m since he became president.
$72.9m
The tax refund Trump claimed and was awarded, which is now the subject of a decade-long audit battle with the IRS. It covered all the federal tax he had paid between 2005 and 2008.
$1.4m
The annual average amount of federal tax paid by Trump between 2000 and 2017. It compares with the $25m in federal income taxes the average American with similar declared earnings could expect to pay.
$100m
The amount Trump could now have to pay back to the IRS, including penalties, if it finds against him in the audit.
$315m
The sum reported “lost” by Trump’s golf courses since 2000.
‘Tens of millions of dollars’
What Alan Garten, a lawyer for the Trump Organization, claims the president has paid in personal taxes since 2015.
More than 500
The number of individual companies, many bearing the Trump name, that make up the nebulous corporate network generally referred to as the Trump Organization.
And? I believe you are talking about Trump's personal income taxes, are you not? How much has the corporations he owns paid in state and local income taxes, property taxes, sale taxes, unemployment insurance, FICA/SS taxes?
'' He has close to at least $1.5 billion in value for his companies. "
Thats the problem. Who assessed these values, he did. Its well known he exaggerates his companies worth to make himself appear more successful than he is, but undervalues at tax time for tax purposes, along with questionable write offs.
#1 What the OP, txbullsfan, posted was false. He or she conflate revenue and earnings. Revenue is cash brought in. Earnings is revenue minus expenses like local property taxes and payroll.
#2 Based on what the NY Times reported it is a safe and conservative estimate that his businesses are worth at least 1.5 Billion and possibly a lot more. This is a highly inexact science as you don't truly know what it is worth until you agree on a sale price.
A low end safe 1.5 billion estimate shows that his 0.4 Billion in debt actually isn't that big of a deal if he is willing to sell businesses. I know facts aren't important to the party of science for things like Trump and BLM.
Why should anyone give a damn? That's between him and the IRS. Last I checked the IRS is REALLY good at policing tax issues. Why not let them do their job rather than covet and play vigilante? So far, they've done nothing... so why not assume if there were a problem, they'd damn sure find it?
Last I checked the IRS is REALLY good at policing tax issues.
I don't think that is 100% true. I've read reports that inmates were getting false refunds mailed to prisons even after the prisons told the IRS about specific individuals getting refunds falsely.
I personally think a progressive consumption tax would cut out loopholes and tax crimes a lot better than what we have now.
Simplifying the tax code would eliminate the debate on legal accounting practices that produce tax returns like this. The push to keep federal income taxes as high as they are are to shift and disguise local spending. Throw in the accounting lobby including tax prepation service it's not happening.
That being said there are some ify deductions but then again his brand, name, image etc is part of his business-not just physical product like a property. That's why family and associated services could be considered a business expense. Maybe it is time to look at or redefine business expense.
I don't think that is 100% true. I've read reports that inmates were getting false refunds mailed to prisons even after the prisons told the IRS about specific individuals getting refunds falsely.
I personally think a progressive consumption tax would cut out loopholes and tax crimes a lot better than what we have now.
What is hysterical is the present tax system is what the left supports because they falsely think it compels the rich to pay " their fair share". We have both been in the forum for many years and can safely say that the right are the ones that have pushed for tax reform. Does the left support a flat tax? would they back a consumption tax?
No they support the same broken tax system that lets people take deductions for styling their hair and then whine about it. They beat their chest like fools and point out how a rich person is paying less then their hired help. But some how the left can fix this by raising the rate instead of reforming the tax system itself. The left says they are for change and transforming the tax code would be a good place to start.
And the left would never believe it. Republicans are not as stupid as you Democrats appear to be.
This is a pretty weak retort.
Oh, ok. So you guys would rather continue to have all this speculation and innuendo around Trump's businesses and taxes to continue.... rather than end it by having Trump do what has become routine among presidential candidates dating back almost 50 years.
However, once again, Trump has claimed he WILL release them when the "audit" is over. This despite the fact that the audit has nothing to do with his ability to release his tax statement.
Bottom line is if it's allowed by law, he did nothing wrong and would be an IDIOT for not taking advantage of the tax breaks. Contrast that with a guy like Al Sharpton who literally owes millions.
.... or docks his sailboat in another state to avoid property taxes like John Kerry or donates their used underwear and taking a deduction like the Clintons.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
