Donald Trump - Business and tax stories

[basilio]

For years Donald Trump has boasted of his International Property Portfolio and business acumen. The reality was 5 Bankrupticies, a string of unpaid creditors and now evidence of years of tax records that show

1) A business empire that was struggling to make real money
2) A financial system that embodied tax avoidance as a central plank of Trumpoperations
3) Hundreds of Millions of dollars of personal debts that lay the President open to bankruptcy or blackmail.




Donald Trump

Six key findings from the New York Times' Trump taxes bombshell
The president pays little, faces hefty audit costs as well as loans coming due soon, and Ivanka is not in the clear

 

[basilio]

Implications of Trumps Tax position and personal debts.
Trump sold voters on the folly that he's a successful businessman. That's a con
Reed Galen

Trump’s gymnastic finances were problems of his own making and the headache of his staff, workers and bankers

On Sunday night, the New York Times reported that for most of the last 20 years, Donald Trump paid little in the way of income tax. In 2016, he paid only $750. In 2017, he paid the same. Many years, as the review of his taxes show, Trump’s losses far outweighed his income.


Donald Trump ‘a bad businessman or a tax cheat – probably both’, say accountants
Read more

The president’s allies have already sprung into action. It’s “tax avoidance”, not tax evasion, of course. They claim Trump’s maneuvers are legal and the kind of thing any smart person would do if they were able. Trump says the detailed report is “fake”.

None of this is a surprise, of course.

Given that Trump is the same man who bankrupted two Atlantic City casinos, launched a short-lived airline and was recently charged with fraud surrounding his “Trump University”, the president’s finances have consistently been an adventure in accounting. His status and wealth are crucial to his public image. He sold the American people on the folly that he was a successful businessman who could engineer an American resurgence. Much like everything involving Donald Trump, this was pure fiction, a con, that is unraveling before our very eyes.

When he was a reality television star running his own family company, Trump’s gymnastic finances were problems of his own making and the headache of his staff, workers and bankers. As president, how Trump makes and spends his money is indicative of his personal taste (such as it is) and his willingness to use the office for personal enrichment.

His debts, though, are far more concerning.

The New York Times report reveals that Trump is leveraged to the tune of more than $400m, much of it personally guaranteed. Most reputable lending institutions would require significant collateral to extend that kind of credit. Who then, would be willing to lend so much money to such a high-risk client?

We don’t know that answer, of course. It does raise the legitimate question, though: to whom does the president of the United States owe so much money, and what are they willing to do to ensure repayment? Especially when you consider that he has hundreds of millions of dollars in loans due for collection in the next four years. If he is unable to pay them back, what would these lenders be willing to accept in kind as payment for unpaid debts from the man who hopes to continue being the leader of the free world?

Anyone applying for a “position of national security” with the US government must fill out an exhaustive document, the SF-86, before beginning work. Aside from the usual questions about past criminal behavior or drug use, are questions related to the applicant’s personal finances. Difficulties with money have long been among the quickest routes to blackmail and coercion for foreign intelligence services.

Trump sold voters on the folly that he's a successful businessman. That's a con | Reed Galen

Trump’s gymnastic finances were problems of his own making and the headache of his staff, workers and bankers

www.theguardian.com

 

[basilio]

$70,000 on hairstyling – Donald Trump's taxes in numbers

Here are some surprising things we’ve learned about the US president’s finances

$70,000 on hairstyling – Donald Trump's taxes in numbers

Here are some surprising things we’ve learned about the US president’s finances

www.theguardian.com

 

[basilio]

The detailed exposure of Trumps tax files highlights high risks of tax fraud which could send Trump to jail.
The clearest examples are the "consultation" fees paid to Ivanka trump when she was being paid as an employee for her work. These fees reduced Trumps income and seem to be clearly fraudulent.

The Watergate prosecutor of Richard Nixon believes this is the case.

 

[basilio]

Trumps ex lawyer Michael Cohen has also outline his knowledge of Trumps exposure to a huge tax bill, tax fraud and related corruption charges.

Michael Cohen: Trump's 'biggest fear' is 'a massive tax bill,' possible fraud charges

By John Bowden - 09/28/20 04:48 PM EDT


President Trump's former attorney and longtime fixer, Michael Cohen, says in a new interview that his former boss's undoing lies in scrutiny of his financial dealings.

In an interview with Yahoo News following the publication of information about Trump's tax returns in The New York Times, Cohen says that the president's "biggest fear" is ending up with a fine or other punishment over the means by which he avoided paying federal income tax for around a decade.

“His biggest fear is … he will end up with a massive tax bill, fraud penalties, fines, and possibly even tax fraud,” Cohen told the news outlet.

“Donald Trump’s financial records are the Rosetta Stone for understanding the depth of his corruption and crimes,” he continued. “The more it is unraveled, the more he will unravel. It’s the reason he’s fought so hard to keep it under wraps.”

Michael Cohen: Trump’s ‘biggest fear’ is ‘a massive tax bill,’ possible fraud charges

President Trump’s former attorney and longtime fixer, Michael Cohen, says in a new interview that his former boss’s undoing lies in scrutiny of his financial dealings.In an intervi…

thehill.com

 

[Knobby22]

I can't see the USA putting a President in Jail over tax fraud no matter how much he deserves it.
It would be embarrassing on the world stage and also imagine the problems of holding him in jail, including all the crazy Q fanatics.
He will get pardoned, no matter who is in power.

Personally, what I find more interesting in what foreign group lent him the money? Is it the Russians asI have heard, is it Putin himself? That would explain a lot.

 

[basilio]

US presidents only started disclosing there Tax returns from 1974. President Nixon had been exposed as cheating on his tax returns and incurred a $482,000 please pay.

Worth checking out the story.

 

[basilio]

I can't see the USA putting a President in Jail over tax fraud no matter how much he deserves it.
It would be embarrassing on the world stage and also imagine the problems of holding him in jail, including all the crazy Q fanatics.
He will get pardoned, no matter who is in power.

Personally, what I find more interesting in what foreign group lent him the money? Is it the Russians asI have heard, is it Putin himself? That would explain a lot.

This issue of who holds the Trump Organisation chits for $420m and the potential for blackmail or corruption that offers has been front and centre of observers.

 

[basilio]

The New York Times is steadily publishing a range of stories around Donald Trumps business career. The latest expose highlights:

1) How we trashed his $400m inheritance on a series of failed ventures
2) The huge success of "The Apprentice" in saving his business empire
3) The $400m plus loans he has borrowed in the last 8 years to keep his empire solvent as earnings from "The Apprentice" dried up.

How Trump's Apprentice earnings helped rescue his failing empire
Documents show president earned $427m from NBC reality show – which he used to cover vast real estate and casino losses

How Trump's Apprentice earnings helped rescue his failing empire

Documents show president earned $427m from NBC reality show – which he used to cover his vast real estate and casino losses

www.theguardian.com

 

[basilio]

The New York Times story on Donald Trumps business deals.

Tax Records Reveal How Fame Gave Trump a $427 Million Lifeline (Published 2020)

“The Apprentice” rescued Donald J. Trump, bringing him new sources of cash and a myth that would propel him to the White House.

www.nytimes.com

 

[satanoperca]

Seems Bas, you are the last man standing.

 

[moXJO]

Seems Bas, you are the last man standing.

Seriously?

Trump is worth nett $2.5 (or so billion) that's by a Forbes estimate among many others. So the above is a strain on the truth isn't it.

So no not interested in debating the rubbish put up all the time. If you are happy eating bs without the slightest fact checking, then by all means eat your fill.

 

[basilio]

Part One of Trumps history of Tax Avoidance and chronic losses.

Trump’s Taxes Show Chronic Losses and Years of Income Tax Avoidance (Published 2020)

The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

www.nytimes.com

 

[moXJO]

Here's an article on how Trump depreciates his income and a good estimate on his nett worth. Its a warts and all and not Trump favourable.
He is no where near broke either.

https://www.google.com.au/amp/s/www...his-750-tax-payment-even-more-scandalous/amp/

 

[basilio]

Here's an article on how Trump depreciates his income and a good estimate on his nett worth. Its a warts and all and not Trump favourable.
He is no where near broke either.

https://www.google.com.au/amp/s/www...his-750-tax-payment-even-more-scandalous/amp/

Excellent ! Clearly you read the article in full - which makes me wonder about your seeming rejection of the detailed New York Times stories on trumps financial dealings.

The Forbes article acknowledges and agrees with the facts outlined in NYT. The headline - yes-donald-trump-is-still-a-billionaire-that-makes-his-750-tax-payment-even-more-scandalous sums up both their story and NYT story.

They pick up on the questionable consultancy payments. They recognize the golf courses are giant money pits. They acknowledge the hundreds of millions of dollars in loans made to keep the business afloat. I suggest that after see the NYT article Forbes will be doing some more forensic accounting work.

I didn't say Trump was broke in the overall asset sense. Nonetheless businesses that can't pay their bills when they fall due go bankrupt.

In any case lets not get too precious about the veracity of Trumps assets. There is plenty of evidence that Trump lied his way into the Forbes 400 richest - basically for ego and to encourage more bunnies to buy into his BS.

Trump Allegedly Lied About His Wealth to Get on the Forbes 400 List in the 1980s

Trump Allegedly Lied About His Wealth to Get on the Forbes 400 List in the 1980s

Trump's net worth at the time was $5 million, not the billion he claimed.

fortune.com

 

[satanoperca]

Seriously?

Trump is worth nett $2.5 (or so billion) that's by a Forbes estimate among many others. So the above is a strain on the truth isn't it.

So no not interested in debating the rubbish put up all the time. If you are happy eating bs without the slightest fact checking, then by all means eat your fill.

If Donald told you to walk off a cliff, you would do it.

No evidence of the facts you present.

 

[moXJO]

Excellent ! Clearly you read the article in full - which makes me wonder about your seeming rejection of the detailed New York Times stories on trumps financial dealings.

The Forbes article acknowledges and agrees with the facts outlined in NYT. The headline - yes-donald-trump-is-still-a-billionaire-that-makes-his-750-tax-payment-even-more-scandalous sums up both their story and NYT story.

They pick up on the questionable consultancy payments. They recognize the golf courses are giant money pits. They acknowledge the hundreds of millions of dollars in loans made to keep the business afloat. I suggest that after see the NYT article Forbes will be doing some more forensic accounting work.

I didn't say Trump was broke in the overall asset sense. Nonetheless businesses that can't pay their bills when they fall due go bankrupt.

In any case lets not get too precious about the veracity of Trumps assets. There is plenty of evidence that Trump lied his way into the Forbes 400 richest - basically for ego and to encourage more bunnies to buy into his BS.

Trump Allegedly Lied About His Wealth to Get on the Forbes 400 List in the 1980s

Trump Allegedly Lied About His Wealth to Get on the Forbes 400 List in the 1980s

Trump's net worth at the time was $5 million, not the billion he claimed.

fortune.com

You were leading into that Trump is broke. That's not the case.

Here's the difference:
You keep posting half truths. It distorts from the whole story good or bad. I could give two shts if you posted what's actually going on. But you tell half the truth.

There's enough misinformation out there already. And you push a lot of it.

 

[basilio]

You were leading into that Trump is broke. That's not the case.

Here's the difference:
You keep posting half truths. It distorts from the whole story good or bad. I could give two shts if you posted what's actually going on. But you tell half the truth.

There's enough misinformation out there already. And you push a lot of it.

Nuh to all of it Moxjo.

Whether Trump is going broke or not is irrelevant to the issues raised by the exposure of his Tax returns. When Forbes Magazine thinks it is a scandal that he pays no tax there is a problem. When they go further and agree with the NYT that there are some clearly troubling accounting and governance issues the problem gets much bigger.

I post half truths ? Man your total contribution to the discussion on Trumps financial affairs is a determination to say that Trump gives his $400k Presidential salary to charity (love to know which one for the record.) and Biden only gives 2 percent. So in all that xhitstorm of dubious accounting, hundreds of millions of dollars in loans, demonstrated non profitability of so many Trump ventures, you can only offer that trinket of irrelevance.

Lets get real Moxjo. Al Capone was a noted supporter of the poor. Many of the biggest financial rogues in history make great play of their charity donations. It gives their supporters and enablers a fig leaf ( actually clover leaf) to cover the nakedness of their criminality.

And for what it's worth are you aware of how Trump and charity work ? He did set up his own foundation if I recall. The books weren't crash hot with that org either.

When Al Capone Opened a Soup Kitchen During the Great Depression: Another Side of the Legendary Mobster’s Operation

In response to the words 'American gangster,' one name comes to mind before all others: Al Capone.

www.openculture.com

Best Stories Of The Decade: “How Donald Trump Shifted Kids-Cancer Charity Money Into His Business”
https://www.forbes.com/sites/danale...charity-money-into-his-business/#63d15e9f4779

 

[moXJO]

Nuh to all of it Moxjo.

Whether Trump is going broke or not is irrelevant to the issues raised by the exposure of his Tax returns. When Forbes Magazine thinks it is a scandal that he pays no tax there is a problem. When they go further and agree with the NYT that there are some clearly troubling accounting and governance issues the problem gets much bigger.

I post half truths ? Man your total contribution to the discussion on Trumps financial affairs is a determination to say that Trump gives his $400k Presidential salary to charity (love to know which one for the record.) and Biden only gives 2 percent. So in all that xhitstorm of dubious accounting, hundreds of millions of dollars in loans, demonstrated non profitability of so many Trump ventures, you can only offer that trinket of irrelevance.

Lets get real Moxjo. Al Capone was a noted supporter of the poor. Many of the biggest financial rogues in history make great play of their charity donations. It gives their supporters and enablers a fig leaf ( actually clover leaf) to cover the nakedness of their criminality.

And for what it's worth are you aware of how Trump and charity work ? He did set up his own foundation if I recall. The books weren't crash hot with that org either.

When Al Capone Opened a Soup Kitchen During the Great Depression: Another Side of the Legendary Mobster’s Operation

In response to the words 'American gangster,' one name comes to mind before all others: Al Capone.

www.openculture.com

Best Stories Of The Decade: “How Donald Trump Shifted Kids-Cancer Charity Money Into His Business”
https://www.forbes.com/sites/danale...charity-money-into-his-business/#63d15e9f4779

Some of those tax arrangements were brought in under Obama and Biden . Clintons use them as do many in the US. And Trump has in fact and does pay sizable amounts of tax through corporations.
Many people use tax deductions. Do you reduce your tax at all?

Are you saying its illegal or just immoral? And then to what degree?
Everyone has their own limit.

If he has lost a sizable amount and its within the law then they will have to change the law. But as most know, the rich simply change tax jurisdictions. But he also pays more indirect tax then most people will in a lifetime.

As for the charity thing look harder. He was fined something in the $2million range by a judge.

 

[basilio]

Trump is currently fighting a legion of tax and personal law suits.
The knock out blow however could come from the current mega defamation suits around the repeated lies sprouted by Trump regarding the 2020 election and then amplified by Fox News and the lawyers in his camp.

Dominion: will one Canadian company bring down Trump's empire of disinformation?

Dominion has filed defamation lawsuits against several Trump allies for pushing election ‘radioactive falsehoods’ – could it triumph?

www.theguardian.com