Politics Thread

[xubrew]

I’m missing something. Did Trump do something illegal on his taxes? Or did he follow the tax code to minimize his tax liability, like everyone does? I didn’t see that in the NYT article. Or is this just another Pre-election hit job the MSM is pulling on those who have no ability to think critically?

I don't think so, but I also don't think that's what most who were yelling that he make his tax returns public were really going for. I think they just wanted to show that he wasn't as rich or as successful as he was claiming to be. Since we pretty much all knew that anyway, there really isn't a surprise here. I still don't understand why he didn't just release them. It wasn't THAT big of a deal and his base sure as hell wouldn't have cared. They really don't care now, so...

[X-man]

So, you are completely ignorant of how it is supposed to work?

4 years ago has nothing to do with anything.

Hardly. Four years ago, President Obama submitted a name that everyone said would easily be confirmed by the Senate even with the 60 vote hurdle in place. But Bitch McConnell refused to allow the vote. Is that how it's "supposed to work"?

[paulxu]

I’m missing something. Did Trump do something illegal on his taxes?

I suspect it's possible he did do something illegal. I think the grand jury in NY is looking into his activity on his taxes.
It might be that artificially inflating his asset values to secure financing, then lowering them to avoid taxes is questionable.
I do like the sudden appearance of $4 billion worth of Brand valuation on his taxes.
I myself have a $8 billion Brand evaluation, but it's apparently not enough for an advance on bourbon at Dana's.

[xubrew]

Hardly. Four years ago, President Obama submitted a name that everyone said would easily be confirmed by the Senate even with the 60 vote hurdle in place. But Bitch McConnell refused to allow the vote. Is that how it's "supposed to work"?

To me, this is what really escalated it. Opposing one party in that situation but then supporting your own when it's in the exact same situation has not been the norm. Not just with the supreme court, but with the nomination of 105 other federal judges. Blocking all of them under one president, and then saying that filling those vacancies is a priority once the new president is in office was never the norm. If it was, then when did it happen?

Now, it is technically within the rules. But like I said earlier....do you REALLY want to open that door? There are also a lot of things the democrats can do that are technically within the rules if/when they win the presidency and get control of the house and senate. That could happen within a matter of months. But even if it isn't for another two years, or four years, or longer, it will eventually happen. IF you want the norms to change, then realize that the democrats can and will operate under those same parameters whenever it gets to be their turn again.

And, no. This is not how it is 'SUPPOSED' to work. Nearly half the country is not supposed to be made to feel that they aren't represented, nor should they be made to feel that the technicalities are being used against their representation. But, I think that's where we are heading (if we aren't already there).

[Juice]

I’m missing something. Did Trump do something illegal on his taxes? Or did he follow the tax code to minimize his tax liability, like everyone does? I didn’t see that in the NYT article. Or is this just another Pre-election hit job the MSM is pulling on those who have no ability to think critically?

alexandriabrown
@alexthechick
So. I finally read the NYT Trump tax story because I wanted to see what line was being reported for taxes owed and I came across this about the $750 in 2016 and 2017. Per the NYT own story, Trump actually paid to the US Treasury $1 million in 2016 and $4.2 million in 2017.

https://twitter.com/alexthechick/sta...58049858400256

[xubrew]

I suspect it's possible he did do something illegal. I think the grand jury in NY is looking into his activity on his taxes.
It might be that artificially inflating his asset values to secure financing, then lowering them to avoid taxes is questionable.
I do like the sudden appearance of $4 billion worth of Brand valuation on his taxes.
I myself have a $8 billion Brand evaluation, but it's apparently not enough for an advance on bourbon at Dana's.

I don't like Trump, but of all the handwringing coming from those that don't like him, going after his taxes always struck me as being kind of petty. I'm not an accountant so maybe I just don't fully understand this stuff, but the IRS presumably had them. If there was a problem with them, they would have presumably done something. They didn't. I thought it was a little silly that he was so defiant about releasing him because that is what people who run for public office normally do, but I never really thought it was anything more than that. I seriously doubt the guy does (or understands) his own taxes anyway.

[GoMuskies]

https://twitter.com/alexthechick/sta...58049858400256

I can't tell from that: did Trump pay $750 more in addition to his estimated payment when he filed for an extension, or did he end up getting a refund of the $1 million and $4.2 million because his total tax liability was $750? Not clear from the article/linked tweets.

[Juice]

I can't tell from that: did Trump pay $750 more in addition to his estimated payment when he filed for an extension, or did he end up getting a refund of the $1 million and $4.2 million because his total tax liability was $750? Not clear from the article/linked tweets.

No idea really. But I just don't think the NY Times article is proof of anything other than 1) he didn't break the law and 2) no enrichment from Russia. Everything else is Trump and his accountants doing clever tax work, which is whatever. I can't knock a guy for that.

[X-man]

https://twitter.com/alexthechick/sta...58049858400256

Since you are quoting from the NYT article, I thought that you probably should read a bit firther than you did to find your quote. Below is the NYT article reference for your edification:

"Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.

To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017.

When they got to line 56, the one for income taxes due, the amount was the same each year: $750."

Hope this is helpful in understanding what actually happened.

[GoMuskies]

If it's $750 on line 56, that suggests he got a refund of the $1 million and $4.2 million.