Donald Trump's Income is LESS THAN $500,000/year. Either that, or he's just performed tax fraud!

[TheBlackAdder]

.

And when author David Cay Johnston appeared on CNN this morning he explained why the attorney’s statement on Trump’s finances was quite accurate—and why Trump isn’t as wealthy as he would have people believe.

Johnston recalled, “I revealed in 1990 that he wasn’t a billionaire, and Donald called me a liar until he had to put in the record documents showing he had a negative net worth of almost $300 million.”
.
.
“One of the things that we’re going to see is that his adjusted gross income in recent years was less than $500,000.”

“We know that because he got something in New York called the star property tax credit on his principal home, which is in Trump Tower. You only get that if your adjusted gross income is less $500,000.”

https://www.politicususa.com/2019/03/01/biographer-people-will-be-shocked-at-how-poor-trump-is.html


This is going to get very interesting.

Oh, and this would be New York State Tax Fraud -- He can't pardon himself out of this one.

.

[lark]

1. Grifting, fraud, cheating, tax fraud, treason, campaign finance violations, assault, rape -

is there any crime too low for him to commit?

[Historic NY]

2. NY State Star rules

[link:https://www.tax.ny.gov/pit/property/star/eligibility.htm|]


You must also provide proof of income as described on your forms.

[LastLiberal in PalmSprings]

3. To qualify for STAR, your income cannot exceed $86,300.

New York State School Tax Relief (STAR)

You may apply for STAR or E-STAR (Enhanced STAR) with the NYC Department of Finance if:
...
You currently receive STAR and would like to apply for Enhanced STAR. You may be eligible for Enhanced STAR if the total household income of all owners and resident spouses or registered domestic partners does not exceed $86,300.
...
The approximate benefit is a $646 tax reduction [in property taxes].

----------------
Now we know one reason Fat Donnie doesn't want his tax returns revealed; they're going to show he's a fraud and a cheat.

[lagomorph777]

5. I wonder whether he's been collecting the Federal Earned Income Tax Credit

because he's in hock to Putin?

[cannabis_flower]

19. That's for Enhanced Star

You qualify for Star if you make less than $500,000. Look at the chart below in your link.

[world wide wally]

4. If he was ever in an actual store, he would probably get busted for shoplifting

[littlemissmartypants]

17. I'd pay to see that. nt

[malaise]

6. Watch this - Cohen Documents raise questions about the Con's financial fraud

https://www.msnbc.com/rachel-maddow-show

[Grammy23]

7. Donnie likes to "play" with the numbers depending on what he needs them to do for him.

He inflated value of some properties like estates he has acquired to help increase his net worth. He deflates the value if he needs to cut corners on insurance or property taxes.

As David Kaye Johnson (and others) have said many times, he just makes sh*t up. Forget reality. He just knows how he wants it to come out and works backward from there to find the right numbers to give him that outcome. In other words, he cheats, lies and breaks the law. So what else is new?

[Bayard]

8. Does he take the presidential salary?

It's more than $86K.

[HipChick]

9. Isn't he supposed to be donating his salary?

when was the last time we heard anything about it?...

[oldsoftie]

25. He does donate it, but its still "income" BEFORE he donates it.

[cannabis_flower]

21. That's for Enhanced Star

Star is under $500,000 to qualify.

[NewJeffCT]

10. Another telling fact about his wealth

during the campaign, it came out that he had taken a billion dollar loss one year in the 90s and that for the next 20 years, he was able to write off his income because of that billion dollar loss and pay no taxes.

Having worked in accounting, this is a legitimate tactic. However, the writeoff goes away as soon as your income in subsequent years exceeds the writeoff amount.

But, if Trump bounced back the next year and made 1 billion dollars, the writeoff goes away after that 1 year. If he made half a billion in each of the next two years, it adds up to that 1 billion and the writeoff is gone after 2 years.

But, his combined income the next 20 years did not total $1 billion.

[PoindexterOglethorpe]

22. That's assuming he was honest about his income for that 20 years.

I'm sure he told his accountants something like, "Whatever you do make sure I don't lose the write-off for 20 years."

During that 20 years, wasn't he claiming to be a billionaire? I understand clearly that net wealth is very different from income, but still.

[forklift]

11. I can't wait to see the orange conman clown

wearing a matching jumpsuit.

[rickford66]

12. Can he collect unemployment if he's impeached ?

[littlemissmartypants]

18. .

[PoindexterOglethorpe]

23. I think that to collect unemployment you have to have worked for

a company that paid into the Unemployment fund (or whatever it is called) in your state. He's always been self employed until this recent government gig.

But interesting question, could a now unemployed President collect unemployment? Impeachment I believe would be the same thing as being fired for cause, and I think that most of the time if you were fired for cause you can't collect unemployment. I'm sure local laws vary.

[BSdetect]

13. I still wonder how he gets away with massive frauds when a friend on Soc Sec is audited?

[yaesu]

14. The IRS knows that taking on big money interests cost big money & their operating funds have been

cut yearly, they know they can go after the little guy & not have to fight attorneys who can tie up judgments for years. They rarely go after the uber rich.

[LiberalArkie]

15. I think Steve Jobs may was only $1 a year

[CaptYossarian]

16. I kind of hope the Repubs are in charge when he qualifies for Medicaid and food stamps.

His incessant golfing won't meet the work qualifications. And his little mushroom won't earn him a stud fee.

Of course, he will get paid once he starts making license plates with his three oldest devil spawn babies.

[ffr]

20. It must be Friday.

With truthiness News this terrific, it has to be!



Great post!

[oldsoftie]

24. I've said this was the reason he wouldnt release his taxes all along;

he cannot STAND the thought of people knowing how "little" he makes compared to what hes told them.

[Doodley]

26. This is old news, but the media have given him a free pass on it.

[DavidCayJohnston]

27. NOT fraud, but what Congress allows the ruch

I never said fraud. Congress let’s rich people especially those in real estate report tiny or negative incomes.

[former9thward]

28. The OP is confusing income with wealth.

You can be very wealthy and have a relatively low income -- especially if real estate is your source of wealth. I have no idea what Trump is worth but Forbes says he is a billionaire and they are considered the standard for wealth ranking. Also I trust the tax people in NY state. They have seen his returns and know what the situation is.