Trump is basically broke

[RandySF]

Here are some key takeaways:

Trump paid a total of $750 in federal income taxes in 2016 and the same amount in 2017. He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing more money than he made.

- In 2010, Trump actually received an income tax refund totaling $72.9 million — all the federal income tax he had paid for 2005 through 2008, plus interest.

-The legitimacy of that refund is apparently at the center of the audit fight he’s been waging with the Internal Revenue Service — the audit he regularly uses as an excuse to not release his tax returns to the pub

-Although Congress has gone to court seeking Trump’s tax records, some of these records were actually sent to the congressional Joint Committee on Taxation in 2011 and are presumably still there.

-Trump is personally responsible for loans of at least $421 million, with most of it coming due within four years. Should Trump be re-elected, his lenders would have to decide whether to foreclose on a sitting president as his income isn’t enough to pay them off.


-Trump is basically broke.





https://politicalwire.com/2020/09/27/key-takeaways-from-trumps-leaked-tax-records/

[no_hypocrisy]

1. What? Again?

[rufus dog]

2. basically broke, no

tRump is morally, ethically, and financially stone cold broke.

[The Velveteen Ocelot]

3. Worse than broke, he's insolvent.

Liabilities > assets = insolvent.

[Lucinda]

4. ❤️ ✿❧🌿❧✿ ❤️

[DeminPennswoods]

5. There should be a yard sign for this

nt

[soothsayer]

6. Maybe he should have taken his salary after all

Assuming he actually doesn’t

[struggle4progress]

7. Who's keeping him afloat? The Russian mafia?

[Blue_true]

8. Likely, with Putin's blessing. nt

[crickets]

11. No doubt. The worry for him is how long they will continue to do so. nt

[ProfessorGAC]

15. Nobody

He's been floating loans to pay down interest by inflating asset values, and failing to disclose total debt load since he took over the TO in 1981.
He probably still would have gotten away with going country to country floating more unsupported debt, but his ego made him do this president thing.
That upped the scrutiny, and made some country's banks angry with his derisive comments about their countries & leaders. (Example: blaming China for the virus just before a promissory period loan begins the payment schedule commencement. I'm sure those state bankers were thrilled!)
A lower profile might have allowed him to continue the scam but POTUS is the furthest from low profile one could get.
What a dolt!

[MustLoveBeagles]

9. K&R

[Wellstone ruled]

10. Yah,Buddy you are Upside Down!

Sounds like he and his Crime syndicate are running a Cash and Carry operation. Each year he hits the lenders up for the new appreciation,normal inflationary value,of his properties in a form of Cash to the new Valuations. And since he does his own back of the envelope Appraisals(wild ass guess's),what a deal.

Still up side down!

[Johnny2X2X]

12. What are his assets worth?

His golf courses? I don’t think he actually owns most Trump Towers.

If he owns a billion, owing 500 Million is not that bad.

[Celerity]

13. Hannity knows Trump's 'assets'

[ProfessorGAC]

16. In 2018, Moody's Report Said...

...the claimed $10.2 billion in assets was overstated by around 20%. So, probably $8 billion in 2016 or 2017. (The records they got from all the banks and insurance companies was at least a year old.)
A recent Forbes article downgraded the net worth again because the pandemic put strong downward pressure on commercial real estate values.
The asset base is likely down to under $7.5 billion, with at least 6.8 billion in debt.
A D/E ratio of 9.7, which is dreadful.

[LeftInTX]

14. He's probably laundering money to avoid paying taxes

[ProfessorGAC]

17. I Think He's Funding His Entire Life On Debt

Hence no income, no taxes.
You & I get a mortgage. We don't pay the taxes on that borrowed money, even though we get a house right now, out the deal.
Of course, we don't go bank shopping to get a seventh, eighth, ninth, and tenth mortgage by claiming our house is worth 10x of what it was when we moved in.
And, we actually plan on paying it back, without borrowing from another country's banks to cover the payments.
It's debt to support debt which supports debt which supports debt.
A house of cards that got blown on when he foolishly made himself the world's most scrutinized person by running for president.

[Buckeyeblue]

18. Good explanation...

A series of loans to make payments on loans. It's kind of like an Escher painting.