Can someone explain how you can pay $750 a year in taxes but have a $70 million refund coming?

[Nevilledog]

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Tweet text: Eric Garland
@ericgarland
I'm not good at math. Can someone explain how you can pay $750 a year in taxes but have a $70 million refund coming?

John W. Dean
@JohnWDean
Buried in the NYT scoop is the reason Trump’s tax audit is ongoing is b/c it relates to his $70million refund. It must be approved by the Congressional Joint Committee on Taxation. That committee has 5 senators and 5 representatives. They’ve not approved! https://nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html?referringSource=articleShare

[Blue Owl]

1. Well well well, it looks like Dandy Donny is a WELFARE QUEEN

n/t

[SheltieLover]

2. Good point!

Now lock his ass up!!!

[Hoyt]

3. Don't think you can unless you paid some big taxes at some point

and then had some big losses. Even then, it’s questionable.

Of course, trump appears to qualify for the earned income tax credit. But, at best that’s $4000 or so a year. Poor pitiful loser.

[ALBliberal]

4. I was just wondering this same thing.

We don’t have a year by year breakdown. We know ten out of 15 years prior to 2016 (first $750 year) he paid no taxes. Typically to get a refund you have to either 1) make tax payments in a given year (unlikely for Trump) then request a refund when you file if actual taxable income is lower than what you estimated your payments on or 2) carry losses back to profitable years and request a refund by amending prior years.

Looks like we need more information.

[ProudMNDemocrat]

5. It just goes to show that WE pay more in taxes that that orange bastard does.

[Sneederbunk]

6. Creative bookkeeping.