Best headline! "Trump's Taxes Are the Best Case Yet for Putting Him in Prison"

[LymphocyteLover]

https://www.thedailybeast.com/trumps-taxes-are-the-best-case-yet-for-putting-him-in-prison
This Friday news dump is a huge deal, and should be the final nail in his coffin.
David Cay Johnston

Don’t let the cynics who know little about our tax system trick you into thinking there was nothing all that new or important in the six years of Donald Trump’s taxes released Friday by the House Ways and Means Committee. In fact, even if some of it was previously teased by the committee, the dump includes a cornucopia of information that affects your wallet—including powerful evidence of criminal tax evasion.

Among other things, Trump’s tax returns make a strong case for restoring the law that until 1924 made all income tax returns public. Newspapers back then ran long lists showing the income of and taxes paid by the wealthiest Americans. Knowing that your income, deductions, and tax paid will be publicly available can do far more to encourage honest tax-paying than audits, which are increasingly rare and increasingly superficial.

Not even 500 of the nearly 25,000 households reporting incomes of $10 million or more in 2019 were audited. That’s 2 percent—just 1 in 50. Only 66 audits were completed. People like Trump who earn money from legal sources can cheat like crazy on their tax returns with almost nothing to fear. That’s because fewer than 600 people at all income levels are convicted of tax fraud in a typical year.

[doc03]

1. If that is what it takes as a last resort. He needs punished for sedition, that is

the most serious crime. I don't give a damn about the taxes few millionaires pay their fair share of taxes anyway.

[LymphocyteLover]

9. Yeah. I only care about his taxes to the extent that he committed criminal fraud when he

reported them. I hope they can freaking nail him on something.

[FakeNoose]

2. New Year greetings, Chump

[Buns_of_Fire]

3. Donald Trump: El Capon.

Last edited Mon Jan 2, 2023, 02:14 AM - Edit history (1)

It just works for me on so many levels.

ETA: For those who may not recognize him, that's Al Capone, merrily living it up while his untreated syphilis is eating his brain away. And in other news, a "capon" is a castrated rooster.

[old as dirt]

8. Paper Lace The Night Chicago Died

[LymphocyteLover]

10. LOL! I do hope he suffers a similar fate or worse

[SoCalDavidS]

4. Sure Thing

I'll believe it when I don't see it.

[LetMyPeopleVote]

5. TFG use of Schedule Cs is really criminal

[jmowreader]

6. Why would it be?

His business is structured so all the income from it is reported on his personal tax return. And...the form you use to report business income is Schedule C.

If you want to end this practice - he does it because an LLC pays personal income tax rates, not corporate ones - then how about we pass a law, assuming we'll ever get the House back while we have control of the Senate and the White House, that says any business over a certain size, like receipts of at least $1 billion a year, has to be a Subchapter C corporation?

[LetMyPeopleVote]

7. How Trump brazenly took tax losses he knew were fraudulent

TFG is using Schedule Cs for "outside" business that have no revenue but only expenses. TFG was sued on this before and lost.

Link to tweet

https://www.msn.com/en-us/money/taxes/how-trump-brazenly-took-tax-losses-he-knew-were-fraudulent/ar-AA15JZ0N?ocid=msedgntp&cvid=0e0408ca42604dd1958cd16cbcb873ae

Donald Trump knowingly committed dozens of brazen tax frauds during the six years when he ran for office and was President, my analysis of the Congressional report on his tax returns and other documents shows. This explains why he fought all the way to the Supreme Court in a failed effort to keep his tax information secret.

One technique he used at least 26 times between 2015 and 2020 was as simple as it was flagrant. Trump filed sole proprietor reports, known as Schedule C, that showed huge business expenses despite having zero revenue. That created losses which Trump used to offset his income from work and investments, thus lowering his income taxes. Additional Schedule Cs had expenses exactly equal to revenues while only a few showed profits.

Trump knew this was unlawful because he lost two trials over his 1984 income taxes in which he did the exact same thing, a story I broke in June 2016. Both judges, in scathing opinions, ruled that Trump committed civil tax fraud.

That Trump persisted in using the same fraudulent technique in six years of recent tax returns is powerful evidence of mens rea or criminal intent. This device is not Trump’s most lucrative tax cheating technique, but it is the easiest for jurors to understand should Trump be indicted on tax charges......

This takes us back to 1984, by far Trump’s most lucrative year up to that point. Trump Tower opened at the end of 1983, and his first Atlantic City casino opened in the Spring of 1984. Rivers of greenbacks flowed into Trump’s accounts.

State and city auditors spotted a Schedule C consulting business that showed no fees or other revenue but more than $600,000 in costs. State and city auditors disallowed the losses. Trump appealed. I couldn’t find a record of the IRS taking any action.

In scathing decisions following administrative trials, judges for New York State and City ruled that Trump was not entitled to use losses from this supposed consulting business to offset his other income.