Weekend Catch-Up: How Did Donald Trump Lose $916 Million?

[workinclasszero]

Weekend Catch-Up: How Did Donald Trump Lose $916 Million?
KEVIN DRUMOCT. 3, 2016 1:08 AM

It seems likely, then, that Trump's gargantuan loss was basically an accounting fiction of some kind.

John Hempton, an Australian hedge fund manager and former expert on tax avoidance for the Australian Treasury, has a theory that Trump may have "parked" the debt from his bankruptcies with a dummy party offshore, where it was never collected but never officially forgiven. This would allow him to declare $916 million in losses even though he never truly lost anything.

What was the point of all this? Most likely, the Times speculates, it was used as a tax loss carry forward, which allowed Trump to declare zero income—and thus pay zero taxes—for as long as 18 years.

http://www.motherjones.com/kevin-drum/2016/10/weekend-catch-how-did-donald-trump-lose-916-million

[raging moderate]

1. Come to think of it, during the debate, there was this odd moment.

During the debate, Trump suddenly got very hot under the collar while railing against government red tape and tax regulations that "wouldn't let" people bring their money back into the US! There was something odd about that.

[LAS14]

2. Yeah, THIS is the question.

We sure don't want to get into a fight about whether he should have donated to the government. But we sure don't want him in charge of closing tax loopholes!!!!

[beachbum bob]

3. all goes back to the best tax loopholes people like trump and corporation paid for

no more, no less.....perhaps this incident may snowball into actual tax reform but not with a conservative congress and why its important all democrats get off their asses and VOTE. When we all vote, we WIN

[workinclasszero]

5. Right

It will never happen under a republican controlled congress that's for damned sure.

[Skidmore]

4. Doesn't make him any less a leech

but is worse if true. No loss and no taxes either. We pay taxes and had to scrape together every last red cent we had saved one year to meet our obligation. There were no loopholes for us, only punishments if we didn't pay. No explaining this one away.

[workinclasszero]

6. It all just looks like a tax dodge doesn't it?

I don't recall my tax preparer telling me how I could fake bankruptcy and legally not pay taxes for 20 years.

I guess the billionaires in America play by a whole other set of rules, go figure.

[beachbum bob]

10. the tax laws and loop holes are bought and paid for by people and corporations like trump

.....the real problem becomes when he insults those of us who pay taxes.....AND he when rants on the state of our infrastructure, highways , schools and the rest.....the condition in which he and others like him are partly responsible for from not paying into the system their fair share

and then he likes like a complete fool demanding our NATO allies pay the US their fair share for protecting them....rank hypocrisy

[napkinz]

7. ...

[workinclasszero]

8. LOL!

[napkinz]

9. :)