Intermarkets' Privacy Policy
Support
ę Alabama State Rep Who Said "We're Gonna Kill Them Now or Kill Them Later" in Defending Abortion Announces Senate Bid; Also Says That Democrat Senator Doug Jones Told Him, "I Know You're Right, But I Have to Come Out Against You" | Main | #Woke: Burger King Wants to Know If You Want a Side of Mental Health Awareness With Your Whopper Ľ
May 08, 2019

New York Times Bombshell Nothingburger: During the Period When Four of Trump's Businesses Notoriously Declared Bankruptcy, Trump Himself Suffered Losses and Paid Little Income Tax on the Money He Was Not Actually Making (Due to the Bankruptcies)

John Sexton digests the New York Times' bomshell report that when a man suffers four bankruptcies of major companies he owns, he's not making much if any money.

Sexton notes that the Times gets cagey about how they got these illegally-leaked documents. The Times claims they were from someone with legal access to the documents, as if legal access means "the legal right to release, without the taxpayer's permission."

Nice little soft-shoe there, Times.

Who had legal access to the information in Trump's returns? Is that the CPA or attorney doing his taxes during those years? Even assuming this person had legal access to the information, how is it legal to leak that information to the media? This Bloomberg primer on tax confidentiality suggests there are very few circumstances where a tax professional can reveal information without the express permission of the person involved. I'm assuming whoever leaked this information didn't have Trump's consent.

In any case, I'm not sure how much impact this is going to have. It's not as if the fact that his casino empire was a money loser was a secret until now.

Your stockbroker has legal access to money in your account, and limited permission to use it to buy and sell stocks on your behalf.

That doesn't mean he has the legal right to take all your money and give it to the New York Times.

Times deliberately deceives readers in trying very hard, and by convoluted, lawyerly language, to suggest that this leak is somehow legal.

But they want you trust their word about everything else they say.

The New York Times has a point, though: Should we trust the word of a business that loses so much money on a business deal? Should we trust the political judgment of a brain trust that loses a billion dollars on a single acquisition, for example?



By the way, there's also the consideration that taxable income is only partly correlated with actual income.

I saw the NYT spread on Trump's taxes. They are trying to turn it into a scandal. It's not a scandal. Trump is a real estate developer and real estate developers can almost always show losses. This is a total disinformation campaign that takes advantage of people not knowing the tax code.

...

I had dinner with a real estate developer a couple of years ago. He told me his goal was to build a building and only have it 60% occupied. That way, he could take a gigantic tax loss. So, like most things Trump, this is all about nothing.

...

When you lose money, you can roll the losses ahead. They call this tax loss carryforward. If you are an entrepreneur with a variable income you become infinitely familiar with this provision of the tax code. It's never a goal to lose money, but when you do itís nice that you can roll it forward as you dig out from the loss.

If memory serves, when Twitter and FaceBook-approved Conspiracy Theorist Rachel Maddow announced her BLOCKBUSTER! (nothingburger) Trump tax leak, it turned out that much of the losses in some years was just carried-forward losses from earlier YUGE years of losses.

The idea of this is simple: Let's say in one year you are absolutely wiped out. You lose one hundred million, and pay no tax.

The next year you earn $100 million.

How should you be taxed? You weren't taxed that one year you lost $100 million. But should you pay normal tax rates for the next year -- say, $50 million in federal taxes.

Or would a rational tax code look at these two years together and say that really, for both years combined, you actually made about zero dollars cumulatively?

Legislators have decided taxing half your money that second year wouldn't be a fair representation of your actual multiyear-term income, and so they let you take the losses from that one year and carry them over to reduce your income in later years.

But you know, we're in the End Times now, the Time of Chaos, and Democrats and their media masters (yeah, it's the media calling the shots now, especially social media tech monsters) will decide that following the law is now against the law.


digg this
posted by Ace of Spades at 07:15 PM

| Access Comments




Recent Comments
Guy Smiley: "Wait, Franklin Pierce got a university named after ..."

Joanne: "Drunk posting is a regular thing here. The only qu ..."

Mike Hammer, etc., etc.: " btw, what is the subject supposed to be for their ..."

Hadrian the Seventh: " Maybe Joe's face will melt like Toht's. ..."

Soothsayer, very senile: " In other words: Shiff and the Democrats con ..."

freaked: "Mooch doesn't want to be president. ..."

Christopher R Taylor: "[i]Thought experiment: how exactly would Schiff-fo ..."

eleven: ""Not who we are" Old Gold. ..."

ShainS [/b][/i][/s][/u]: "268 So will Joe be able to sneak in a ringer for ..."

Hands: "Did Joe Buck just call Astros pitcher Gerritt Cole ..."

Inspector Kemp: "Part of Trump's genius is two things 1) he sometim ..."

FenelonSpoke: " btw, what is the subject supposed to be for their ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64