jollyroger's picture

    HRC to Trump: "One thing I did in my '30 years'--I shut your damn loophole!"

     

    Because he is utterly ignorant of the Tax Code and its ongoing amendments, (his professed mastery thereof notwithstanding) Deadbeat Donald has backed himself into yet another of his familiar intellectual trainwrecks.

     

    Some excellent "reverse engineering" of the origins of his $916 M tax loss has been provoked by the scrutiny which has come with what I believe Deadbeat Donald may, in the future, come to rue as his needless venture into political life.

     

    In the event, it appears that the quirk of wording which in 1995 enabled a clearly fraudulent practice to nonetheless be legal, was amended in 2002 under the signature, inter alia, of Hillary Cllnton, Senator.

     

    So, yes, asshole, in her thirty years in public life  she at least cleaned up a little of your stain.  

     

    And, by the way genius, any tax expert would have known that his loophole had been statutorily closed.  I guess unless they name it "The Trump Loophole", you don't notice.

     

     

    Comments

    True Fact: They could have called it the Trump Loophole--the year he took his 916M it was over 2% of the total taken under that section of the Tax Code.

     

    It was Yuuuuuge


    I see that Clintonoids have popped out at Business Insider that bastion of accurate reporting. This whole fable depends on something called an S Corporation which the author didn't even accuse Trump of having but 'IF' he did would have made the fable possible.  Trump did directly recieve a $1billion forgiveness of part of one of his loans during this time and he owed income tax on that forgiven loan amount but managed a deal with the IRS to take lower depreciation credits in the futuer to cover that tax debt, this was in addition to his other business losses.

    Trying to give the Red Queen credit for closing this loophole is hylarious, i doubt she read the bill and I also doubt she would have understood much of it. She is almost portraid as the Empress of the Senate waving her powerful wand to singlehandedly stop this injustice. In fact she was a powerless freshman Senator padding her voting record and going along with the crowd even if it was the correct thing to do.


    One thin most people agree on is that Hillary hyper-prepares for most things, but not Peter - he lives in the land of doubt when it comes to the Red Queen. Bad to speculate about The Donald, good to speculate about The Wicked Witch. Got it.


    Trump is a racist con man who will lose the election. Hillary will have 300 electoral votes. Trumpkins are willing to slither on their bellies to kiss Drumpf''s behind. Drumpf alienated Blacks, Asians, Latinos, Hispanics, those with college degrees, and women in all categories. Drumpf's base is white men who can't function in modern society. When the states get through with Trump University and the scam that is the Trump charity, Trump will have to work to stay out of jail. He will wind up in the same failed condition as his white male supporters. 

    Your attempts to divert attention to from the train wreck that is Donald Trump is filled with the sound of desperation. You confirm that Trump is a con man. Then you try to divert attention to Secretary Clinton by pointing out that she committed no crime.

    I agree with you on Trump's abysmal financial record. Despite getting millions from his daddy, Trump lost massive amounts of money. Trump will do the same thing to the country that he did to his businesses. He is unworthy to be considered for the Presidency. Thanks for pointing out Drumpf's horrible record as a businessman Peter.

    Edit to add: 

    The Orange Racist lost money during an economic boom. The 3 A.M. tweeter cannot be anywhere near the finances of the United States.


    Thanks  Peter. 

    So as you point out Trump's losses were a billion dollars more than he  reported in his (undisclosed) tax returns but that amount was forgiven by the lender(s) who just admired his golden locks and will certainly not ask some return from him when he's president.

    I'm looking forward to reading the- presumably soon to be issued- campaign biography

    The Art of the Deal-when you can't pay your taxes


    I'd hear the sequel was "What's the Big Deal?"


    I doubt you have operated a business or understand the  risks so your confusion about the difference between income and losses is understandable. The IRS views forgiven loans as taxable income so Trump had to list that $1billion as income on his return, it was a loss for the lender. This income would have canceled out the actual losses Trump claimed but the IRS agreed to defer the liability for that income and alow the tax to be collected indirectly by reducing depreciation allowances in the following years. This was all legal and proper according to the IRS who don't usually seek to destroy a business so they can collect their taxes over time with interest and penalties.

    The lenders who took the loss on this loan recouped some of their loss through their taxes just as Trump did on his actual losses and they took the loss to insure payment of the remainder of the loan. I think it's called a haircut and it is common practice. I think about half of new businesses fail within the first two years and lenders face these risks and take their losses along with their gains. This was twenty years ago so if the lenders are still alive they are probably retired and may even be Clintonoids now.


    I doubt that you have practiced tax law, or even numeracy. 

     

    Go back, read Barros (slowly--it's ok if your lips move).

     

    Then re-read what  you have written about the interaction of the debt forgiveness/imputed loss issue, with particular attention to the distinction between capital and operating losses, and then insert your head into the nearest dark dead end and seek the stars.


    So it was legal. Big whoop. So is abortion, but that doesn't stop the loonytunes from trying to keep women from getting them OR trying to make them illegal.

    My biggest problem with it is that he's trying to make himself out to be this excellent businessman, when he's really just a con man. His own "ghost writer" admits he created a fictional character that the world bought as being a real person.

    If he had put the money his dad fronted him into a money market fund he'd have more money now than he does. He lost an incredible amount of money in a business boom time, and at CASINOS - where the odds are in favor of the casino. He made so many stupid decisions as to be laughable, but daddy was there to bail him out.

    Then he figured out how to use his fake reputation to put his NAME on things, so he really didn't have to DO anything but galavant around and be a playboy, flitting from skirt to skirt, and flaunting his success at having all those great "pieces of ass." THEN the flim-flam man figured out how to use his celebrity to be a reality star, which is what he was really good at.

    And now he's talking about how he "brilliantly" used the tax code that he knows so well to avoid paying taxes, and turns out even THAT is a lie. He just provided his accountant with his papers, and the accountant figured out how to save him all the taxes. The accountant said he was completely clueless about the tax codes. But, he's really good at taking credit for the work other people do. 

    Finally people are starting to see that he really ISN'T the amazing businessman he claimed to be, so the only string he has left to play is his hatred. And that list is YUUUUUUUGE. The sad thing is that white, uneducated men and the women they control can't see that he hates them, too. Or maybe they just don't care. The enemy of my enemy is my friend, kinda thing.


    "We love the poorly educated"...


    I agree an unpayable loan doesn't always  indicate a loss Just mostly. Maybe it was contracted to buy an  asset intended  to be sold at a profit.

     But if you have a billion dollars of such  FISH (first in, still here) of course you're unlikely to be able to honor your obligations and, guess what, yesterday's  overdue loan=s tomorrow's loss. 

    As it happens I have run a business. 

     


    Except under the S Corporation, at tnis time,  income does not magically become losses and no one has claimed that Trump had a S Corporation or used this loophole only that it was possible 'if' he did. This loan was for $3billion and was probably used for the construction of the casino/resort, it was money already spent and if it was repaid i think only the interest paid could be claimed for tax purposes. The debt not repaid but forgiven and already spent became and remains income to the IRS no matter what it was used for. Trump's operating loss claimed on his tax return was the simple ,if large, difference between what it cost to operate the casino and what were its revenues.

    When i first learned about the almost immediate failure of these casinos to even break even i wondered how someone could lose money on a money machine gambling enterprise, it mads no sense. Everyone involved, Trump and his advisors, the bankers/investors and  Atlantic City saw a viable business plan and they all invested in this plan to revitalize a run down resort town and make some money.

    What they apparently didn't see was the smoke signals coming from the hinterland where the Tribes were pushing local and the  fereral government for their right to fleece the white rubes while feeding them delicious local foods and vegas like entertainment.

     


    "Smoke signals" indeed. The angry white male failures who form the majority of the Trumpkins blame minorities for the stupidity of the subset. The Orange Bigot tried to get Congress to buy into his racist rants in 1993 and 2000. Congress didn't bite. In 2000, the racist bigot had to pay $250K for smearing Native Americans in negative ads.

    http://www.thedailybeast.com/articles/2016/06/02/how-trump-smeared-nativ...

    Trumpkins always find some ethnic minority to blame. Drumpf is now telling his dim-witted minions to try to obstruct voting in minority communities. Drumpf also suggests immigrants will be voting in the Presidential election.

    Another racist Drumpf lie is exposed. Thanks for reminding all that Drumpf is a full-service racist and bigot. Drumpf's racism has been show to you repeatedly and you ignore the facts.


    Peter, you are embarrassing yourself with this nonsense. Trump is a failed businessman, still carrying a ton of debt.


    Good point--I believe there's 600 million plus still acknowledged.  If he's so fuckin' rich,why is he still paying interest to anyone?  Maybe that 600 mill is still unpaid from the 916 loss...ye olde parked debtes


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    Spot on Flavius. Though this comment could be a reply to virtually everything peter posts.


    Now that's funny.


    The  predictable follow on avalanche...


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