Current Events > Donald Trump paid only $750 in federal taxes in 2016 and 2017.

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billcom6
09/27/20 5:23:02 PM
#1:


SCOOP: Trump paid just $750 in federal income taxes in 2016, the year he won. He paid just $750 in 2017, his first year in office. And he paid no income taxes in 10 of the previous 15 years.

https://twitter.com/peterbakernyt/status/1310328645542645763

https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html

nb4fakenews

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#2
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billcom6
09/27/20 5:25:28 PM
#3:


Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.
He had paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made.
As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

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#4
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nexigrams
09/27/20 5:25:37 PM
#5:


Jesus, I knew he was faking being a billionaire, but I didn't realize it was to that extent. If that's all he paid he's either on the hook for BIG TIME tax fraud charges on January 20, or he's not even a millionaire, lol. Let alone billionaire.

That's a big yikes.

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billcom6
09/27/20 5:26:10 PM
#6:


The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Timess findings; additional articles will be published in the coming weeks.
The returns are some of the most sought-after, and speculated-about, records in recent memory. In Mr. Trumps nearly four years in office and across his endlessly hyped decades in the public eye journalists, prosecutors, opposition politicians and conspiracists have, with limited success, sought to excavate the enigmas of his finances. By their very nature, the filings will leave many questions unanswered, many questioners unfulfilled. They comprise information that Mr. Trump has disclosed to the I.R.S., not the findings of an independent financial examination. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. Nor do they reveal any previously unreported connections to Russia.
In response to a letter summarizing The Timess findings, Alan Garten, a lawyer for the Trump Organization, said that most, if not all, of the facts appear to be inaccurate and requested the documents on which they were based. After The Times declined to provide the records, in order to protect its sources, Mr. Garten took direct issue only with the amount of taxes Mr. Trump had paid.
Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015, Mr. Garten said in a statement.
With the term personal taxes, however, Mr. Garten appears to be conflating income taxes with other federal taxes Mr. Trump has paid Social Security, Medicare and taxes for his household employees. Mr. Garten also asserted that some of what the president owed was paid with tax credits, a misleading characterization of credits, which reduce a business owners income-tax bill as a reward for various activities, like historic preservation.

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Zikten
09/27/20 5:26:37 PM
#7:


Cpt_Pineapple posted...
fakenews

literally no
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#8
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DDirtyDastard
09/27/20 5:27:32 PM
#9:


Bezos pays zero. I don't see you calling him out.
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billcom6
09/27/20 5:27:36 PM
#10:


The tax data examined by The Times provides a road map of revelations, from write-offs for the cost of a criminal defense lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow.
Together with related financial documents and legal filings, the records offer the most detailed look yet inside the presidents business empire. They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image honed through his star turn on The Apprentice that helped propel him to the White House and that still undergirds the loyalty of many in his base.
Ultimately, Mr. Trump has been more successful playing a business mogul than being one in real life.
The Apprentice, along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Mr. Trump a total of $427.4 million, The Timess analysis of the records found. He invested much of that in a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s.

Indeed, his financial condition when he announced his run for president in 2015 lends some credence to the notion that his long-shot campaign was at least in part a gambit to reanimate the marketability of his name.
As the legal and political battles over access to his tax returns have intensified, Mr. Trump has often wondered aloud why anyone would even want to see them. Theres nothing to learn from them, he told The Associated Press in 2016. There is far more useful information, he has said, in the annual financial disclosures required of him as president which he has pointed to as evidence of his mastery of a flourishing, and immensely profitable, business universe.
In fact, those public filings offer a distorted picture of his financial state, since they simply report revenue, not profit. In 2018, for example, Mr. Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses.
Tax records do not have the specificity to evaluate the legitimacy of every business expense Mr. Trump claims to reduce his taxable income for instance, without any explanation in his returns, the general and administrative expenses at his Bedminster golf club in New Jersey increased fivefold from 2016 to 2017. And he has previously bragged that his ability to get by without paying taxes makes me smart, as he said in 2016. But the returns, by his own account, undercut his claims of financial acumen, showing that he is simply pouring more money into many businesses than he is taking out.

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DD Divine
09/27/20 5:28:17 PM
#11:


His fan base will love it. Theyll say hes smart for not paying taxes.

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DD Divine
09/27/20 5:28:32 PM
#12:


DDirtyDastard posted...
Bezos pays zero. I don't see you calling him out.


oh I do

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MuayThai85
09/27/20 5:29:25 PM
#13:


nexigrams posted...
Jesus, I knew he was faking being a billionaire, but I didn't realize it was to that extent. If that's all he paid he's either on the hook for BIG TIME tax fraud charges on January 20, or he's not even a millionaire, lol. Let alone billionaire.

That's a big yikes.
No, he's a billionaire. He's just paying himself via dividends and putting on paper that he has a much smaller salary. It's how rich people avoid paying taxes.

I know a guy who does this. He makes 300k/year but on paper it's only 50k. During the covid shit, both him and his wife have collected 14k each from CERB. They listed themselves as only making $900/month so that they could get it even though he makes more than that in a day.

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au_gold
09/27/20 5:29:49 PM
#14:


Lock him up! Lock him up!

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Boombam99
09/27/20 5:30:19 PM
#15:


As always he'll get away with it, because this life has a sick sense of humor.
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Irony
09/27/20 5:31:11 PM
#16:


Boombam99 posted...
As always he'll get away with it, because this life has a sick sense of humor.
You don't fuck with the IRS

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billcom6
09/27/20 5:36:57 PM
#17:


The low amount of taxes paid is only half the story. The reason for such low taxes, tremendous financial losses, show that Trump is actually really bad at running businesses.

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LostForest
09/27/20 5:37:55 PM
#18:


Taxation is theft

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3PiesAndAFork
09/27/20 5:40:20 PM
#19:


Irony posted...
You don't fuck with the IRS
You do if you're rich. The thing with The Joker saying you don't fuck with them is just a joke.

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TheMikh
09/27/20 5:41:25 PM
#20:


if i could get away with paying only $750 in taxes annually i'd be so comfy

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JBaLLEN66
09/27/20 5:41:40 PM
#21:


but #twosidesofthesmaecoin

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BlueTigerLion
09/27/20 5:43:37 PM
#22:


DDirtyDastard posted...
Bezos pays zero. I don't see you calling him out.

Yea. Imagine what can be done from the tax dollars from Bezo, Musk, etc. Too bad they are not running for president and haven't come out as a republicans or maybe they'd get more heat.

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TheVipaGTS
09/27/20 5:43:58 PM
#23:


Most working Americans don't even make $750 in 2 weeks...let that sink in for a moment...

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kinetika_
09/27/20 5:44:51 PM
#24:


TheMikh posted...
if i could get away with paying only $750 in taxes annually i'd be so comfy

Own/Run a business and you can. I do it, too. Trump and co aren't the only ones doing this.

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mach25687
09/27/20 5:46:07 PM
#25:


TheVipaGTS posted...
Most working Americans don't even make $750 in 2 weeks...let that sink in for a moment...
True

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ScazarMeltex
09/27/20 5:56:24 PM
#26:


billcom6 posted...
The low amount of taxes paid is only half the story. The reason for such low taxes, tremendous financial losses, show that Trump is actually really bad at running businesses.
Anyone who has followed the trajectory of his career businessman already knew that.

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#27
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Prismsblade
09/27/20 6:21:17 PM
#28:


TheVipaGTS posted...
Most working Americans don't even make $750 in 2 weeks...let that sink in for a moment...
Source?

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DarkRoast
09/27/20 6:30:23 PM
#29:


I pay 40% of my income in taxes. I think I have a right to be upset about this.

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Tyranthraxus
09/27/20 6:30:33 PM
#30:


DDirtyDastard posted...
Bezos pays zero. I don't see you calling him out.

Jeff Bezos paid $162 million in taxes in one year. That's a tax rate of about 1% sure but it's still much higher than 0%

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DarkRoast
09/27/20 6:32:44 PM
#31:


DDirtyDastard posted...
Bezos pays zero. I don't see you calling him out.

1) Whataboutism is a tactic of fascists and the USSR

2) Jeff Bezos isn't President of the United States.

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Antifar
09/27/20 6:34:02 PM
#32:


Jeff Bezos sucks too, and I don't think he's gone uncriticized for that fact.
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TheVipaGTS
09/27/20 6:52:46 PM
#33:


Yea why are people bringing up Bezos? He should pay more but he still paid more than 1k. Hes also not the President and attempting to win a 2nd term....but anyone who is criticizing Trump is for billionaires being taxed more so no idea why conservatives bring up Bezos as some sort of gotcha.

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CommonStar
09/27/20 6:54:34 PM
#34:


Mr. Trump harvested that refund bonanza by declaring huge business losses a total of $1.4 billion from his core businesses for 2008 and 2009 that tax laws had prevented him from using in prior years.

But to turn that long arc of failure into a giant refund check, he relied on some deft accounting footwork and an unwitting gift from an unlikely source Mr. Obama.
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TheGoldenEel
09/27/20 6:57:01 PM
#35:


DDirtyDastard posted...
Bezos pays zero. I don't see you calling him out.
Lol nobody fucking likes Jeff Bezos

also hes not president

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UnfairRepresent
09/27/20 6:59:30 PM
#36:


Everyone already knew this, hence why Trump never released his returns
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Smashingpmkns
09/27/20 7:01:45 PM
#37:


Didn't Trump openly admit that he didn't pay taxes in a debate 4 years ago? No one should he surprised by this but you should be mad as shit.
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DarkRoast
09/27/20 8:28:17 PM
#38:




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Tyranthraxus
09/27/20 8:29:53 PM
#39:




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Hexenherz
09/27/20 8:32:16 PM
#40:




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Raikuro
09/27/20 8:32:59 PM
#41:


Smashingpmkns posted...
Didn't Trump openly admit that he didn't pay taxes in a debate 4 years ago? No one should he surprised by this but you should be mad as shit.
https://www.cnbc.com/2016/09/26/ trump-brags-about-not-paying-taxes-that-makes-me-smart.html
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whitelytning
09/27/20 8:47:29 PM
#42:


Tyranthraxus posted...

Where did you find this? It's interesting. I had no clue kamala made that kind of money.

Maybe I'm jaded because I have some close friends that are tax attorneys but none of this is really surprising or wrong. It makes sense to try to lower ones tax liability. So as long as it's legal is kind if a meh for me.

Trump sucks and I hope he doesn't win but this tax thing isn't going to be the "gotcha" that people are hoping for.

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Hexenherz
09/27/20 8:55:36 PM
#43:


I'm more curious about what sort of international business dealings he has going on, but idk if that's going to be in this set of data.

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ultimate reaver
09/27/20 9:01:36 PM
#44:


its funny but no one will care and honestly never would have. people vote for trump mainly because they believe he's either going to give them free things or punish their enemies in some way, they have never cared about his integrity whatsoever. never got why twitter libz treated this as such a white whale for so long

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Frosted_Midna
09/27/20 9:13:53 PM
#46:


How come we Americans have to pay taxes then?

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sutree
09/27/20 9:14:12 PM
#47:


Tyranthraxus posted...
dang how is joe so rich

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Tyranthraxus
09/27/20 9:15:16 PM
#48:


sutree posted...
dang how is joe so rich
Think about how much Dick Cheney profited from the Iraq war.

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ScazarMeltex
09/27/20 9:50:14 PM
#49:


Tyranthraxus posted...
Think about how much Dick Cheney profited from the Iraq war.
Then think about how little he probably paid on taxes on that war profiteering.

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Tyranthraxus
09/27/20 9:52:13 PM
#50:


ScazarMeltex posted...
Then think about how little he probably paid on taxes on that war profiteering.
https://www.youtube.com/watch?v=9CS7j5I6aOc

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mech dragon
09/27/20 9:57:47 PM
#51:


Hell literally face no penalties for this. Yet another broken system in the US.

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