Donald Trump Acknowledges Not Paying Federal Income Taxes for Years

Trump's billion dollar deduction was with a net operating loss, not a capital loss. Small business capital losses are capped. Obviously, if Trump could take a billion dollar operating loss, operating losses are not capped. He also claimed depreciation, among other things. Isn't it a bit odd that he can depreciate real estate holdings at the same time they are appreciating in value?

In a country that claims personal responsibility, if you take a risk, you are either rewarded or punished, depending on the outcome, but you know that because it is a risk. When Trump made several very bad business decisions in one year, he palmed off his debt responsibility to shareholders who lost, and still got a huge tax deduction applicable for many, many years. Show me just one small business that could do the same.

As to the code being unfair, when wealthy people can get the attention of legislators, they can get the tax codes they want. Average Joe American, not so much.

 

I don't believe you can take depreciation on real estate. I think it's only applicable to capital equipment.

Actually, average Joe benefits tremendously from an unfair system. The child tax credit is unfair to single earners.

 

This just in.......trump admits taking a right hand turn at a red light!

 

Apparently you have knowledge that nobody but Trump his tax account have in their possession. Please enlighten us all exactly what Donald Trump has not paid in Federal, State, local, and sales taxes over the last twenty years.

 

breaking News.... new audio confirmed that donald trump took the free refill for his softdrink at Mcdonalds in 1994...... FREE.

Thats it ....he is done for sure now. Refill-gate has arrived!

 

Here's a reply: If you lose $916 million, you're a moron. I wouldn't want someone who's so bad at business managing the federal budget.

 

That about summarizes the new American conservatism: if you can get away with it, do it, integrity be damned. Some of us still believe that we're better than that.

 

I blame the morons who allow these kind of tax loopholes to happen.

 

Trump has admitted not paying federal taxes.....

Donald Trump Admits He Feels ‘Smart’ About Not Paying Federal Income Taxes During The Debate
http://uproxx.com/news/donald-trump-hillary-clinton-presidential-debate-income-tax/

Donald Trump admitted Sunday night he used a nearly billion dollar loss in the 1990s to avoid paying federal income taxes
http://www.nydailynews.com/news/pol...m-duck-paying-federal-taxes-article-1.2824288


Try to keep up.

 

So you are not for following existing laws. Check.

 

There's a penalty for not utilizing loopholes???

 

It's illegal to follow the law. Imagine if he had sent in $100million. Then when he got audited the IRS would give it all bad in a tax refund check because he overpaid.

If the Congress Critters want billionaire to pay taxes like the slaves have to then they would write it into law. Since they haven't written it into law it's obvious that they don't want billionaires to pay federal income taxes.

 

Its legal to over pay in your taxes.. I'm sure you knew this.... However who the hell who do it?

 

I read about Trump's depreciating real estate, that is actually appreciating in value, here...

Whether Average Joe benefits tremendously or not probably depends on how you define "tremendously." Average Joe doesn't have a way to avoid paying any federal income tax, especially over nearly two decades, but the rich, like Trump, seem to be able to do so. The child tax credit may be unfair to single earners, but it's not a big deduction… at least not compared to net operating losses.

 

You give extra money to government that you don't need to? If you don't then you are just a hypocrite.

 

Remember, crooks were elected by other crooks to write tax laws that will benefit them. It's been that way since Adam was a lump of dirt. They want a strong military with all of the latest toys but they don't want to pay a penny for it, they want the slaves to pay for all of it.

 

We have to get money out of politics, or we will continue down this same path. I'm hopeful, but not holding my breath, that the Supreme Court will overturn Citizens' United.

 

Trump is just following the law.

Wait a second, America is no longer a nation of laws or the rule of law. Well then the left may have an argument.

 

Another other mark of the new American conservatism: avoid discussing real issues by mischaracterizing your opponent's views. This was Trump all throughout the Republican primaries. I wonder what other traits of his the masses will adopt?

 

Clinton might appoint a judge that would,but Trump would not.

 

For the bold above…That's not just it though. He didn't just follow the law with his taxes. He personally lobbied for tax laws that would benefit him.

Not only that, but Trump's tax plan has been compared as similar to Reagan's. However, the very tax laws that Trump personally lobbied for reverted the changes that Reagan implemented.

 

Love ya dearly but I did not hear Trump say he did not pay Federal income tax for the last twenty years in either of those two links you provided so again I ask, what private information do you personally have that he paid no federal, state, local, or sales taxes over the last twenty years?
Personally, I really don't care if he did or did not pay taxes as long as he followed the law that were/are in existence. If you feel otherwise, please show us your tax returns where you overpaid and declined a refund so it could be used to research the sex life of ants and do they or not reach orgasm while copulating.

 

There's really no reason for Trump to want Citizens' United overturned. He admitted that he donated and then when he wanted something in return, those politicians were obligated. It works for Trump, but not the rest of us.

Clinton has pledged to push for a Constitutional amendment to overturn it. Whether she will be successful or not remains to be seen.

 

Exactly.. I mean, there is no point in hammering Trump for taking advantage of the tax code, especially when Hillary and her supporters, and most people in general, do the same, and there is absolutely nothing wrong with doing that. I know someone who will buy new cars in order to get a tax break. If we don't want people who are smart with their money getting these tax breaks, then they need to be stripped out of our ridiculous tax code.

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Citizens' United what? Or did you mean Citizens United?

 

Losing money comes with making money. Many great entrepreneurs have lost a lot of money.