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The TRUTH about Trumps Tax Payments in 2016/17 burried in the NYT's own article.

Posted by $ Olduglycarl 2 months ago to News
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[]"the Times reported that in addition to the $750 paid each year, the president paid the U.S. Treasury an additional $1 million in 2016, and $4.2 million in 2017."

"Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years."

"To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017."

"When they got to line 56, the one for income taxes due, the amount was the same each year: $750."

(It's Downright UnAmerican not to take every tax break provided by the Government and the IRS.)
Just try and tell me demo's don't take available legal tax breaks too!
SOURCE URL: https://www.bizpacreview.com/2020/09/28/trump-tax-return-story-includes-its-own-fact-check-he-paid-to-us-treasury-1-mil-in-2016-and-4-2-mil-in-2017-978256


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  • Posted by TheOldMan 2 months ago
    To me the real issue here is who leaked the returns to the NYT?
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    • Posted by $ gharkness 2 months ago
      Yes. That is a felony of huge proportions. In my previous job I had access to the tax returns of many people whose names are quite famous, including many politicians. If I had so much as ever breathed the fact that I had the
      ability to see those returns - OR - HORRORS! mentioned a name....I'd probably be in jail right now. That's without even disclosing the numbers!
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      • Posted by Orwellian 2 months ago
        This is a federal crime to disclose with out permission. So the NYT most likely paid for the information making them a criminal organization. If they deny it then its libel, sue the bastards.
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    • Posted by $ allosaur 2 months ago
      Apparently an inside job brought to us by the Obamanation who weaponized the IRS.
      But oops. Perhaps the above statement is not fair to the traitor who is still yet an Obamanation.
      On second thought, any lib IRS control freak afflicted by TDS coulda done it on his or her or its own.
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  • Posted by GaryL 2 months ago
    Ask any multi millionaire or billionaire how much they paid in income taxes in any previous year and the only honest answer any of them could possibly give is "Ask my tax accountant firm". They pay massive $$$ to have the very best firms make sure they pay the very least according to the tax codes and that is exactly how it should be. If we don't approve of this then blame it on Congress.
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  • Posted by $ Thoritsu 2 months ago
    Well said. Trump didn’t pay a lot, ok. Was it illegal? No. Who made it legal? You idiots.

    Flat rate tax, no deductions, balance budget except in wartime. Repeal the 16th amendment.
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  • Posted by $ 2 months ago
    "Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.

    Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that."
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  • Posted by 25n56il4 2 months ago
    Well I worked for an Actuary for 9 years and observed the IRS in action first hand. I even set the investigator up with his own office and phone.
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    • Posted by 25n56il4 2 months ago
      The IRS audited my tax returns for two years in a row. When they tried year 3, I wrote them and assured them I had the right to file an amended return and I had found a mistake in their favor. They sent me a letter 'return is accepted as filed'! No more audits.
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    • Posted by $ gharkness 2 months ago
      I worked for >6 years in a CPA firm run by two ex-Agents. I think that I was probably the only CPA in the office that hadn't previously worked for the IRS.

      One ex-agent in particular was somewhat concerning. He worked in the CID (Criminal Investigation Division) and carried a gun. Now I'm all in favor of guns, but this guy was a nut-job. He was always coming up with some crazy
      theory of how someone "done him wrong," and he ended up going off the deep end. Fortunately, without a gun, since he didn't work for CID any more.
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