The Detroit Post
Wednesday, 01 December, 2021

Donald Trump Taxes

author
Bob Roberts
• Tuesday, 24 November, 2020
• 8 min read

The revelations threaten to damage Trump ’s repeated claim to be a successful businessman and therefore a capable steward of the US economy. He faced a possible hit of “more than $100m” if he lost “a decade-long audit battle with the IRS over the legitimacy of a $72.9m tax refund that he claimed, and received, after declaring huge losses”.

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(Source: www.nytimes.com)

Contents

He has long resisted demands by political opponents and the media to release decades of tax information. “Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television,” the Times reported on Sunday.

Alan Garden, a lawyer for the Trump Organization, told the Times that “most, if not all, of the facts appear to be inaccurate”. Ryan Thomas, a spokesperson for the progressive advocacy organization Stand Up America, said: “Four years ago, Donald Trump broke decades of precedent when he refused to release his tax returns to the public.

• The headline on this article was amended on 28 September 2021 to remove a suggestion that the New York Times had published the actual tax returns. The Times report that Trump paid no federal income tax in 10 of the 15 years from 2001 through 2015.

For example, the Times reports Trump claimed $162.3 million in losses through 2018 from his Doral, Florida, golf resort alone. Someliberalcommentators are jumping on this to say Trump is broke, a shitty businessman who has frittered so much of his wealth away on failing ventures that he is now strapped for cash.

Of course, Trump inherited a huge amount of wealth, which could explain a lot of his consumption. His tax returns said he lost more than a billion dollars during this period, which was before his father even died.

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(Source: www.politico.com)

It’s more accurate and more powerful to say he’s a plutocrat with a high income who manipulated the tax code in a way that was unusual even for a very rich person, and who has used his power in office to make the tax code even more favorable to rich people like him. New York Times publishes Donald Trump ’s tax returns in election bombshell.

Trump has said it “is certainly possible” Amy Coney Barrett will be part of a supreme court decision overturning Roe v Wade, the 1973 ruling which made abortion legal in the US. Trump ’s suggestion that he might not cede power if he loses the election to Joe Biden is “a gift to our adversaries”, the former national security adviser HR McMaster said on Sunday, though he added that “even talking about” the US military removing the president if necessary was “irresponsible”.

For Democrats and supporters of Biden’s presidential campaign, the hope is that the version of the former vice-president who faced then congressman Paul Ryan back in 2012 shows up to debate Trump on Tuesday in Ohio. Breonna Taylor protests: legislator accuses police of detaining her on false pretenses.

A Kentucky legislator who was arrested during demonstrations over the Breonna Taylor case has accused Louisville police of detaining her and about 20 allies on false pretenses and called for charges to be dropped. Don McCain, the former White House counsel credited as an architect of Trump ’s makeover of the federal judiciary, has defended Amy Coney Barrett’s nomination to the supreme court, declaring the conservative judge he vetted was “the right person at the right time”.

A federal judge in Washington will decide later on Sunday whether to block a Trump administration order banning Apple and Google from offering TikTok for download. NFL great Joe Montana and wife Jennifer save grandchild from kidnapping.

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(Source: www.breitbart.com)

The former San Francisco 49ers quarterback foiled a kidnapping in his Malibu home on Saturday evening. A federal appeals court on Sunday temporarily halted a six-day extension for counting absentee ballots in Wisconsin’s presidential election, a momentary victory for Republicans in the one of the key battleground states.

Democrats sought more time as a way to help deal with an expected historic high number of absentee ballots. The Democratic National Committee, the state Democratic Party and allied groups including the League of Women Voters sued to extend the deadline for counting absentee ballots after the April presidential primary saw long lines, fewer polling places, a shortage of workers and thousands of ballots mailed days after the election.

Photograph: Joshua Roberts/Getty Images Donald Trump has dismissed the New York Times revelation of his tax information as “fake news”. He’s then asked whether he was joking about demanding Joe Biden take a drug test before Tuesday’s debate.

Donald Trump has spent more than 10 minutes riffing on an array of baseless conspiracy theories: Hunter Biden, the impeachment “hoax”, widespread voter fraud and more. “We have noticed some comments made in the media about my incredibly qualified nominee, Amy,” Trump says in opening Sunday afternoon’s news conference from the White House podium as Rudy Giuliani and Chris Christie look on from the wings.

The tradition ensures that an official with the power to shake markets and change policy does not seek to benefit financially from his actions.” In fact, he has fought relentlessly to hide them from public view and has falsely asserted that he could not release them because he was being audited by the Internal Revenue Service.

(Source: www.hiphoplately.com)

More recently, Mr. Trump and the Justice Department have fought subpoenas from congressional and New York State investigators seeking his taxes and other financial records.” Donald J. Trump paid $750 in federal income taxes the year he won the presidency.

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. The Times report also reveals the financial pressure on Trump is mounting as he is personally responsible for loans and other debts totaling $421m, with most of it coming due within four years.

“Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president,” it reads. The Washington Post has published an investigation on Donald Trump ’s seizure of his father’s estate while the future US president faced personal financial ruin in 1990.

Notably, Michael Spanish’s piece does not rely on any anonymous sources, rather audiotape conversations, depositions and other public documents: Donald Trump was facing financial disaster in 1990 when he came up with an audacious plan to exert control of his father’s estate.

His creditors threatened to force him into personal bankruptcy, and his first wife, Ivana, wanted “a billion dollars” in a divorce settlement, Donald Trump said in a deposition. So he sent an accountant and a lawyer to see his father, Fred Trump Sr., who was told he needed to immediately sign a document changing the will according to his son’s wishes, according to depositions from family members.

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(Source: www.politico.com)

It was a fragile moment for the senior Trump, who was 85 years old and had built a real estate empire worth hundreds of millions of dollars. He would soon be diagnosed with cognitive problems, such as being unable to recall things he was told 30 minutes earlier or remember his birthdate, according to his medical records, which were included in a related court case.

Now, those records and other sources of information about the episode obtained by The Washington Post reveal the extent of Fred Trump Sr.’s cognitive impairment and how Donald ’s effort to change his father’s will tore apart the Trump family, which continues to reverberate today. The recent release of a tell-all book by the president’s niece Mary L. Trump and the disclosure of secret recordings of her conversations with her aunt reflect the ongoing resentment of some family members toward Donald Trump ’s attempt to change his father’s will.

Formal talks between Pelosi, Senate Democratic leader Chuck Schumer, Mnuchin and the White House chief of staff, Mark Meadows, aimed at hammering out a relief package broke down on 7 August with the two sides far apart. With formal Covid-19 relief talks stalled for weeks, the house ways and means committee chairman, Richard Neal, on Thursday said Democratic lawmakers were starting to draft a bill totaling at least $2.2tn.

Pelosi on Sunday said it was “definitely a possibility” that she would offer legislation in the coming days if the impasse with the Trump administration continued but said she would rather have a deal with the White House than a “rhetorical argument”. Pelosi and Schumer had originally sought a $3.4tn relief package but have scaled back their demands.

The White House has announced Donald Trump will hold a news conference in the Brady briefing room at 5pm as the US senate prepares to begin the confirmation process for Amy Coney Barrett. Republican lawmakers have floated 12 October as a possible start date for Senate judiciary committee hearings.

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(Source: www.thedailybeast.com)

But if there is one person connected to Trump who should be doing victory laps right now it is Don McCain, the former White House counsel and Federalist Society mover and shaker who put up with no end of what is technically known as shit, in order to see the judges project through. And he is doing victory laps, telling CBS Face the Nation earlier Trump “made a number of promises on the campaign trail, one is his judicial selection, which he’s done.

McCain was subject to truly astonishing pressure, stress and abuse before he finally left the White House. Biden returned to his theme from earlier remarks about the process for replacing Ginsburg, lamenting Republicans’ determination to rush Amy Coney Barrett on to the court in defiance of their own precedent, if not of any actual constitutional provision.

And yet, the Trump administration is asking the supreme court right now to eliminate the entire Affordable Care Act. If he has his way, more than 100 million people with pre-existing conditions like asthma, diabetes and cancer could once again be denied coverage.

Complications from Covid-19, like lung scarring and heart damage, could become the next flood of pre-existing conditions used as an excuse to deny coverage to millions. President Trump sees a chance to fulfill his explicit mission to steal away the vital protections of the ACA from countless families who have come to rely on them for their health, their financial security, and the lives of those they love.

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