NYT - Trump taxes

[weltschmerz]

Sept 28, 2020 8:29:22 GMT -5 oped said:

That’s how they caught it. Ivanka reported what he deducted. But you can’t pay consulting fees to an employee can you?

Ivanka has an unpaid position in the WH, but gets $700,000? I'd love to get an "umpaid" position like that.


President Trump’s daughter Ivanka Trump will be an official government employee and serve in the White House as an unpaid senior adviser to her father, the New York Times first reported Wednesday.

thehill.com/homenews/administration/326400-ivanka-trump-will-have-an-official-white-house-position

[Gardening Grandma]

Sept 28, 2020 14:26:47 GMT -5 mollyanna58 said:

Biden's campaign is capitalizing on Trump's taxes:

nowthisnews.com/politics/biden-campaign-trolls-trumps-stunning-tax-returns-with-cheeky-ad-merch

I just ordered mine.

[Tennesseer]

Sept 28, 2020 12:58:04 GMT -5 mollyanna58 said:

Sept 28, 2020 12:54:33 GMT -5 swamp said:

I'm not going to deduct things that are not allowed, like $70,000  in hair styling. 

To be fair, that unnatural looking coiffure must take a lot of effort.

[weltschmerz]

I paid $1,576.00 in taxes this year, and I live on small pensions!

[Tennesseer]

Sept 28, 2020 14:05:07 GMT -5 irishpad said:

Sept 28, 2020 12:58:04 GMT -5 mollyanna58 said:

To be fair, that unnatural looking coiffure must take a lot of effort.

To be fair, Trump should sue the hairstylist for ending up with such a fake hairstyle for $70,000.   My haircuts cost me about $1.50 a year.  (Taking the cost of the clippers I bought and depreciating the cost over 20 years.  lol)

Alexandria Ocasio-Cortez
@aoc

US House candidate, NY-14

Last year Republicans blasted a firehose of hatred + vitriol my way because I treated myself to a $250 cut & lowlights on my birthday.

Where’s the criticism of their idol spending $70k on hairstyling?

Oh, it’s nowhere because they’re spineless, misogynistic hypocrites? Got it.

[Deleted]

According to Scaramucci, trump does his own hair, which makes the $70K even more outrageous.

[thyme4change]

Sept 28, 2020 15:00:35 GMT -5 weltschmerz said:

Sept 28, 2020 8:29:22 GMT -5 oped said:

That’s how they caught it. Ivanka reported what he deducted. But you can’t pay consulting fees to an employee can you?

Ivanka has an unpaid position in the WH, but gets $700,000? I'd love to get an "umpaid" position like that.


President Trump’s daughter Ivanka Trump will be an official government employee and serve in the White House as an unpaid senior adviser to her father, the New York Times first reported Wednesday.

thehill.com/homenews/administration/326400-ivanka-trump-will-have-an-official-white-house-position

I thought she had a paid job with his company AND the company paid her a consulting fee for doing her job. That reduces profit and keeps the money in the family.

I don't think it was the government giving her a consulting fee.

[happyhoix]

Sept 28, 2020 17:40:37 GMT -5 @missrigby said:

According to Scaramucci, trump does his own hair, which makes the $70K even more outrageous.

I’ve read Ivankas description of how her dad does his hair, so yes I think he does the updo himself- I wonder though if that total includes Melanias cuts/color/ blowouts.
Or possibly just another blatant lie.

[TheHaitian]

Sept 28, 2020 18:04:44 GMT -5 thyme4change said:

Sept 28, 2020 15:00:35 GMT -5 weltschmerz said:

Ivanka has an unpaid position in the WH, but gets $700,000? I'd love to get an "umpaid" position like that.


President Trump’s daughter Ivanka Trump will be an official government employee and serve in the White House as an unpaid senior adviser to her father, the New York Times first reported Wednesday.

thehill.com/homenews/administration/326400-ivanka-trump-will-have-an-official-white-house-position

I thought she had a paid job with his company AND the company paid her a consulting fee for doing her job. That reduces profit and keeps the money in the family.

I don't think it was the government giving her a consulting fee.

amp.cnn.com/cnn/2020/09/28/politics/ivanka-trump-donald-trump-tacves/index.html

The 'consultants' are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.

"Ms. Trump had been an executive officer of the Trump companies that received profits from and paid the consulting fees for both projects — meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father's business."

So consider what we know, according to the Times reporting.

1) In at least two deals -- hotels in Hawaii and Vancouver, Ivanka Trump appears to have double-dipped -- serving as both a project manager in her official capacity as a senior staffer for her father's company and as a "consultant" to those same projects.

2) In those deals, Ivanka Trump's apparent categorization as a "consultant" allowed her father to write off three-quarters of a million dollars. (The IRS allows "consulting fees" to be written off as business expenses.)

[NancysSummerSip]

Sept 28, 2020 18:07:12 GMT -5 happyhoix said:

Sept 28, 2020 17:40:37 GMT -5 @missrigby said:

According to Scaramucci, trump does his own hair, which makes the $70K even more outrageous.

I’ve read Ivankas description of how her dad does his hair, so yes I think he does the updo himself- I wonder though if that total includes Melanias cuts/color/ blowouts.
Or possibly just another blatant lie.

Well, rakes and spray starch are expensive, after all.

And now we know why Melania's famous "I don't care, do u?" jacket made so much sense...she really doesn't. My bet is she jumps off this crazy train when it derails in November, files for divorce, hightails it back to NYC and leaves him like the tired, wrinkled, fat old golf-playing fart that he is, living in Florida. I think that MacNinny spokeschick will be the next Mrs. Trump. She fits in better in Palm Beach, with all the other young blonde airheads hanging on to their aging Lotharios. Except most of the others have money. DT is drowning in bills and debt, though I would think he's got cash stashed somewhere.

[flan327]

I read that she has a great prenup agreement that covers her son AND her parents as well

[NancysSummerSip]

Sept 28, 2020 18:25:59 GMT -5 flan327 said:

I read that she has a great prenup agreement that covers her son AND her parents as well

Good thing. She will need it. She isn't exactly going back to her old modeling gig at this point.

[thyme4change]

Sept 28, 2020 18:07:12 GMT -5 happyhoix said:

Sept 28, 2020 17:40:37 GMT -5 @missrigby said:

According to Scaramucci, trump does his own hair, which makes the $70K even more outrageous.

I’ve read Ivankas description of how her dad does his hair, so yes I think he does the updo himself- I wonder though if that total includes Melanias cuts/color/ blowouts.
Or possibly just another blatant lie.

He does his own hair, including cuts and colors? Or just normal everyday stuff, but still has someone service his hair otherwise.

70 is still outrageous.

[thyme4change]

Sept 28, 2020 18:25:59 GMT -5 flan327 said:

I read that she has a great prenup agreement that covers her son AND her parents as well

I read she renegotiated, or else she wouldn't move to the White House.

[Tennesseer]

The below is the only thing the IRS is investigating regarding trump and the IRS. trump is free to release everything else but he will not.   

A large refund has been crucial to his tax avoidance.

Mr. Trump did face large tax bills after the initial success of “The Apprentice” television show, but he erased most of these tax payments through a refund. Combined, Mr. Trump initially paid almost $95 million in federal income taxes over the 18 years. He later managed to recoup most of that money, with interest, by applying for and receiving a $72.9 million tax refund, starting in 2010.

The refund reduced his total federal income tax bill between 2000 and 2017 to an annual average of $1.4 million. By comparison, the average American in the top .001 percent of earners paid about $25 million in federal income taxes each year over the same span.

The $72.9 million refund has since become the subject of a long-running battle with the I.R.S.

When applying for the refund, he cited a giant financial loss that may be related to the failure of his Atlantic City casinos. Publicly, he also claimed that he had fully surrendered his stake in the casinos.

But the real story may be different from the one he told. Federal law holds that investors can claim a total loss on an investment, as Mr. Trump did, only if they receive nothing in return. Mr. Trump did appear to receive something in return: 5 percent of the new casino company that formed when he renounced his stake.

In 2011, the I.R.S. began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.

link

[happyhoix]

Sept 28, 2020 18:54:59 GMT -5 thyme4change said:

Sept 28, 2020 18:07:12 GMT -5 happyhoix said:

I’ve read Ivankas description of how her dad does his hair, so yes I think he does the updo himself- I wonder though if that total includes Melanias cuts/color/ blowouts.
Or possibly just another blatant lie.

He does his own hair, including cuts and colors? Or just normal everyday stuff, but still has someone service his hair otherwise.

70 is still outrageous.

Just the updo. So 70 k for cuts and color

[weltschmerz]

Donald J. Trump

@realdonaldtrump

·

12h

The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits..

First he said it was Fake News and now he's talking about "illegally obtained documents".
Well, which is it?

[seriousthistime]

Sept 28, 2020 18:04:44 GMT -5 thyme4change said:

Sept 28, 2020 15:00:35 GMT -5 weltschmerz said:

Ivanka has an unpaid position in the WH, but gets $700,000? I'd love to get an "umpaid" position like that.


President Trump’s daughter Ivanka Trump will be an official government employee and serve in the White House as an unpaid senior adviser to her father, the New York Times first reported Wednesday.

thehill.com/homenews/administration/326400-ivanka-trump-will-have-an-official-white-house-position

I thought she had a paid job with his company AND the company paid her a consulting fee for doing her job. That reduces profit and keeps the money in the family.

I don't think it was the government giving her a consulting fee.

Yeah, and people with more knowledge about tax laws can chime in, but I thought all money paid to an employee must be run through payroll. 

Years ago I ran a small business in retail office space.  The owner wanted someone to clean the place each weekend.  One of our employees really needed the money and volunteered to do it for $40 per week.  When we turned our records over to the accountant at the end of the year, she slapped our hand for that.  The $40 was supposed to be run through payroll, not paid out separately as an odd job that we could pay any outsider for. 

We couldn't pay an employee separately to scrub the toilets once a week, though we could pay someone else the same amount to do the same job without putting that person on the payroll.  Paying Ivanka as a consultant and an employee for the same company?  An obvious move to reduce Trump's income tax.  The other way to give her $750K would be to "gift" it to her, and to pay the gift tax.  But tax evasion is the goal.  I find that despicable for someone who wants to run the country.  Serve as president for a country you won't support financially despite claiming to be a billionaire. Classy move. 

Trump was not doing his own taxes.  He probably had a small army of people doing his taxes for him.  How they could ethically advise him to do this stuff and prepare tax returns that they knew violated the law is surprising, but then considering the sort of people he hung around with, I guess not. 

[Tennesseer]

Sept 28, 2020 18:21:28 GMT -5 NancysSummerSip said:

Sept 28, 2020 18:07:12 GMT -5 happyhoix said:

I’ve read Ivankas description of how her dad does his hair, so yes I think he does the updo himself- I wonder though if that total includes Melanias cuts/color/ blowouts.
Or possibly just another blatant lie.

Well, rakes and spray starch are expensive, after all.

And now we know why Melania's famous "I don't care, do u?" jacket made so much sense...she really doesn't. My bet is she jumps off this crazy train when it derails in November, files for divorce, hightails it back to NYC and leaves him like the tired, wrinkled, fat old golf-playing fart that he is, living in Florida. I think that MacNinny spokeschick* will be the next Mrs. Trump. She fits in better in Palm Beach, with all the other young blonde airheads hanging on to their aging Lotharios. Except most of the others have money. DT is drowning in bills and debt, though I would think he's got cash stashed somewhere.

*AKA Bullshit Barbie.

[dondub]

MAGAninny

[thyme4change]

Sept 28, 2020 22:26:41 GMT -5 weltschmerz said:

Donald J. Trump

@realdonaldtrump

·

12h

The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits..

First he said it was Fake News and now he's talking about "illegally obtained documents".
Well, which is it?

And then he said it was real and legal.

So, either he is broke, bad at business, or a tax evader or whatever...in which case, I am voting for Biden.

Or, the tax code is so fucked up a billionaire pays nothing in taxes. In hcih case, I am voting for democrats in hopes they close some of the loopholes.

I can't find a scenario or interpretation where this information shows Trump being the right man for the job. I'm sure plenty of people won't find this scenario enough to turn on him, as maybe it doesn't matter. But I can't figure out how anyone would be like 'hey, this guy paid no taxes- now I like him.'

[happyhoix]

The NYT said that they could show two instances of Ivanka getting paid about 750K for 'consulting' work - there were two checks for specific amounts - say $747,323, for example, that Trump counting as being paid to a 'consultant.' At the same time, Ivanka received a payment of $747,323 for her 'consulting' work. So those two times matched up perfectly. However, Trump spent up to 20 million a year on external 'consulting;' work, so it's possible he was writing other checks to other family members hidden as 'consulting' fees because they can be charged off taxes. 

It's not surprising he would set this kind of tax dodge up. His dad was a real estate tycoon, making a lot of his money building or rehabing apartment buildings. He set up multiple shell companies that appeared to be vendors who would provide painting services, replace fire risers, plumbers, etc. They were actually companies owned by his kids, and while Trump Sr would send over 20,000 to replace a bunch of old toilets in one of his buildings, his kids either didn't do the work at all, or did cheap, subpar work and kept the profits. This benefitted Trump Sr in two ways - he was able to transfer a lot of his wealth to his kids tax free before he died (if I'm not mistaken, when he died he had 400,000 to his name) and he could also increase the sales price of his buildings because he had the invoices to show that he'd just replaced the toilets, or painted the whole place, or replaced the boiler - when he either didn't do it at all, or did a very shoddy job of it. 

Like shitty father like shitty son.

[thyme4change]

Sept 29, 2020 12:50:12 GMT -5 happyhoix said:

The NYT said that they could show two instances of Ivanka getting paid about 750K for 'consulting' work - there were two checks for specific amounts - say $747,323, for example, that Trump counting as being paid to a 'consultant.' At the same time, Ivanka received a payment of $747,323 for her 'consulting' work. So those two times matched up perfectly. However, Trump spent up to 20 million a year on external 'consulting;' work, so it's possible he was writing other checks to other family members hidden as 'consulting' fees because they can be charged off taxes. 

It's not surprising he would set this kind of tax dodge up. His dad was a real estate tycoon, making a lot of his money building or rehabing apartment buildings. He set up multiple shell companies that appeared to be vendors who would provide painting services, replace fire risers, plumbers, etc. They were actually companies owned by his kids, and while Trump Sr would send over 20,000 to replace a bunch of old toilets in one of his buildings, his kids either didn't do the work at all, or did cheap, subpar work and kept the profits. This benefitted Trump Sr in two ways - he was able to transfer a lot of his wealth to his kids tax free before he died (if I'm not mistaken, when he died he had 400,000 to his name) and he could also increase the sales price of his buildings because he had the invoices to show that he'd just replaced the toilets, or painted the whole place, or replaced the boiler - when he either didn't do it at all, or did a very shoddy job of it. 

Like shitty father like shitty son.

Like shitty father, like shitty son, like shitty granddaughter.

It is a family tradition.

[PK Bucko]

Remember when nobody gave a shit about blow jobs in the oval office? it's the same with Trump's taxes. Nobody gives a shit. The people who do give a shit about BJ's in the oval office or the tax thing already hated the occupant. Nothing changes.

[oped]

Who is or is not getting a blow job impacts exactly the person getting or giving the blow job and potentially their own personal relationships. 

Fraud. Owing hundreds of millions of dollars to who the fuck knows who... that impacts ME. That impacts My Country. 

Not even close. Unless you want to title them both under the umbrella of someone's getting fucked. Even then, not the same. 

[dondub]

Sept 29, 2020 13:17:04 GMT -5 PK Bucko said:

Remember when nobody gave a shit about blow jobs in the oval office? it's the same with Trump's taxes. Nobody gives a shit. The people who do give a shit about BJ's in the oval office or the tax thing already hated the occupant. Nothing changes.

He was impeached over that blow job and half the country was ecstatic he might be removed. The other half thought that half was nuts. So yes, people did care about the BJ.

[thyme4change]

I don't think anyone cared about JFK's in-office blowjobs, or probably 75% of the Presidents before Carter. But that was before women had any bodily autonomy, so whatever.

[swamp]

Sept 29, 2020 13:17:04 GMT -5 PK Bucko said:

Remember when nobody gave a shit about blow jobs in the oval office? it's the same with Trump's taxes. Nobody gives a shit. The people who do give a shit about BJ's in the oval office or the tax thing already hated the occupant. Nothing changes.

blow jobs aren't illegal.  Money laudering and tax evasion is.  

[swamp]

Sept 29, 2020 13:21:41 GMT -5 oped said:

Who is or is not getting a blow job impacts exactly the person getting or giving the blow job and potentially their own personal relationships. 

Fraud. Owing hundreds of millions of dollars to who the fuck knows who... that impacts ME. That impacts My Country. 

Not even close. Unless you want to title them both under the umbrella of someone's getting fucked. Even then, not the same. 

Well, unless Trump is giving Putin the blow job, metaphorically or literally, then I care. 

[The Walk of the Penguin Mich]

Sept 28, 2020 18:25:59 GMT -5 flan327 said:

I read that she has a great prenup agreement that covers her son AND her parents as well

It’s going to be worthless if his debts are called due.