Once again the New York Times attempts to make an issue out of President Trump’s real estate holdings working as a tax shelter and reducing income taxes.
In the article the Times completely obfuscates the way income taxes are strategically offset by depreciation, mortgage interest and the entire reason why real estate ownership is viewed as a business.
John Carney writing for Breitbart gets it:
[…] So imagine our guy took out an $8 million mortgage at five percent, paying $2 million cash. Now he’s got to pay $400,000 in mortgage payments. He wants to make at least that much so he charges tenants an aggregate of $425,000, which after upkeep comes out to $410,000 of net income. (Remember, if the bank didn’t think he could make more in rent than the mortgage payment, it probably wouldn’t have lent him the money.) The interest payment on the loan–let’s call it $390,000–is deductible from his income, leaving him with $20,000 in net income. He gets to keep that and pay no taxes on it, however, because he still gets to apply the $370,000 depreciation charge. He tells the IRS he lost $350,000.
Under our tax code, ordinary business expenses can be deducted in the year they are incurred. But when a business pays for a long-lasting item expected to produce income–like machinery, vehicles, or an apartment building–it is considered a capital investment. Instead of getting to write-off the cost all at once, the business is required to write it off over the course of decades. After the 1986 tax code, this was set at 27.5 years for residential real estate. (more)
Anyone who has ever operated a business knows that offsetting income is one of the primary reasons to be self-employed. Additionally, the Times completely skips over the tens-of-millions in payroll taxes paid by the Trump organization and tens-of-millions in property and sales taxes paid by all of the various Trump properties.
In the commercial real estate market it is common sense to offset income tax liabilities with a host of valid annual expenses, long-term capital depreciation and mortgage interest payments. With over 500 individual business entities within the Trump organization the ability to offset income in one asset with expenses in another is simply good accounting.
Additionally, President Trump donates his $400,000 government salary back to the U.S. government. So to accuse President Trump of only paying $750 in income taxes totally ignores all of the other donations and tax payments he makes.
In practical terms no President before Trump has ever had his actual business portfolio so deeply connected to the success of the American economy. It doesn’t cost the American taxpayer a dime to have President Trump in office…. Now let’s figure out how DC politicians making $200k/yr are able to become multi-millionaires while holding office.
Anyone?
While the squad was all dipping into campaign funds for wages/ salaries, Donald Trump obviously campaigned hard for free.
How? Bribery! Full Stop!
Bribery, kickbacks, insider trading, campaign slush funds, foundations (ahem), money laundering through “book deals”, extortion, blackmail, quid pro quo (“well son-of-a-b!tch, he got fired).
I said back in August that the October surprise would include Trump’s Tax returns.
It’s not October yet.
Leftists struggle with complex stuff like a “calendar”.
Tooo funny
And math!
It’s being speculated that they had to spring it early to offset the Bidens’ Russian capers. Timed to cancel Republican advantage in the ‘debate.’ Ha Ha Ha! Can we say ‘desperate’?
POTUS will no lose one voter because he made lots of money and used the rules to minimize his taxes. They will never get it.
Timed for the first debate in case Hunter’s dad decides to show up…and can even remember what a tax return is….
LOL!!
It is really pretty simple, once you think about it.
The term “October surprise” has been used by political opponents by releasing a “harmful political bombshell” right before an election for many, many years. Now that we have early voting in so many states, for sometimes way more than a month, the ‘surprises’ need to drop earlier to account for and sway the early voters.
We use many outdated phrases that have changed due to the the changing times. My grand kids still understand the phrase ‘dial tone’, but have never used a dial phone. So just like the terms ‘conservative’ and ‘liberal’ don’t mean what they use to, we still use those terms. An ‘October Surprise’ can happen in just about any month.
We have early voting so you got to roll out multiple surprises.
No one cares about President Trump’s tax returns except those that aren’t going to vote for him anyway. Those same people don’t care that Joe Biden has dementia and will vote for him. These are the same people that rejoiced whenPresident Reagan win he announced he had Alzheimers. The only thing that will stop people like this is death. At that time the Almighty God will deal with them…one way another.
Sorry for the obvious grammar mistakes.
Actually……………….even death doesn’t stop a Democrat.
I just hope they have a line on who did the leaking- and they punished swiftly and publicly. I’m so tired of the leaks. It goes without saying that Wray won’t do a thing (other than look under his bed for white supremacists…)
They had this for while, you think anything is secret anymore? Everything is in their view. Look up how many times you are recorded in a day without your knowing.
Exactly Pale rider…..
I cannot believe that people still use G00gle…. knowing they
use every word one utters online as a political, legal, wedge against us.
No longer welcome on my ‘puter.
Yep
Foreign ? Favors
Has it actually been proven that the NYT has his taxes and is not just making the whole thing up? If they did get his taxes, they were obviously obtained illegally and whoever leaked them should be facing some kind of penalty.
In the end, it will change very little since Democrats helped to write the tax code and Trump supporters know the NYT is an anti-Trump, fake news organization.
If Trump had low taxes it is only because he had lots of deductions. Every wealthy person knows the game.
My father, the plumber, had a friend back in the day… a very successful businessman… owned a paper company, and I think a lightbulb factory, can’t remember. During a discussion on income tax or write-offs or whatnot, his friend told him : “John, I don’t pay taxes. You pay taxes.”
The point he was probably making is businesses do not pay taxes, their customers do, It is a common liberal tactic to get support for higher business tax from the gullible thinking they are socking it to the “rich” who are then surprised when the price for that good or service goes UP. Can we say DUUUUUUH?
Businesses pay plenty of taxes…payroll, social security, etc. The pay taxes on the products they buy and sell. Those are all deductible for the business as a whole. When you have a good year you buy so that what you buy is deductible over the long term so rather than pay the government you grow your business.
You MISS the point. Any tax liability to a “business” is built into THEIR price. BUSINESSES do NOT pay taxes, their CUSTOMERS do. if you raise taxes then their prices HAVE to go up to meet the new higher cost of business.
It is truly shocking, not only the number of people who don’t know this, but also the number of people who cannot conceive of what you mean.
Oh, I did miss your point. Thanks,
And that used to be a hint for the rest of us now, it’s shunned by the zombie public. Make up your mind antifa, BLM, msm, are we for taxes or not, Cause I’m not.
Personally, I think the prospect of his taxes NOT being leaked quite a while ago… like a couple years ago, if not more… is pretty slim. Remember the Treasury employee running around with a thumb drive full of Suspicious Activity Reports on Manafort and other confidential stuff? Oh yeah… you can multiply that Deep State winner by like 10,000.
I think that’s why the House has been desperately trying to get their hands on his returns… ‘cuz they already have them.
Hey, for all we know the leaker is on Schiff’s staff. Would you be surprised?
Or the leaker is from the New York AG’s office because they sued and won for his tax records, although it will be appealed but they probably already have them illegally.
I think you’re right about NYC prosecutors having illegal copies of President Trump’s returns. That’s why they sued to get copies. It cleans up the evidence.
Mr Piddles, I agree. I think they have had them from when O was in office. Maybe not the recent ones: but they have tried every tool in the constitutional and statutory law tool box to expose them legally. Now they have run out of time.
The mistakes will be glaring, and laughable at this point. My guess is leaker is Comey’s daughter SDNY. But who knows. Stranger than fiction.
I think (from reading here) that there are at least 2 ways that the criminals in congress enrich themselves. 1) Foreign aid. They “grant” billions in foreign aid and in return hundreds of millions wind up as contributions to their “foundations”. Of course, they are paying themselves and their family members from the foundation money. 2) Stock market. I have no doubt that they use the nuggets of information that they are priviledged to know with stock trades that make them millions. They deny this but does anyone believe them?
That’s 2 options. Anyone else?
You hit the main two, but some others:
Big $ Book advances for a “bestseller” that sells two copies
Shady Real Estate deals where they buy some house or land at 10% of Market Value from the briber and then turn around and sell same at Market Value.
First think James Comey. Then think Pelosi here.
Then there’s cattle futures.
“I don’t recall those futures”
Congresscritters also have their own media companies that buy advertising, etc.
Guess what? The media company charges the campaign very generous fees for managing the advertising, and that money ends up in either the candidate’s pocket or a close family member’s.
But, but, Young Turks says Trump is broke!
It’s fake news because President Trump gives it to them, good point.
Trump writes out the talking points, crumples them, up throws them away in plain sight of the media and whalah they appear as press questions. Except, he has the answers and they all make him look like a saint. Hate does that.
Imagine if the press ever figured that out and actually reported the truth. Not only would they be filthy rich but they would realize they could benefit probably more by him than the republicans have. Silly wabbit. Or is it “beep beep” swooosh!
Yes…. and the book deals ( two books sold) $$$$$$$$
supposedly 2 million….
Another fake money laundering scheme ….”speeches” at colleges
$$$$$$$$$ to organize and teach young gullible minds the “fine art of
marxist, commie terrorizing”, looting, burning and extortion.
Leftist scum Dims and their propaganda press always use broad smears to obscure complex facts.
“Rich man pays nearly nothing…UNFAIR ?”.
In fact, rich man’s companies paid millions in a variety of taxes…but their lemming readers or viewers won’t invest 30 seconds into research.
And, of course, never mind that whoever leaked to the NYT committed a federal felony.
Felonies within the “Political Silo” are allowed … duh! Besides, I’m sure they didn’t “mean it.”
Well, PDJT’s tax returns have been broached – again. Isn’t it about time for Melania and Barron to be attacked? Or does that happen after PDJT’s other children are accused of wrong doing…..probably breathing fresh air or something like that.
Exactly!
The End.
Two shots in one. 😉
I would guess somebody at the NY Tax and Finance Dept was ordered by Cuomo to leak the state returns.
Be prepared for the greatest nose plant by NYT over these leaked returns. Funny how now they have them just in time for Obiden on Tuesday to use them.
PDJT will rip into Obiden like a buzz saw. He probably leaked them himself to set Obiden up for the kill. Obiden knows nothing about business and how it works.
Obiden will have to explain his vast fortune.
Well playered Mr President well played.
Yep, and Hunters taxes on foreign income?
What Slo Joe knows is the family business. He votes the way he is told or supports certain policies and money just magically flows to his unqualified relatives. The recent revelations even show Slo Joe may have even gotten some direct payments normally known as a bribe from the Moscow widow.
Do you have a link for that? Thanks.
Fearless!
Think of all the people that were swayed into voting for POTUS/not voting for POTUS based upon this NYT hit piece!!!!!!!!!1
If this is their October surprise, they are in big trouble!
At least understand fundamental tax law before you attempt a hit piece like this.
What a pathetic rag!
These ass clowns will never learn. You can’t stump our President Trump!
Dear NY Times …
That horse is dead.
Mr. Trump is rich and he didn’t get that way by milking the taxpayers like so many politicians (and their families) do.
Heck, he works for free. Will Nancy Pelosi do the same?
Piglosi and “Frankenstein” both used government funding to their husbands to enrich the joint financial statements of their marriage. I am sure there are many others as well but those two were in the national news about their arrangements.
Don’t call it the NY Slimes for nothing. The Slimes makes excellent cat ? litter box liner.??♀️
Well, I guess we know who your cat’s voting for. She’ll probably even get a ballot this year, too!
Yes adam Muffie received a ballot from that ? Omar.??♀️
The focus is on income taxes misses the huge amount of taxes that Trump pays. Property taxes, sales taxes, payroll taxes for his employees, state and local taxes, etc. are in the tens of millions if not more. Just imagine the property taxes paid on Trump Tower alone. Trump should knock this out of the park at the debate.
Why NYT is fake news: From IRS 2016 tax table, no way can anyone pay $750 tax:
https://www.efile.com/irs-publication/2016-federal-tax-tables.pdf
Besides businesses working to reduced tax liability, if anybody who owns tax deferred (retirement) savings instruments, pays even the slightest attention to their holdings and opens an on-line account with the financial institution(s) holding the funds, there are; webinars, classes, papers, articles et al offered by the financial institution(s) on recommended ways to “reduce tax liability”.
Once again a form of two tiered justice being applied.
Heck, I keep a running Form 1040, on my free Turbo tax account, throughout the entire tax year to look at options to reduce tax liability.
FYI
?
Project Veritas Video out
?
Ballot Harvesting
https://www.projectveritas.com/news/ilhan-omar-connected-cash-for-ballots-voter-fraud-scheme-corrupts-elections/
What is seldom said are all the taxes Trump indirectly pays. Every time Trump hires someone they in turn pay taxes on their income. Every time Trump purchases something, consider all the income taxes paid by the people who made what Trump purchased. It really becomes exponential.
It is one of the advantages of Capitalism. It is the people who make it all work. There is no way for people to ever have anything under Communism. Under Communism the people are but mere slaves of the State. There is no incentive therefor no motivation. Therefore, eventually it all fails. The only reason Communist China has prevailed as long as they have is because of the USA. And of course at a huge loss to the American People.
Every time Trump Inc hires a person they pay 7.65% FICA/Medicare as well. Think of all the economic activity one employed person helps to create called the multiplier effect and consider all the taxes on that as well.
and with the scamdemic this year and all his properties pretty much shut down,he is gonna have some major losses this year.and more then likely those properties will drop in value.man a hefty tax refund would really make the dems scream.
According to what I read…
The Trump audit is about a tax refund Trump received in 2010 because President Obama changed the tax laws
Trump received $72 million + refund based on his business losses and the new Obama tax laws
In addition to the billions in business the President has foregone just to serve, and the $399,000.00 yearly he voluntarily contributes to the Treasury, the President is also paying a Cuomo/di Blasio New York Shithole Tax. They scribble Black Supremacist bumper sticker slogans on his street and make New York unlivable for all except parasites, empowered criminals, the mentally-ill and Democrats–but I repeat myself–while New York property owners see their assets melt away in Weimar New York.
correction: $399.999.00
????
$400,000 salary minus $1 POTUS is required to keep = $399,999
I want to see Putin’s taxes to see how he writes off all the Clintons and Bidens he owns.
He President needs to keep a whole 1 dollar of his government check.
VSGPDJT is a real estate genius because he lives rent-free inside the Democrats and the MSM’s heads.
What is not foreseen is the cost of $$$$$$ maintenance, taxes,
lousy tenants clean ups, haul-aways, insurances, snow removal,
sewage, drainage problems per unit…..rebuild the place…..and
repairs somtimes cost as much as the yearly rent, sometimes
leaving one with $13 profit for the year.
Yeah…. been there done that. The rehab $$$$$$ is unbelievable.
Not all things that glitter are gold.
Please pray for Brad and his wife, just read this breaking news on the Sun Sentinel;
Former Trump campaign manager Brad Parscale hospitalized after he was armed and threatening to harm himself, Fort Lauderdale police say
Michael Caputo also. Too much pressure for some who don’t skim.
I thought the headlines were that there was no russian financial ties. lol
I don’t care if the guy paid $1 each year in federal income taxes. If he did it legally, knows how to use credits, deductions and loopholes the right way, then where’s the problem? Just shows he’s a hell of a lot smarter than the those who envy him and call him names. This is the kind of guy who could be our president one day? Maybe help make our economy the best ever? Oh wait…
Congress writes the Tax Laws.
Trump’s Accountants and Lawyers apply those laws.
Just like you and me.
End of story.
Got a beef with taxes? Talk to your Congressman.
He actually made that point at several rallies and at least one debate with the Wicked Witch of the Midwest. He said he paid as little taxes as possible because he was smart and used the tax laws as written. He made a point of this after MadCow’s “Income Tax” release as well.
No russian (moscow mayor) payments in his tax returns. how about china payments?
complete FAIL.
NYT you are being sued out of existence. you got your WARNING today at the presser-.. the 230 review at DOJ has got zero coverage! which is okay. who really cares about coverage.
action….
I’m really starting to not like those guys at the NYT.
By the way, how was their reportage on Hunter Biden scoring a cool $3.5 million from the billionaire widow of the mayor of Moscow. Any reports on how much he paid in taxes on that? What kind of business was that connected to? Real estate? Influence peddling? Nepotistic kickback?
Where’s Hunter?
I have a feeling that even Hunter doesn’t know where he is right now! 😉
He’s probably searching for the best non-extradition country he can find.
in China ?????
Perhaps someone in Trumps orbit might delve deep into Arthur O. Sulzberger Jr’s tax records and the tax records of the NYT’s Corporation
Could be interesting
By the way, I don’t care what PDJT does with his $400k Presidential salary. He earned every penny. He’s actually taking a pay cut working for us. At $400k we’re getting a bargain because he delivers MAGA by the trainload.
President Trump only keeps one dollar out of the $400K. I thought everyone knew that.
I like your “getting a bargain because he delivers MAGA by the trainload.”
What is not getting mentioned about the NYT story that is very important is that “nobody gives a flying cow cookie about Trump’s taxes”.
In addition to the financial, banking, and tax code illiteracy, the Times is also stupid enough to run this story that underlines that there are no Russians involved and that rat lawyer Cohen is a total fraud.
Great work Gray Lady.
So the NY AG office is leaking ?
Eric Trump has a “date” with the NY AG October 3rd
“a “date” with the NY AG October 3rd”
But what about the Wuhan virus?
The Virus wasn’t invited to the interrogation…!!!
Game Theory….Trump wins again.
No one changes their vote over this…at all.
This is their big card?
And they play it in Sept.?
Every single reporter and editor that saw or dealt with that story is jealous they aren’t able to hire the tax attorneys and accounting firms Trump is able to hire. You mean to tell me with a straight face there isn’t one of them who at least once in their adult life has wished out loud they didn’t have to pay any income tax? Never? Ever? C’mon, man!!
Wealthy businessmen make it common practice to have accountants research the best options to pay the least taxes.
Can anyone really blame them at 37% federal plus state and local taxes?
37%? WHen PDJT was in NYC at the time of this return who are you trying to kid? Marginal rates for his “income” were probably over 50% easily.
The Times said they won’t/can’t release the returns because it would expose their source.
This seemed crazy, as there would be nothing on a tax return that could possibly reveal who leaked it to them, except……
The name of the person or accounting firm that did the returns for Trump [I’m assuming Trump did not do them himself ?]
If they were the source, then Trump can sue them into oblivion!
Or…
This about sums it up.
So, the New York Times turns typical real estate business into some kind of crime?
Although, to be honest, the reporters at the Slimes believe than any profit is a crime.
I should have put ‘reporters’ in quotes since they are really political hit persons.
Meanwhile someone should be in prison for leaking the documents
Also, when the same organizations receives illegal leak after illegal leak after illegal leak at what point are they involved in a conspiracy?
His niece , Mary. She sued him & got his returns via discovery.
So….unless I missed something, there was nothing in the returns that was illegal, or even borderline.
The tax code is crammed with ways to defer, deduct, reduce, and expense income so that final tax liability is as low as is legal.
Isn’t that why the left in hi tax states is screaming for elimination of the SALT caps?
Will NYT mention how Atlantic City tried to get 22 million just for property taxes on one casino?
They jack up property taxes, watch casinos close and fat cat cities go broke.
Trump hasn’t owned Casinos in Atlantic City for around 6 years or so
He sold Trump Plaza to Carl Icahn
The IRS Loves President Trump. He fattens Uncle Sam. Every time a high roller hits 800,000 payout at casino, Uncle Don sends Uncle Sam 200,000 he clipped from high roller. High roller loses 2,000,000 next day he waits till April 15, 2021 to file for refund.
President Trump is the most audited American. He must have CPA audits for banks on all his loans.
The real kicker is all the State gaming commissions take their 15% off the top line at the casino and watch him with surprise audits.
(yellow journo babes at NYT are not half bright enough to take the classes required before taking CPA exam.)
Gambling is a cash cow for gubmint at many levels. After all the taxes, the remaining net after depreciation is nill.