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Trump and Tax Schemes (Long)


Brad_ATX

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"The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s."

 

I suspect this may be related to the reason he didn't release his tax returns.  But I suspect there's Russian money involved as well.

Not sure if true - but I heard the Democrats can force the tax filings for release if they take the house.

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I mean, I knew the whole empire was crooked as a question mark, but Jesus. 

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I sure would like to be "self made."

"By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s."

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20 hours ago, homersapien said:

"The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s."

 

I suspect this may be related to the reason he didn't release his tax returns.  But I suspect there's Russian money involved as well.

Not sure if true - but I heard the Democrats can force the tax filings for release if they take the house.

They can. It takes a simple majority of the House to force a vote to release any individual's tax returns.

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4 hours ago, HVAU said:

I sure would like to be "self made."

"By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s."

I don't know much about the legalities of some of the actions revealed in this piece but I am pretty sure some constitute criminal fraud. 

I hope there are no expired statutes of limitations.

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41 minutes ago, TitanTiger said:

In before someone calls it "fake news" or posts the breathless rebuttals from Fox.

It's about as air-tight of a story as one can get. Over 100,000 pages of documents?  That's Pentagon papers level of data.

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4 hours ago, channonc said:

They can. It takes a simple majority of the House to force a vote to release any individual's tax returns.

I do not think they could. Such a bill would have a very difficult time passing constitutional muster, i.e., the Qualifications Clause. It would have to hinge on whether the measure is a substantive qualification for the presidency, or merely procedural. I lean towards the former.  

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8 hours ago, HVAU said:

I sure would like to be "self made."

"By age 3, Mr. Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after Mr. Trump graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s."

Ehh, I think that's silly. Pointless either way. Lots of people on WS come from wealthy families. Lots of people also lost it all. Takes money to make money in those neighborhoods. Doesn't mean a person is not "self-made." But again, who cares lol

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17 minutes ago, NolaAuTiger said:

But again, who cares lol

It may not amount to much at this point, but the self made title was one that was most frequently lauded by his supporters during the election.

And, yes, it takes money to make money.  But, as the article indicates, in the case of the Trumps, it also takes a willingness to skirt laws, unethically tap into public funds and engage in slumlord real estate strategies.  Combine that with the allegations of sexual assault, domestic abuse and general incompetence, and Trump looks to be a real prize.We all know he's no saint though, right?  

Maybe it's just late onset affluenza.

 

 

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1 minute ago, HVAU said:

slumlord real estate strategies.

You mean like the rest of the real estate market, and that time they crammed subprime loans into CDOs for AAA S&P ratings. It aint just him!

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25 minutes ago, NolaAuTiger said:

You mean like the rest of the real estate market, and that time they crammed subprime loans into CDOs for AAA S&P ratings. It aint just him!

Of course it isn't just him.  Greed and graft are common traits in that business, I'm certain.  That doesn't mean that it isn't despicable. 

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Also, the credit default swap were a major contributor to the severity of the recession. To bring them up in as a "he's not the only crook" defense of Trump is interesting considering his anti-regulation position concerning CDSs and the fiduciary rule.

"Federal regulators were attempting to close the loophole at the end of the Obama administration, but the Trump administration appears to have abandoned the effort, he adds."

https://www.npr.org/2018/06/19/621543525/big-banks-are-once-again-taking-risks-with-complex-financial-trades-report-says

 

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On 10/2/2018 at 4:15 PM, homersapien said:

"The president has long sold himself as a self-made billionaire, but a Times investigation found that he received at least $413 million in today’s dollars from his father’s real estate empire, much of it through tax dodges in the 1990s."

 

I suspect this may be related to the reason he didn't release his tax returns.  But I suspect there's Russian money involved as well.

Not sure if true - but I heard the Democrats can force the tax filings for release if they take the house.

Add in the $2BN in bankruptcy filings and there you go. Not much as far as a great business man huh?

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2 hours ago, NolaAuTiger said:

I do not think they could. Such a bill would have a very difficult time passing constitutional muster, i.e., the Qualifications Clause. It would have to hinge on whether the measure is a substantive qualification for the presidency, or merely procedural. I lean towards the former.  

This provides another perspective on Trump's rabid support of Kavanaugh.

 

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2 hours ago, NolaAuTiger said:

Ehh, I think that's silly. Pointless either way. Lots of people on WS come from wealthy families. Lots of people also lost it all. Takes money to make money in those neighborhoods. Doesn't mean a person is not "self-made." But again, who cares lol

If you start out with a $400+M grubstake, you are NOT a self-made man. :laugh:

Damn Nola.   Do you come from a wealthy background?

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2 hours ago, NolaAuTiger said:

You mean like the rest of the real estate market, and that time they crammed subprime loans into CDOs for AAA S&P ratings. It aint just him!

True.  But the issue is, he's the one who got elected as president. :-\

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On 10/2/2018 at 3:49 PM, Brad_ATX said:

 

On 10/2/2018 at 4:15 PM, homersapien said:

 

I suspect this may be related to the reason he didn't release his tax returns.  But I suspect there's Russian money involved as well.

 

On 10/2/2018 at 4:31 PM, AUDub said:

I mean, I knew the whole empire was crooked as a question mark, but Jesus. 

 

5 hours ago, Brad_ATX said:
6 hours ago, TitanTiger said:

 

It's about as air-tight of a story as one can get. Over 100,000 pages of documents?  That's Pentagon papers level of data.

 

6 minutes ago, homersapien said:

This provides another perspective on Trump's rabid support of Kavanaugh.

 

2 hours ago, NolaAuTiger said:

But again, who cares lol

Good Point Nola. 

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1 hour ago, DKW 86 said:

Add in the $2BN in bankruptcy filings and there you go. Not much as far as a great business man huh?

There's undoubtedly enough reasons in the revelation for the Republican to rationalize impeaching Trump before the 2020 elections, no Russian collusion charges needed.

Agree David?

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8 minutes ago, homersapien said:

If you start out with a $400+M grubstake, you are NOT a self-made man. :laugh:

What did we miss. Never heard anyone say they voted for Trump because he is a "self made man". 

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1 minute ago, SaltyTiger said:

What did we miss. Never heard anyone say they voted for Trump because he is a "self made man". 

You just going to overlook his family's immoral, predatory and fraudulent business practices?

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3 minutes ago, SaltyTiger said:

What did we miss. Never heard anyone say they voted for Trump because he is a "self made man". 

If so, it not because he was wasn't promoting that lie.

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