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Post by artgirl1 on Sept 28, 2020 1:04:42 GMT
I know I'm preaching to the choir, but he draws a salary as POTUS. I don't care if he gives it back to the Treasury, that makes him a salaried employee. This issue always bothered me. Why can't people figure this out? If his salary is $400,000 annually, he also has income taxes taken out. The donation of his salary is after taxes, and then because of his tax bracket, he is able to deduct that charitable donation on his taxes. It's a win win for him. People are so stupid.
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Post by papercrafteradvocate on Sept 28, 2020 1:05:18 GMT
THE GATHERING STORM
Threats are converging: mounting business losses, the looming I.R.S. audit and personally guaranteed debts coming due. When Mr. Trump glided down a gilded Trump Tower escalator to kick off his presidential campaign in June 2015, his finances needed a jolt.
His core businesses were reporting mounting losses — more than $100 million over the previous two years. The river of celebrity-driven income that had long buoyed them was running dry.
If Mr. Trump hoped his unlikely candidacy might, at least, revitalize his brand, his barrage of derogatory remarks about immigrants quickly cost him two of his biggest and easiest sources of cash — licensing deals with clothing and mattress manufacturers that had netted him more than $30 million. NBC, his partner in Miss Universe — source of nearly $20 million in profits — announced that it would no longer broadcast the pageant; he sold it soon after.
Now his tax records make clear that he is facing a battery of threats to his business and his own financial well-being.
Over the past decade, he appears to have filled the cash-flow gaps with a series of one-shots that may not be available again.
In 2012, he took out a $100 million mortgage on the commercial space in Trump Tower. He took nearly the entire amount as a payout, his tax records show. His company has paid more than $15 million in interest on the loan, but nothing on the principal. The full $100 million comes due in 2022.
In 2013, he withdrew $95.8 million from his Vornado partnership account.
And in January 2014, he sold $98 million in stocks and bonds, his biggest single month of sales in at least the last two decades. He sold $54 million more in stocks and bonds in 2015, and $68.2 million in 2016. His financial disclosure released in July showed that he had as little as $873,000 in securities left to sell.
Mr. Trump’s businesses reported cash on hand of $34.7 million in 2018, down 40 percent from five years earlier.
What’s more, the tax records show that Mr. Trump has once again done what he says he regrets, looking back on his early 1990s meltdown: personally guaranteed hundreds of millions of dollars in loans, a decision that led his lenders to threaten to force him into personal bankruptcy.
This time around, he is personally responsible for loans and other debts totaling $421 million, 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.
There is, however, a tax benefit for Mr. Trump. While business owners can use losses to avoid taxes, they can do so only up to the amount invested in the business. But by taking personal responsibility for that $421 million in debt, Mr. Trump would be able to declare that amount in losses in future years.
The balances on those loans had not been paid down by the end of 2018. And the businesses carrying the bulk of the debt — the Doral golf resort ($125 million) and the Washington hotel ($160 million) — are struggling, which could make it difficult to find a lender willing to refinance it.
The unresolved audit of his $72.9 million tax refund hangs over his head.
The broader economy promises little relief. Across the country, brick-and-mortar stores are in decline, and they have been very important to Trump Tower, which has in turn been very important to Mr. Trump. Nike, which rented the space for its flagship store in a building attached to Trump Tower and had paid $195.1 million in rent since the 1990s, left in 2018.
The president’s most recent financial disclosure reported modest gains in 2019. But that was before the pandemic hit. His already struggling properties were shut down for several months earlier this year. The Doral resort asked Deutsche Bank to allow a delay on its loan payments. Analysts have predicted that the hotel business will not fully recover until late 2023.
THE PRESIDENT’S TAXES
Charting An Empire: A Timeline Of Trump’s Finances 18 Revelations From a Trove of Trump Tax Records An Editor’s Note on the Trump Tax Investigation Mr. Trump still has assets to sell. But doing so could take its own toll, both financial and to Mr. Trump’s desire to always be seen as a winner. The Trump family said last year that it was considering selling the Washington hotel, but not because it was losing money.
In Mr. Trump’s telling, any difficulty in his finances has been caused by the sacrifices made for his current job.
“They say, ‘Trump is getting rich off our nation,’” he said at a rally in Minneapolis last October. “I lose billions being president, and I don’t care. It’s nice to be rich, I guess, but I lose billions.”
David Kirkpatrick, Kitty Bennett and Jesse Drucker contributed reporting. Illustrations by Justin Metz.
David Kirkpatrick, Kitty Bennett and Jesse Drucker contributed reporting. Illustrations by Justin Metz.
—-end of the NYT ARTICLE
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carhoch
Pearl Clutcher
Be yourself everybody else is already taken
Posts: 2,990
Location: We’re RV’s so It change all the time .
Jun 28, 2014 21:46:39 GMT
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Post by carhoch on Sept 28, 2020 1:09:13 GMT
He is just a lousy president and a lousy business men 🤷🏻♀️
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pinklady
Drama Llama
Posts: 5,503
Nov 14, 2016 23:47:03 GMT
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Post by pinklady on Sept 28, 2020 1:15:13 GMT
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 1:20:14 GMT
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Jili
Pearl Clutcher
SLPea
Posts: 4,363
Jun 26, 2014 1:26:48 GMT
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Post by Jili on Sept 28, 2020 1:28:18 GMT
I find it interesting that although Fox News is reporting the story on their website, there’s nothing at all on their Facebook page.
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PLurker
Prolific Pea
Posts: 9,738
Location: Behind the Cheddar Curtain
Jun 28, 2014 3:48:49 GMT
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Post by PLurker on Sept 28, 2020 1:36:07 GMT
He is just a lousy president and a lousy business men 🤷🏻♀️ ...and all around lousy human.
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Post by papercrafteradvocate on Sept 28, 2020 1:36:13 GMT
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Post by iowagirl50147 on Sept 28, 2020 1:38:04 GMT
He is just a lousy president and a lousy business men 🤷🏻♀️ He is a lousy president and a lousy businessman with a very good ACCOUNTANT or accounting firm. There is no way "The Donald" knows enough about tax laws/codes to only have to pay $750.00 in taxes.
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pinklady
Drama Llama
Posts: 5,503
Nov 14, 2016 23:47:03 GMT
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Post by pinklady on Sept 28, 2020 1:46:27 GMT
More karma
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Post by prapea on Sept 28, 2020 1:47:20 GMT
I keep thinking about this. Did the republicans not vet this guy when it was clear he was becoming the front-runner? Did they know and not care? I’m wondering who knew, and when. He certainly has been very protected. I’m really hoping it all comes out and this is the beginning of the end for a lot of those old white republican men. Im guessing he now will find an excuse to skip the debates. Why would republicans vet a guy that apparently is a God sent for all the idiots in this country? Even if they did vet him and said he is bad, the idiots of this country were not ready to believe it. They still are not ready. Where are all the assholes who voted for trump because he was a good businessman? We all paid and are paying for these idiots. Wish there was a way to make sure my taxes do not go to the idiots who voted for him.
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pinklady
Drama Llama
Posts: 5,503
Nov 14, 2016 23:47:03 GMT
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Post by pinklady on Sept 28, 2020 1:54:24 GMT
I keep thinking about this. Did the republicans not vet this guy when it was clear he was becoming the front-runner? Did they know and not care? I’m wondering who knew, and when. He certainly has been very protected. I’m really hoping it all comes out and this is the beginning of the end for a lot of those old white republican men. Im guessing he now will find an excuse to skip the debates. Where are all the assholes who voted for trump because he was a good businessman? We all paid and are paying for these idiots. Wish there was a way to make sure my taxes do not go to the idiots who voted for him. All those morons will have started and contributed to a go fund me for trump by dawn.
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Post by femalebusiness on Sept 28, 2020 2:00:08 GMT
Where are all the assholes who voted for trump because he was a good businessman? We all paid and are paying for these idiots. Wish there was a way to make sure my taxes do not go to the idiots who voted for him. All those morons will have started and contributed to a go fund me for trump by dawn. Hilarious but sooooo true!
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pinklady
Drama Llama
Posts: 5,503
Nov 14, 2016 23:47:03 GMT
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Post by pinklady on Sept 28, 2020 2:01:07 GMT
Truth
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Post by Eddie-n-Harley on Sept 28, 2020 2:03:16 GMT
I keep thinking about this. Did the republicans not vet this guy when it was clear he was becoming the front-runner? Did they know and not care? I’m wondering who knew, and when. He certainly has been very protected. I’m really hoping it all comes out and this is the beginning of the end for a lot of those old white republican men. Im guessing he now will find an excuse to skip the debates. Where are all the assholes who voted for trump because he was a good businessman? On what have people been basing this? Because it takes a special kind of incompetence to bankrupt a casino. Twice.
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Post by mollycoddle on Sept 28, 2020 2:10:59 GMT
This. Is. Beautiful. And I would love to know how long they have been sitting on this story.
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lizacreates
Pearl Clutcher
Posts: 3,856
Aug 29, 2015 2:39:19 GMT
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Post by lizacreates on Sept 28, 2020 2:12:59 GMT
Remember his niece has a room full of his tax etc records and she is suing him and the judge his sister for fraud. Be good girls!! I don't think it's Mary. I’m thinking someone at Trump Org went rogue because NYT said its source was someone who was legally authorized to possess the documents. The types of documents also seem to indicate it’s a company insider because apart from the 2000-2017 returns, the trove included years of employee compensation information and information regarding ongoing federal audits of Trump’s taxes. It couldn’t have been Mary because the nineteen boxes of documents she provided to NYT’s Susanne Craig in 2018 were from the 1990s, which she got from Farrell Fritz, the law firm handling the Fred Trump estate settlement. In any event, Tuesday’s debate is bound to be even more bombastic than I originally anticipated.
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Post by prapea on Sept 28, 2020 2:23:30 GMT
Where are all the assholes who voted for trump because he was a good businessman? On what have people been basing this? Because it takes a special kind of incompetence to bankrupt a casino. Twice. No clue but I have definitely seen it on this board and in real life. “I am voting for trump because he is not a politician. He is a businessman” or “I am voting for him because he must be doing something right to still have his businesses up and running” 🙄🙄🙄
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Post by prapea on Sept 28, 2020 2:25:08 GMT
Imagine if I came here as a pea and posted a thread titled: WWTPD? House guest living with us and stealing from us? There will be absolute agreement from every pew on the board that it is time for me to kick the house guest out.
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 2:32:29 GMT
This. Is. Beautiful. And I would love to know how long they have been sitting on this story. I'd say a while. It looks very buttoned-up, well-researched and detailed. I'm guessing it went through tax law and accounting vetting.
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pinklady
Drama Llama
Posts: 5,503
Nov 14, 2016 23:47:03 GMT
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Post by pinklady on Sept 28, 2020 2:36:50 GMT
Huh, something to hide?
ETA: some are saying he’s never tweeted. Not sure?
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 2:36:51 GMT
So, which way will Trump spin this?
1. I'm still a billionaire - even though I had enough losses for over 10 years of returns to pay NO TAXES (like a poor person).
2. Only "suckers" and "losers" pay taxes.
I'm guessing #1.
ps -
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 2:39:56 GMT
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Post by papercrafteradvocate on Sept 28, 2020 2:42:50 GMT
Huh, something to hide? ETA: some are saying he’s never tweeted. Not sure? You know darn well that someone out there had copied ALL the tweets from Ivanka, Jared, Eric, Don jr, trump. —-everyone!! They will magically reappear as screen shots! Lol
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Post by freecharlie on Sept 28, 2020 2:43:11 GMT
I hate to say it, but it doesn't matter. His cult members won't care, and there won't be any repercussions for what he's done (or not done in this case.) No, his cult won't care, but those undecided voters will.
I'm not surprised by this, but it still makes me furious. I pay more taxes than him. My 24 yr old daughter pays more taxes than him!
can there really be that many undecideds out there?
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 2:49:43 GMT
Hmmm what is the big box they seem to be moving into the White House for?
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Post by lucyg on Sept 28, 2020 2:58:39 GMT
Huh, something to hide? ETA: some are saying he’s never tweeted. Not sure? That’s a crap ton of followers for someone who’s never sent out a single tweet.
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Post by prapea on Sept 28, 2020 3:05:20 GMT
No, his cult won't care, but those undecided voters will.
I'm not surprised by this, but it still makes me furious. I pay more taxes than him. My 24 yr old daughter pays more taxes than him!
can there really be that many undecideds out there? Personally, whenever I hear someone say they are “undecided”, I translate that as, “I am going to vote for trump or I am not going to vote at all or will write in a candidate or do something stupid like that. I am going to basically throw my vote away because I don’t want ya’ll to think I am an asshole” If anyone is undecided still at this second, they can go to hell.
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 3:09:32 GMT
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Deleted
Posts: 0
Apr 26, 2024 14:34:04 GMT
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Post by Deleted on Sept 28, 2020 3:10:49 GMT
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