http://money.cnn.com/2016/08/01/news/economy/warren-buffett-donald-trump-tax-returns/
Hysterical. Should we listen to This Broke Canadian Ghost, or Warren Buffett about the idiot Drumpf's taxes being an issue?
Hysterical. Should we listen to This Broke Canadian Ghost, or Warren Buffett about the idiot Drumpf's taxes being an issue?
Actually, the most idiotic post in the history of this forum was you denying, swearing up and down, that you didn't say something, that you had said just a short time earlier. You had to leave for a few weeks due to the embarrassment. It'll be even nicer when your pathetic, lame "detective skill" idiocy is gone for longer than that after Nov 8th. Pathetic, just pathetic.
There was no "gaming" of any "system" you idiot.
If in fact Trump did carry losses forward, that is no different than the mortgage interest deduction. These types of tax events have been going on for decades. It is standard practice and completely legal.
You are a complete & utter moron who actually thinks this publication showed "tax returns"
You're a total embarrassment.
If you want to realize what an imbecile guesser is just read this article.
The tax treatment of losses, bound to become a subject of national debate, is a typically uncontroversial feature of the income-tax system. The government doesn’t pay net refunds when business owners lose money, but it lets taxpayers use those losses to smooth their tax payments as they make money. That reflects the fact that “the natural business cycle of a taxpayer may exceed 12 months,” according to a congressional report.
Typically, for federal returns, such net operating losses can be carried backward for two years to offset past income, then kept on a taxpayer’s books for 20 years. Mr. Trump’s losses could only qualify for a 15-year carryforward under the law at the time.
Real-estate developers can generate losses more easily than other taxpayers. They can take deductions for depreciation of their property and can also deduct interest when they borrow. Unlike investors in other businesses, they can use those losses to offset other income.
It is difficult to determine whether Mr. Trump used those losses to offset all of his taxable income in subsequent years. He has reported his recent years’ income on federal disclosure forms, but some of those numbers appeared to refer to total revenue, not taxable income after business expenses and deductions.
Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink LLP, said almost all of the losses appear to predate 1995 and were carried forward to that year.
====
GAMED THE SYSTEM!!!!
The tax treatment of losses, bound to become a subject of national debate, is a typically uncontroversial feature of the income-tax system. The government doesn’t pay net refunds when business owners lose money, but it lets taxpayers use those losses to smooth their tax payments as they make money. That reflects the fact that “the natural business cycle of a taxpayer may exceed 12 months,” according to a congressional report.
Typically, for federal returns, such net operating losses can be carried backward for two years to offset past income, then kept on a taxpayer’s books for 20 years. Mr. Trump’s losses could only qualify for a 15-year carryforward under the law at the time.
Real-estate developers can generate losses more easily than other taxpayers. They can take deductions for depreciation of their property and can also deduct interest when they borrow. Unlike investors in other businesses, they can use those losses to offset other income.
It is difficult to determine whether Mr. Trump used those losses to offset all of his taxable income in subsequent years. He has reported his recent years’ income on federal disclosure forms, but some of those numbers appeared to refer to total revenue, not taxable income after business expenses and deductions.
Bryan Skarlatos, a tax lawyer at Kostelanetz & Fink LLP, said almost all of the losses appear to predate 1995 and were carried forward to that year.
====
GAMED THE SYSTEM!!!!
Speaking of the NYT in 1995
In a flattering speech, Lieut. Gov. Betsy McCaughey called Mr. Trump "the comeback kid." Charles A. Gargano, who as chairman of the Empire State Development Corporation is himself considered one of the new powers of the state, joked about a Perot-Trump presidential ticket. "He would be the most loved Vice President since Spiro T. Agnew," he said. Mr. Gargano, who heads the state's economic development efforts, added, "Thank you for your tax dollars."
Guesser is so dumb I'm almost crying I'm laughing to hard....
In a flattering speech, Lieut. Gov. Betsy McCaughey called Mr. Trump "the comeback kid." Charles A. Gargano, who as chairman of the Empire State Development Corporation is himself considered one of the new powers of the state, joked about a Perot-Trump presidential ticket. "He would be the most loved Vice President since Spiro T. Agnew," he said. Mr. Gargano, who heads the state's economic development efforts, added, "Thank you for your tax dollars."
Guesser is so dumb I'm almost crying I'm laughing to hard....
guesser actually thinks this is "gaming the system"
[FONT="]Q. Where did the concept originate to allow certain losses to be carried over to other tax years?[/FONT]
[FONT="]A. The Revenue Act of 1918 introduced the idea of allowing taxpayers to carry over net-operating losses, known as NOL, to other tax years, temporarily allowing for an NOL to be carried back one year and then forward one year. Today, carry-over periods reach 20 years; losses can be carried back two years.[/FONT]
[FONT="]Q. What’s the idea behind it?[/FONT]
[FONT="]A. Allowing businesses to carry forward (and carry back) loss helps them better weather the economy’s inevitable ups and downs, advocates argue. It lets businesses and their owners smooth out their incomes and tax bills over multiple years, giving them a better chance at long-term survival. Some economists argue that the carry-over also can help counteract economic downturns.
[/FONT]
[FONT="]Q. How controversial has this provision been in Congress?[/FONT]
[FONT="]A. There has been debate, but the basic principle of business NOL carry-over has been embraced and expanded in recent years by both parties.
guesser is a total and complete moron.[/FONT]
By the way, guess who used the same carry forward loss that Trump did?
Willam & Hillary Clinton of course. (see page 17 Schedule D)
Willam & Hillary Clinton of course. (see page 17 Schedule D)
guesser actually thinks this is "gaming the system"
Q. Where did the concept originate to allow certain losses to be carried over to other tax years?
A. The Revenue Act of 1918 introduced the idea of allowing taxpayers to carry over net-operating losses, known as NOL, to other tax years, temporarily allowing for an NOL to be carried back one year and then forward one year. Today, carry-over periods reach 20 years; losses can be carried back two years.
Q. What’s the idea behind it?
A. Allowing businesses to carry forward (and carry back) loss helps them better weather the economy’s inevitable ups and downs, advocates argue. It lets businesses and their owners smooth out their incomes and tax bills over multiple years, giving them a better chance at long-term survival. Some economists argue that the carry-over also can help counteract economic downturns.
Q. How controversial has this provision been in Congress?
A. There has been debate, but the basic principle of business NOL carry-over has been embraced and expanded in recent years by both parties.
guesser is a total and complete moron.
I could answer all your questions pretty easily, except you're a fucking retard who won't be able to comprehend.
Do you know the connection between land ownership and citizenship back in the days of the founding fathers? If not, do some research.
Yes, unlike you or this author...I'm well aware of what a schedule C is. I'm also aware it's very common for businesses who file schedule C's to have years without income, especially in the first few years of operation. And of course filing inaccurate information "could" be construed as tax fraud. The only question is whether he did...and the only answer I've seen so far when asking that question is a blank stare. I'm still waiting for one dimocrap scumbag to tell me exactly what it is Trump did here that was wrong or illegal.
Why can't they? Well, I know this above your pay grade...so I'll help you with taxes.
If you're in a 40% bracket and you write off $100 (about as big a number your feeble mind can handle) that means you sustained a $100 loss in your business.
So, what that means is that you don't have to pay taxes on the $100 you lost. You get to subtract it from a $100 you made somewhere else or at the same time.
With me? Probably not, but try paying attention anyway.
You don't get to take the entire $100 off of your taxes, you only get to deduct it from your taxable income. Bottom line; on a $100 loss, you only save $40 in taxes. So, Trump still sustained a $600M LOSS. If you weren't a moron, you'd understand people only pay taxes on PROFITS. Period. Not on losses. How the fuck could anyone pay taxes on a LOSS??
Now, please explain to me what is wrong with that? You can't. Because you're a dimocrap, which means you're stupid.
Oh, you know more about taxes than the author, do you? Let's take a look at his credentials:
David Cay Boyle Johnston (born December 24, 1948)[SUP][1][/SUP] is an American investigative journalist and author, a specialist in economics and tax issues, and winner of the 2001 Pulitzer Prize for Beat Reporting.
Since 2009 he has been a Distinguished Visiting Lecturer who teaches the tax, property, and regulatory law of the ancient world at Syracuse University College of Law and the Whitman School of Management.[SUP][2][/SUP] From July 2011 until September 2012 he was a columnist for Reuters, writing, and producing video commentaries, on worldwide issues of tax, accounting, economics, public finance and business. Johnston is the author of best-selling books on tax and economic policy. Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense and Stick You With The Bill, is about hidden subsidies, rigged markets, and corporate socialism. It follows his earlier book Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich—and Cheat Everybody Else, a New York Times bestseller[SUP][13][/SUP] on the U.S. tax system that won the Investigative Reporters and Editors 2003 Book of the Year award. In 2016, Johnston released The Making of Donald Trump, a journalistic account of the rise of businessperson-turned-presidential candidate Donald J. Trump, with Melville House Publishing.[SUP][14][/SUP] At the time he wrote the book, Johnston had known Trump for 28 years. The book soon became a New York Times bestseller.[SUP][15][/SUP]
Hmmm, let's see, who has more credibility in talking about taxes in general, and Rump, in particular, the guy with above resume, or Jay Douche, a moron on an internet sports forum? Gee, that's a TOUGH ONE...I think I'm gonna have to give the edge to Mr. Johnston, you understand, don't ya? I'm well aware of the attitude of many of the Founding Fathers on property as related to being allowed to vote, I've already SAID that, you non reading prick. I'm also aware that their views were not implemented, and asked how you justify such an incredibly inconsistent stance, 240 years later, and, for various reasons-one of which is, you're an idiot-you haven't answered. Rump knows more about ISIS than US generals do, and YOU know more about taxes than Johnston does, ROTFLMAO!!!!!!!!!!!!!:nohead:Loser!@#0:missingte
hno:Loser!@#0face)(*^%:Countdown:madassholTrump On Leaked Tax Return: It’s My Job To Game The System! (VIDEO)
Evan Vucci
ByMatt ShuhamPublishedOctober 3, 2016, 4:52 PM EDT
Donald Trump acknowledged Monday that he had been a “big beneficiary” of America’s complex tax laws, a distinction which he said uniquely qualified him to “fix” that broken tax system.
“I understand the tax laws better than almost anyone, which is why I am one who can truly fix them,” Trump said at a campaign rally in Pueblo, Colorado. “I understand it. I get it. And that is what I commit to do.
"I'm working for you now," Trump said. "I'm not working for Trump."
At a campaign rally on Monday, Hillary Clinton skewered Trump’s claims of being a “genius” businessman.
“What kind of genius loses a billion dollars in a single year?” Clinton asked an enthusiastic crowd. “He's taking corporate excess and making a business model out of it. He abuses his power and games the system and puts his own interests ahead of the country. It is Trump first and every one else last.”
Trump said he had a “fiduciary responsibility” to pay as little tax as possible, and that he “hate[d] the way they spend our tax dollars,” a response to a ground-breaking New York Times report over the weekend that revealed a $916 million business loss in 1995 could have prevented Trump from paying federal income tax for the next 18 years.
Trump referred to the document, which the Times verified with Trump's tax preparer at the time, "an alleged tax filing from the '90s."
“Fiduciary responsibility” typically refers to a company’s responsibility to shareholders to earn profit within the limits of the law. It does not apply to the personal tax returns discussed in the New York Times story Saturday.
Justifying the huge losses in 1995, Trump called the year “the end of one of the most brutal economic downturns in our history,” and compared it to the Great Depression for the real estate business.
"Some of the biggest and strongest people in companies went absolutely bankrupt. Which I never did, by the way," Trump said. "Are you proud of me? Would have loved to have used that card, but I just didn't want to do it."
In fact, Trump has declared six business bankruptcies over the course of his career, as documented by Politifact. Saturday's Times report referenced the opinions of tax experts who claimed that Trump's 1995 losses "almost certainly included large net operating losses carried forward from the early 1990s".
Four Trump businesses -- The Trump Taj Mahal, Trump Castle, Trump Plaza & Casino, and the Plaza Hotel -- filed for bankruptcy between 1991 and 1992.
Evan Vucci
ByMatt ShuhamPublishedOctober 3, 2016, 4:52 PM EDT
Donald Trump acknowledged Monday that he had been a “big beneficiary” of America’s complex tax laws, a distinction which he said uniquely qualified him to “fix” that broken tax system.
“I understand the tax laws better than almost anyone, which is why I am one who can truly fix them,” Trump said at a campaign rally in Pueblo, Colorado. “I understand it. I get it. And that is what I commit to do.
"I'm working for you now," Trump said. "I'm not working for Trump."
At a campaign rally on Monday, Hillary Clinton skewered Trump’s claims of being a “genius” businessman.
“What kind of genius loses a billion dollars in a single year?” Clinton asked an enthusiastic crowd. “He's taking corporate excess and making a business model out of it. He abuses his power and games the system and puts his own interests ahead of the country. It is Trump first and every one else last.”
Trump said he had a “fiduciary responsibility” to pay as little tax as possible, and that he “hate[d] the way they spend our tax dollars,” a response to a ground-breaking New York Times report over the weekend that revealed a $916 million business loss in 1995 could have prevented Trump from paying federal income tax for the next 18 years.
Trump referred to the document, which the Times verified with Trump's tax preparer at the time, "an alleged tax filing from the '90s."
“Fiduciary responsibility” typically refers to a company’s responsibility to shareholders to earn profit within the limits of the law. It does not apply to the personal tax returns discussed in the New York Times story Saturday.
Justifying the huge losses in 1995, Trump called the year “the end of one of the most brutal economic downturns in our history,” and compared it to the Great Depression for the real estate business.
"Some of the biggest and strongest people in companies went absolutely bankrupt. Which I never did, by the way," Trump said. "Are you proud of me? Would have loved to have used that card, but I just didn't want to do it."
In fact, Trump has declared six business bankruptcies over the course of his career, as documented by Politifact. Saturday's Times report referenced the opinions of tax experts who claimed that Trump's 1995 losses "almost certainly included large net operating losses carried forward from the early 1990s".
Four Trump businesses -- The Trump Taj Mahal, Trump Castle, Trump Plaza & Casino, and the Plaza Hotel -- filed for bankruptcy between 1991 and 1992.
[h=1]Media Falsely Equate Trump’s Billion-Dollar Tax Avoidance Scheme With Clinton’s Taxes[/h] [h=5]Research ››› 7 hours 45 min ago ››› ALEX KAPLAN[/h]
292
Media figures are inaccurately equating Democratic presidential nominee Hillary Clinton’s use of a common tax deduction on her 2015 tax return to Republican presidential nominee Donald Trump’s $916 million declared loss in 1995, which, The New York Times reported, he could have used to virtually wipe out his federal income tax obligations over the past two decades. Several media outlets have falsely claimed Clinton “did the same thing” as Trump when, in fact, Clinton’s 2015 tax return shows that she could take only a $3,000 deduction for her reported $700,000 loss, and her campaign reports that she has paid between a 25 and 38 percent income tax rate since 2001.
[h=2]Trump Potentially Avoided “Paying Any Federal Income Taxes For Up To 18 Years”[/h] NY Times: After Nearly $1 Billion Loss In 1995, Trump May Have Used Tax Rules To Avoid Paying Hundreds Of Millions In Taxes. After declaring “a $916 million loss on his 1995 income tax returns,” Republican presidential nominee Donald Trump may have “legally avoid[ed] paying any federal income taxes for up to 18 years,” according to The New York Times, which obtained a copy of some of Trump's tax documents. Utilizing “tax rules especially advantageous to wealthy filers,” wrote the Times, Trump could have used the massive “financial wreckage he left behind in the early 1990s” to “cancel out an equivalent amount of taxable income over an 18-year period.” From the October 1 article:
[Reddit, 10/2/16]
Zero Hedge: Clinton “Used Same Tax Avoidance ‘Scheme’ As Trump.” The fringe financial blog Zero Hedge picked up the claim from Reddit, writing that “we now discover none other than Hillary Rodham Clinton utilized a $700,000 ‘loss’ to avoid paying some taxes in 2015.” From the October 3 blog post:
[HillaryClinton.com, 2015 Tax Return, accessed 10/3/16]
Clintons Claimed Loss During Height Of Financial Crisis In 2008. According to tax returns made public by the campaign, the Clintons claimed a $726,721 capital loss on their 2008 tax records in the midst of the financial crisis and Great Recession. They have carried forward the loss and claimed a $3,000 deduction in each subsequent year. [HillaryClinton.com, 2008 Tax Return, accessed 10/3/16]
Clintons Have Paid Between 25 Percent And 38 Percent Income Tax Rate Every Year Since 2001. According to the same publicly available tax documents, the Clintons have paid an effective federal tax rate of between 25 percent and 38.2 percent every year since 2001:
[HillaryClinton.com, accessed 10/3/16]
[h=2]Media Repeat False Claim Claim That Clinton Exploited Same Tax Rule As Trump[/h] CNN’s Chris Cuomo: Trump Supporters Claim “Clinton Did The Same Thing.” CNN co-host Chris Cuomo uncritically said that “Trump supporters” were saying that “Clinton did the same thing” and that the Clintons, “on their 2015 tax return, they have a carry-forward loss of some $700,000.” From the October 3 edition of CNN’s New Day:
Fox’s Ainsley Earhardt: Clinton “Didn’t Pay Any Taxes In 2014.” During a segment in which co-host Steve Doocy and Fox Business host Stuart Varney defended Trump for not “do[ing] anything wrong” with his reported tax scheme, Fox co-host Ainsley Earhardt claimed the attention on the Times report was “ironic” because “Hillary Clinton has” done the same thing. Earhardt said Clinton “took a $700,000 loss” and “didn't pay any taxes in 2014.” From the October 3 edition of Fox News’ Fox & Friends:
[The Drudge Report, 10/3/16]
Heat Street: “Clinton May Have Used Same ‘Loss Avoidance’” As Trump. The conservative blog Heat Street cited Zero Hedge to claim Clinton “could use the same ‘loss avoidance’ technique to skip writing her own check for 2016.” From the October 3 blog:
292
Media figures are inaccurately equating Democratic presidential nominee Hillary Clinton’s use of a common tax deduction on her 2015 tax return to Republican presidential nominee Donald Trump’s $916 million declared loss in 1995, which, The New York Times reported, he could have used to virtually wipe out his federal income tax obligations over the past two decades. Several media outlets have falsely claimed Clinton “did the same thing” as Trump when, in fact, Clinton’s 2015 tax return shows that she could take only a $3,000 deduction for her reported $700,000 loss, and her campaign reports that she has paid between a 25 and 38 percent income tax rate since 2001.
[h=2]Trump Potentially Avoided “Paying Any Federal Income Taxes For Up To 18 Years”[/h] NY Times: After Nearly $1 Billion Loss In 1995, Trump May Have Used Tax Rules To Avoid Paying Hundreds Of Millions In Taxes. After declaring “a $916 million loss on his 1995 income tax returns,” Republican presidential nominee Donald Trump may have “legally avoid[ed] paying any federal income taxes for up to 18 years,” according to The New York Times, which obtained a copy of some of Trump's tax documents. Utilizing “tax rules especially advantageous to wealthy filers,” wrote the Times, Trump could have used the massive “financial wreckage he left behind in the early 1990s” to “cancel out an equivalent amount of taxable income over an 18-year period.” From the October 1 article:
Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.
The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.
Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.
The $916 million loss certainly could have eliminated any federal income taxes Mr. Trump otherwise would have owed on the $50,000 to $100,000 he was paid for each episode of “The Apprentice,” or the roughly $45 million he was paid between 1995 and 2009 when he was chairman or chief executive of the publicly traded company he created to assume ownership of his troubled Atlantic City casinos. Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50, while scores of contractors went unpaid for work on Mr. Trump’s casinos and casino bondholders received pennies on the dollar. [The New York Times, 10/1/16]
[h=2]Reddit Post Claims Clinton Used Same Tax Avoidance Scheme[/h] Reddit Commentator Claims Clinton Used Loss To Avoid Paying Taxes. Reddit commenter “TheGoldenDon” claimed on the pro-Trump Reddit page “The_Donald” that Democratic presidential nominee “Hillary Clinton recorded a $700k loss to avoid paying taxes in 2015.” The post included an image from the Clintons’ return, which shows that the Clintons had a net long-term capital loss of $699,540 carried over from a prior tax year.The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.
Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
Although Mr. Trump’s taxable income in subsequent years is as yet unknown, a $916 million loss in 1995 would have been large enough to wipe out more than $50 million a year in taxable income over 18 years.
The $916 million loss certainly could have eliminated any federal income taxes Mr. Trump otherwise would have owed on the $50,000 to $100,000 he was paid for each episode of “The Apprentice,” or the roughly $45 million he was paid between 1995 and 2009 when he was chairman or chief executive of the publicly traded company he created to assume ownership of his troubled Atlantic City casinos. Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50, while scores of contractors went unpaid for work on Mr. Trump’s casinos and casino bondholders received pennies on the dollar. [The New York Times, 10/1/16]
[Reddit, 10/2/16]
Zero Hedge: Clinton “Used Same Tax Avoidance ‘Scheme’ As Trump.” The fringe financial blog Zero Hedge picked up the claim from Reddit, writing that “we now discover none other than Hillary Rodham Clinton utilized a $700,000 ‘loss’ to avoid paying some taxes in 2015.” From the October 3 blog post:
Well this is a little awkward. With the leaked 1995 Trump tax returns 'scandal' focused on the billionaire's yuuge "net operating loss" and how it might have 'legally' enabled him to pay no taxes for years, we now discover none other than Hillary Rodham Clinton utilized a $700,000 "loss" to avoid paying some taxes in 2015.
[...]
While not on the scale of Trump's business "operating loss", Hillary Clinton - like many 'wealthy' individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes. [Zero Hedge, 10/3/16]
[h=2]But Clinton Used Only $3,000 Allowance On 2015 Return[/h] Tax Return For 2015 Shows Clinton Could Take Only $3,000 Deduction For Her Loss. A copy of Bill and Hillary Clinton’s 2015 tax return shows that while they did have a nearly $700,000 capital loss carried over from a prior year, they could take a deduction for only $3,000 for that loss. The first page of the tax return also confirms that the Clintons received a $3,000 deduction for their capital loss, and the returns show they paid $3,236,975 in federal income taxes that year. From the tax return:[...]
While not on the scale of Trump's business "operating loss", Hillary Clinton - like many 'wealthy' individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes. [Zero Hedge, 10/3/16]
[HillaryClinton.com, 2015 Tax Return, accessed 10/3/16]
Clintons Claimed Loss During Height Of Financial Crisis In 2008. According to tax returns made public by the campaign, the Clintons claimed a $726,721 capital loss on their 2008 tax records in the midst of the financial crisis and Great Recession. They have carried forward the loss and claimed a $3,000 deduction in each subsequent year. [HillaryClinton.com, 2008 Tax Return, accessed 10/3/16]
Clintons Have Paid Between 25 Percent And 38 Percent Income Tax Rate Every Year Since 2001. According to the same publicly available tax documents, the Clintons have paid an effective federal tax rate of between 25 percent and 38.2 percent every year since 2001:
[HillaryClinton.com, accessed 10/3/16]
[h=2]Media Repeat False Claim Claim That Clinton Exploited Same Tax Rule As Trump[/h] CNN’s Chris Cuomo: Trump Supporters Claim “Clinton Did The Same Thing.” CNN co-host Chris Cuomo uncritically said that “Trump supporters” were saying that “Clinton did the same thing” and that the Clintons, “on their 2015 tax return, they have a carry-forward loss of some $700,000.” From the October 3 edition of CNN’s New Day:
CHRIS CUOMO (CO-HOST): Well, it’s important to note that only [Trump’s] staunchest supporters are calling this “genius.” Nobody is. And it hasn't been handled well politically because, as Errol [Louis] said, he should have gotten out in front of it. They’re saying two things now in response. One, Clinton did the same thing. [The Clintons], on their 2015 tax return, they have a carry-forward loss of some $700,000. It's legal. People do it. I’ve never heard of one this size on a personal income tax return. That's right. And so -- but to do it where it lasts for two decades is unusual. The second thing they're saying is it's illegal, and it shows that the media is biased because The New York Times is committing a crime by publishing this. [CNN, New Day, 10/3/16]
CNN’s Jeffrey Lord: Clinton “Did Exactly The Same Thing Donald Trump Did.” Citing the Zero Hedge blog, CNN contributor and Trump supporter Jeffrey Lord claimed that Clinton “did exactly the same thing Donald Trump did” and “had a loss, a claimed loss, of almost $700,000 and she used it as an excuse to get down her tax bill and not pay current taxes in 2015.” From the October 3 edition of CNN’s CNN Newsroom with Carol Costello:
CAROL COSTELLO (HOST): This billion -- almost billion-dollar loss by Donald Trump, some people saying he hasn't paid income taxes in 18 years. How does that say he's a great, successful businessman?
JEFFREY LORD: Carol, you know the thing that I find fascinating about this, we're learning this morning from a site called Zero Hedge that has lasered in on Hillary Clinton's much-talked-about tax returns that she always says how open she's ever been, and on page 17 of those tax returns for 2015 we find out that Hillary Clinton did exactly the same thing Donald Trump did. She had a loss, a claimed loss, of almost $700,000 and she used it as an excuse to get down her tax bill and not pay current taxes in 2015, meaning she used exactly the same device, albeit for less money, that Donald Trump did. [CNN, CNN Newsroom with Carol Costello, 10/3/16]
Fox’s Heather Childers: Clinton “Used The Same Thing On A $700,000 Loss.” Fox co-host Heather Childers, discussing the New York Times report during the October 3 edition of Fox & Friends First, claimed, “And Hillary Clinton herself also used the same thing on a $700,000 loss that she reported in her own tax returns that she released. [Fox News, Fox & Friends First, 10/3/16]JEFFREY LORD: Carol, you know the thing that I find fascinating about this, we're learning this morning from a site called Zero Hedge that has lasered in on Hillary Clinton's much-talked-about tax returns that she always says how open she's ever been, and on page 17 of those tax returns for 2015 we find out that Hillary Clinton did exactly the same thing Donald Trump did. She had a loss, a claimed loss, of almost $700,000 and she used it as an excuse to get down her tax bill and not pay current taxes in 2015, meaning she used exactly the same device, albeit for less money, that Donald Trump did. [CNN, CNN Newsroom with Carol Costello, 10/3/16]
Fox’s Ainsley Earhardt: Clinton “Didn’t Pay Any Taxes In 2014.” During a segment in which co-host Steve Doocy and Fox Business host Stuart Varney defended Trump for not “do[ing] anything wrong” with his reported tax scheme, Fox co-host Ainsley Earhardt claimed the attention on the Times report was “ironic” because “Hillary Clinton has” done the same thing. Earhardt said Clinton “took a $700,000 loss” and “didn't pay any taxes in 2014.” From the October 3 edition of Fox News’ Fox & Friends:
STEVE DOOCY (CO-HOST): Stuart, he didn’t do anything wrong
STUART VARNEY: No, he did not do anything wrong at all. Nothing illegal. Nothing unethical. I've done it myself actually, as have a lot of other taxpayers. You lose capital, in my case it was on a real estate deal, you can carry forward that loss to get it offset -- offset it against future income. I've done it myself. Millions of Americans have done it. He did it on a very large scale.
AINSLEY EARHARDT (CO-HOST): Here's the ironic thing, though. Hillary Clinton has done it. She's calling it a “scheme.” Yet in 2015, she took a $700,000 loss and The New York Times, they're saying he, Donald Trump, avoided paying taxes. Well guess what? So did they. They didn't pay any taxes in 2014 and they got a tax refund of $3.5 million.
DOOCY: They left that out of the story.
EARHARDT: Right. [Fox News, Fox & Friends, 10/3/16]
Drudge: “Hillary Used Same Avoidance 'Scheme'...”STUART VARNEY: No, he did not do anything wrong at all. Nothing illegal. Nothing unethical. I've done it myself actually, as have a lot of other taxpayers. You lose capital, in my case it was on a real estate deal, you can carry forward that loss to get it offset -- offset it against future income. I've done it myself. Millions of Americans have done it. He did it on a very large scale.
AINSLEY EARHARDT (CO-HOST): Here's the ironic thing, though. Hillary Clinton has done it. She's calling it a “scheme.” Yet in 2015, she took a $700,000 loss and The New York Times, they're saying he, Donald Trump, avoided paying taxes. Well guess what? So did they. They didn't pay any taxes in 2014 and they got a tax refund of $3.5 million.
DOOCY: They left that out of the story.
EARHARDT: Right. [Fox News, Fox & Friends, 10/3/16]
[The Drudge Report, 10/3/16]
Heat Street: “Clinton May Have Used Same ‘Loss Avoidance’” As Trump. The conservative blog Heat Street cited Zero Hedge to claim Clinton “could use the same ‘loss avoidance’ technique to skip writing her own check for 2016.” From the October 3 blog:
The Times report, an early “October surprise”, left the Trump camp searching for the right line of response. But late Sunday evening, the closely-read financial blog Zero Hedge reported that Hillary Clinton, who reported a $700,000 loss on her publicly available 2015 tax returns, could use the same “loss avoidance” technique to skip writing her own check for 2016.
[...]
This analysis might be welcome news for Trump, whose anger over the Times’s revelations made headlines alongside his tax returns. [Heat Street, 10/3/16]
Gateway Pundit: “Hypocrite Hillary Clinton Used SAME TAX AVOIDANCE LAW As Trump To Save Money On Taxes.” The Gateway Pundit’s Jim Hoft claimed Clinton was a “shameless hypocrite” because she criticized Trump for “us[ing] the same tax ‘scheme’ on her taxes last year.” From the October 2 blog:[...]
This analysis might be welcome news for Trump, whose anger over the Times’s revelations made headlines alongside his tax returns. [Heat Street, 10/3/16]
WOW! Shameless hypocrite Hillary Clinton attacked Donald Trump today for using the current law to avoid paying taxes for several consecutive years.
Hillary posted several tweets attacking Trump for using a common legal tax offset scheme.
[...]
Now this…
Hillary Clinton used the same tax “scheme” on her taxes last year.
WOW!
[...]
While not on the scale of Trump’s business “operating loss”, Hillary Clinton – like many ‘wealthy’ individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes. [The Gateway Pundit, 10/2/16]
Hillary posted several tweets attacking Trump for using a common legal tax offset scheme.
[...]
Now this…
Hillary Clinton used the same tax “scheme” on her taxes last year.
WOW!
[...]
While not on the scale of Trump’s business “operating loss”, Hillary Clinton – like many ‘wealthy’ individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes. [The Gateway Pundit, 10/2/16]
If True, America Thanks you Marla:
Did Marla Maples Leak Donald Trump's Tax Return?
If the rumor's true, it would be the ultimate in ex-wife revenge.
By Ilana Novick / AlterNet
October 3, 2016
51 COMMENTS
Photo Credit: Vicki L. Miller / Shutterstock.com
Since her divorce from the human Cheeto, Marla Maples has been living in California, devoting her life to charitable causes, studying Kabbalah, and more recently, throwing enough subtle, expert shade at her ex-husband to make a grown drag queen cry, like when she told the New York Times, referring to her daughter Tiffany, that she "had the blessing of raising her pretty much on my own.”
Journalists are now speculating that Maples may have been the source of the 1995 tax returns in the Times' weekend bombshell of a report that Trump hasn't paid taxes for the last 18 years.
Speculation over the identity of the leaker began almost as soon as the article came out this weekend. Maples, to whom Trump was married in 1995, filed jointly with her husband, which would give her access to the documents. Also, it would be perfectly legal for Maples to release her own returns, which would protect her from the legal action Trump's lawyers promised against the paper. On Medium, writer Yashar Ali points to Maples' signature on a New Jersey non-resident form, and the fact that Times reporters didn't make clear whether they asked her for comment in the report.
Another theory, from the Daily Beast's Olivia Nuzzi, involves quotes from her September profile of Maples, in which Maples says, "I have always been more liberal...and I believe in gay and lesbian rights and I believe everyone on this planet has a right to choice. So, I just don’t feel it’s productive for me to go judging another person’s choices." And in 1999 article in the London Telegraph, Maples was quoted as saying, “If he is really serious about being president and runs in the general election next year, I will not be silent … I will feel it is my duty as an American citizen to tell the people what he is really like.” Maples told Nuzzi she didn't recall making those comments to the Telegraph, but also said she was reluctant to directly criticize Donald Trump, fearing it would hurt Tiffany's relationship with her father.
Nuzzi's therory involves a tweet that features a picture of a pumpkin patch with the caption, "“#FallLove Breathe it in as if 2day’s the first day of your life. The kabbalist’s say 2nite Adam&Eve were created. S…." Some may see a wish for a happy new year, but as Nuzzi points out, Politico reporter Marc Caputo responded to Maples with:
The returns were found in New York Times Metro section reporter Suzanne Craig's mailbox. Craig normally covers local politics, which might make her a unlikely recipient of documents related to a presidential candidate, but she personally drew Trump's ire for articles she wrote and co-wrote questioning his business skills and his much-hyped position as a New York power broker.
The public has Craig's obsessive mailbox checking to thank for the swift discovery of the records. As she wrote, "My colleagues make fun of my old-fashioned devotion to my mailbox," but it turns out this dedication paid off. The question is, would Maples have known? If she did, it would be a rare case of an ex-wife's revenge having additional benefits for the American people.
Ilana Novick is an AlterNet contributing writer and production editor.
Did Marla Maples Leak Donald Trump's Tax Return?
If the rumor's true, it would be the ultimate in ex-wife revenge.
By Ilana Novick / AlterNet
October 3, 2016
51 COMMENTS
Photo Credit: Vicki L. Miller / Shutterstock.com
Since her divorce from the human Cheeto, Marla Maples has been living in California, devoting her life to charitable causes, studying Kabbalah, and more recently, throwing enough subtle, expert shade at her ex-husband to make a grown drag queen cry, like when she told the New York Times, referring to her daughter Tiffany, that she "had the blessing of raising her pretty much on my own.”
Journalists are now speculating that Maples may have been the source of the 1995 tax returns in the Times' weekend bombshell of a report that Trump hasn't paid taxes for the last 18 years.
Speculation over the identity of the leaker began almost as soon as the article came out this weekend. Maples, to whom Trump was married in 1995, filed jointly with her husband, which would give her access to the documents. Also, it would be perfectly legal for Maples to release her own returns, which would protect her from the legal action Trump's lawyers promised against the paper. On Medium, writer Yashar Ali points to Maples' signature on a New Jersey non-resident form, and the fact that Times reporters didn't make clear whether they asked her for comment in the report.
Another theory, from the Daily Beast's Olivia Nuzzi, involves quotes from her September profile of Maples, in which Maples says, "I have always been more liberal...and I believe in gay and lesbian rights and I believe everyone on this planet has a right to choice. So, I just don’t feel it’s productive for me to go judging another person’s choices." And in 1999 article in the London Telegraph, Maples was quoted as saying, “If he is really serious about being president and runs in the general election next year, I will not be silent … I will feel it is my duty as an American citizen to tell the people what he is really like.” Maples told Nuzzi she didn't recall making those comments to the Telegraph, but also said she was reluctant to directly criticize Donald Trump, fearing it would hurt Tiffany's relationship with her father.
Nuzzi's therory involves a tweet that features a picture of a pumpkin patch with the caption, "“#FallLove Breathe it in as if 2day’s the first day of your life. The kabbalist’s say 2nite Adam&Eve were created. S…." Some may see a wish for a happy new year, but as Nuzzi points out, Politico reporter Marc Caputo responded to Maples with:
“TFW you serve up a cold plate of revenge and then appreciate fall as you think about Etz Hayim, the Shekinah & Isaac ben Luria. Twitter user @PoliticalBuffs then replied to Maples and Caputo, “wow. How do u know abt those stuff? [sic]”To which Maples said, 'A lot of studying & an open mind to learn' with both a star emoji and a prayer emoji."
A lot of studying & an open mind to learnhttps://t.co/yo931RPOBo
— marla maples (@itsmarlamaples) October 2, 2016
Nuzzi suggests this might be not only a celebration of her openness to Kabbalah, but her willingness to be open with her financial files. — marla maples (@itsmarlamaples) October 2, 2016
The returns were found in New York Times Metro section reporter Suzanne Craig's mailbox. Craig normally covers local politics, which might make her a unlikely recipient of documents related to a presidential candidate, but she personally drew Trump's ire for articles she wrote and co-wrote questioning his business skills and his much-hyped position as a New York power broker.
The public has Craig's obsessive mailbox checking to thank for the swift discovery of the records. As she wrote, "My colleagues make fun of my old-fashioned devotion to my mailbox," but it turns out this dedication paid off. The question is, would Maples have known? If she did, it would be a rare case of an ex-wife's revenge having additional benefits for the American people.
Ilana Novick is an AlterNet contributing writer and production editor.
