Income tax evasion is what finally nailed Al Capone and it may well do the same for Donald Trump, whether he would ever get incarcerated for it or not. For instance, the MAGAs all worship Trump and want him to have whatever he wants: but will they still feel that way when they discover that they, themselves, have paid through the nose to Uncle Sam and Trump has paid pennies?
The Wal Street Journal is focusing on the first records which have been released and the broad brush strokes are pretty damning, to say the very least.
Donald and Melania Trump reported negative adjusted gross income in four of the six years from 2015 through 2020, with their AGI totaling negative $53.2 million during that period, according to tax data released Tuesday by the House Ways and Means Committee.
The Trumps paid some form of taxes every year, but paid $750 or less in income taxes in three of the six years. […]
Over the six years, their total federal tax liability was $4.4 million. That figure includes self-employment taxes and household employment taxes, which are more like payroll taxes than income taxes.
Using a narrower “net tax” number included in the documents, the Trumps’ tax liability totaled $1.8 million over the six years. Net tax is calculated after applying tax credits. It excludes self-employment taxes, household employment taxes and certain other taxes.
During the years released, 2018 was the anomaly, when the Trumps reported $24.3 million in adjusted gross income, a figure that put them in the top 0.01% of households. The only other year where they reported positive income was 2019, when they made $4.4 million. […]
Previous tax returns published by The New York Times suggested that the Trumps were still using up net operating losses from 2008 and 2009. The documents the committee released Tuesday indicated that those old losses had been fully used by 2018.
And you thought Hollywood bookkeeping was creative. Trump could give them a master class in cooking the books — boiling and fricasseeing them, as a matter of fact.
the amount of carried-over losses should be limited, to prevent this kind of cheating.
The idiot magats think A) trump prepared his own taxes and B) he was ever so smart to be able to cheat the feds out of the lawful taxes owed. They are not going to be swayed by this info. They do not get the fact that he had people, accountants and the like, in his employ to do what he wanted. In this case it was “I don’t want to pay taxes, fix it for me”. He has no knowledge whatsoever on how to do this. He DOES however bear the responsibility for giving an unlawful order to his underlings. Now, they too bear responsibility for their actions–they actually did know better and did break laws for tax avoidance purposes.
Also if you sign your forms knowing they’re lies, it’s a felony.
Only lf the IRS cares. It’s well documented they only audit a very small percentage of the highest earners while going after the average citizen much more frequently. Another example of how the law actually works versus what people believe. Remember who writes these rules…the rich.
Before you start up some whinefest about the IRS, bear in mind the agency is funded by Congress and during the years the GOP was in control, they DELIBERATELY cut funding so that the IRS could really afford to hire agents with the necessary skills to audit all those rich folks who use all those wonderful tax shelters and dodges.
So much fun when “liberals” come off sounding exactly like anti-IRS right-wingers.
How so? Demanding fairness is far from right wing lies Joe. That’s not news to me. Bengazi another example. The gop cuts funding to protect the embassy, then blames Hillary when the shit hits the fan. What part of the rich write the rules did you miss when you gave an example of exactly that?
Jail the Asshole for the remaining of his crooked/ criminal life.
They are going to open another investigation to consider it. Double secret probation is on the horizon.