Please, don’t make a fuss. It’s just plain yogurt Mel Brooks Spaceballs
I have been waiting almost 5 long years to write this article. There were times that I despaired that I’d ever get the chance. But that blessed day has finally arrived. It can finally be conclusively said. Donald Trump is a liar. Donald Trump is a cheat. Donald Trump is a manifest fraud. And best of all, Donald Trump Is A LOSER!
And actually, this isn’t just sour grapes cuz I’m a poor dude…Most of us have already known that Trump was a liar and tax cheat, but hey!, that’s just the way he rolls. No, my extreme disgust is due to a repeated line of pure, total, unadulterated bullshit that he has thrown out there like a real billionaire tossing nickels to street urchins.
For years now, whenever Trump has been pressed on his almost legendary knack for avoiding paying taxes, Trump has had a ready lame, snotty, sarcastic, condescending rejoinder. When he was asked by a reporter what it made him that he was paying less in taxes than somebody working in his mailroom, Trump would sleaze out, It makes me smart. I’m a great businessman. Only a sucker pays one penny more than he has to in taxes, so it makes me smart and a brilliant businessman.
No. NO. NO! I know the point he’s trying to make, and it simply doesn’t apply to Trump! I know lots of guys, well not personally, but by reputation, who can make that argument. Just like Steve Mnuchin. Carl Icahn. Mark Zuckerberg. Those guys can make that argument, Because the point is that when they find sneaky and artistic ways of avoiding paying taxes, when the day is over, the put that money in their fucking pocket!
That’s not the reality when it comes to Donald Trump. When Donald Trump pays no taxes, it isn’t because he is some kind of master embezzler with an accounting savant on his side. It means nothing more, and nothing less than Trump is a broke ass bum! Trump isn’t using next level accounting techniques, he has tens, if not hundreds of millions of dollars going out than are coming in every year. Shit! I can put out a tax form like that, except I’d be doing it from federal prison.
Here’s the problem. Trump himself, and his business actually produce nothing of value. Trump’s wealth is in real estate. He builds physical structures, which actually have a dollar value to them. But here’s the problem when it comes to Trump. Those buildings have almost no fiduciary value to Trump. And that’s because Trump puts almost nothing up front. He arranges the financing, and uses that to put up the building. There’s nothing illegal in that, in fact much of real estate, at least commercial, is done that way. The problem is that Trump never knows when to leave well enough alone. That building has actual, real dollar value. Except that for Trump it doesn’t. Because the first thing that Trump does when a building is completed and open for business, Trump runs right out to a bank and mortgages the thing to the hilt!
This is why the New York Times article is so devastating for Trump. Because it exposes the soft underbelly of Trump’s financial position. The times points out that in the next year or so, Trump has hundred’s of millions of dollars in promissory notes coming due that he personally guaranteed. And there is also the problem that the New York Times pointed out about an IRS audit over a $73 million refund Trump requested and received, and may have been fraudulent. And if the IRS rules against Trump, it could cost him literally $130 million of his own, personal money.
And Trump doesn’t have it. He doesn’t have it because he lavishly spent his money on hand on himself and his indulgences. And you can fuggedabout those buildings he brags about. Because while the buildings may have some equity in them, Trump doesn’t! He immediately took those new buildings and took them to another bank to second mortgage them to the hilt. Trump could sell every property and golf course he owns, but when you subtract not only the mortgage amount due on the original mortgage, but on the second mortgage as well, Trump doesn’t have two nickels to rub together. Look at like playing high stakes games of payday advance loans, Trump is robbing Peter to pay Paul.
This is why I’m so giddy. It’s not just the fact that I always knew that Trump was a broke assa bun, and now it’s being proven, it’s what this means to Trump going forward. And I’m not just talking about the immediate difficulties that this will almost certainly cause him. I have something much more devious and byzantine in mind.
The important thing is that the authorities have the taxes! And those tax returns will show flows of income, both to Trump, as well to his organization. And while any half ass Roy Cohen accountant can hide revenue streams, it gives the state, and even federal authorities, should a sane administration take over next year, a road map to start tracing the actual origins of those streams of revenue. If the Trump organization is nothing more than a giant ruble laundromat, those tax forms give the accountants and investigators a starting place to look to unravel all of those spaghetti strands. The walls haven’t even started to come down yet.
We have had to wait far too long, for a transparent democracy, for this moment. And yet, at long last it is here. If nothing more sinister ever comes to light, at least we have the satisfaction of knowing that, despite his loud and obnoxious bloviating, Trump is nothing more than a broke ass loser. But if some of these strings lead to a ball of yarn, the Secret Service is going to have a hard time filling a Trump protective detail in a federal prison. I’ll just leave it at that.
I agree, it is MORE THAN TIME for all his financial BS to be revealed.
The Emperor has no clothes.
And now we can see that he’s not very well endowed.
Okay, the joke is already old.
I wish the accountant’s work papers and supporting documents would come out. This is all wonderful, but it is just the surface of the story. This story ain’t over. I’d like to see ALL the bank statements and credit card statements, etc. Oh, Mike said he couldn’t believe the deduction for hair cuts. He said Donnie cut his own hair.
Christ, Blue, be a LITTLE more patient. NYT has promised more in the pipeline and we’ve already waited nearly four years for this moment. What’s a few more days?
Dumb Quixote’s big mouth has literally written checks his fat azz can’t back.
Loser.
*condescending smirk*
Which is why I stopped being afraid of him after two years.
One analysis says that after his loans are paid off – that’s just the ones he personally owes – he might have $130 million left. And if he loses the IRS case, that’s almost $73 million he’ll owe, plus penalties and interest, which may take it to $100 million. He would have $30 million left…and I’d bet it’s less than what he owes Melania in the pre-nup.
And who knows who else he’d owe money to.
Well we deserve a little fun after all the shit we’ve been through in the last 5 years.
Fun is watching him embarrass himself or his idiot supporters turn up in underwhelming numbers. This, my friend, is the beginning of deliverance.
I too have an article that I am waiting to unleash upon the world at the proper time, Murf. Trump is part of it and I am merely biding my time for certain events to take place and make it timely. So I totally get your giddiness.
One of the top golfers ever was Walter Hagan, someone folks who aren’t into golf have probably never heard of since his triumphs (he holds the third most number of Major titles) were a century ago. He’d probably have two or three more except The Master’s came into being when he was in his forties and past his prime. He was brash and something of a character to be sure. A showman who whether in tournaments or the hundreds of exhibitions he played (realizing it was more lucrative than tournament play) wore expensive tailored clothes of the highest quality and travelled in luxury cars he was nevertheless not nearly as rich as he seemed as he blew through so much of the considerable money he earned. He famously once said he never wanted to be a millionaire, just to live like one. And he did.
The thing is, unlike another famous golfer who would crumble against someone the caliber of Hagan (who never cut politicians or even kings one bit of slack) he never lied about his taxes. He made money and spent it and charmed tons of people into letting him stay in fancy digs.
Trump on the other hand has blown through fortune after fortune and has been “highly leveraged” as the saying goes for decades. Not to mention given his relationship with Deautsche Bank he’s probably been kept afloat by money laundering and regulators & prosecutors from multiple countries have crawled up that banks ass in the past and levied record fines. And they are crawling up that bank’s ass again and they’ve got a U.S. President in the cross hairs which over in Europe will play pretty well. I still think if a decent money laundering connection that can be explained to a jury can be established the Trump Org will get RICOd and the whole family including Jarvanka will be well and truly fucked.
Rich people who find themselves highly leveraged in banking parlance are kept afloat by a bank or banks in the hopes of getting at least some of the money owed them back. But when faced with criminal penalties of their own those bankers will cut Trump and his family loose in a heartbeat. I know it makes me a bad person for saying so but if that goes down, watching the fall and the shattering of Trumpty Dumpty world is something I will enjoy the hell out of watching. Yes, I will take enormous delight in their suffering. It won’t be enough to make up for all the suffering they have inflicted on others. Not even prison (which they deserve) could do so but like the joke about a thousand lawyers at the bottom of the ocean being a good start the same applies in this case.
I’ll say again what I said earlier this evening which is that in the debate when Trump claims it’s all fake news Biden should hit right back with “If you’re telling the truth then prove it. Keep the promise you made over and over again to release all your tax returns, both personal and corporate.” Watching Trump try to maintain his composure as he weighs the pros and cons of walking off the stage should be a sight to behold! Especially if Biden keeps the pressure on by asking what does he have to hide? And that there is nothing in the law that prevents a person under audit from releasing their tax returns. If Biden doesn’t want to cite that portion of the tax code he can state it’s on his website (having put it there) and that his aides will have handouts about it in the spin room later. And that as a matter of fact an aide can bring the sheet with the specific section of the tax code to Chris Wallace right then and there. The orange organic matter filling up Trump’s diaper might clear out the room!
No, Denis, enjoying the upcoming Fall Of The House Of Trump is an act of high humanity that reflects well on you. We’re coming up on the Gotterdamerung of this pathetic creep and I rejoice in seeing him fall.
I love the Wagnerian reference given the composer’s personal beliefs which Hitler himself drew upon. As for Trump, he’s a fake god reliant on fake Das Rheingold.
You can thank Rod Serling for making me think of such for one of my favorite Twilight Zone episodes “Deathshead Revisited”, with the ghost of a Dachau prisoner mocking the “just following orders” by calling the “theme music at Nurnberg, the new lyrics to the Gotterdammerung, the plaintive litany of the Master Race as it lay dying…”
Bear in mind that MOST of Wagner’s “personal beliefs” were little different from many of his contemporaries in Europe AND in America. (Wagner died 5 years before Adolf Hitler was even born. And it’s believed that Hitler didn’t even really become a fan of Wagner’s music until his late 20s or even early 30s.)
I mean, Margaret Sanger held some views (regarding eugenics) which were pretty common for her time but they shouldn’t be held against her and her work to HELP women, especially poor women, who were at the mercy of their husbands when it came to sex. And there’s very little evidence that Susan B Anthony (a woman who never married or had children of her own) ever made any comments on the subject of abortion or fetal rights (the latter would’ve been a REVOLUTIONARY topic for anyone to discuss during Anthony’s life) but that hasn’t stopped certain people from claiming her as an opponent of abortion rights.
Wagner is known to have had many Jewish friends during his lifetime (of course, this doesn’t mean he trash-talked them in private but it takes a lot of energy to live such a “double” life) and, let’s not forget, that the German vessel, MS St Louis, carrying Jewish refugees was turned away because of the advice of FDR’s Secretary of State, Cordell Hull (ironically, his wife at the time was an Austrian Jewish woman) but does this taint Hull’s legacy with the “Good Neighbor Policy” towards Latin America and his efforts towards the creation of the UN or is it just proof of a flawed human being?
Isn’t that the one that goes:
“My beer is Rheingold, the dry beer,
Think of Rheingold whenever you buy beer,
It’s not bitter, not sweet,
It’s the dry-flavored treat,
Won’t you try extra dry Rheingold beer?”
“And that there is nothing in the law that prevents a person under audit from releasing their tax returns.”
I’ve been saying something like that for over 4 years when Trump first claimed he couldn’t “release” his returns during the original 2016 campaign. The IRS *can’t* release any individual’s tax information during an audit (without some sort of justified court order) but any individual who’s being audited is free to divulge ANY of the information at ANY time during the process. The individual OWNS those documents; it’s true that he has to send in the “original” documents with a tax return and only keeps copies but, since the IRS “recommends” people retain their copies for several years, the copies are just as important as the originals.
Granted, there may be *some* reason why a person wouldn’t want to make their tax documents public while he’s being audited but that reason has practically nothing to do with the audit itself (most likely, it’s to avoid being shown as a fraud but also issues dealing with child support or alimony could be in play–if your child support payments had been based on a reported income that turned out to be much lesser than what was actually earned, that would likely lead to another court case to recover child support payments).
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Irritating that your copy editor is still asleep at the wheel. You can write like a high school sophomore, but it’s the editor that puts the professional face on your musings.
You’re obviously new here. Otherwise, you’d know better than to give Murf crap about his glaucoma-induced typos. Bear that in mind going forward, would you?
Thank you, Bareshark. You are much more polite than I.
I agree. Thanks for saying what I was thinking, Old.
In real estate circles, mortgaging a new building to the hilt is called a “cash-out refinance.” Is is NOT a personally guaranteed loan. The building is the collateral for the loan.
Very likely, a lot of the “loss” that allowed him to not pay taxes is depreciation on his properties. When the properties are sold, the depreciation must be added back, so unpaid taxes due to depreciation are more like deferred taxes. You might think why bother to take depreciation if you are going to pay the tax sooner or later anyway. You are required to take depreciation each year. If you don’t, the IRS will assume you did, and add the depreciation back on anyway, so you would be paying tax on the same money twice.
We do not know enough about his taxes because apparently the NYT does not have the supporting schedules, only the 1040 which is nothing more than a list of the bottom lines from each of the supporting schedules. We do not know how those bottom lines were derived.
“But if some of these strings lead to a ball of yarn, the Secret Service is going to have a hard time filling a Trump protective detail in a federal prison.”
Thank God, if he is convicted, there won’t be any protective detail. nor any percs enjoyed by past presidents. But who knows . . .maybe he can receive regular family visits . . from Ivanka and company, over there in the next cell(s)
While Trump paying no taxes for all these years is shocking, his supporters think it just means it is just as he said about himself in the 2016 debates when he said it shows he is smart. They don’t care about Trump ripping off the government. They wish they could. But the tax news does have a nugget that his supporters might care about. https://www.youtube.com/watch?v=doENavQOvmc
Personally, I think Beau (in the video) is mischaracterizing the nature of the losses, but I think he is doing so in good faith. A lot of people do not understand how depreciation can produce massive paper losses.