Trump tax return reports 'may not be as explosive' as the president's critics think



Reports in the New York Times that found President Donald Trump only paid $750 in income tax in 2016 and 2017, may not be the election bombshell Democrats are hoping for, according to Sky News contributor Cameron Stewart.

The New York Times claim it has obtained the President Trump’s tax returns for the last 15 years.

In its report, the Times claim the president only paid $750 in tax 2016 and 2017 and didn’t pay any at all for 10 of the past 15 years because he reported losing much more money than he made.

President Trump has dismissed the report as fake news, however Democrats have accused the president of being “a tax cheat.”

Mr Stewart told Sky News it is unclear how the electorate will respond to the news President Trump paid less tax than the average American.

“The New York Times has not released the actual documents,” he said.

“They say they have to protect their sources, understandable if that is true, but at the same time it does make a little bit less of an impact because they don’t have the documents there.

“Now the report doesn’t suggest the president did anything illegal, and so, how will voters take this?

“I assume most voters would think, ‘of course Donald Trump would minimise tax,’ I mean, Kerry Packer famously said if you pay more tax than you should you are a fool.

“Or will people think that Trump is a dodgy character?

“The next 48 hours, it’ll be really interesting to see how this plays out.”

source

43 thoughts on “Trump tax return reports 'may not be as explosive' as the president's critics think

  1. British Writer Pens The Best Description Of Trump I’ve Read

    March 8, 2019 ~ Michael Stevenson

    Someone on Quora asked “Why do some British people not like Donald Trump?” Nate White, an articulate and witty writer from England wrote the following response:

    A few things spring to mind.

    Trump lacks certain qualities which the British traditionally esteem.

    For instance, he has no class, no charm, no coolness, no credibility, no compassion, no wit, no warmth, no wisdom, no subtlety, no sensitivity, no self-awareness, no humility, no honour and no grace – all qualities, funnily enough, with which his predecessor Mr. Obama was generously blessed.

    So for us, the stark contrast does rather throw Trump’s limitations into embarrassingly sharp relief.

    Plus, we like a laugh.

    And while Trump may be laughable, he has never once said anything wry, witty or even faintly amusing – not once, ever.

    I don’t say that rhetorically, I mean it quite literally: not once, not ever.

    And that fact is particularly disturbing to the British sensibility – for us, to lack humour is almost inhuman.

    But with Trump, it’s a fact.

    He doesn’t even seem to understand what a joke is – his idea of a joke is a crass comment, an illiterate insult, a casual act of cruelty.

    Trump is a troll. And like all trolls, he is never funny and he never laughs; he only crows or jeers.

    And scarily, he doesn’t just talk in crude, witless insults – he actually thinks in them.

    His mind is a simple bot-like algorithm of petty prejudices and knee-jerk nastiness.

    There is never any under-layer of irony, complexity, nuance or depth.

    It’s all surface.

    Some Americans might see this as refreshingly upfront.

    Well, we don’t.

    We see it as having no inner world, no soul.

    And in Britain we traditionally side with David, not Goliath.

    All our heroes are plucky underdogs: Robin Hood, Dick Whittington, Oliver Twist.

    Trump is neither plucky, nor an underdog.

    He is the exact opposite of that.

    He’s not even a spoiled rich-boy, or a greedy fat-cat.

    He’s more a fat white slug.

    A Jabba the Hutt of privilege.

    And worse, he is that most unforgivable of all things to the British: a bully.

    That is, except when he is among bullies; then he suddenly transforms into a snivelling sidekick instead.

    There are unspoken rules to this stuff – the Queensberry rules of basic decency – and he breaks them all.

    He punches downwards – which a gentleman should, would, could never do – and every blow he aims is below the belt.

    He particularly likes to kick the vulnerable or voiceless – and he kicks them when they are down.

    So the fact that a significant minority – perhaps a third – of Americans look at what he does, listen to what he says, and then think ‘Yeah, he seems like my kind of guy’ is a matter of some confusion and no little distress to British people, given that:

    • Americans are supposed to be nicer than us, and mostly are.

    • You don’t need a particularly keen eye for detail to spot a few flaws in the man.

    This last point is what especially confuses and dismays British people, and many other people too; his faults seem pretty bloody hard to miss.

    After all, it’s impossible to read a single tweet, or hear him speak a sentence or two, without staring deep into the abyss.

    He turns being artless into an art form; he is a Picasso of pettiness; a Shakespeare of shit.

    His faults are fractal: even his flaws have flaws, and so on ad infinitum.

    God knows there have always been stupid people in the world, and plenty of nasty people too.

    But rarely has stupidity been so nasty, or nastiness so stupid.

    He makes Nixon look trustworthy and George W look smart.

    In fact, if Frankenstein decided to make a monster assembled entirely from human flaws – he would make a Trump.

    And a remorseful Doctor Frankenstein would clutch out big clumps of hair and scream in anguish: ‘My God… what… have… I… created?

    If being a twat was a TV show, Trump would be the boxed set.

  2. This is how the rich 'steal' from the poor. Every dollar a rich person doesn't pay in fair taxes must be paid by poor folks. ALL rich people pay mostly
    NO tax while the poor and working class pay up.
    F@#*ng theiving elites. If the RICH and RELIGIONS contributed as much as everyone else there would be no hunger, disease or homelessness.
    …. and they both call themselves f@#*ng 'Christians'. What a f@#*ng JOKE.

  3. All trump followers should pay high tax ,so that trump can use it to buy hydroxyquine to take care of yourself in secret despite knowing the enormity of the virus ,they should pay high tax so that trump can use it to pay hush money for sex and not pay tax ,but gave huge tax break twice to companies and cooperation in his presidency and huge covid 19 subsidies on record even harvad university as reported by himself .trump paid more for sex. Than tax,trump scam us citizen that mexico would pay for the wall ,while milking citizen tax pay for inanimate object.

  4. Sky news Australia ,you are charting a ground that would make your station loss advert and business back off that story.All trump followers should pay high tax ,so that trump can use it to buy hydroxyquine to take care of yourself in secret despite knowing the enormity of the virus ,they should pay high tax so that trump can use it to pay hush money for sex and not pay tax ,but gave huge tax break twice to companies and cooperation in his presidency and huge covid 19 subsidies on record even harvad university as reported by himself .trump paid more for sex. Than tax,trump scam us citizen that mexico would pay for the wall ,while milking citizen tax pay for inanimate object.

  5. Wonder how the trolls here would reconcile the NYT's subsequent admission that Trump is, in fact, being audited. Also, hasten to caution that on a couple of previous occasions back in the 90s, the NYT engaged in the perfectly legal loss carry back/carry forward method that Trump used.

  6. Awe and Shock to some taxpayers honestly. Everyone wants people to pay their fair share in taxes. Even as a Trump supporter I believe in this too. But is it something new? Something that just happened? Or something the Rich Elites have been doing for some time? Those Rich Elites who are Trump's adversaries may have just shot themselves in their wallets. Now it's in the spotlight. It's been an issue for a while. Trump being President just put the spotlight on it. The loopholes in our tax system has been put in place by the Elites in both political party.  It's good that it's in the spotlight. So the Elites end you paying more than they currently do in taxes. In the meantime Both Democratic and Republican Elites are cursing for bringing this issue before us tax paying Americans.  We know all these Rich folks use the same loopholes put there by their political allies.  Examples:

    https://www.fool.com/taxes/2020/09/25/why-does-billionaire-warren-buffett-pay-a-lower-ta/

    https://1businessworld.com/2019/08/entrepreneurship/5-ways-that-billionaire-warren-buffett-pays-a-lower-tax-rate-than-his-secretary/

    Since 2013 even CNN reported this issue

    https://money.cnn.com/2013/03/04/news/economy/buffett-secretary-taxes/index.html

    It's good that it's in the spotlight. Bet Trump will twist it and pass hard tax laws that will eventually effect his Rich powerful Elite Democrats adversaries.

    As a way to say, Oh is this what you wanted!  Why won't it effect Trump like the others? His official yearly salary is $1.00 yearly.  What's theirs?

  7. It’s nobody’s business what he pays. He takes no salary for doing the hardest job. And so what if he’s smart enough to get tax breaks. Like chuck fuck shumocker yes spelled it wrong on purpose that commy fuck.

  8. Murdoch running a protection racket for Trump who is a thief of the worst kind. His poor supporters who pay more tax than him are running around thinking that is ok. How do you make sense of that?

  9. What's the point of checking his tax returns before he took office, he was a business man. He would of been under scrutiny like no other, or if he squeaky clean a lot of people high up are implicated so it will go no where. How did Biden and hitlary make all their millions. Only fair

  10. Are you just gona pay the fullest amount of tax if you had a business and not try to lower the amount you have to pay back, when it's the loopholes that are not illegal and the rules of the tax department. You should not even own a lemonade stand if that's the case. Tax man could find any error on every citizens tax return I bet. That's why big business have a team of experts on hand to solve problems like this. You think Trump knows every tax code where he can just not pay taxes at all. Clowns are just throwing more Shit to muddy up peoples emotions and take the eye off the pedophile Democrats that need to burn in hell

  11. Just another fake news smear campaign… which the ultra left
    fake NYT cannot prove
    This will pave the way for
    The corrupt politicians in Washington to be audited…
    4D chess move from president Trump

  12. Does your Jewish Australian boss Rubert Murdoch paid any US Tax on American Business that he owns?… Like Fox News Network, for example?… Or did he also gets some help from his good friend Donald Trump on billions of US tax dollars as well?… Greeting from Wuhan, China…God Saves America.

  13. The crimes of Donald Trump; crimes against humanity, kidnapping, conspiracy, obstruction justice, rape, high crimes and misdemeanors, bank fraud, insurance fraud, tax fraud, money laundering, involvement in sex trafficking and human trafficking and murder. Trump is a instigator of hate crimes. And TREASON!!!

  14. He owns the golf course, he uses this time with his son. Melanie only has 4 people serving her, whereas Michelle Obama had 44 servants waiting on her. Obama's took more family vacations on Airforce one at the cost to taxpayers of 17 million dollars, per trip.

  15. So, Trump's mismanaged businesses lose money, and he appears to be financially strapped, lol! Trump is showing contempt for his homeland by paying nothing to support it.

  16. People are so worried about paying less in taxes, how about all the people rich elites I bet those people don't pay any taxes. Why don't people request all those in office whose been in office years and their lobbying? Obamacare was a scam.

  17. He's a bad businessman because he took losses? He didn't pay taxes? You can't have it both ways. Tax avoidance is legal, it's what you do when you put medical expenses on your schedule A.

    Real estate typically generates large tax losses because you can depreciate buildings. That's how real estate works, and it's why more millionaires have been created by real estate investments than any other businesses. Making investments in real estate or other fixed assets, generates jobs here in America. It's why we have the biggest GNP in the world.

    And while you may depreciate a $100 million building and take losses, the building is usually appreciating in value – so it's not a bad business decision.

    Simple example. Let's say you invest $30,000 to buy a$ 300,000 building with a 270,000 mortgage. You depreciate 1/15 the value of the building or $20,000 a year. Meanwhile your rents pay the mortgage and expenses so you are left with $20,000 tax loss, which is not real, because you still have the building and it probably has grown in value. Some years it grows in value by 10%. So you may actually have $30,000 more in assets while you have a $20,000 tax loss. The tax loss can offset other income so you also save money on other sources of income Now the more buildings you have, the more you can leverage to buy more property, and create bigger deductions, but as you losses grow, your assets grow, providing the real estate market is good.

    Anyone can do this. Many people brought houses in the last downturn and made themselves millionaires. You can start with as little of $10,000 and then work your way up. It's a lot of hard work, and you take big risks but it pays off in the end. That's how capitalism works. Now if Trump starts to sell off his assets he'll after to pay, That big building you bought for $100 million has a tax basis of zero after you've fully depreciated it – so you have to pay a big gain on the full amount when you finally decide to sell it.

    So if you don't like that Trump can do this you can: 1) do it yourself. Start small. 2) change the tax law. But if you do change the tax law, keep in mind that there will be much fewer investments in real estate development. Fewer apartments being built etc. Mean while appreciate the fact that Trump knows what he's doing, and he's not doing anything anyone with a moderate income of assets can also do. The Times article is trying to taint Trump and capitalism, and their target is an ignorant audience.

    Of course he still have state, local taxes, and federal taxes in some years, as well as create jobs, pays payroll taxes, and real estate taxes and we don't even know if the Times article is accurate.

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