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There is another metric one might choose in matters like this.
Of course democrats consider the best measure of character to be the amount of money you push to the government for “investment”. Some might prefer looking at the share of income that one donates to charity. Orange has been in DC for almost four years. He has donated 100% of his salary to charity. I imagine that in his 47 years, Joe has never contributed a years salary to charity.
The LA Times reports the Bidens have annually donated a smaller percentage of their income to charity, 2016-2018, than many here. Years where their income has been in the millions:
“In 2016, the Bidens gave 1.5% of their income to charity; in 2017, they gave 9.2% and in 2018, they donated 6%.
Sizeable chunks of their donations went to nonprofits named for the Bidens. Of the $1 million the Bidens donated to charity in 2017, $100,000 went to the Joseph Biden Foundation Community Legal Aid Society Inc., and $150,000 went to the Beau Biden Foundation for the Protection of Children, an organization named for Biden’s son, who died of brain cancer in 2015. An additional $55,000 went to Biden-related charities in 2018.”
I’m not belittling the good work of Biden charities…in fact I consider it a better measure of one’s commitment to the public good than the payment of taxes. But Biden’s contributions prior to 2008 could fairly be construed as parsimonious:
“Democratic vice presidential candidate Joe Biden and his wife gave an average of $369 a year to charity during the past decade, his tax records show.” ABC News September 2008
Here's a toast with one last pour, may it last forever and a minute more;
Good fortune seems to you have sung, to live and love way past long -
This is red meat for the socialists / people who have never been in real estate. Just like the Amazon doesn’t pay taxes crowd, I’m looking forward to the takes from people who have never filled out anything other than a 1040EZ. I’m assuming this is an attempt to drive a wedge between Trump and his populist base, but it won’t work.
https://twitter.com/mollyfprince has a good analysis thread here. In summary, Trump has really good tax lawyers. Businesses take losses on taxable assets to reduce their tax burden. Shocking, I know.
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Show me what he’s doing that’s illegal or outside the rules and I will listen.
Tax avoidance is every citizen’s duty. Being in real estate and development is a great place to be if you want to avoid taxes.
there is the other issue: trumps people have already said the NYT has the wrong info.
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Sic transit gloria mundi (so shut up and get back to work) -
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The unspoken lie in the NYT article is that Trump actually does his own returns and cheats. He’s no different from any other wealthy taxpayer. The returns are done by big public accounting firms on a continuous basis. Those firms are bound by law to be truthful and they have no incentive to cheat. The cost of compliance is enormous even if they zero out the return.
The people from the NYT who wrote the article would have the reader believe that they have the personnel who know tax law. Current and prior. And financial statements. Information returns. There are 80,000 pages of tax law including Code, Regs, Rev Rulings, USTCs, Rev Procs, TCMs, on and on. The same holds for New York tax law and any other jurisdiction where there is a reporting obligation. And foreign if necessary.
In order to further understand the complexity of returns for special taxpayers like Trump, you would also have to have some understanding of GAAP. Derivatives, hedging, executive disclosure…you name it.
And not only would you have to know current law which changes daily you’d have to know prior law going back to the Clinton Administration.
All taxpayers have the right and obligation to minimize their legal tax obligations under Federal and State Laws. There is nothing wrong with that. The Times will never say that. The assumption is always under-payment be it individual or corporate. And illegality.
There is no point in reading the article because it’s meaningless.
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[quote quote=2835]From the Covid board on TOS: “So we now can prosecute a very strong case that the POTUS is killing people to make money because he’s compromised by his own debt. There are no coincidences. Hopefully there is a criminal prosecution to hold all these traitors accountable.” Tinfoil hats for all. . . .[/quote]
No way. Sarcasm and not serious – I hope.
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[quote quote=2836][quote quote=2835]From the Covid board on TOS: “So we now can prosecute a very strong case that the POTUS is killing people to make money because he’s compromised by his own debt. There are no coincidences. Hopefully there is a criminal prosecution to hold all these traitors accountable.” Tinfoil hats for all. . . .[/quote] No way. Sarcasm and not serious – I hope.[/quote]
Completely serious. . . .
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[quote quote=2833]The unspoken lie in the NYT article is that Trump actually does his own returns and cheats. He’s no different from any other wealthy taxpayer. The returns are done by big public accounting firms on a continuous basis. Those firms are bound by law to be truthful and they have no incentive to cheat. The cost of compliance is enormous even if they zero out the return. The people from the NYT who wrote the article would have the reader believe that they have the personnel who know tax law. Current and prior. And financial statements. Information returns. There are 80,000 pages of tax law including Code, Regs, Rev Rulings, USTCs, Rev Procs, TCMs, on and on. The same holds for New York tax law and any other jurisdiction where there is a reporting obligation. And foreign if necessary. In order to further understand the complexity of returns for special taxpayers like Trump, you would also have to have some understanding of GAAP. Derivatives, hedging, executive disclosure…you name it. And not only would you have to know current law which changes daily you’d have to know prior law going back to the Clinton Administration. All taxpayers have the right and obligation to minimize their legal tax obligations under Federal and State Laws. There is nothing wrong with that. The Times will never say that. The assumption is always under-payment be it individual or corporate. And illegality. There is no point in reading the article because it’s meaningless.[/quote]
To your point in bold, the law firms and accounting firms who prepare Trump’s taxes — and those who prepare EVERYONE’S taxes — not only don’t have an incentive to cheat, they have an extreme disincentive to cheat. If they’re caught cheating, their license to practice is suspended. If the taxpayer is cheating and the accountant/lawyer knows about it and is caught, their license to practice is suspended. That’s too great a price to pay. No professional tax preparer will do that, not even unethical tax preparers.
Every taxpayer, even the 1040-EZs, try to reduce their tax burden. So does Trump. And in Real Estate, it’s particularly easy to do, there are lots of options to do so. They’re implying he’s done something wrong or something unethical, which they are (as you noted) profoundly ill-equipped to do.
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It appears that the media, (and law professors with TDS who could walk over to their tax colleagues’ offices) who have been 1099’d or W-2 earners their entire careers, are now pivoting to the loans and the amount of loans. 1) Trump is in real estate, so he will have loans; 2) the tax system is structured to encourage developers and lenders to take on these risks and lever up.
Folks in the media are claiming that bc Trump has more than $400MM in loans maturing over the next few years, he is facing massive defaults and will consequently be desperate to cut a deal.
One the the deals journalists have been referencing is a $100MM loan on Trump Tower (1/) https://t.co/qHSrzsOOna
— Molly Prince 🍂 (@mollyfprince) September 28, 2020
Another thread from a woman who was formerly in commercial real estate. I, too, thought the interest rates on the loans was kind of low for the types of bridge and development loans that are standard for real estate developments.
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Did it ever occur to anyone here that like most of us who have been in business or still are in business, that he pays quarterly taxes and prepays a large amount of taxes owed? That fact was conveniently left out of the article. When I was a dentist there were many years I received a significant return of 5 figures but had paid 4-5 times that amount during the tax year. You know this is just another example of someone making something up or illegally stealing and leaking something that is written up by a willing accomplice in the media to slander Trump. It’s the Pelosi MO as I posted here recently when she was recorded saying just this thing in a speech to Dem colleagues and cohorts in 2017. When will a lawsuit be forthcoming for such a large figure that it will stop this crap forever? When will someone of integrity at Time Warner, NY Times, ATT or somewhere say enough is enough, I am embarrassed to be allowing this BS with my sources anonymous?
I realize I am asking way too much for the media including Democrat Chris Wallace who hates Trump to ask Biden about the illegal tens of millions, no billions, his family has accrued as a result of his connections and actions over the years while ignoring Trump`s lawful returns and adherence to the tax codes which require an incredible amount of compliance as Mick can attest to.
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