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SaintsInDome2006

The Case Against the President: Emoluments, Trump's Finances, Taxes & Foundation

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On 8/21/2020 at 4:19 PM, -jb- said:

So let’s play this out. USSC denies appeal and Trump is ordered to hand them over. He refuses. Then what?

The system cries quietly in a corner and our country is forever damaged.

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Posted (edited)

Probably should be at least noted that after 230 years of history maybe the worst violation of the use of the White House was Bill Clinton letting out the Lincoln bedroom to fundraisers (really as a reward). - Over this week we have seen that blown away like a raindrop in Hurricane Laura.

Conversion of the White House, official office, monuments and parks was on display in a mass, public, expensive way by:

  • The President
  • The First Lady
  • The Secretary of State
  • The Vice President
  • And all their staffs.

Just a mass overload of illegality and violation of American democratic tradition.

Edited by SaintsInDome2006
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There's always a grift.

Quote

TRUMP’S IRS CHIEF HAS MADE HUNDREDS OF THOUSANDS FROM TRUMP PROPERTIES WHILE IN OFFICE

 

Charles Rettig, the Trump-appointed IRS Commissioner who has refused to release President Trump’s tax returns, has made hundreds of thousands of dollars renting out Trump properties while in office, according to documents obtained by CREW. Last year Rettig said it was his decision whether to turn over Trump’s tax returns to Congress, under the supervision of Treasury Secretary Steve Mnuchin.

An analysis of Rettig’s personal financial disclosures for the last two years shows Rettig making $100,000 – $200,000 a year from two units at Trump International Waikiki. Trump made a detour to visit the property during a trip to Asia in his first year in office—a priceless promotional appearance for the business he still profits from as president. Rettig bought a 50% stake in the units in 2006, three years before the property opened, likely benefiting the future-president, whose company got 10% of total pre-sales.

Rettig isn’t exactly advertising his Trump-based profits. In fact, there’s no mention of Trump at all in the disclosures. The two properties are referred to only as “Residential Real Estate – Honolulu, Hawaii” and “Residential Real Estate (2) – Honolulu, Hawaii.” This isn’t new. When he was first nominated, he failed to disclose the properties were in a Trump-branded building. At his confirmation hearing, he did not directly answer concerns about the properties, only saying he would serve in an “impartial, unbiased” manner.

Trump is the first president elected since Richard Nixon to not release his tax returns. He’s fought hard to keep them secret, taking his fight all the way to the Supreme Court. There are all kinds of reasons he doesn’t want them made public—including the fact that they could point to potential criminal conduct. With Trump’s name removed from some buildings as it began to hurt property values, we can only imagine how toxic it would become if a bombshell in his tax returns were released. Which means the IRS Commissioner has a vested interest in the success of the Trump brand—and of preventing anything that could damage it.

 

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Yet another delay in getting Trump's tax returns.  

https://www.wsj.com/articles/subpoena-for-trumps-tax-returns-faces-ruling-11598975702?st=hi2lhoqdylg80ev

Manhattan prosecutors can’t obtain President Trump’s tax returns during a pending appeal, a three-judge panel ruled Tuesday, handing a temporary win to Mr. Trump in his bid to shield financial documents from a criminal investigation.

Mr. Trump asked the appeals panel to block the subpoena during the case’s appeal. His lawyers have said they are no longer making the argument about absolute immunity but arguing the subpoena is overbroad and issued in bad faith.

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I'm starting to think Trump doesn't want people to see his taxes for some reason.

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4 hours ago, Gr00vus said:

I'm starting to think Trump doesn't want people to see his taxes for some reason.

The most amazing part is that he might be going to all this trouble so that people don’t find out he’s not as rich as he claims.

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NYT: LONG-CONCEALED RECORDS SHOW TRUMP’S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE

“Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.”

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6 minutes ago, caustic said:

NYT: LONG-CONCEALED RECORDS SHOW TRUMP’S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE

“Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.”

It’s basically every bit as bad as everyone expected. He’s either a record setting tax cheat or a terrible businessman desperately in debt and in need for cash any way he can get it.

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Ah - missed this thread.

26 minutes ago, caustic said:

NYT: LONG-CONCEALED RECORDS SHOW TRUMP’S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE

“Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.”

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks.

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2 minutes ago, Sinn Fein said:

Ah - missed this thread.

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks.

Probably just another case of fake news. 

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The defense is going to be:

 

Good for him......he should be looking for every tax loophole possible.  That's what makes him a great businessman.  He's been on TV and has been a fixture in both the high end real estate business and high society for over 40 years.  He has money.....he's just smarter than the government when it comes time to pay it.  

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5 minutes ago, Thunderlips said:

The defense is going to be:

 

Good for him......he should be looking for every tax loophole possible.  That's what makes him a great businessman.  He's been on TV and has been a fixture in both the high end real estate business and high society for over 40 years.  He has money.....he's just smarter than the government when it comes time to pay it.  

Except....  if the current audit succeeds, he will pay back $100M for essentially cheating on his taxes.

aka The Emperor is wearing a wooden barrel. His whole life and persona is a sham.

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2 minutes ago, Workhorse said:

Except....  if the current audit succeeds, he will pay back $100M for essentially cheating on his taxes.

aka The Emperor is wearing a wooden barrel. His whole life and persona is a sham.

Financially, he is who we thought he was.

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26 minutes ago, proteus126 said:

Financially, he is who we thought he was.

That is what is so funny about this story - none of it is surprising, in the least.

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Just now, Sinn Fein said:

That is what is so funny about this story - none of it is surprising, in the least.

I take that back - this was pretty surprising:

 

"$70,000 in hairstyling for television"

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My god. I pay more in taxes than the President.

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The Times examined and analyzed the data from thousands of individual and business tax returns for 2000 through 2017, along with additional tax information from other years. The trove included years of employee compensation information and records of cash payments between the president and his businesses, as well as information about ongoing federal audits of his taxes. This article also draws upon dozens of interviews and previously unreported material from other sources, both public and confidential.

 

They must have been sitting on this for months.  I am impressed nothing leaked until the story ran.

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Mr. Trump’s net income from his fame — his 50 percent share of “The Apprentice,” together with the riches showered upon him by the scores of suitors paying to use his name — totaled $427.4 million through 2018. A further $176.5 million in profit came to him through his investment in two highly successful office buildings.

So how did he escape nearly all taxes on that fortune? Even the effective tax rate paid by the wealthiest 1 percent of Americans could have caused him to pay more than $100 million.

The answer rests in a third category of Mr. Trump’s endeavors: businesses that he owns and runs himself. The collective and persistent losses he reported from them largely absolved him from paying federal income taxes on the $600 million from “The Apprentice,” branding deals and investments.

 

 

🤔  I am starting to think maybe he is not the guy we want in charge of running things..

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1 hour ago, Sinn Fein said:

I take that back - this was pretty surprising:

 

"$70,000 in hairstyling for television"

Nothing says alpha male more than a dude writing off $70,000 in hair appointments as a business expense. 

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2 minutes ago, bigbottom said:

Nothing says alpha male more than a dude writing off $70,000 in hair appointments as a business expense. 

When Pelosi was in the spotlight for her own hair salon issues, Trump was probably sitting in the White House, thinking:  "I don't agree with Pelosi, but I understand..."

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I always assumed he didn’t want his taxes public not because of crimes (which I assume exist) or conflicts of interest (which are obvious) because he doesn’t care about those. What he DOES care about is that everybody sees him as a smart, successful tycoon instead of the inept, brain-dead failure he really is. 

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1 hour ago, Sinn Fein said:

Mr. Trump’s net income from his fame — his 50 percent share of “The Apprentice,” together with the riches showered upon him by the scores of suitors paying to use his name — totaled $427.4 million through 2018. A further $176.5 million in profit came to him through his investment in two highly successful office buildings.

So how did he escape nearly all taxes on that fortune? Even the effective tax rate paid by the wealthiest 1 percent of Americans could have caused him to pay more than $100 million.

The answer rests in a third category of Mr. Trump’s endeavors: businesses that he owns and runs himself. The collective and persistent losses he reported from them largely absolved him from paying federal income taxes on the $600 million from “The Apprentice,” branding deals and investments.

 

 

🤔  I am starting to think maybe he is not the guy we want in charge of running things..

So if I'm understanding correctly, Trump owns a number of businesses who's sole purpose is to lose hundreds of millions of dollars on paper but preserve his lifestyle.  That doesn't sound completely legal to me.

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5 minutes ago, moleculo said:

So if I'm understanding correctly, Trump owns a number of businesses who's sole purpose is to lose hundreds of millions of dollars on paper but preserve his lifestyle.  That doesn't sound completely legal to me.

I don't think they are supposed to lose money - he just can't help himself.  He is an investor in two office buildings - one in NY and one in SF - both run by a different management company, and both are very profitable.

He is now, and probably has always been, a con artist.  He is simply trying to stay one step ahead of his creditors.

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16 minutes ago, moleculo said:

So if I'm understanding correctly, Trump owns a number of businesses who's sole purpose is to lose hundreds of millions of dollars on paper but preserve his lifestyle.  That doesn't sound completely legal to me.

I don’t know but my thought is that the failure isn’t intentional, it’s just that he is bad at actually running businesses. History seems to confirm that.

Edited by Ilov80s
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1 hour ago, Sinn Fein said:

I take that back - this was pretty surprising:

 

"$70,000 in hairstyling for television"

Michael Cohen is on MSNBC now and just claimed that Trump cuts his own hair. 🤣

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3 minutes ago, Sinn Fein said:

I don't think they are supposed to lose money - he just can't help himself.  He is an investor in two office buildings - one in NY and one in SF - both run by a different management company, and both are very profitable.

He is now, and probably has always been, a con artist.  He is simply trying to stay one step ahead of his creditors.

I would think a good con artist, who is making a lot of money, needs to show losses on paper to maximize wealth.  Basically a reverse shell company.  Or, maybe I've been watching too much Ozarks.

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1 hour ago, Sinn Fein said:

Mr. Trump’s net income from his fame — his 50 percent share of “The Apprentice,” together with the riches showered upon him by the scores of suitors paying to use his name — totaled $427.4 million through 2018. A further $176.5 million in profit came to him through his investment in two highly successful office buildings.

So how did he escape nearly all taxes on that fortune? Even the effective tax rate paid by the wealthiest 1 percent of Americans could have caused him to pay more than $100 million.

The answer rests in a third category of Mr. Trump’s endeavors: businesses that he owns and runs himself. The collective and persistent losses he reported from them largely absolved him from paying federal income taxes on the $600 million from “The Apprentice,” branding deals and investments.

 

 

🤔  I am starting to think maybe he is not the guy we want in charge of running things..

No surprise National debt has massively increased under Trump. Even before COVID he spent us into massive debt when the economy was strong. This is how one bankrupts a casino.

Edited by Ilov80s
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Stephanie Ruhle @SRuhle · 1m

According to the @nytimes ,@realDonaldTrump has a $300mm personal loan outstanding.

We do not know who the lender is.

It is appropriate for that information to be public given the power & influence of the Oval Office

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2 hours ago, Thunderlips said:

The defense is going to be:

 

Good for him......he should be looking for every tax loophole possible.  That's what makes him a great businessman.  He's been on TV and has been a fixture in both the high end real estate business and high society for over 40 years.  He has money.....he's just smarter than the government when it comes time to pay it.  

The man who is the hero of the working class American would certainly also look to take every shortcut possible on their taxes and make no effort to close the loopholes as POTUS. Kind of like the guy who has built himself as the American jobs President has all his merchandise made in China. The guy is transparently fake.

Edited by Ilov80s
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2 hours ago, Sinn Fein said:

Ah - missed this thread.

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks.

Locker room talk...

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Maybe all of his economic dealings and failures and losses and shenanigans and secrecy were sarcastic. I’m going to withhold judgment until I learn more.

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Trump has already called this fake news. He can easily prove it is fake by publicly releasing his taxes.

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1 minute ago, Ilov80s said:

Trump has already called this fake news. He can easily prove it is fake by publicly releasing his taxes.

Doesn’t have to, his supporters believe whatever he says and just take it as another way he’s being picked on

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Just now, yak651 said:

Doesn’t have to, his supporters believe whatever he says and just take it as another way he’s being picked on

I don’t think he has enough die hard supporters to win the election on that alone. 

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Guy spends $72,000 on haircuts for what’s  probably the most laughed hair in the world. I wonder what his annual makeup Bill is. 

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2 hours ago, Jobber said:

My god. I pay more in taxes than the President.

My god. I probably have a greater net worth than the President.

 

and so do you...

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Feel like there should be a tad bit of concern about the President having hundreds of millions of dollars in loans coming due in the next several years no?

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1 hour ago, McBokonon said:

I always assumed he didn’t want his taxes public not because of crimes (which I assume exist) or conflicts of interest (which are obvious) because he doesn’t care about those. What he DOES care about is that everybody sees him as a smart, successful tycoon instead of the inept, brain-dead failure he really is. 

Fred Trump was turning profits each and every year well into his eighties. The only time he ever lost money was when he either loaned or invested in a company run by Donald. 

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34 minutes ago, Trey said:

Feel like there should be a tad bit of concern about the President having hundreds of millions of dollars in loans coming due in the next several years no?

Frankly, if Donald owes you hundreds of millions of dollars, you have the problem, not Donald.

Mind you, in making this above assessment, I'm assuming he doesn't owe it to Teddy KGB.

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Few questions:

- Trump partly self financed his 2016 campaign - where was that money coming from if he was 420M in debt?

- Trump got paid $2.3 million for the 2013 Ms. Moscow pageant - that was far more than he ever got any other year and the pageant never returned. 

- Sort of a side point but something that came out of the Mueller investigation was Manafort’s debt to Firtash and, then there was this piece that came out this week:

The FinCen Files and the global money laundering system.

 

Edited by SaintsInDome2006
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Two questions that immediately came to mind when I read this:

1. Who in the world had all the documents and gave them to the NYT? 

2. Who are the lenders that Trump is personally $100s of million in debt to and for all that is holy I hope they are not foreign. 

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1 hour ago, SaintsInDome2006 said:

This whole thing - this presidency - feels like it’s motivated by debt. It’s desperate and it’s wild.

And probably criminal. 

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2 hours ago, TheMagus said:

Two questions that immediately came to mind when I read this:

1. Who in the world had all the documents and gave them to the NYT? 

2. Who are the lenders that Trump is personally $100s of million in debt to and for all that is holy I hope they are not foreign. 

The story said the source had legal access to the documents and that list can’t be very long. Gotta be an accountant or someone high up in the Trump organization. Or maybe Melania...

The debt is almost certainly of foreign origin. No one domestic, especially banks, wanted anything to do with him. This is going to have so many twists and turns and none of them in a good direction.

He knows what he’s done, the criminal liability he may have and that the consequences may begin on January 20th. No way he’s leaving without a fight and these last few weeks he’s going to be looking for help anywhere he can find it. It’s gonna be ugly.

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11 hours ago, Thunderlips said:

The defense is going to be:

 

Good for him......he should be looking for every tax loophole possible.  That's what makes him a great businessman.  He's been on TV and has been a fixture in both the high end real estate business and high society for over 40 years.  He has money.....he's just smarter than the government when it comes time to pay it.  

To which I reply “why hasn’t he closed those loopholes?”

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Strange, all of these tax threads have been eerily quiet from supporters. They seem to be around discussing the Supreme Court but crickets on this.

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