Discover and read the best of Twitter Threads about #TrumpTaxReturns

Most recents (24)

Read 9 tweets
#BREAKING: @TwitterSafety claims @NYPost article on #HunterBiden is harmful? Are you kidding me? #Election2020 interference by #BigTech acting as "Publishers" is OUT OF CONTROL!

@ak4wa @WAGOP
Read 38 tweets
Thread zur Einordnung des neuesten #NYTimes Artikel zu #Trump|s Steuertricks aus deutscher Sicht und für Nicht-Steuerrechtler nach erster Durchsicht. 👇🏻 1/X
Die #NYTimes hatte in dem Erstartikel bereits Folgeartikel angekündigt. Eines wird achon jetzt klar:

Eine gründliche Berriebsprüfung durch die Steuerbehörde (#IRS) wäre - wie es ohnehin zu vermuten war - für Trump finanziell und strafrechtlich extrem kritisch. 2/X
Lange Story der #NyTimes mit bemerkenswert gut recherchierten Zusammenhängen. Was im Wesentlichen GEMÄSS DEM ARTIKEL passiert ist, ist folgendes:

Trump und sein langjähriger Buddy Mr. Ruffin haben zusammen ein Hotel in Las Vegas

Read 21 tweets
So some people have been asking @CBHessick why we should care about the president's taxes if everything he's done is legal.

First, it's not clear that everything has been legal. But assume it is/

I assume her interlocutors' feeling comes from the SCOTUS opinion in Helvering: 1/
"Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes." 2/…
Which is fine, I suppose. It's a really popular statement that is quoted in judicial opinions, tax textbooks, articles, and all over the internet.

And it's not wrong.

But it leaves out the next important part of the opinion: 3/
Read 6 tweets
Brilliant, clear explainer by leading tax law professor @DanielShaviro

Shaviro explains why Trump's claim that he "loves depreciation" and was "smart" to pay no taxes doesn't make sense.

Trump's massive economic losses (and potential fraud) do.

2. On prospect of Trump's impending personal financial crash:

"A danger of simply running out of money soon if there is no turnaround...$421 million in personal liability debts...due soon add to the impression of an approaching risk of financial breakdown."


It’s not just a question of potential FEDERAL tax crimes—for which Trump could be indicted after leaving office.

It’s also a question of NEW YORK financial crimes—which authorities might bring even if Trump were still president.

Shaviro on the NY & NYC crimes element.👇
Read 7 tweets
Okay, one more thing before I do the prep work that I really, really need to get done: that $750. #TrumpTaxReturns
I don't currently have much substantive to say about it. But I do have a historical note: in 1969, the Treasury Secretary testified to Congress that 155 taxpayers who had income in excess of $200,000 paid no income tax. 2/
That year, the story goes, members of Congress received more letters outraged about this tax nonpayment by the wealthy than they did letters about the Vietnam War. 3/
Read 6 tweets
Fake billionaire.

In a surprise to NO ONE, a bombshell article in the NYT revealed Donald Trump has a reason for hiding his tax returns: he only paid $750 in taxes in 2016 and 2017 and zero in 10 of the previous 15 years. Trump responded by saying, "It's fake news." Uh huh. Image
@nytimes The Times has obtained tax-return data for President Trump extending over more than two decades. It shows his finances under stress, beset by losses that he aggressively employs to avoid paying taxes and hundreds of millions in debt coming due.…
Moocher in chief.

@davidfrum Wrong to say: this changes nothing.

But even if right: trajectory of campaign was leading to a Trump smash. It's Trump who needed a change of trajectory.

And now Trump's pursuers are inside his decision loop.…
Read 10 tweets
तुम्ही 2-3 दिवसांपासून ऐकलच असेल की अमेरिकेची दुचाकी क्षेत्रातील नामांकित कंपनी '#HarleyDavidson' ने भारताच्या बाजारातुन आपला गाशा गुंडाळण्याची घोषणा केली.तर आज आपण आंबा🥭-Harley Davidson🏍️ चे नाते,नक्की काय झाल की कंपनी भारत सोडुन चालली हे पाहुया..
#म #मराठी #रिम
Harley Davidson(HD) ही अमेरिकन कंपनी असुन 1903 साली हिची स्थापना झाली..ह्या कंपनीबद्दल सांगायच म्हणल तर ज्यावेळीस अमेरिकेमध्ये महामंदी आली होती त्यावेळीस 'Indian motors' आणि HD या दोनच वाहन उत्पादक कंपन्या तग धरू शकल्या होत्या.🙏या कंपनीचे जगभरात अनेक फॅन्स आहेत🔥🔥♥️♥️
तर आता एव्हढा मोठा इतिहास असणारी कंपनी एकाएकी भारताच्या बाजारपेठेला सोडुन जाण्यामागे उद्देश काय? हे पाहुया..
HD च्या भारतातील पदार्पणाची सुरूवात आंब्यापासुन होते..हो बरोब्बर!!!
2007 साली जेव्हा मनमोहनसिंग भारताचे पंतप्रधान होते व जाॅर्ज बुश हे अमेरिकेचे राष्ट्राध्यक्ष होते तेव्हा
Read 12 tweets
One last thing before I shift to preparing for tomorrow's class: the extensions.

This suggests 2 questions: (1) How (or why) did he get extensions? (2) Why did he pay $1m in taxes and then request a refund? 1/
Question 1 first: you know how April 15th is Tax Day? (Or, rather, other than this bizarro year we're living in it's Tax Day?)

Turns out it's not. Or at least it's not Tax _Filing_ Day. 2/
See, every taxpayer qualifies for an automatic 6-month extension on filing. That is, as long as you send the necessary form to the IRS, you don't have to file your tax return until October 15!

So why does anybody file their tax return on April 15? That takes us to Question 2. 3/
Read 8 tweets
One thing that the @nytimes report on #TrumpTaxReturns that seems weird is his personal guarantees of loans, guarantees that are largely coming due within the next 4 years. After all, guarantees came back to bite him before. So what's up with those? 1/
Last night, @Omri_Marian made a couple important points: there's an advantageous tax reason for doing it and he may not actually be on the hook for the guarantees. 2/
I don't have a lot of personal knowledge about the second point; I'm pretty sure that Omri's right that it's possible not to actually be on the hook and that taking that kind of position would be a tremendously aggressive tax position to take. I don't have anything to add tho. 3/
Read 18 tweets
BREAKING: A "source" just revealed that the #NYTimes received the alleged "Trump Tax return data" from Christopher Steele.

Don't ask any more questions as I'm protecting my "source".

Right? 😉
#TrumpTaxReturns #FakeNews #NYTimesPropaganda @realDonaldTrump @RudyGiuliani
Remember this @nytimes?

Amazon Will Pay a Whopping $0 in Federal Taxes on $11.2 Billion Profits…
Read 3 tweets
The #TrumpTaxReturns story has legs for one reason and one reason only: media personalities know that the average American understands little of the tax code outside the income taxes they pay every year. 1/3
They know that they can leave out the millions in capital gains taxes, payroll taxes and other federal taxes — not to mention the billions *with a b* in deductible losses — because most people can't wrap their brains around that. 2/3
So all they have to hear is "Trump paid less in income taxes than you did" and they won't stop to consider the number of jobs he may have created, the local economies his businesses may have sustained, and the other taxes he paid. Job well done. 3/3
Read 3 tweets
Okay, first things first: let's take criminal tax fraud off the table, shall we? (A friend requested that I not skimp on the GIFs, so also, let's do this in a GIF-heavy thread.) #TrumpTaxReturns 1/
I get that looking to criminal tax fraud is attractive; we've enjoyed using it to prosecute crimes we know about but, for whatever reason, can't prosecute at least since Al Capone. 2/
But here's the thing: criminal tax prosecutions are hard. Like, really hard. 3/
Read 18 tweets
Since everyone is interested in 🇺🇸 tax law right now, here's one of the gems I love.

The IRS has a section that tells people which form they need to fill out for income from illegal activities, like illegal drug dealing.

Even drug dealers pay their taxes. 😂

#TrumpTaxReturns Image
Ransom paid to pirates, and mob extortion is also a tax deductible in the US, up to a certain point.

The Gettys have a notable story in this case, refusing to pay anything more than the maximum amount that could be deducted.

Canadian tax anecdote. I knew an auditor for the CRA, who said if you're nice during audit, they try to help as much as they can.

He then told a story about auditing a drag queen that nearly gave him a heart attack, when he found out they didn't deduct their stage costumes. 😂
Read 3 tweets
NYT says they received “tax return data” from a source that was legally entitled to have it. So probably not actual tax returns and at least unethical but likely illegal to release.

The article is obviously timed as part of a wider campaign to have these “bombshells” every week.
So far, these “bombshells” have all been duds.
I believe @ProjectLincoln is a major player in this orchestrated media assault against @realDonaldTrump

If that turns out to be the case, none of the RINO turncoats should have any role whatsoever in the future of the @GOP
I would wager that some of the “tax return data” for the current @nytimes article about the #TrumpTaxReturns is recycled from a 2016 article and that the new data is likely from the SAME SOURCE.…
Read 5 tweets
Let's look at the #TrumpTaxReturns #TrumpIsBroke
numbers in the style of Harper's Index.

What “billionaire” Trump paid in federal income tax in 10 of last 15 years.

What Trump paid in federal taxes in 2017.

What Trump paid in taxes to Panama in 2017.

Amount paid to style his “hair” when he was at The Apprentice.
What Trump wrote off as expenses for “silver and linens” at Mar-a-Lago in 2017.

What Trump paid in “hush money” to Stormy Daniels.

What Trump paid in taxes to India in 2017.

What Trump paid in taxes to the Philippines in 2017.
Read 11 tweets
Some thoughts on whether we can see any evidence of tax evasion -- a felony -- in @nytimes description of the #TrumpTaxReturns. In general, it is hard to spot evasion from just a return, and often difficult even if you can also see the "work papers," or supporting documents. /1
But there are red flags one looks for, and you can see some of them in the president's taxes. I prosecuted at least 2 cases, one of them that went to the Supreme Court, where a small-business owner used his family business as a checking account. /2
It's legal to spend your business's money, of course, if you own that business. But when you do so, you have to report that money as taxable income (or, for partnerships like Trump's, give up your "basis" or right to claim deductions from the business in the future). /3
Read 11 tweets
9/28 4A ET @FoxFriendsFirst Featured Stories

Dallas PD Saves Man From Burning Wreck✔️
Democrats Slam Trump's Scotus Nominee✔️
Leaked Breonna Taylor Bodycam Footage Raises Questions✔️

New York Times Reveals Trump Is A Serial Tax Avoider And Pitifully Inept Businessman❌ ImageImageImageImage
2/ From 4–5A ET, how much time did @FoxFriendsFirst spend reporting the bombshell @nytimes release of #TrumpTaxReturns?

A: 2⃣6⃣ sec.

More time was spent on:
Media's 'Supreme' Meltdown
HOF QB @JoeMontana Stops Kidnapping
Brain-Eating Amoeba in Texas (w/ picture of @parscale) ImageImageImageImage
3/ @foxandfriends on #TrumpTaxReturns

ROVE: It's one thing if @JoeBiden tomorrow night says 200M Americans have died of coronavirus…it's another thing if we see him not being able to remember the words of the Pledge of Allegiance or stumbling off

Read 3 tweets
Okay, I don't want to do a whole 'STRAP IN YOU COCK-HOLSTERS AND TAKE A BIG SIP OF COVFEFE BECAUSE THIS IS A THREAD' thing, but the #TrumpTaxReturns, #TrumpIsBroke thing is stupid and annoying, so here it goes: (1/whatever)
This is Robert Trump, Trump's younger brother who died recently. He's normal, right? Regular hair, no fake tan- oh and did you know he was on the board of the company that owns Bethesda, who published the Wolfenstein games?
So Robert Trump is what Donald Trump would look like if he was normal, and a big part of being normal is caring what other people think of you. It's obeying rules: fake tan looks bad and tacky (with a whole load of classist assumptions thrown in) so you don't get it.
Read 11 tweets
The @nytimes story on #TrumpTaxReturns says of Russia: "the tax records revealed no previously unknown financial connection — and, for the most part, lack the specificity required to do so". That's no surprise because. Here's why. (1/11)
When, around the end of last century, banks finally despaired of his endless commercial failures, @realDonaldTrump found a new way to make money. He would use The Apprentice to play the business genius he wasn't, then rent out that brand ... (2/11)

... to developers who would put his name on top of buildings built with money from the kleptocracies that had taken over the former Soviet empire. Trump's cut would run to many millions. He boasted about these projects in a letter to the @WSJ… (3/11)
Read 12 tweets
Okay, just one thought tonight on #TrumpTaxReturns: beware of too-facile conclusions because they're probably wrong.

Here, for instance: it's clearly possible @realDonaldTrump inflated assets and revenues on bank documents for loan purposes. But it's also possible he didn't. 1/
For instance, the fact that he had tax losses doesn't tell us anything about his revenue. In fact, the @nytimes article points out that his businesses had revenue. In 2018, he disclosed $435m in revenue but claimed a tax loss of $47m. 2/
The thing is, that's not unusual. Revenue is the gross amount of money you bring in. But you reduce revenue by certain expenses. So even for financial accounting purposes, it's possible to have eyepopping amounts of revenue with net losses.

Remember @uber? 3/
Read 8 tweets
Hillary warned us:

—He’s not as rich as he says
—He’s not as charitable as he claims
—He owes $650M to Wall St &Foreign Banks
—He doesn’t want you to know he doesn’t pay income taxes
—He has multiple conflicts of interests


His own fixer/attorney Cohen testified that Trump:

🔹Inflated his assets to get loans
🔹Deflated his assets to avoid paying taxes
🔹Used public funds/taxpayer dollars for private businesses

Reminder: In 2018 the NYT uncovered that Trump and his family committed “instances of outright fraud” and had defrauded the US Govt out of $500 Million in taxes.

This alone should’ve been enough to remove a corrupt POTUS*.

Read 7 tweets
I’m not interest in the details of how Trump used legal tools provided by the system to pay less taxes. In my book, that makes him smart.

But I am interested in seeing all Biden’s medical records & results of an independent drug & cognitive test.
The @TeamTrump & @realDonaldTrump should seriously consider nytimes needs to be seriously sued!

It’s amazing how they lie a few days before the debate but are not held accountable.

#Vote to save America from Socialist and their foot soldiers. Image
Read 4 tweets

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