It may or it may not. We don’t know for sure. I don’t think he really had a real loss of 1B. There are many people looking into it now. Trump must really regretted running for president and getting exposed.
Isn’t this from years ago? Limit on audits is 7 years.
How many of us file taxes with CPA help? How many of us, having a company, file taxes using CPA? Almost all company filing by CPA/EA, and legal help (if any) from legal experts.
Trump will have legal and tax experts before every company and every move he makes that includes taxes.
IMO, All his taxes are properly reviewed by good legal and tax experts before he files. His taxes are scrutinized more times than any one of us. Higher the money, higher the risk, more review required. I may not wonder if he has 20 to 50 tax professional dedicated in his company, well paid at $500k/year level ! Nothing goes illegal as they need to survive and grow further !
See Warren buffet openly says he pays less tax than his secretary ! Same way Trump will pay less taxes by virtue of Billionaire !
This is for USA, but Trump business is world level.
Company Audits are limited by 7 years, but when the audit started 7 years ago, they may ask another 7 years of records. In addition, Audit may take 1 year to 5 years.
Trump said he has hotels or real estate across the world. This means, he may file more than 250 tax filing (every country, state, city may have difference taxes) in a year. He is big beyond common man. Multiple audits and multiple rules from various countries affect the company.
Based on my financial experience, I am confident that Apple files unimaginable level of more than 10000 tax filing in a year, same for Google, Facebook etc.
If that’s the case there is nothing for IRS to do. And every year we have many tax cheaters caught. Tax law is incredibly complicated. The most basic stuff is black and white. But there are incredible amount of grey area.
Also, this is Trump’s personal tax return. Not his companies’.
One thing is certain though. Trump refusing to release his tax return means he believes releasing them will do him more damage than refusing. And people have to guess what he’s hiding that’s so damaging.
He pays no taxes…Like most smart real estate investors. .Plus his networth is much less than he says…But he still gets to fly private and can afford expensive divorces…The cost of the campaign will be formidable. …not sure he knows the cost. …and I am not talking about money…
Even the money part will be brutal to Trump. His brand is now that of a racist and sexist. Can you imagine any TV stations will book him? No more Apprentices. That’s a crappy show anyway. No big companies will host events in his venues. Mark Cuban goes on record predicting Trump will be personally bankrupt in 10 years. It’s highly likely.
And then there are the legal troubles. People are starting to find things that don’t quite add up.
1 Like
For many, including Trump, personal tax returns are prepared by same set of company tax experts. Both are inter-related, you know as you have company tax file and personal tax file.
Regarding audit, any government tax agency will say that you underpaid $200 millions (based of their estimate), then becomes audit. Set of tax experts go back and forth with documents for 1 to 5 years until both the parties come to an agreement of $50 millions. There ends one audit.
For a billionaire like him, it is easy to face 100+ audit an year, from all over world wherever he does business !
He will not release taxes as people, once they see a glimpse, will not vote for him (The same way Mitt was put down). For him, releasing tax is equal to quitting the race !
1 Like
He has reached 99th percentile which no billionaire (I guess) will reach in future !
He has money (and almost everything), but president position is worth trying !
He takes a chance !
Umm, do people remember how many Obama appointees owed back taxes? It was 41. Even Geithner owed back taxes. We put him in charge of the treasury. Back taxes owed by department of government:
http://www.washingtonpost.com/wp-srv/politics/irs-federal-workers/index.html
It seems they want citizens to pay more taxes, but they have issues paying the taxes they owe.
Guys/Gals,
Have we forgotten about Leona Helmsley??? I am sure she had the best of the best tax attorneys money could buy to save her arse, yet, what happened???
When The Man wants to use you as an example or the poster boy/girl for tax fraud you are meat…
1 Like
Very easy to settle Trump’s “tax problem”: release his tax returns.
Romney and GOP 4 years ago said 47% of the people who don’t pay income tax is a problem. They are free loaders. 4 years later it’s smart – genius even – to not pay any tax. Which is it?
Nobody likes paying taxes, just like nobody likes to pay after having dinner at a restaurant. We all do. It’s the price of living in a civil society.
For people who complain about high tax rate, how much is your effective tax rate? Do you even know? I look at mine and it’s shockingly low. If yours is high, you need to hire a CPA. US tax rate is NOT high.
You mean Leona “Only Poor People Pay Taxes” Helmsley? I heard Leona and Donald were pals back in the days…
1 Like
Romeny said that on his own and was very unpopular for it. He slipped in the poles over it and never recovered. However, it is very different than 1980 when <20% didn’t pay income taxes. It used to be almost everyone above the poverty rate was paying something. Now we have people at median income levels paying nothing. A median US income is top 1% in the world.
If Tim Geithner is smart enough to be secretary of treasury but can’t correctly file his own taxes, then our tax code might be too complex.
Taxes have changed a ton since 1980. Since then, we’ve add 100M people and only 4M more tax payers. The math on that is horrible and not sustainable. It’s not a question of political ideology. It’s simple math. Taxes have averaged 17.5% of GDP since WW2. It doesn’t matter if the top rate is 35% or 90%. It has little impact on tax revenue collected. There is no path to tax our way to a responsible budget. It has to start with spending cuts. If we ignore medicare, medicaid, and social security then it’s not even a real conversation. Those 3 plus interest on the debt will consume all tax revenue by somewhere between 2032 and 2041.
We need to admit all the social programs since the new deal are nothing but Ponzi schemes and replace them with something that’s financially responsible and sustainable. With all the technology and automation, the percent of people working is decreasing. Just look at the graph in another discussion about the decline in percent of working age men that are working. Social security and medicare will implode with that trend. If you do the math, over 90% of people will collect more benefits than they paid in. The whole system requires the number of people paying in to keep growing, so it can cover the people that are drawing benefits.
I’m just wondering how long we can keep the lie going and keep borrowing. Over the last 8 years we’ve added an average of $1T/yr to the national debt. The “theory” is that government deficit spending is a stimulus for the economy. They’ll also claim there’s a multiplier on government spending, so it creates more GDP growth than the spending. Yet we’ve had some of the slowest growth on record. If you think about it, our government is borrowing and spending $1T/yr. Our GDP isn’t even growing by that much per year. It’s up $3.5T during the same time period. So we’ve borrowed $8T to make GDP rise $3.5T.
The math is the math.
Come on, you don’t think the IRS immediately audited the return claiming $1 billion loss??? I bet he gets audited every single year
If people guarantee him that he will get 100% president post, he will release it. But, he knows that releasing tax return IN NO WAY GOING TO HELP his candidature.
It can harm and will definitely harm by virtue of his Billions behind his empire
My uncle, a gun toting guy, told me once that if you are a man of respect, you never talk about another fallen man 
1 Like
There seems to be a peace (?) contest in this country. He who ever spouts the more nonsense wins. Trumputin as I call him, has achieved the best con job ever performed in the history of this nation. He has really dumbfounded millions of Americans in the believe he is the savior of this country, that he is a Roosevelt, a Lincoln, the best business man on earth and the most Christian, evangelical, and conservative man ever lived.
There’s the chance that he can win, but we all are going to lose. The ugly America of the times when black people rode in the back of the bus is returning in some sense. The conservativism also will take a hit with the preponderant figures out there showing 3 marriages each but berating others for the indiscretions of their spouses. None the less, forgiving a woman for showing her physical beauty while being in this country working illegally, the core issue for what he gained popularity is nothing that can be applied to him, not because it shouldn’t, but because his deplorable followers are hypnotized by his kool aid.
I once caught one of my long time friends on Facebook commenting about the black player who kneels instead of standing up. He said something about sending them back “somewhere” and that really put the breaks on our friendship. He was born in this country but grew up in my home town, I don’t remember the specifics that much. I could sense his American entitlement as a racist, this is my country because I am white, so others are invaders or else.
Going back to Trumputin. His followers are mad at the government. Who is not mad at it? But they forget that they are the ones who should be spanking themselves for voting for the same stooges year after year. They vote against their own interests! We can see that in the states we call red states. They are behind the pass of time. They believe anything they are told that goes against the media, the government…and themselves! They think that he is one of them. He has repeated one, two and three lies and passed the time they become the word of God. How naïve or stupid you can be listening to him “I am paying for my campaign” while emails, online links call you to $upport his candidacy, none the less to see the poor and ignorant people, perhaps down to earth people not knowing anything about politics donating $ to a guy who should be spending his own money as promised. His family earning a salary? Really?
Trumputin is not sick. His followers do. I bet you that if they are told in a rally, they will drink the James Jones juicy poison with satisfaction. And nobody on this earth will change their minds. They want somebody in the white house that is not an insider, one that is a newbie, a savior, a prophet, but doing so, in their stupor, in their own earned ignorance, they don’t have the brains to realize that those who are advising him are the devil driving the establishment car. Gingrich? Giuliani? Chris Christie? The GOP? His economic team made out of oil tycoons, hedge fund managers, wall street people? Are you kidding me? The same people paying Hillary for a speech? Are you nuts?
The danger is not in the details. It is based on the knowledge that he has since the beginning threatened his own party and subsequently the country with “my people may riot”. It is the tone of his agenda that has escaped many people’s curiosity. He is drawing a picture of violence, civil war and who knows what if for some mysterious way people wake up from their stupor and they vote him down. Those who he has made to believe he can bring change to a system that never accepts change, really, they are the real danger. And they are not your normal Joe the plumber or James the carpenter. No, they are your fanatic run of the mill racists, white supremacists, crazy, gun toting people, those who want to go back to the slavery era, and those who think they will have a spot on the government disregarding they couldn’t be there if we were under a legit, nationalist, uniting party. David Duke as an example, and other groups follow the path. He has been threatened already, you do what you said or…?
Be ready, the America I used to love, not because I have stopped loving it, is not the same I met years ago. Trump has divided us big time. And he is telling us to be aware of others, like in the nazi era. Spy, snitch on your neighbor if you see any suspicious, be aware of the election fraud, be very aware, they are coming, I am the only one who deserves to win. Me, I, me, only me, only I, everybody is against me, poor me, look at me, I am working hard for you, the same way I worked for the subcontractors I stiffed years ago.
That’s all, Trump belongs to the commie trifecta, Putin, Fidel Castro and Trump. A group made in hell.
The commies are coming! 
I don’t know why the fact that Trump doesn’t pay taxes is even a topic of discussion, most wealthy people are able to get away with not paying taxes by utilizing tax strategies and such. This is literally making a mountain out of a molehill.
1 Like
Just for fun, someone posted …
