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Remember this: Trump lashes out at New York Times report alleging year of tax avoidance. According to the New York Times, Trump paid only $750 in federal income taxes the year he won the presidency and again during his first year in office.
Well, Big Guy Toast asks: Did anyone actually read entire NYT article on Trump taxes? It literally says he filed extensions in 2016/2017, pre-paid 5.2 million, ended up owing less, left money w IRS for future payments, & had to pay $750 first two years in WH because he already overpaid in previous 2 yrs.
Here’s an excellent thread on what really happened: So. I finally read the NYT Trump tax story because I wanted to see what line was being reported for taxes owed and I came across this about the $750 in 2016 and 2017. Per the NYT own story, Trump actually paid to the US Treasury $1 million in 2016 and $4.2 million in 2017.
As he settled into the Oval Office, his tax bills soon returned to form. His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. The dreaded alternative minimum tax would let his business losses erase only some of his liability.
Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe - $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.
To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small liability for both 2016 and 2017.
When they got to line 56, the one for income taxes due, the amount was the same each year: $750.
Read that closely. Trump PAID, as in transferred to the US Treasury, $1 million in 2016 and $4.2 million in 2017. Note also that most of the overpayment was rolled forward, not refunded. The $750 figure is an ADDITIONAL $750. Thus, every single story saying he paid $750 is a lie.
It is not simply a lie; it proves that the person making the statement either did not read the story itself (BY THE INSANITY OF CTHULHU READ THE SOURCES) or lack the mental ability to comprehend that the NYT itself claims that Trump paid $1,000,000 in 2016 and $4,200,00 in 2017.
The claim that Trump paid only $750 in Federal taxes in 2016 and 2017 is thus a complete and total lie which is easily disproven by the Times own story. I mind when people lie. I mind more when people lie to me about something I can disprove in minutes.
Also, there's something even more worrisome than that the NYT appears not to have seen the actual returns. Read this closely and you'll see something very disturbing indeed.
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.
Did you see it? The years of employee compensation? So, the NYT was given compensation information for people who are not Donald Trump. Yeah, that right there should make everyone spit fire from their eyes. What the hell right does the NYT have to employee compensation?
You want to claim Trump is fair game since he's President, fine, whatever. But what people who worked for him made in the decades when he wasn't a politician is fair how? Riddle me that and you better spin so hard the Earth rotates backwards.
Also, I'm going to post this one more time for those in the back. Trump paid $1 million in taxes in 2016 and $4.2 million in taxes in 2017 and, per the NYT story, most of that money was rolled forward. Stop LYING. Start READING. Just. Stop. Lying.
Professor F clears it all up with this: Yes, most people confuse your tax liability or refund (what you paid or you got back AFTER you filled out your tax form [YELLOW]), with what you actually paid in tax throughout the year [GREEN]. This is for Trump's 2005 tax return. He paid 36M in taxes, & only owed $2M.