Author Topic: Cheating on taxes the Trump way  (Read 160 times)

TheDrake

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Cheating on taxes the Trump way
« on: January 02, 2023, 09:16:03 AM »
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For example, in 2017, Trump claimed his business DJT Aerospace LLC, which operates Trump’s personal helicopter, claimed $42,965 in income. It also claimed the exact same amount – $42,965 – in expenses. In other words, every single dollar – to the dollar – that the company earned was negated by the company’s expenses, such as payroll, fuel and other items. That left the company with zero income – and nothing to tax.

“Total expenses equaling total income is a statistical impossibility,” said Shiel, who added that the figures are not evidence something illegal was done. “It just doesn’t happen.”


Let's see the receipts. What kind of doofus does he have doing his tax cheating? Now the only thing I can think of that doesn't involve fraud is that on Dec 31, this company was instructed to spend the exact amount of money to avoid declaring any income. Which leads me to speculate that somewhere there is a loophole that kicks in if you are reporting no gains for the year.

This is the link to the full text of the analysis by JCT, I couldn't find it from a government source so it is linked by cnn without any commentary by that news organization.

Report

TheDrake

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Re: Cheating on taxes the Trump way
« Reply #1 on: January 02, 2023, 09:35:37 AM »
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7. Validity of sole proprietorship activities.-- A number of Schedule Cs either had no gross income (i.e., only expenses), or gross income and expenses that entirely (or almost entirely) offset, raising the question of whether these were valid trade or business activities, or whether these Schedules contained costs derived from personal activities or hobbies. For example, the 2017 Schedule C for DJT Aerospace LLC (aviation) reported gross income of $42,965 and total expenses of $42,965, the second consecutive year this business showed an equal amount of gross income and expense. In 2018, of the five Schedule Cs, three reported only expenses (no gross income), and two reported losses. For example, the 2018 Schedule C for Donald J. Trump (management services) reported no gross income, just taxes and licenses expense of $38,764. Similarly, the 2018 Schedule C for DJT Endeavor I (aviation) reported gross income of $38,392 and expenses of $312,773, for a net loss of $274,381. Audits of closely-held entities often find personal expenditures being improperly deducted as business expenses.

I just read the details. It was twice in a row that this LLC broke even.  :o

And this was what I was talking about in the IRS thread. People using their LLCs to spawn off payments to their housekeepers and other bull*censored*, or in this case probably a way to compensate someone who works for him at "DJT Aerospace" without payroll and other taxes. Ivanka apparently ran it, I wonder if she got a manicure?

Ivanka source

It's a helicopter

So this brings up yet another piece of bull*censored*. Trump keeps many of his businesses in tiny LLC fragments. I can think of dozens of reasons why that might be done, and all of them are shady.

I don't claim that Trump is unique in this regard, the 1% are likely all doing some version of this. That doesn't make it not shady, it just means that there are a lot of shady people.

msquared

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Re: Cheating on taxes the Trump way
« Reply #2 on: January 02, 2023, 09:52:29 AM »
Remember Trump only took the best deductions using the best accountants. He has the Greatest Returns and he would have published them himself if he had not been being audited (which he should have been but for some reason his IRS head did not follow the law on that and Trump has no idea why that is).And the audits that were going on in 2015 and 2016, well his accountants told him he was being audited, he thinks, so he could not release his returns, even though he promised he would. It is too complicated for people like you to understand. And his accountants made sure of that.

rightleft22

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Re: Cheating on taxes the Trump way
« Reply #3 on: January 02, 2023, 10:27:47 AM »
I hear even those that don't like Trump admire his ability to play the system. "I need to find his accountants" so I can do the same.... but don't take away any of the services.  I  demand my roads, water, electricity, police, hospitals... and I don't want to pay the true cost for those services.  I mean I deserve those things, owed them...  "paid" for with my tax dollars that I want to scam my way out of....

Have you ever wonders how many yards of road the money you paid in taxes through out your life would have bought?
How a company like Amazon could not have made its fortune without the public infrastructure in place?


TheDrake

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Re: Cheating on taxes the Trump way
« Reply #4 on: January 02, 2023, 12:21:14 PM »
I'd be curious to read a statement from someone admiring Trump's tax strategy but hating Trump. I have no doubt that they exist. but you say "don't like Trump" which is somewhat ambiguous. Does that mean, think he should tone down his tweets, but essentially believe in everything he is trying to do, or someone actively criticizing him? I poked around a little, but that's a hard one to find in a search.

But it also isn't surprising that people love tax cheating and shady dealings independent of whether Trump does it. See my comments on the IRS thread. I mean, we're the only country that allows LIFO inventory for pete's sake. Our entire society is dedicated to what amounts to not returning your shopping cart when you're done with it. There's no law against it, so you should admire the person who realizes they can save some of their personal time at the expense of others.