Debt Rattle October 2 2016


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    DPC Belle Isle Park Aquarium, Detroit 1905 • Some Comments On The NYT Story About Donald Trump’s Tax Returns (Hempton) • US Government Deficit Numbers
    [See the full post at: Debt Rattle October 2 2016]

    Ken Barrows

    Not a tax attorney, but there is an IRS Form 982 that gives a taxpayer an opportunity to avoid paying income tax on debt forgiveness–the insolvency exception.


    Trump wouldn’t have been able to plead insolvency. But there’s also -so far- no indication that he did anything illegal with regards to his tax filings. Come to think of it, nothing illegal at all as far as I know.


    RE: Trump’s taxes.

    Using LEGAL financial structures to avoid taxation is part of the game of the system. It’s not a crime. In fact it’s a requirement.

    Trump himself argues for simplification of the tax system. But he was not the one writing the tens of thousands of pages of rules. Given the rules that are put in place, any successful business will and in fact MUST use those rules to maximize their profit and minimize their tax.

    Charity is called “charity” because it’s a CHOICE. That is, a business in this capitalist system has a choice as to what it donates to a government or any cause. Requiring a company to pay more tax than it needs to ceases to be charity because it then becomes an obligation not a choice.

    You can critique an individual or a company for not being charitable enough. But it’s still not illegal not to be charitable. And truth be told, none of us are particularly charitable.

    Tax avoidance is a business NECESSITY. Tax evasion is the crime. Tax avoidance is what any smart individual does. To do otherwise, is essentially to make a charitable donation to government. And I don’t know about you, but the last charity I would want to give any money to is a corrupt, over-bloated government. In fact, if you don’t agree with the direction of government (Trump is on the record being critical of government policies for decades now), then why on earth would you charitably DONATE millions of dollars to such a despicable, corrupt institution as the current U.S. government.


    I don’t see why IM said Hempton knocked down the NYT story. The story is pretty straight forward but does have on very large an familiar hole which he attempts to fill. The hole is, were the losses shuffled off and hidden. For the Times part the story follows the template wherein it suggests the appearance of impropriety.. This ‘suggestion of impropriety’ is a common practice at the Times and all media and fine as a starting point. However the Times raised it to a high art with the Clinton’s and Whitewater and then again recently with Hillary’s email server. in the case of Whitewater the appearance of impropriety shtick went on and on for 3 years.

    Trump’s business is exceedingly odd and not a standard sort of corporation at all. Untangling it is likely impossible which is probably why the IRS probably dropped the ball on this gigantic loss. All you need to know is the guy is a classic shyster, as opposed to the more modern corporate/institutional kinds of shysters who occupy Hillary’s establishment side. Pick your poison.

    American’s perhaps above all peoples are suckers for con men, snake oil salesmen, or salesmen in general.

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