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Dec 6th, 2017
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Joined: Aug 2005
Posts: 6,388
old hand
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OP
old hand
Joined: Aug 2005
Posts: 6,388 |
Some comments on the New York Times story about Donald Trump's tax returns - John Hempton. Debt parking
Here is how debt parking works. Suppose the debtor (in this case The Donald) is going to get his debt cancelled for (say) 1c in the dollar. When he gets the debt wiped out the debtor (ie The Donald) will have to report assessable income equal to the debt wiped out (in this case 99 percent of $916 million).
The alternative though is for the debtor to set up a dummy party. The dummy party might be his wife or children or some company or trust set up by them or more likely some completely opaque offshore trust.
And that dummy party goes and buys the debt for say 1.1 cents in the dollar. Then they just sit there.
They don't force the debtor (ie The Donald) to repay. They don't make a profit or loss on the debt. And because the debtor never has his debt forgiven he never gets the assessment on debt forgiveness and he gets to keep his NOLs even though the losses did not come out of his pocket. In summary, the system is rigged in favor of the rich. Shall I put my surprise face on now?
"The liberals can understand everything but people who don't understand them."
Lenny Bruce
"The cleverest of all, in my opinion, is the man who calls himself a fool at least once a month."
Dostoevsky
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Joined: Aug 2005
Posts: 6,388
old hand
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OP
old hand
Joined: Aug 2005
Posts: 6,388 |
![[Linked Image from s4.postimg.org]](https://s4.postimg.org/4n5drj64t/Trump.png)  "Yes, officer. I was in DC at the time. "No, I didn't have any spray paint on me"
"The liberals can understand everything but people who don't understand them."
Lenny Bruce
"The cleverest of all, in my opinion, is the man who calls himself a fool at least once a month."
Dostoevsky
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Joined: Mar 2003
Posts: 8,089 Likes: 134
veteran
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veteran
Joined: Mar 2003
Posts: 8,089 Likes: 134 |
there are 2 kinds of losses .... capital gains and net operating .... and handling is different for each
it would be pure speculation to say he paid no taxes for 18 years as one would still need to see the returns .... educated speculation :: he has a bevy of tax attorneys who ensure a legal return as it will obviously be audited ... there can be little doubt they would have pushed the legal regulatory envelop
the real deal is the optics ... how can anyone believe he is the superior businessman if he incurred such large business losses? ... how can anyone who has gamed the system claim to be for the little guy?
the surrogate rebuttals are weak arguments so the optics remain
ignorance is the enemy
without equality there is no liberty
America can survive bad policy, but not destruction of our Democratic institutions
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Joined: Sep 2011
Posts: 18,003 Likes: 191
Moderator Carpal Tunnel
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Moderator Carpal Tunnel
Joined: Sep 2011
Posts: 18,003 Likes: 191 |
I have always been amazed that his support is among the very people that rail against "people like him." He is the embodiment of everything wrong with "the system." Name a problem, Trump is your exemplar: Wall Street manipulation, pay to play, bankruptcy abuse, tax cheating... ad nauseum.
A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.
Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich
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Joined: Apr 2010
Posts: 12,005 Likes: 133
Pooh-Bah
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Pooh-Bah
Joined: Apr 2010
Posts: 12,005 Likes: 133 |
It occurred to me that the 'debate' was exactly like the blogs where no discussion can take place.
Clinton was prepared to debate, while Trump was there for paintball. Clinton actually included some paintball training in her prep, though, and turned out to be a pretty good shot.
Trump, on the other hand, doesn't aim, he just 'sprays' with his fully automatic paintball gun.
You never change things by fighting the existing reality.
To change something, build a new model that makes the old model obsolete.
R. Buckminster Fuller
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Joined: Aug 2004
Posts: 17,177 Likes: 254
It's the Despair Quotient! Carpal Tunnel
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It's the Despair Quotient! Carpal Tunnel
Joined: Aug 2004
Posts: 17,177 Likes: 254 |
#LastTimeTrumpPaidTaxes Tonya Harding won the national Figure Skating championship
#LastTimeTrumpPaidTaxes Channel Tunnel opened between England and France
#LastTimeTrumpPaidTaxes Netscape Navigator was leading online browser Last time Trump paid taxes, Jesus only had twelve followers.
"The Best of the Leon Russell Festivals" DVD
deepfreezefilms.com
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Joined: Mar 2003
Posts: 8,089 Likes: 134
veteran
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veteran
Joined: Mar 2003
Posts: 8,089 Likes: 134 |
I have long believed your list is just the thin veneer for the real reason. These folks do not care about your list, even though they would agree with you.
What matters more, it would seem, is he will say what politicians think about several visceral issues, and they love him for it. Rep Steve King said whites are the only race to accomplish anything and he was hammered for saying it, he backtracked and was still hammered. If Mr Trump says it, his supporters will yell "lock her up".
Mr Trump's appeal is not the lipstick issues in your list but the base emotional responses of those who have been bound in political correctness.
ignorance is the enemy
without equality there is no liberty
America can survive bad policy, but not destruction of our Democratic institutions
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Joined: Aug 2005
Posts: 6,388
old hand
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OP
old hand
Joined: Aug 2005
Posts: 6,388 |
#LastTimeTrumpPaidTaxes Tonya Harding won the national Figure Skating championship
#LastTimeTrumpPaidTaxes Channel Tunnel opened between England and France
#LastTimeTrumpPaidTaxes Netscape Navigator was leading online browser Last time Trump paid taxes, Jesus only had twelve followers. good one!
"The liberals can understand everything but people who don't understand them."
Lenny Bruce
"The cleverest of all, in my opinion, is the man who calls himself a fool at least once a month."
Dostoevsky
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Joined: Aug 2005
Posts: 6,388
old hand
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OP
old hand
Joined: Aug 2005
Posts: 6,388 |
Trump Foundation ordered to stop fundraising by N.Y. attorney general’s officeThe New York attorney general has notified Donald Trump that his charitable foundation is violating state law — by soliciting donations without proper certification — and ordered Trump’s charity to stop its fundraising immediately, the attorney general’s office said Monday.
James Sheehan, head of the attorney general’s charities bureau, sent the “notice of violation” to the Donald J. Trump Foundation on Friday, according to a copy of the notice provided by the press office of state Attorney General Eric Schneiderman (D).
The night before that, The Washington Post had reported that Trump’s charity had been soliciting donations from other people without being properly registered in New York state.
"The liberals can understand everything but people who don't understand them."
Lenny Bruce
"The cleverest of all, in my opinion, is the man who calls himself a fool at least once a month."
Dostoevsky
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Joined: Mar 2012
Posts: 3,862 Likes: 1
enthusiast
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enthusiast
Joined: Mar 2012
Posts: 3,862 Likes: 1 |
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![[Linked Image from i.imgur.com]](http://i.imgur.com/aziY1KK.jpg)