Politics Donald Trump Twice Paid No Federal Taxes, Government Report Shows

Discussion in 'The Howard Stern Show' started by XuXu, May 20, 2016.

  1. XuXu

    XuXu VIP Extreme Gold

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    http://abcnews.go.com/Politics/dona...xes-government-report-shows/story?id=39259669


    Trump no taxes.jpg

    Donald Trump paid no federal income taxes for at least two years in the late 1970s, according to a New Jersey government report.

    Trump, who has declined to release his tax returns during the campaign season, incurred no tax liability in 1978 and 1979, New Jersey gambling regulators found, when they looked into his tax returns and personal finances in connection with the Trump Plaza Corporation's 1981 application for a casino license.

    Trump claimed negative income in both those years: losses of $406,379 in 1978 and $3,443,560 in 1979. In 1975, 1976, and 1977, he claimed $76,210, $24,594, and $118,530 in income, respectively, paying $18,714, $10,832, and $42,386 in federal taxes, according to the document, the Report to the Casino Control Commission.

    The regulators "did not ascertain any inconsistent or questionable matters" in Trump's returns, they wrote.

    The findings were included in a report obtained by ABC News and verified by the New Jersey Casino Control Commission. Although the regulators viewed Trump's tax returns from 1975 to 1979, they did not include the actual returns in their report to the commission.

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    The presumptive GOP presidential nominee had promised to release his most recent tax returns as a 2016 candidate, but he later declined to do so until an audit is completed. He has faced criticism for that decision, though not required to do so, as presidential candidates have consistently released their tax returns to the public over the last 40 years.

    The tax rates paid by Trump are "none of your business," the GOP candidate told ABC'sGeorge Stephanopoulos in a recent interview on "Good Morning America." In the same interview, he told Stephanopoulos that "you'll see it when I release but I fight very hard to pay as little tax as possible."

    In 1979, Trump's negative $3.4 million in income and zero tax liability stemmed for the most part from losses on real-estate holdings in New York City, the report states.

    "The Division notes that in 1978 and 1979 Trump incurred no federal income tax liability. In 1979, the lack of such liability is primarily attributable to losses incurred by Trump in the operation of rental properties located at Third Avenue, Fifth Avenue, East 56th Street, East 57th Street, East 61st Street and East 62nd Street, New York City, New York," the New Jersey Department of Law and Public Safety Division of Gaming Enforcement wrote in its report to the state Casino Control Commission.

    Donald Trump's presidential campaign has not yet responded to ABC's request for comment on the report.

    Trump has come under bipartisan criticism for his taxes. Mitt Romney, the 2012 Republican presidential nominee whom Trump once said was hurt by his own delay in releasing tax returns, has called it "disqualifying for a modern-day presidential nominee" to refuse to publicly release tax returns. The IRS has said an audit does not prevent citizens from publicly releasing their returns.

    The IRS has said previously that it does not discuss individual tax matters.
     
  2. MAGA

    MAGA Made Board Retarded Again Banned User

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    Late 1970's :backlol:

    Melt down harder as your harridan hero crumbles faster and faster.
     
  3. MAGA

    MAGA Made Board Retarded Again Banned User

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    What was Hillary doing in the late 1970's? :bigthink


     
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  4. Bobby Axelrod

    Bobby Axelrod Well-Known Member VIP

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    Who cares?
     
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  5. Fatass

    Fatass Well-Known Member

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    :crazyup:

    He lost money had no taxable income, why would he pay income tax?

    What should he have paid?
     
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  6. MrsTreat

    MrsTreat Well-Known Member

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    I don't like that Trump makes hes ties in China. To me - that's like Carrier moving to Mexico. He should make stuff here. There's lots of folks in SC and mills that could do the job.
     
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  7. kev

    kev Well-Known Member

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    Desperation
     
  8. Daveindiego

    Daveindiego Confirmed Internet Legend Gold

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    These taxes must be a fucking mess if he isn't going to release them.

    Seeing as how he has never held elective office, he should be held to even higher standards to release this info.
     
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  9. suckemnuckledus

    suckemnuckledus Well-Known Member

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    Trump built a wall in 79 and it failed. Now he's trying to do it the correct way.
     
  10. Daveindiego

    Daveindiego Confirmed Internet Legend Gold

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    The guys charitable contributions are free rounds of golf. :rofl:
     
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  11. MAGA

    MAGA Made Board Retarded Again Banned User

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  12. Reggae Mistress

    Reggae Mistress Old Catcher's Mitt

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    If I could find legal loopholes, I would also. My anxiety in April is thru the roof due to my tax bill.
     
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  13. MAGA

    MAGA Made Board Retarded Again Banned User

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  14. MAGA

    MAGA Made Board Retarded Again Banned User

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  15. Wangold

    Wangold Well-Known Member

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    Don't hate the playa, hate the game.
     
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  16. SuperFarts

    SuperFarts Well-Known Member

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    Amazing.

    I would really like to be able to do the same. I disagree with 90% of government spending.

    [​IMG]

    She*
     
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  17. bluedevil30

    bluedevil30 Well-Known Member

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    Prior the Tax reform Act of 1986 you could deduct all sorts of wacky stuff and I believe there was still an investment tax credit of 10% on capital investment. Reagan revamped the tax system in 1986, dropped the tax rates but also cut the majority of these wacky deductions. By eliminating all the tax loopholes and breaks he actually collected more taxes than in previous years.
     
  18. Avery

    Avery Well-Known Member Banned User

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    :secret: you only pay corporate taxes if you make a profit
     
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  19. Hugh Blowmont

    Hugh Blowmont Just be funny

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  20. Bro

    Bro Oligarchical Corporatocracy VIP Gold

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    Trump is not a billionaire. He values his "brand" in the billions. Big difference. He won't release his taxes because it will shatter the charade he's putting up for the public.
     
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