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Trump qualified for a tax break for New Yorkers making $500K or less

QuadpolarNutjob said:
like anyone else he's going for the minimum taxes he can pay. just another reason he appeals to the average person. TRUMP 2016, tear down the establishment.
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Trump isn't going to tear down the establishment. He would be broke in record time. His wealth was built the old fashion way- sucking up to the establishment and if he knocked it over taxes would eat his schemes alive. He will attack a few scapegoats but leave the tower of wealth sustainment alive and well.

He is a CONMAN, a huckster, and totally self absorbed thief. He could give a damn about what 'the common folk' need or want. he is appealing to the rabble rousers who just want to destroy, not build... :peace
 
Somerville said:
This is strange. Everyday we hear from The Donald about his huuuuge wealth; so how does he qualify for a tax break available only to those making LESS than $500,000 a year?

A few possibilities:
  1. He's lying about his income
  2. He isn't as rich as he claims to be
  3. The New York tax people are totally incompetent
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You see, that is the thing about the wealthy the envious don't understand. When planning to have them pay for the things they don't want to pay for themselves, they fail to understand how income and wealth works.

Trump could have $10 million in previously reported liquid cash to pull from, but in any given year, only show a small amount of taxable income. Greedy/envious Socialist Progressives in California have learned this lesson over and over, yet fail to understand the reality of income and taxation.

They keep increasing taxes on the wealthy, thinking their evil accomplishments should bare fruit for the little people, but like a movie star who gets a big payday one year, and nothing the next, the wealthy don't always have big taxable incomes year after year.
 
Somerville said:
WHY do you believe, no thinking, that it would be hard for a Socialist to understand just a wee bit about the multitude of means by which the 0.1% avoid paying taxes? I've worked with, for, and dealt with many who belong to that wealth category so I do have a little understanding of how they 'play the game'. But for a "billionaire" to receive a tax break intended only for those earning less than $500K per annum - somethin' ain't right.
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how so

if most of your wealth is tied up in real estate....then you can have very little income, and a HUGE net worth

real estate is known to be a cash eater....repairs, maintenance, non rent of space, insurance, etc

think about it
 
reinoe said:
I know I can drop my reported income by deducting educational expenses and charity donations. I'm sure Trump knows far more accounting tricks than I do, and I bet his accountants know even more than he. Are you done with this little storm in a teacup or would you like to rant some more and discredit yourself further? PRO-TIP: I recommend you stop now but to each his own...
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As much as I loathe the prick, as a billionaire, he can afford the best accountants to manage his taxes. His deductions I'm sure are ginormous.
 
Somerville said:
This is strange. Everyday we hear from The Donald about his huuuuge wealth; so how does he qualify for a tax break available only to those making LESS than $500,000 a year?

A few possibilities:
  1. He's lying about his income
  2. He isn't as rich as he claims to be
  3. The New York tax people are totally incompetent
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4. He doesn't derive the bulk of his wealth from actual income generated in New York City. Which would hardly be shocking. Plenty of billionaires have relatively low salaries but receive prodigious amounts of wealth from the sale of stock and equity while sheltering expenses through their companies. Anyone who is able to reduce their tax burden usually avails themselves of the chance.
 
NoLeftNoRight said:
The thing that's hard for Socialist to understand is that people try to find any legal means to reduce their tax burden. Guess what, smart individuals do the SAME THING.

I guess the closer Trump gets to the White House, the more vocal opponents will get.

No matter how hard they try to dig some up, Trump has no more dirt than just about any other person holding political office and probably a lot less than most.
His ego is apparent and obnoxious....but that doesn't mean he wouldn't make a reasonable (by recent standards) POTUS.
He may turn out to be a LOT more Liberal than the right had hoped or been led to believe.
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But this isn't about leftist, righties or anything like that. It's about truth-telling.

Look, I get it...people (society) loves two types of people: the self-made man and the wealthy man of great influence. Trump comes off as being alittle bit of both. He's self-made in the sense that he re-built his wealth after bankruptcy despite his wealthy origin began with an inheritance from his wealthy father. He's well known and considered to be a wealthy man of influence because he has name recognition (self-branding/marketing) and he's donated to several politicians and both political parties over the years. He speaks and acts with authority. Thus, the perception is he's a wealthy man of influence and he reinforces that perception by proclaiming that he has a net worth of $10 billion (the highest figure I've heard him proclaim). But here's the twist...

Your net worth and your liquid assets are two completely different things. As such, knowing what's in Donald Trump's federal income tax return(s) would go a long way towards confirming his own claims concerning his wealth. That is why the OP article is so relevant.

It's not a left or right thing. It's about the truth (or "truthiness"...depending on your point of view. :mrgreen: )

The other side of this matter, however, is as a wealthy individual, Donald Trump could take the "Brewster's Millions" approach and spend down his annual income, take every tax deduction possible including pay millions in charitable contributions, and take considerable loses on capital gains OR just pay himself an annual salary of $1 and take out under $499,999 in retirement contributions from his IRA/annuity account(s) and still claim the STAR credit. Of course, there's another option: It's not him whose claiming the benefit but his wife or child per the eligibility requirements.

The combined income of all resident owners (owners who live on the property) and of any owner’s resident spouse cannot be more than $500,000. Income is federal adjusted gross income minus the taxable amount of total distributions from annuities or individual retirement accounts (commonly known as IRAs). Income documents will be required to establish your eligibility for this program.
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In short, the $500,000 elephant in the room that is Trump Tower is Donald Trump. What's he really hiding in his federal tax returns?
 
Objective Voice said:
But this isn't about leftist, righties or anything like that. It's about truth-telling.

Look, I get it...people (society) loves two types of people: the self-made man and the wealthy man of great influence. Trump comes off as being alittle bit of both. He's self-made in the sense that he re-built his wealth after bankruptcy despite his wealthy origin began with an inheritance from his wealthy father. He's well known and considered to be a wealthy man of influence because he has name recognition (self-branding/marketing) and he's donated to several politicians and both political parties over the years. He speaks and acts with authority. Thus, the perception is he's a wealthy man of influence and he reinforces that perception by proclaiming that he has a net worth of $10 billion (the highest figure I've heard him proclaim). But here's the twist...

Your net worth and your liquid assets are two completely different things. As such, knowing what's in Donald Trump's federal income tax return(s) would go a long way towards confirming his own claims concerning his wealth. That is why the OP article is so relevant.

It's not a left or right thing. It's about the truth (or "truthiness"...depending on your point of view. :mrgreen: )

The other side of this matter, however, is as a wealthy individual, Donald Trump could take the "Brewster's Millions" approach and spend down his annual income, take every tax deduction possible including pay millions in charitable contributions, and take considerable loses on capital gains OR just pay himself an annual salary of $1 and take out under $499,999 in retirement contributions from his IRA/annuity account(s) and still claim the STAR credit. Of course, there's another option: It's not him whose claiming the benefit but his wife or child per the eligibility requirements.



In short, the $500,000 elephant in the room that is Trump Tower is Donald Trump. What's he really hiding in his federal tax returns?
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he has time to get them out there

if i remember correctly, last election cycle they were released in August timeframe or thereabout

there is nothing that says he has to release them now....

could there be something there....maybe

could there be valid reasons for him doing what he is doing....yeah

keep your britches on....

they will come out when he is ready to release them
 
gdgyva said:
he has time to get them out there

if i remember correctly, last election cycle they were released in August timeframe or thereabout

there is nothing that says he has to release them now....

could there be something there....maybe

could there be valid reasons for him doing what he is doing....yeah

keep your britches on....

they will come out when he is ready to release them
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For what it's worth, I don't care what's in his tax returns. I was just trying to put the situation in perspective.

Is he hiding something? Perhaps...I don't know. But the longer he stalls and the more of this kind of information that comes out about him, the worse it gets. And if it turns out that "the emperor has no clothes" then he may be in for a mighty big fall.
 
reinoe said:
I know I can drop my reported income by deducting educational expenses and charity donations. I'm sure Trump knows far more accounting tricks than I do, and I bet his accountants know even more than he. Are you done with this little storm in a teacup or would you like to rant some more and discredit yourself further? PRO-TIP: I recommend you stop now but to each his own...
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By that, Trump or his spouse or both (married filing jointly) shouldn't have an IRA or an annuity where they're taking out (combined) annual distributions at or above $500,000. If he or his spouse has an IRA or any type of retirement account that includes an IRA, such as a deferred whole life policy, he's mandated under federal tax law to take annual distributions. He can't avoid that.
 
Objective Voice said:
By that, Trump or his spouse or both (married filing jointly) shouldn't have an IRA or an annuity where they're taking out (combined) annual distributions at or above $500,000. If he or his spouse has an IRA or any type of retirement account that includes an IRA, such as a deferred whole life policy, he's mandated under federal tax law to take annual distributions. He can't avoid that.
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That's true but mandatory retirement distributions don't begin until age 70.5 and according to the google, he's 69, turns 70 June of this year. Doubt if he's taken any retirement distributions before this year, unless he's very cash/liquid assets poor.
 
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