Trump is a Dead Duck

[MargieRose]

Originally Posted by davew

it is only a matter of time until the country sees how messed up the tax code is ... how can Trump's net worth explode exponentially while he legally shows net losses on their taxes?

Excess tax loses from one year carry forward to future years until the loses are consumed; hence, tax liability on profits in a new year, or years, can be totally covered, if the previous year's loss is large enough.

Compare it to wins and losses in horse racing: win $1,000; lose $1,500, in a given year. What would be your income tax liability for that year, assuming $1,000 was your only income for the year? Zero. But, you still suffered a loss of income...how do you recoup that loss, based on current tax laws? You apply it to any taxable income for the following year or years, which reduces your tax liability for those years, even if your net income or net worth "explodes" for those years.

Apparently, in Trump's case, his billion-dollar business losses for a given year were great enough to reduce taxable income and to cover tax liabilities on profits for several years going forward...until totally consumed. On paper, his tax liability for the so-called explosion year(s) was accounted for, and hence, paid.

All legal.

Someone please correct me, if I am wrong.

[elysiantraveller]

Originally Posted by davew

When did Nadler become Congress?

Nadler has absolutely nothing to do with this topic...

[reckless]

Originally Posted by elysiantraveller

Because every day the accounting firm doesn't comply with the Court Order they will be subjected to fines. Regardless of the status of the appeal.

This fight is basically over... as it should be... the arguments of the WH were awful and the law isn't vague about this subject.

If Congress wants your taxes... they can get them.

The accounting firm that has signed off on Trump's taxes over the years will also be simarily held accountable for OK'ing any (alleged) wrongdoings by Trump.

So even if they violate Trump's privacy, it will only prove that Trump did nothing wrong. But, if Trump did do something illegal then the accounting firm gets in real trouble for signing off on these returns. That's the law.

So instead of spewing ignorance that the accounting firm releasing Trump's returns and financials wil help in The Donald's downfall, get the facts first. It just won't happen.

I didn't expect Nader to know this. But then, we know the Trump haters on here don't know either.

And you have a license to conduct financial matters?

[elysiantraveller]

Originally Posted by reckless

The accounting firm that has signed off on Trump's taxes over the years will also be simarily held accountable for OK'ing any (alleged) wrongdoings by Trump.

So even if they violate Trump's privacy, it will only prove that Trump did nothing wrong. But, if Trump did do something illegal then the accounting firm gets in real trouble for signing off on these returns. That's the law.

So instead of spewing ignorance that the accounting firm releasing Trump's returns and financials wil help in The Donald's downfall, get the facts first. It just won't happen.

I didn't expect Nader to know this. But then, we know the Trump haters on here don't know either.

And you have a license to conduct financial matters?

I don't understand why you guys keep talking about Nadler.

Also all of this irrelevant. We don't know what is in them... it doesn't matter.

The law here isn't vague and neither was the Judge's ruling.

[woodtoo]

Originally Posted by elysiantraveller

B

If Congress wants your taxes... they can get them.

No they can't. Not constitutional. You are overestimating Congressional powers.

[OntheRail]

Originally Posted by elysiantraveller

Nadler has absolutely nothing to do with this topic...

Nadler is the Grand Inquisitors tool... in The Donald Witch Hunt 20.20 have no doubt about it... It's 110% politically motivated. Never in the History of these United States has such tactics been employed against a Duly Elected Winner of a Political Contest. The total over the top abuse of power we have witnessed and continued attempts... should terrify any sane rational person. We expect these types of moves from Eastern Bloc Countries... not accept it here in the US of A. Millions fought and many of them lost their life to defend Liberty and Freedom around the World, It's a shame what's happening here and now.

[woodtoo]

Originally Posted by OntheRail

Nadler is the Grand Inquisitors tool... in The Donald Witch Hunt 20.20 have no doubt about it... It's 110% politically motivated. Never in the History of these United States has such tactics been employed against a Duly Elected Winner of a Political Contest. The total over the top abuse of power we have witnessed and continued attempts... should terrify any sane rational person. We expect these types of moves from Eastern Bloc Countries... not accept it here in the US of A. Millions fought and many of them lost their life to defend Liberty and Freedom around the World, It's a shame what's happening here and now.

They are mocking the Constitution. Outrageous.

[hcap]

Originally Posted by woodtoo

No they can't. Not constitutional. You are overestimating Congressional powers.

https://www.law.cornell.edu/uscode/text/26/6103

26 U.S. Code § 6103. Confidentiality and disclosure of returns and return information

(a) General ruleReturns and return information shall be confidential, and except as authorized by this title—
(1) no officer or employee of the United States,
(2) no officer or employee of any State, any local law enforcement agency receiving information under subsection (i)(1)(C) or (7)(A), any local child support enforcement agency, or any local agency administering a program listed in subsection (l)(7)(D) who has or had access to returns or return information under this section or section 6104(c), and
(3) no other person (or officer or employee thereof) who has or had access to returns or return information under subsection (e)(1)(D)(iii), subsection (k)(10), paragraph (6), (10), (12), (16), (19), (20), or (21) of subsection (l), paragraph (2) or (4)(B) of subsection (m), or subsection (n),
shall disclose any return or return information obtained by him in any manner in connection with his service as such an officer or an employee or otherwise or under the provisions of this section. For purposes of this subsection, the term “officer or employee” includes a former officer or employee.

[hcap]

Originally Posted by OntheRail

Nadler is the Grand Inquisitors tool... in The Donald Witch Hunt 20.20 have no doubt about it... It's 110% politically motivated. Never in the History of these United States has such tactics been employed against a Duly Elected Winner of a Political Contest. The total over the top abuse of power we have witnessed and continued attempts... should terrify any sane rational person. We expect these types of moves from Eastern Bloc Countries... not accept it here in the US of A. Millions fought and many of them lost their life to defend Liberty and Freedom around the World, It's a shame what's happening here and now.

Clinton was with hunted much worse by a repug congress. Not to mention Obama was Benghazzied to death.

[elysiantraveller]

Originally Posted by woodtoo

No they can't. Not constitutional. You are overestimating Congressional powers.

Yes. They. Can. And. No. I'm. Not.

I don't know why a Canadian is arguing this with me. Congress writes the taxes and has latitude in a variety of actions regarding anything that could constitute legislative intent.

This is not a subject of debate and why the WH was so viciously shot down in the Judge's ruling.

As one poster already alluded too this could show Trump who claims to make hundreds of millions a year in income not paying any taxes. The legislative purpose would be wanting to tax individuals such as himself.

This is open and shut. If Congress wants to look at your taxes... you know the thing they are tasked with levying... they can get them.

(f) Disclosure to Committees of Congress
(1) Committee on Ways and Means, Committee on Finance, and Joint Committee on Taxation
Upon written request from the chairman of the Committee on Ways and Means of the House of Representatives, the chairman of the Committee on Finance of the Senate, or the chairman of the Joint Committee on Taxation, the Secretary shall furnish such committee with any return or return information specified in such request, except that any return or return information which can be associated with, or otherwise identify, directly or indirectly, a particular taxpayer shall be furnished to such committee only when sitting in closed executive session unless such taxpayer otherwise consents in writing to such disclosure.

[elysiantraveller]

Originally Posted by woodtoo

They are mocking the Constitution. Outrageous.

Oh the irony...

[elysiantraveller]

Originally Posted by OntheRail

Nadler is the Grand Inquisitors tool... in The Donald Witch Hunt 20.20 have no doubt about it... It's 110% politically motivated. Never in the History of these United States has such tactics been employed against a Duly Elected Winner of a Political Contest. The total over the top abuse of power we have witnessed and continued attempts... should terrify any sane rational person. We expect these types of moves from Eastern Bloc Countries... not accept it here in the US of A. Millions fought and many of them lost their life to defend Liberty and Freedom around the World, It's a shame what's happening here and now.

Nadler has nothing to do with the tax stuff...

You guys are funny with how uninformed you are...

[OntheRail]

Originally Posted by hcap

Clinton was with hunted much worse by a repug congress. Not to mention Obama was Benghazzied to death.

There you go with your OOD FRUITS being the same. Were their actions in office investigated yes... witch hunted with family... friends hounded threatened hell no.

Again NOTHING of this kind has been done in past. And if you were the least bit honest with yourself you have to agree.

[AndyC]

Originally Posted by elysiantraveller

Because every day the accounting firm doesn't comply with the Court Order they will be subjected to fines. Regardless of the status of the appeal.

This fight is basically over... as it should be... the arguments of the WH were awful and the law isn't vague about this subject.

If Congress wants your taxes... they can get them.

Wouldn't there be a stay on fines until the appeal is decided?

[elysiantraveller]

Originally Posted by AndyC

Wouldn't there be a stay on fines until the appeal is decided?

No.

Seven days to comply.