Trump's Money

[deedsker]

1 hour ago, methodical said:

 

Well its exempt, up to like 5.5 million now before it's even touched, and the rate used to be as high as 77%.

 

Personally I have no problem with it, even at the higher rate, but I doubt it was ever not "dodged" by the ultra-wealthy through trusts and whatever else.  I don't like the idea of American royalty though.

Whether you like it or not, it is the law. A law that he broke. 

 

LOCK HIM UP! LOCK HIM UP!

[Big Red 40]

This kind of thing could be Donnie's undoing. Al Capone was guilty of many, many, violent felonies,  but the  charge that finally earned him an 11 year jail sentence was  tax evasion/fraud . One simply does not mess with the IRS.   

[Danny Bateman]

3 hours ago, knapplc said:

You are not going to believe this.  Fox News says this isn't a thing.

 

"There's no 'there' there."

 

 

 

Cue the Trump supporters to now join the thread & profess this is nothing.

 

Pretty overt illustration that Fox News & related entities really just serve as the media arm of the Trump GOP.

[Danny Bateman]

2 hours ago, methodical said:

 

Well its exempt, up to like 5.5 million now before it's even touched, and the rate used to be as high as 77%.

  

Personally I have no problem with it, even at the higher rate, but I doubt it was ever not "dodged" by the ultra-wealthy through trusts and whatever else.  I don't like the idea of American royalty though.

 

This is kind of where I come down.

 

I don't like the estate tax per se, but is there another good mechanism to prevent inherited wealth from permanently maintaining a wealthy upper crust in society that can sustain their position solely on the amount of money they got from mommy & daddy? Maybe some people are less bothered by it than I am. But that Donald Trump claims to be a self-made businessman extraordinaire and his idiot adult children elevated to be some of the most connected, politically powerful figures in the country is a perfect illustration of the dangers of massive inherited wealth.

[Moiraine]

57 minutes ago, Clifford Franklin said:

 

This is kind of where I come down.

 

I don't like the estate tax per se, but is there another good mechanism to prevent inherited wealth from permanently maintaining a wealthy upper crust in society that can sustain their position solely on the amount of money they got from mommy & daddy? Maybe some people are less bothered by it than I am. But that Donald Trump claims to be a self-made businessman extraordinaire and his idiot adult children elevated to be some of the most connected, politically powerful figures in the country is a perfect illustration of the dangers of massive inherited wealth.

 

 

Ya... it’s kind of hard for me to decide. On the one hand I think I should get to decide who gets my money when I die. On the other hand, what makes one baby more deserving of another to get millions of $?

 

They could get rid of it and I wouldn’t mind as long as they offset it (completely offset it) with higher taxes on income and capital gains.

[Landlord]

38 minutes ago, Clifford Franklin said:

 

This is kind of where I come down.

 

I don't like the estate tax per se, but is there another good mechanism to prevent inherited wealth from permanently maintaining a wealthy upper crust in society that can sustain their position solely on the amount of money they got from mommy & daddy? Maybe some people are less bothered by it than I am. But that Donald Trump claims to be a self-made businessman extraordinaire and his idiot adult children elevated to be some of the most connected, politically powerful figures in the country is a perfect illustration of the dangers of massive inherited wealth.

 

 

I mean I guess it's easy for me to say about someone else's money, and I don't necessarily like the government taking stuff owned by people, but there's nobody in the world that should be sad about getting ONLY x amount of millions instead of xx amount of millions for doing nothing other than existing as someone's child.

[teachercd]

5 hours ago, knapplc said:

One thing that O'Brien tweet exposes that's tangential to this thread but really irks me - what the hell does the government need with 55% of Donald Trump's father's money when he transfers it to his children at his death?  That's not just excessive taxation, that's sick. 

Agreed.  It is insane.  I have not had an inheritance before and hopefully it will be a long ass time before I do but could there be anything stupider than this?

[teachercd]

2 hours ago, Clifford Franklin said:

 

This is kind of where I come down.

 

I don't like the estate tax per se, but is there another good mechanism to prevent inherited wealth from permanently maintaining a wealthy upper crust in society that can sustain their position solely on the amount of money they got from mommy & daddy? Maybe some people are less bothered by it than I am. But that Donald Trump claims to be a self-made businessman extraordinaire and his idiot adult children elevated to be some of the most connected, politically powerful figures in the country is a perfect illustration of the dangers of massive inherited wealth.

 

 

I am not rich...but if I was...I would leave every cent to my kid(s)...I would hope you would do the same.  

[JJ Husker]

12 minutes ago, teachercd said:

Agreed.  It is insane.  I have not had an inheritance before and hopefully it will be a long ass time before I do but could there be anything stupider than this?

 

Nobody wants THEIR money, especially inherited money, taxed heavily.

Many people want other people’s money, especially exorbitantly rich people’s money taxed heavily.

Most people would take advantage of creative ways to shelter their inheritance from being taxed if they could.

Anyone seeking the office of President should have to make available their financial records and income taxes.

I can’t say as I blame him for sheltering the inheritance from taxes but that, along with many other reasons, should’ve been a deal breaker on becoming President.

[mrandyk]

3 hours ago, Big Red 40 said:

This kind of thing could be Donnie's undoing. Al Capone was guilty of many, many, violent felonies,  but the  charge that finally earned him an 11 year jail sentence was  tax evasion/fraud . One simply does not mess with the IRS.   

I sincerely doubt these journalists have uncovered anything the IRS wasn't already aware of.

[Moiraine]

6 minutes ago, JJ Husker said:

Nobody wants THEIR money, especially inherited money, taxed heavily.

Many people want other people’s money, especially exorbitantly rich people’s money taxed heavily.

Most people would take advantage of creative ways to shelter their inheritance from being taxed if they could.

Anyone seeking the office of President should have to make available their financial records and income taxes.

I can’t say as I blame him for sheltering the inheritance from taxes but that, along with many other reasons, should’ve been a deal breaker on becoming President.

 

 

I know you said it should have been a deal breaker. Just reiterating here. Not liking a law doesn't mean I don't blame people for breaking it. Kind of a weird thing to jump to but my first thought was marijuana and Randy Gregory. That's a rule most people think is stupid, but that doesn't mean I think breaking it 8 times isn't just as stupid, if not moreso.

Also, people with a lot of money have power that others don't have, including the ability to influence and buy policy. IMHO that's never going to be fixed (term limits might help), and taxes are one of the few ways to make up for the harm they're doing in looking out for only themselves with the laws they influence. I realize there are other taxes than the one we're talking about, but we seem to keep reducing all of them. We're reducing taxes on the people who have enough $ to influence policy, even including writing the damn bills, that will help their bottom line and hurt everyone else.

 

Here are a couple articles on lobbyists writing bills.

 

https://www.npr.org/sections/itsallpolitics/2013/11/11/243973620/when-lobbyists-literally-write-the-bill

 

https://www.washingtonpost.com/powerpost/in-trump-era-lobbyists-boldly-take-credit-for-writing-a-bill-to-protect-their-industry/2017/07/31/eb299a7c-5c34-11e7-9fc6-c7ef4bc58d13_story.html?utm_term=.c885878ec553

 

[Big Red 40]

27 minutes ago, mrandyk said:

I sincerely doubt these journalists have uncovered anything the IRS wasn't already aware of.

Oh yeah in this case i agree . Overall though i think Trump is hiding plenty , and much of has that  to do with money, business dealings, and possibly taxes.

[BigRedBuster]

Even his co-author claims he’s a fraud. 

 

 

[knapplc]

9 hours ago, mrandyk said:

I sincerely doubt these journalists have uncovered anything the IRS wasn't already aware of.

 

It's possible Trump's deep state connections have allowed this to remain under the rug for this long, until a prying reporter uncovered it. 

 

 

[TGHusker]

Trump's lawyer jumps into the fray.  Never a dull moment with this group.  The country is getting collective PTSD symptoms from this administration caused by chronic stress. 

So now well have Trump's lawyers defending against:

1. Sexual harassment gate (his own)

2. Illegal campaign donation gate (lawyer payoff to Stormy, etc)

2. Russia gate

3. Tax evasion gate

what am I missing - 

https://www.cnsnews.com/blog/craig-bannister/trump-lawyer-warns-new-york-times-tax-story-defamation-substantial-liability

Quote

 

Harder warns that the Times allegations expose it to “substantial liability and damages for defamation”:

Statement to The Times from Charles J. Harder, a lawyer for President Trump

The New York Times’ allegations of fraud and tax evasion are 100% false, and highly defamatory. There was no fraud or tax evasion by anyone. The facts upon which the Times bases its false allegations are extremely inaccurate. All estate matters were handled by licensed attorneys, licensed CPAs and licensed real estate appraisers who followed all laws and rules strictly. All matters were filed with the IRS and New York taxing authorities. The returns and tax positions that the Times now attacks were examined in real time by the relevant taxing authorities. The taxing authorities requested a few minor adjustments, which were made, and then fully approved all of the tax filings. These matters have now been closed for more than a decade.

President Trump had virtually no involvement whatsoever with these matters. The affairs were handled by other Trump family members who were not experts themselves and therefore relied entirely upon the aforementioned licensed professionals to ensure full compliance with the law. Should the Times state or imply that President Trump participated in fraud, tax evasion, or any other crime, it will be exposing itself to substantial liability and damages for defamation.

In 2017, Mr. Harder won a multi-million dollar settlement and obtained a full retraction and apology for the First Lady of the United States, Melania Trump, in a libel action against the Daily Mail. The Wall Street Journal reports that the publication paid the First Lady Melania Trump $2.9 million to settle the lawsuit.