Tuesday, October 04, 2016

Trump and Super Rich Saudis ...

JEWEL PURPOSE Politicians use their adornments to send 
subliminal messages. Anne McElvoy decodes them
Jewel purpose

The top 1 percent gets the most from federal tax breaks, a new report shows, fueling election-year outrage over income inequality. ..
Shell corporations allow the rich, famous, and criminal to hide their identity and their income and wealth from the tax man and the interested politicians and economists who need to understand the society they study and govern. Transparency may make some people uncomfortable and perhaps nervous, but in the end, it also makes it more difficult to cheat the tax man, hide wealth and income, and fool the rest of us.
Apologists for the rich and powerful tell us that there will be horrible consequences if shell corporations and trusts are not allowed to keep the rest of us in the dark. There is no evidence of that. Just spooky stories designed to frighten the uninformed.

Turn-on the lights!

New York Times, Trump Tax Records Obtained by The Times Reveal He Could Have Avoided Paying Taxes for Nearly Two Decades:
Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.
Tax Professor links to sea of stories covering Trum and his tax failures ... NY Times Trump reported $916 million tax loss in 1995 perhaps resulting in zero-tax-liability for 18 years ...
New York Times reporters won’t face jail for airing Trump’s taxes

Following up on my posts (here and here):  The Daily Beast: Art of the Steal: This is How Trump Lost $916M and Avoided Tax, by David Cay Johnston:
The big New York Times scoop that Donald Trump used $916 million of tax losses to enjoy many income tax-free years raised a question the newspaper didn’t try to answer: How did Trump do it?
More Trump Tax News ... Sea of links 

Joseph Henchman, Alan Cole, Five Facts About the Trump Tax Return Disclosure (Tax Policy Blog):

If a business makes $50 in June but loses $100 in July, we call that a $50 loss. A business that makes $50 in December but loses $100 in January is fundamentally the same thing, but straddles the tax year. Net operating losses (NOLs) allow businesses that lose money in one year and make money in another to smooth those ups and downs.
They report that 1.2 million taxpayers reported NOLs in 2014. That’s a lot of “dynastic families.”
Janet Novack, Trump Reported $916 Million Tax Loss In 1995, Suggesting He Paid No Income Tax For Years
TaxProf, How The Left (NY Times) And Right (WSJ) View Sunday’s Trump Tax Tempest
Daniel Shaviro, Coupla Trump tax follow-ups. “Still, I think the bigger takeaway from this is that he’s a bad businessman (other than when selling his name as a brand), and that he wanted to try to hide all this from public view, rather than getting it out early and moving on.”
Sam Brunson, A $916 Million Loss? #TrumpLeaks (Surly Subgroup).