TRUMP'S STOLEN TAX DOCUMENTS: Who would actually pay more taxes than they owe?
BRYAN CRABTREE REPORTS:
Our society is collapsing, not because of people like Donald Trump or Hillary Clinton, but because many Americans are paralyzed by wealth-envy, ignorance and pettiness.
The New York Times has revealed that Donald Trump posted a $1 billion loss on his 1995 tax return. What I find interesting is that this timing comes just days after Hillary Clinton suggested that Trump pays zero taxes during the first presidential debate. It appears to me that Hillary Clinton 'teed up the ball' and The New York Times 'knocked it out of the park' for her.
Newsflash: Trump is in the real estate business. In IRS terms, he is an active-participant in real estate. The average American invests in real estate as a passive participant. This means they can only take losses against other income from their real estate investments.
Congress essentially subsidizes real estate developers and participants because of the substantial impact these projects have on our economy. In addition to the $305,000 average cost to build a new home, it also injects over $60,000 into the regional economy (once it closes). Major commercial developments employ thousands of people through the development stages and inject hundreds-of-millions of dollars into the economy.
Trump has paid tens of millions in real estate taxes each year and paid tens of millions in income/payroll taxes on behalf of his employees. Every piece of steel and every brick is subjected to local and state sales taxes. That's just the beginning of taxes every business pays.
Who do we think writes the check to buy those products, pay property taxes and fund the payroll taxes for employees? Trump.
To suggest that Trump pays no taxes is horribly dishonest or incredibly stupid.
In 1995, he suffered staggering losses due to problems in Trump Casino and Hotels. In total, Trump lost almost approximately $1 billion in his casino investments. He repaid $900 million in personal guarantees to the banks associated with those casinos.
Many in the media have suggested that because of the nearly $1 billion loss on his 1995 return, it is possible that a span of eighteen years passed where Trump paid zero taxes. That year, IRS rules allowed individuals to get a tax refund against the prior three years and use any remaining loss against the following fifteen years of income.
It sickens me that people think this information should weigh on the presidential election. It's also completely hypocritical. Why would any American suggest that it's fair that he pay taxes on all of his net income but not receive the benefit of his losses on investments. Who would actually pay more taxes than they owe?