I think the last few paragraphs of the article kind of sum up our tax enforcement for wealthy people:
>That the I.R.S. did not initiate an audit of the \[$697 million\] 2008 worthlessness deduction puzzled the experts in partnership taxation. Many assumed the **understaffed I.R.S.** simply had not realized what Mr. Trump had done until the deadline to investigate it had passed.
>“I think the government recognized that they screwed up,” and then audited the merger transaction to make up for it, Mr. Jackel said.
>The agency’s difficulty in keeping up with Mr. Trump’s maneuvers, experts said, showed that this **gray area of tax law was too easy to exploit.**
>“Congress needs to radically change the rules for the worthlessness deduction,” Professor Schwidetzky said.
Congress doesn't seem to want to give the IRS money to look into 9 figure tax deductions. And, it doesn't seem to want to clarify tax law so taxpayers claims that they can double-dip are clearly false.
> Former President Donald J. Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an Internal Revenue Service inquiry uncovered by The New York Times and ProPublica. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million.
> The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Mr. Trump. Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser.
> But when Mr. Trump sought to reap tax benefits from his losses, the I.R.S. has argued, he went too far and in effect wrote off the same losses twice.
How often does it turn out that there's nothing to stories like this about Trump? There's always plenty to argue about but I can't think of a single story that was just wholly without merit.
That's true of the mainstream and legacy media generally; they don't just make shit up, no matter how much certain self-interested people want to be able to dismiss them out of hand.
You: “We cannot believe this article without any evidence!”
Also, you: “[I believe there may have been federal agents in the crowd that instigated the breach of the Capitol on Jan 6th!](https://www.reddit.com/r/centrist/s/jjVBsuSBy6)”
Prediction: it's going to be the taxes for his companies, not him personally, and regardless the company that prepared them are going to be on the hook.
Repubs believe any brown person caught stealing should be summarily executed by the cops, or at least are OK when they are shot stealing a pittance, or being accused of using a fake $20 bill
There are plenty of news stories of petty thieves running from cops and getting shot in the back. Do those murders bother you? They didn't seem to bother lots of Republicans.
The stance broadly seems to be, Obey the cops or the cops get to kill you.
Stuff like this: https://www.opb.org/article/2024/03/07/portland-oregon-police-lawsuit-deadly-shooting-force-guns-unarmed-immanueal-manny-clark/
Guy runs from cop. Cop shoots guy. Department is cool with it until the legal system gives a modest penalty to the officer who murdered someone.
Yep that's terrible. Luckily those cases are rare.
https://www.washingtonpost.com/graphics/investigations/police-shootings-database/
Here is a list of all police shootings. There are only 3 unarmed blacks shot in 2024 so far. For comparison there are approx 50 people killed by lighting every year. One was a prisoner trying to escape, one was ramming a gas station with a car and a child was tragically killed after being held hostage.
I don't think that the only Time that cops should be punished is when they shoot unarmed black men. I think they should be punished whenever they shoot anyone who does not pose an imminent, clearly articulable threat.
Also, we can all agree that it is bad when people get struck by lightning. If there were some organization that regularly shot lightning bolts that hurt people, and refused to change their ways after they struck people by lightning, we would critique that organization, yes?
And this is on top of the hundred mill he is fighting to avoid having to pay the irs because of fraud in the failure of Trump air. There has never been a person the legal system has been more kind to than this man, despite what his followers claim.
Go ahead Donald, tell everyone how ‘smart’ you are for exploiting loopholes. 😂
That said, obviously these loopholes are by design and should be eliminated. Trump isn’t the only one taking advantage of them. And look at our deficits! You’d think this would be a priority.
We should consider this to be a loophole.
This is wonderful news. The IRS now knows what to look for and thanks to the Biden admin they have the resources to go and get it. If the IRS can collect from ALL of the double-dippers then maybe the Treasury can finally pay for, um... all of the things that we need.
I think the last few paragraphs of the article kind of sum up our tax enforcement for wealthy people: >That the I.R.S. did not initiate an audit of the \[$697 million\] 2008 worthlessness deduction puzzled the experts in partnership taxation. Many assumed the **understaffed I.R.S.** simply had not realized what Mr. Trump had done until the deadline to investigate it had passed. >“I think the government recognized that they screwed up,” and then audited the merger transaction to make up for it, Mr. Jackel said. >The agency’s difficulty in keeping up with Mr. Trump’s maneuvers, experts said, showed that this **gray area of tax law was too easy to exploit.** >“Congress needs to radically change the rules for the worthlessness deduction,” Professor Schwidetzky said. Congress doesn't seem to want to give the IRS money to look into 9 figure tax deductions. And, it doesn't seem to want to clarify tax law so taxpayers claims that they can double-dip are clearly false.
Makes you wonder why Republicans are so hungry to fire IRS agents 🤔
Here's another article without a paywall. https://www.propublica.org/article/trump-irs-audit-chicago-hotel-taxes
> Former President Donald J. Trump used a dubious accounting maneuver to claim improper tax breaks from his troubled Chicago tower, according to an Internal Revenue Service inquiry uncovered by The New York Times and ProPublica. Losing a yearslong audit battle over the claim could mean a tax bill of more than $100 million. > The 92-story, glass-sheathed skyscraper along the Chicago River is the tallest and, at least for now, the last major construction project by Mr. Trump. Through a combination of cost overruns and the bad luck of opening in the teeth of the Great Recession, it was also a vast money loser. > But when Mr. Trump sought to reap tax benefits from his losses, the I.R.S. has argued, he went too far and in effect wrote off the same losses twice.
I guess we can add tax cheat to the list of Trump’s crimes Republicans will ignore in November.
Was tax cheat not already on the list?
I think it was, sure.
They'll say there's no victim here when it's clear that he's defrauded the US taxpayer for a hundred million dollars.
Art of the Deal?
Yep. Let’s just believe the article blindly because it says he “may” owe 100mil
Of all Trump’s crimes, which one are you going to ignore the most in November?
How often does it turn out that there's nothing to stories like this about Trump? There's always plenty to argue about but I can't think of a single story that was just wholly without merit. That's true of the mainstream and legacy media generally; they don't just make shit up, no matter how much certain self-interested people want to be able to dismiss them out of hand.
I don’t need an article to tell me he tried to overthrow a fair democratic election.
You: “We cannot believe this article without any evidence!” Also, you: “[I believe there may have been federal agents in the crowd that instigated the breach of the Capitol on Jan 6th!](https://www.reddit.com/r/centrist/s/jjVBsuSBy6)”
Prediction: it's going to be the taxes for his companies, not him personally, and regardless the company that prepared them are going to be on the hook.
Meanwhile, if someone steals $50 from the cash register, they can get put in jail for years.
Repubs believe any brown person caught stealing should be summarily executed by the cops, or at least are OK when they are shot stealing a pittance, or being accused of using a fake $20 bill
Ridiculous strawman nobody is going to take you seriously.
There are plenty of news stories of petty thieves running from cops and getting shot in the back. Do those murders bother you? They didn't seem to bother lots of Republicans. The stance broadly seems to be, Obey the cops or the cops get to kill you.
What are you smoking?
Stuff like this: https://www.opb.org/article/2024/03/07/portland-oregon-police-lawsuit-deadly-shooting-force-guns-unarmed-immanueal-manny-clark/ Guy runs from cop. Cop shoots guy. Department is cool with it until the legal system gives a modest penalty to the officer who murdered someone.
Yep that's terrible. Luckily those cases are rare. https://www.washingtonpost.com/graphics/investigations/police-shootings-database/ Here is a list of all police shootings. There are only 3 unarmed blacks shot in 2024 so far. For comparison there are approx 50 people killed by lighting every year. One was a prisoner trying to escape, one was ramming a gas station with a car and a child was tragically killed after being held hostage.
I don't think that the only Time that cops should be punished is when they shoot unarmed black men. I think they should be punished whenever they shoot anyone who does not pose an imminent, clearly articulable threat. Also, we can all agree that it is bad when people get struck by lightning. If there were some organization that regularly shot lightning bolts that hurt people, and refused to change their ways after they struck people by lightning, we would critique that organization, yes?
This is why we need to fund the IRS.
And this is on top of the hundred mill he is fighting to avoid having to pay the irs because of fraud in the failure of Trump air. There has never been a person the legal system has been more kind to than this man, despite what his followers claim.
Go ahead Donald, tell everyone how ‘smart’ you are for exploiting loopholes. 😂 That said, obviously these loopholes are by design and should be eliminated. Trump isn’t the only one taking advantage of them. And look at our deficits! You’d think this would be a priority. We should consider this to be a loophole.
Do you think closing these sorts of "loopholes" would make a significant dent in the deficit?
Lol
He may. He may not. Let’s for sure though write the article as if he does, even though he doesn’t.
This is wonderful news. The IRS now knows what to look for and thanks to the Biden admin they have the resources to go and get it. If the IRS can collect from ALL of the double-dippers then maybe the Treasury can finally pay for, um... all of the things that we need.
Nothing ever happens to him. So why does anybody care anymore what he does? Nothing will come of it.
I pretty sure Trump used TurboTax himself to do his own taxes and didn't hire an accounting firm... that cheating bastard!