He pre-paid them.
In 2016 and 2017, he requested and got an extension to file his returns.
As required, he made an estimated tax payment of $1 million in 2016 and $4.2 million in 2017. Then, it turned out that he did not owe that much in taxes, but, rather than demand the money back, he let the IRS keep it and apply it to any future tax he owed.
So — when he only paid $750 in taxes for the first two years of his presidency it was because he had already overpaid during the two previous years and just reduced his payment by that amount.
Over the longer term, Trump overpaid his taxes by $72 million.
Because some of that overpayment was more than two years earlier, he was not allowed to offset it against current taxes. But Obama changed the law to allow taxpayers to go further back and he offset his tax liability in future years by citing his overpayment.
So Donald Trump did not avoid paying taxes, he prepaid them.
So what’s wrong with that?
Many taxpayers overpay or have more withheld from their paychecks than they end up owing in taxes. They look forward to a deserved refund each year.
Some even use the process as a way of saving money.
All that Trump did differently, was to leave the money at the IRS and take the refund over several years. A government strapped for cash should reward such conduct, not vilify it.
And, since no good deed goes unpunished in politics, the president also being skewered for taking a charitable tax deduction of $119 million for agreeing not to build homes on a 200 acre plot in Westchester, New York and a similar one in Los Angeles.
In each case, Trump bought the property planning to build a golf course and homes on them. Both times, the local zoning board refused to allow the development.
So Trump donated the right to develop develop this land to charity and took a deduction of $119 million, called a charitable easement.
So now the beautiful land in each location will be preserved forever wild as a place of refuge for people, birds, and animals.
Beyond these points, several facts emerge:
- Trump never used any illegal means to reduce his tax liability. He always followed the law.
- He never used his power as president to get the IRS to pull its punches even though he appoints the director who serves at his pleasure.
3. He took advantage of every way to cut his tax. burden. Do you know any taxpayer who. doesn’t?
{Matzav.com}
Not true. He bought a piece of land for 2.5 million could not get permission to develop it then donates it to city claiming its value is 100,000,000. He can’t deduct his 70,00o for his hair and 95,000 for hair and makeup for Ivanka. He paid Ivanka a principle of the company and deducted it as consulting fee. Not allowed. I remember Dick Morris from the DNC CONVENTION very upstanding guy.
I don’t know why you would say that. If developed, the property could very well be worth $100,000,000.
Then he would have sold it on the open market. Your are not that stupid. According to Trump none of his assets are making money.
You don’t understand “value” do you?
If I sell you a lot, you won’t pay me what it will be worth after you’ve developed it…
Or will you? I have a lot in Florida that will be worth $20 million, if you just invest $19,980,000 you pay to develop it.
Send me a check for $20 million and it’s yours.
If the US Government could get a dime for every lie and bent truth the NYT published about Trump, Israel, or Jews, the national debt would be paid off. It is appalling that the NYT gets away with their slander. I wish the NYT bankruptcy.
Maybe Trump should purchase the NYT sure to go bankrupt.
BIDEN TAX AVOIDANCE: Former VP Exploited Loophole To Avoid Payroll Tax
(AmericanPoliticalDaily.com)- While Democrats focus on illegally-obtained copies of President Donald Trump’s tax returns published by the New York Times, little is being said about evidence suggesting Democratic presidential nominee Joe Biden exploited loopholes in the tax code to avoid paying payroll taxes that would have amounted to hundreds of thousands of dollars.
It was reported in August by the Wall Street Journal – and then quickly forgotten again – how Biden’s family set up an “S-Corp” which allowed them to avoid paying huge sums in taxes. In the piece, Chris Jacobs details how it worked…and the hypocrisy of complaining about President Trump’s partial suspension of payroll taxes.
“Joe Biden responded to President Trump’s partial suspension of payroll-tax collections with a statement calling it the ‘first shot in a new, reckless war on Social Security,’” he reported.
He explained how Biden said that seniors and millions of Americans with disabilities were “under enough stress without Trump putting their hard-earned Social Security benefits in doubt,” but added how Biden’s objections “Might be more persuasive had he and his wife, Jill, not gone out of their way to avoid funding seniors’ entitlement benefits.”
The report shows how according to their tax returns, in 2017 and 2017 both Jill and Joe Biden avoided paying payroll taxes for almost $13.3 million in income generated by book royalties and speaking fees. The income was considered a profit from an S-corportation rather than regular taxable wages.
It’s legal, but meant they didn’t pay anywhere near as much in tax as they would have done. And that’s precisely what they are currently attacking President Donald Trump for.
Even though Donald Trump admitted that he paid very little in federal income taxes way back in 2016. Funny how the New York Times has a short memory on things like that.
Jacobs also explained in his piece in the Journal that the S-Corp set up by the Bidens meant that they technically should have paid more than half a million dollars in taxes.
“According to the Urban Institute, a couple featuring one high earner and one average earner, retiring this year, will have paid a total of $209,000 in Medicare taxes during their working lives,” he said.
“The Bidens avoided paying nearly twice that much in Medicare taxes during two years. The maximum payroll tax affected by Mr. Trump’s suspension is $1,984—less than 1/250th of the amount the Bidens avoided in 2017-18. The Bidens didn’t avoid any Social Security tax, which applied only to the first $127,200 of income in 2017 and $128,400 in 2018. But they would under Mr. Biden’s tax plan, which would impose the 12.4% Social Security tax on income over $400,000; the same loophole he used in 2017-18 would shield him from his own tax,” he added.
How exactly can Joe Biden claim that he is trying to protect ObamaCare and Medicare when he isn’t paying the taxes that would support it?
Don’t conflate israel with Trump. What did the print that was untrue about trump? If it untrue why does the Republican party want to investigate leak, let him release his 1040. Trump ran a corrupt charity, declared bankruptcy multiple times, cheated on his wives, violated election law by paying off a stripper, unindited co-conspirator. This has nothing to do with Israel and Jews. It is about unending corruption.