NYT hit piece suggests GOP 2016 candidate Adelson funded was not very rich

[enhanced_deficit]

Timing of these leaks stinks, coincidence that this was leaked to NYT two days before first 2020 Presidential debate?
GOP-Adelson wing doesn't seem to catch a break lately:

Former Trump campaign manager Brad Parscale, armed, barricades self in Fort Lauderdale home, police called... Developing...

NYT: Trump has paid no federal income taxes for much of past two decades...
Records show significant gap between what he told public and what he disclosed to authorities...
DEBATE IN DAYS...

[SIZE=+7]

THE FAKE BILLIONAIRE?
NYT: LONG-CONCEALED RECORDS SHOW TRUMP'S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE
PAID NO INCOME TAXES FOR 11 YEARS!
PAID ONLY $750 IN 2016, 2017
[/SIZE][SIZE=+7]

[/SIZE]
​

• The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.
• Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.
• Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.
• As president, he has received more money from foreign sources and U.S. interest groups than previously known.

Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president’s business empire. They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on “The Apprentice” — that helped propel him to the White House and that still undergirds the loyalty of many in his base.

Ultimately, Mr. Trump has been more successful playing a business mogul than being one in real life.
“The Apprentice,” along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Mr. Trump a total of $427.4 million, The Times’s analysis of the records found. He invested much of that in a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash — much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s.

​

On a side note, will Tue night debate moderator be quizzing Biden what his secret sauce was for accumulating this kind of money without having any special skills other than being a politician? Assuming following is not fakenews:

Joe Biden - $3,742,974
Kamala Harris - $516,469
Bernie Sanders - $343,882
Elizabeth Warren - $268,484
Donald Trump - $750

https://twitter.com/MaxKennerly/status/1310333567428427777


Related


https://www.youtube.com/watch?v=_w_Tdc0xfEE

The Trump Network sought to make people rich, but left behind disappointment

 

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With these leaks just before Tue debate, Trump team's debate preparations could be thrown off and now attention will be diverted to firefighting this leak instead of focussing on presenting a winning case on domestic economic, covid-19, CDC safety-first lockdowns/vaccinations planning, social justice/diversity/LGBTQ wins, foreign policy wins, USMCA, DACA, DOMA, SCOTUS, abortion issues etc.
Luckily Trump seems to thrive in chaotic situations but this was a hit below the belt.

Will the New York Times taxes report sink Donald Trump?

His returns examined at last, the president stands exposed as a tax avoider and serial debtor. It raises serious questions – but also, most likely, the passions of his fervent supporters

• Trump’s taxes: key findings from the New York Times report

David Smith in Washington
Sun 27 Sep 2020 21.56 EDT

From the moment he rode down an escalator in the marble-clad, gold-trimmed Trump Tower to declare his candidacy for US president, Donald Trump was selling himself as a successful businessman who could run a successful economy.

New York Times publishes Donald Trump's tax returns in election bombshell

It was an image cultivated with voters for a decade on The Apprentice, the reality TV show in which Trump sat in judgment on aspiring entrepreneurs and told most: “You’re fired!”

On Sunday the mask was finally torn off. According to a blockbuster New York Times investigation into his taxes, the self-proclaimed billionaire, a personification of the hedonism and extravagance of the 1980s, has been losing more money than he makes.
These are the three key points of the Times report:

• Trump is not very good at business
• Trump is very good at avoiding taxes
• Trump may have serious conflicts of interests with foreign powers

theguardian.com/us-news/2020/sep/28/will-the-new-york-times-taxes-report-sink-donald-trump

 

[enhanced_deficit]

Assuming this is not fakenews, seems like a coincidence and very likely unrelated to above breaking news:

Shocker: Jared Kushner Deletes All Tweets from Twitter ...
President Donald Trump's son in law and main adviser, Jared Kushner, has deleted all his Tweets from his Twitter account tonight. This follows ...
52 mins ago

https://www.showbiz411.com/2020/09/...-117k-followers-suddenly-erased-and-abandoned

https://twitter.com/jaredkushner?lang=en


Pending confirmation from other MSM sources.

Un-Related
Chris Christie: Jared Kushner's father committed 'one of the most loathsome, disgusting crimes' I prosecuted

"It's one of the most loathsome, disgusting crimes that I prosecuted...and I was the U.S. attorney in New Jersey."@ChrisChristie talks about prosecuting Charles Kushner for tax evasion, illegal campaign contributions and witness tampering.

https://www.cnn.com/2019/01/30/politics/chris-christie-jared-kushner-father/index.html

 

[Firestarter]

Is there some sort of policy to publish (old) “news” over and over and over and over again?!?

In reality Trump isn’t the rich man he wants us all to believe. Trump has been borrowing all kinds of money, while his career as a “business man” is filled with failures. Trump has borrowed enough money to fool easily impressionable people, but in reality it is the money of others. Here’s a story that tells that Trump is rich in having other people’s money (that should be understood as that he’s enslaved by his financiers): https://italkyoubored.wordpress.com/2013/02/08/has-donald-trump-ever-been-rich/

Trump’s companies went bankrupt no less than 4 times (this doesn’t even include the bankruptcy scheme with convicted felon George Soros). In 1991 and 1992 Trump’s Taj Mahal and Trump plaza casinos went bankrupt. At this time Donald Duck was already indebted for 900 million dollar. In 2004 Trump Hotels and Casino Resorts went bankrupt with $1.8 billion in debt; in 2009 the newly named Trump Entertainment Resorts went bankrupt a second time. I’m just a simple man: if somebody has gone bankrupt 4 times he doens’t own billions of dollars.
In the 1970s Trump ran some housing sites where blacks were discriminated against. In 1981 he bought another building in New York on Central Park South, where he used every trick in the book to chase the tenants away so he could tear it down and build luxury condos. He had the heat turned off, refused to make repairs and had ads in the newspaper offering to house homeless people.
In 1980 Trump demolished the Bonwit Teller store in New York to build the Trump Tower, for which he hired 200 undocumented Polish workers, that got nothing at all or substandard wages ($5 per hour). In 1991 Trump was convicted for avoiding to pay union pension and welfare contributions for the workers. The decision was appealed, and ultimately settled in 1999.
Since the 1980s Trump has repeatedly had to defend himself in court because he simply had refused to pay employees for services rendered.
Trump has repeatedly been fined for breaking casino rules. Trump once loaned $3.5 million from his father Fred, for which he was fined $30,000. Trump also had to pay $200,000 for keeping black croupiers from the gambling table. In 1986 Trump violated antitrust rules in New Jersey by buying up stock in casinos of the competition, for which he got fined $750,000. Trump also got a fine of $450,000 for breaking rules in buying nine luxury cars.
This information is mostly from the following story: http://www.theatlantic.com/politics/archive/2016/06/donald-trump-scandals/474726/

You must agree it is nothing less than pathetic that Trump sued reporter Tim O’Brien for $5 billion, because he had dared to claim in his book Trump Nation that Donald Duck Trump is only worth $150 to 250 million. Even the court found this so ridiculous, that the law suit was tossed.

http://www.ronpaulforums.com/showth...he-elections&p=6283789&viewfull=1#post6283789

Following the U.S. stock market crash of 1987, a global recession hit New York real estate. New construction stalled, and several big developers declared bankruptcy.
As the real estate market slumped, Trump ran out of cash.
At the beginning of 1990 he owed a combined $4 billion to more than 70 banks, with $800 million personally guaranteed by his own assets, according to Alan Pomerantz, a lawyer whose team led negotiations between Trump and 72 banks to restructure Trump’s loans. Pomerantz was hired by Citibank but became lead counsel for the negotiations.

http://fortune.com/2016/07/17/trump-financial-comeback-story/

 

[Anti Globalist]

Who cares Trump didn't pay income tax for 11 years? Theres not a single person in this country that doesn't try to write off as much as they can. Anybody who can avoid paying taxes should be applauded and not ostracized.

 

[devil21]

Who cares Trump didn't pay income tax for 11 years? Theres not a single person in this country that doesn't try to write off as much as they can. Anybody who can avoid paying taxes should be applauded and not ostracized.

In general, I agree with you. However, the difference is that "rich" folks like Donald operate in a whole different legal framework than the average working man. Trump knows that it is unwise to tie your ALL CAPS NAME to any assets but rather to place assets (money, property, etc) withdrawn from businesses into various trusts and shell companies, while sticking the liabilities with the paper corporation that was the vehicle to amass those assets. "DONALD JOHN TRUMP" is basically broke and always has been. "DONALD TRUMP TRUST" holds the assets. "TRUMP FOUNDATION" holds the assets. "TRUMP ENTERPRISES" holds the assets. Those entities are also responsible for the liabilities, generally, not Donald the living man. In other words, the living man Donald Trump flies around on a plane owned by the Trump Foundation. He poops in a gold toilet owned by the Donald Trump Trust. Donald himself is legally broke. Intentionally. This legal structure also allows for use of all of the loopholes put into the tax code for corporations that are generally not available to the average man operating under his personal ALL CAPS NAME. It also allows for the repeated bankruptcy of corporate fictional entities, while keeping a firewall between an insolvent entity and the trust that amassed the assets while it was solvent. Where it gets sticky is when banks stop lending to your various fictional corporate entities (due to repeated bankruptcies) and start requiring personal guarantees on loans and access to the trust's assets as collateral. That actually has happened to Donald.

The average man has little to no idea about how this works so he continues to labor, pay taxes and keep any assets under his ALL CAPS NAME, which makes them all easily subject to court jurisdiction, and therefore subsequent seizure and liquidation by government action or lawsuits. Average man can quickly be ruined by such actions since he "keeps all his eggs in one basket". Donald Trump can not. It's all about paper fictional corporate ALL CAPS NAMES (whether it's the name on your driver license or WALMART matters not, same principle) and trusts.

"The secret to wealth is to own nothing but control everything." - Rockefeller

 

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Media headlines again seems to be linking this news story to Trump's ex campiagn manager's detention after alleged suicide threat. Top of Drudge Report today:

CAN'T AFFORD TO LOSE: TRUMP OWES $421M
WATCHDOG CLAIMS CAMPAIGN 'LAUNDERING' MONEY
PARSCALE THREATENS SUICIDE; 10 GUNS TAKEN

Trump's campaign is reportedly paying Eric Trump's wife and Don Jr.'s girlfriend 'out of public view'

Peter Weber
March 10, 2020

There's always money in President Trump's re-election campaign. And since 2017, at least $75 million of it has gone to companies associated with Trump campaign manager Brad Parscale and a group of his allies, Danny Hakim and Glenn Thrush report at The New York Times.
Parscale's group — which includes a trio of former Republican National Committee officials — has "seized control of the Republican Party's voter data and fund-raising apparatus, using a network of private businesses whose operations and ownership are cloaked in secrecy, largely exempt from federal disclosure," the Times reports.

Parscale's own flagship company, Parscale Strategy, "has billed nearly $35 million to the Trump campaign, the RNC, and related entities since 2017," most of which he says he passes along to subcontractors, the Times reports. But his purchases of several multimillion-dollar homes and a Ferrari prompted Trump to call him in for a "pointed lecture," and Trump is "perpetually concerned that Mr. Parscale and his team are making too much money" off his name.

Parscale answers to Jared Kushner, Trump's son-in-law, senior White House adviser, and "informal campaign chairman, overseeing the most vital arm of the new family business: politics," the Times reports. And "the Trump family looms over the whole operation." For example:

https://news.yahoo.com/trumps-campaign-reportedly-paying-eric-051447171.html

Is there some sort of policy to publish (old) “news” over and over and over and over again?!?

http://www.ronpaulforums.com/showth...he-elections&p=6283789&viewfull=1#post6283789


http://fortune.com/2016/07/17/trump-financial-comeback-story/

Not sure but this appears to be timed for first debate tomorrow. For every time Trump says 'I'm very rich', 10 media stories along the lines of "Trump's rich man image is a sham" seem to pop up. Today's CNN hit piece being the latest example.

Tax bombshell reveals Trump's image is a sham
Analysis by Stephen Collinson, CNN
September 28, 2020

https://www.cnn.com/2020/09/28/politics/donald-trump-taxes-election-2020-joe-biden-debate/index.html

 

[AngryCanadian]

Who cares Trump didn't pay income tax for 11 years? Theres not a single person in this country that doesn't try to write off as much as they can. Anybody who can avoid paying taxes should be applauded and not ostracized.

MSM claimed Trump is causing so many Covid deaths and now they have gone back to their attacking of Trump on his taxes. If Trump was in trouble with the taxes wouldn't the IRS go after people who are in trouble with taxes? MSM is hoping that those who hate or dislike Trump would switch to Biden. This them avoiding to mention the riotting and looting caused by the riots and protests.

 

[enhanced_deficit]

However, the difference is that "rich" folks like Donald operate in a whole different legal framework than the average working man.
...

This would be one of the key issues but this alone probably won't cause much political damage.

And:
This is tough break just a day before debate and Trump campaign can not completely avoid responding to the latest NYT hit piece. But bigger risk could be that this would also point public attention to news of Trump's ex campaign manager's detention/money laundering allegations that may have been the aim of media leaks also and could cause bigger political damage. Won't be surprised if Trump tweeted about Ilhan or some other headlines grabbing topic to distract public attention away from this messy story at a crucial time.

 

[Firestarter]

Not sure but this appears to be timed for first debate tomorrow. For every time Trump says 'I'm very rich', 10 media stories along the lines of "Trump's rich man image is a sham" seem to pop up. Today's CNN hit piece being the latest example.

https://www.cnn.com/2020/09/28/politics/donald-trump-taxes-election-2020-joe-biden-debate/index.html

I don't follow all the American "show news"... I didn't even know that Joe Biden now finally will get some publicity (no doubt he will once again show what an "excellent" speaker he is).


Most people won’t find the single “bombshell” buried in this recently published very long New York Times article (did you actually read it?!?).
The article shows that Donald Trump was able to lower his taxes for 18 years by deducting his more than $900 million in losses in 1990, when he went bankrupt.

For many people these days unable to read anything longer than a Twitter message, this article seems to argue that Donald Trump really is a great businessman, by using the laws to lower his taxes to almost 0. In 10 of the previous 15 years, “billionaire” Trump paid no (0) income taxes, and in 2016 and 2017 Trump paid only a combined $1500).

In 2010, Donald claimed and received an income tax refund totalling $72.9 million (the federal income tax he had paid for 2005 to 2008). That was with the help of legislation entered by President Obama.
Then from 2011 to 2014, “billionaire” Donald paid no federal taxes at all (0).

Where it gets “criminal” behaviour by the Donald is that he never paid those losses back to his handlers/lenders, so he shouldn’t be allowed to deduct it.

Here’s how the NYT one time in the whole long article explains that Donald really is in trouble with the IRS.

If the I.R.S. learns that the owner received anything of value, the allowable losses are reduced to just $3,000 a year. And Mr. Trump does appear to have received something. When the casino bankruptcy concluded, he got 5 percent of the stock in the new company.

http://archive.is/Zyew1


I’m (almost) sure that it’s only a coincidence that the US Attorney to the Southern District of New York (SDNY), Geoffrey Berman, was fired on 20 June (technically speaking: forced to resign) after his office had begun investigating Trump’s taxes in 2017: https://www.abc.net.au/news/2020-08-04/donald-trump-taxes-centre-of-new-york-court-filing/12520884


For more on the firing of Geoffrey Berman: http://www.ronpaulforums.com/showth...erman-fired-after-investigating-Trump-cronies

 

[Firestarter]

Some “random” facts posted in the NYT “hit piece”; but the most important Trump "scandals" are forgotten...
This couldn’t possibly be a ploy to hide these scandals could it?!?


Mehmet Ali Yalcindag is mentioned.
I’ve previously posted about Yalcindag (the only one on Ronpaulforums.com)...

After Donald Trump won the presidential elections, on 9 November 2016 he called Turkish President Recep Tayyip Erdogan. In this call, he passed the praise for Erdogan from “close friend” Mehmet Ali Yalcindag, son-in-law of Dogan Holding owner Aydin Dogan. On election night, Yalcindag had been present for Trump’s victory celebration at the New York Hilton in Midtown Manhattan.
Yalcindag is the son-in-law of Turkish real estate and media mogul Aydin Dogan. In 2009, Erdogan’s government fined Aydin Dogan’s company $2.5 billion for tax evasion.

Alptekin, as a guest on CNN’s Turkish edition, called Trump’s victory in the presidential election a triumph for Turkey and boasted about the Flynn article (to give Gulen more media attention).

The coverage of the CNN Turk of the Dogan Media Group property is suspiciously pro-Erdogan: http://www.huffingtonpost.com/entry/donald-trump-turkey-business_us_5836188ae4b01ba68ac41d9f

See from left to right: Ivanka Trump, Sema Dogan, Begümhan Dogan Faralyali, Donald Trump, Mehmet Ali Yalçindag and Aydin Dogan at the Trump Towers Mall in Istanbul. The mall had been opened a day before on 20 April 2012, where Recep Tayyip Erdogan and his wife appeared.

Wikileaks mails have also shown that Berat Albayrak (son-in-law of Erdogan) has been corresponding with the Dogan Media Group to discuss the coverage for Erdogan.
Mehmet Ali Yalçındag mailed with President Erdogan’s Executive Assistant Hasan Dogan to discuss how to re-shape its media coverage in line with government’s needs.
Yalçindag constanty informed Serhat Albayrak, brother of Energy Minister Albayrak and CEO of Turkuvaz Media which runs the Sabah newspaper and the ATV and A Haber television stations about staff meetings at Dogan Media: https://www.turkishminute.com/2016/09/28/leaked-email-shows-media-mogul-dogan-bowing-erdogan/

In one of those strange coincidences in July 2012, Mehmet Ali Yalçindag was named chairman of Yandex, Turkey, Yandex is Russia’s biggest internet search engine: https://globenewswire.com/news-rele...g-Chairman-of-the-Board-of-Yandex-Turkey.html

See from left to right Mehmet Ali Yalçindag, President Erdogan and Aydin Dogan.

http://www.ronpaulforums.com/showth...-and-Erdogan&p=6516807&viewfull=1#post6516807


While the fired SDNY US attorney Geoffrey Berman isn’t mentioned, but for some reason “Neuberger Berman” is.
I’ve posted about Trump getting rid of Geoffrey Berman, because his investigations came a little too close for comfort to Trump’s inner circle: http://www.ronpaulforums.com/showth...erman-fired-after-investigating-Trump-cronies


And the notorious law firm “Kirkland & Ellis” is also mentioned.
I’ve previously posted about the connection of Kirkland & Ellis to both Jeffrey Epstein and the Trump administration here: http://www.ronpaulforums.com/showth...rump-cronies&p=6962444&viewfull=1#post6962444

 

[enhanced_deficit]

You are right, most people won't read or remember many of the regurgitated details in lengthy NYT article. But timing seems to have achieved at least part of its intended purpose if we look at screenshots of face of Trump during first few minutes of the debate... and the rest of the debate played out with that angry tone set. Trump seems to place lot of remium on image and spends lot of time to cultivate 'very very rich man' image and this story attacks that image and is targetted for audiences with short memories.

 

[enhanced_deficit]

Biden campaign and big part of media had apparently suspended negative ads/attacks on Prez Trump after tweet about him testing positive came out. But in last few days, negative Biden election ads and media hit pieces had resumed. This is one of latest examples:

BEIJING LINK
Trump has open bank account in CHINA ‘that paid $190k in taxes to the communist country over three years’

• Jack Williams

Oct 20 2020, 22:54 ET

DONALD Trump's tax returns have shown the president still maintains a bank account in China, it was revealed on Tuesday.
An account controlled by Trump International Hotels Management LLC paid $188,561 in taxes in China from 2013 to 2015, according to The New York Times.


President Donald Trump, pictured with President Xi of China, maintains a bank account in China, it was revealed on TuesdayCredit: AFP or licensors

Trump International Hotels Management LLC paid $188,561 in taxes in China from 2013 to 2015Credit: Getty - Contributor The report comes after the newspaper revealed that Trump paid just $750 in taxes in the US during 2016 and 2017, as well as no federal income tax during 10 out of 15 years, beginning in 2000.

the-sun.com/news/1664704/trump-has-bank-account-in-china-paid-taxes/

 

[Firestarter]

The US Supreme Court in a 7-2 vote has decided that there is no reason to block the release of Donald Trump's tax returns to prosecutors, who can now subpoena the former president for his financial documents from January 2011 to August 2019.


But they won't be publicly released (is there more than we already know?): https://edition.cnn.com/2021/02/22/politics/supreme-court-trump-taxes-vance/index.html

 

[enhanced_deficit]

Wonder if this is also part of the 'coup'.

Speaking of riches, now MSM is pushing 'Trump hotel in DC deserted and could go under' (not exact words) narrative and that domestic/foreign officials are no longer clamorting to book their reservations at his hotel.

 

[dannno]

If you already have a ton of assets and businesses, houses, planes, savings, investments, etc... and a lot of your living expenses can be written off a business expenses so you don't have a lot of personal expenses, why would you pay yourself a large income that you don't need, just to have to pay a bunch of additional taxes on it? Instead, rich business owners will often opt to put the money back into their businesses, because those are their primary investments.

It really sucks that our media purposefully obfuscates this stuff to the general public who mostly do not understand the difference between making an income working for a business and being a business owner.

 

[Firestarter]

The following suggests that in 4 years as US president, lying Donald finally became a billionaire: Trump-earns-1-6-billion-as-president

Maybe @Krugminator2 can estimate what tax rate poor Donald paid in 2016 and 2017?!?

In 10 of the previous 15 years, “billionaire” Trump paid no (0) income taxes, and in 2016 and 2017 Trump paid only a combined $1500).

 

[Firestarter]

The following suggests that in 4 years as US president, lying Donald finally became a billionaire: Trump-earns-1-6-billion-as-president

Maybe @Krugminator2 can estimate what tax rate poor Donald paid in 2016 and 2017?!?

I'm afraid that the following isn't good enough for Trump fans, but as I'm no expert at taxes (especially outside of the Netherlands), this is the best I could do on such short notice; a simple calculation (estimate) of Trump's tax rate in 2016 and 2017...

If the "reputable" Forbes is right, lying Donald raked in an estimated $470 million in profits from 2017 to 2019. If we multiply $470 million in profits with 2/3, this means that Donald had an income of about $313 million in total in 2016 and 2017, in which years he paid a total of $1500 in taxes.
This means that "billionaire" Donald Trump had an effective tax rate of 0.0005% for those 2 years.

I guess that many people (probably excluding the money laundering billionaires that at the same time call for "progressive" tax rates) would settle for such a tax rate!