Trump tries new line of defense amid tax scandal

[Yo_Mama_Been_Loggin]

President Donald Trump on Monday tried out a new line of defense amid fallout from a damaging report on his financial history — arguing he was “entitled” to take advantage of various tax loopholes and insisting he was mired in “very little debt.”

The latest explanation from the president, outlined in a series of morning tweets, marked his second attempt at defusing a New York Times exposé published Sunday, which reported that Trump paid only $750 in federal income taxes in both 2016 and 2017.

“The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent. I paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation & tax credits,” Trump wrote.

The president was seemingly referring to another Times report on Trump’s taxes, published in October 2016, which revealed that he declared a nearly $1 billion loss on his 1995 tax returns and could therefore have avoided paying federal income taxes for almost two decades.

https://www.msn.com/en-us/news/politics/trump-tries-new-line-of-defense-amid-tax-scandal/ar-BB19vkvl?li=BBnb7Kz

Sure Donny. You're more entitled than us working class stiffs. That's a winning strategy.

[Rule of Claw]

1. Can't deduct more than 3 of five tax years

https://kahnlitwin.com/blogs/tax-blog/excess-business-loss-limitation-what-you-need-to-know

Plus a limit that coincidentally, his tax law makes him personally benefit from in the event of losses.

[struggle4progress]

2. Is he actually releasing any contrary info or just running his mouth?

[LisaL]

3. Oh so he finally admits the tax story is not fake?

All righty then.

[Moostache]

4. Hey Trump, release the taxes NOW or STFU and get back in the shadows you turd. (n/t)

[Pantagruel]

5. "he declared a nearly $1 billion loss on his 1995 tax returns"

Time to pivot to his claims of being a brilliant businessman?

[frazzled]

6. Nope

Sorry, but the old "taking advantage of loopholes" is only valid if done truthfully. As a legal analyst explained last night, if the massive monetary losses proclaimed on the IRS documents don't end up matching with the rosy assets reported to lenders at the banks for the same year(s), then one of those pictures is a lie. If documents prove that that the two kinds of financial disclosure do not match up, big trouble is afoot.

So this is not about loopholes. It's a question of either tax fraud or bank fraud—either one a criminal action. I am suspecting we will be seeing which one in subsequent reporting the Times is promising.

[andym]

7. His tax cheating is besides the point-- he was losing millions every year for 15 years

A loser, bad businessman, with greater than $400M in debt, and no obviously has cash to finance his own bankrupt campaign. The returns prove he is a poser and conman.

[OneBro]

8. Only in 'Merica.

Trump and his cohorts demanded Obama release his birth certificate - his f*cking birth certificate! - yet suggests his own tax returns are personal.

[Statistical]

9. Sorry Dumpy. If you are successful it is cheating. If it isn't cheating then you are a failure.

If the business losses over the years which preclude you from paying taxes are legit then you are one of the largest failures of a businessman in modern history. If you were a successful businessman then you cheated on your taxes.

There is no scenario where Trump is legit AND has no tax liability. So he is either a huge failure or a tax cheat. There is also the possibility that both are true in that even by cheating on his taxes he was still a failure. Given how much of a dumpster fire Trump is at everything I think that is more than a remote possibility.

[TeamPooka]

11. this is the point that needs to be sold to the citizenry. he cant have it both ways

[rustysgurl]

10. The "Let Them Eat Cake" Strategy

That worked so well before. Let's haul that little chestnut out and give her another spin around the block.

[duforsure]

12. So trump lied yesterday claiming it was fake news,

Today he 's claiming he's entitled. Next will be false claims against the NY Times then threats. He'll have Barr manufacture something while he'll have lawyers file motions to prevent it from being exposed more. He knows when looked into more it'll be a lot worse discovered, plus they'll likely find out he's abused his power with preventing the IRS investigation into his returns. Wonder if he tried to change them before getting exposed ?

[onethatcares]

13. as my dear old mum used to say

"when you tell that one lie, you have to tell ten more to cover it up and then you forget which lie you're covering up and begin to lie all the time. Why should anyone trust you?"

he's ten lies in (20k really), I hope he's lied himself blind.

I keep an old Bizarro cartoon on my desk, it reads: "Welcome to AMERICA. Keeping the wealthy out of prison for over 200 years." and it shows a concierge with his hand on the ELLIS ISLAND FIRST-CLASS ENTRANCE door knob.

We're going to find out how true that is soon.