Wednesday, September 30, 2020

Trump Did Not Avoid Taxes, He Prepaid Them; Obama Wrote Trump a $73 Million Check

Tasos Katopodis / Getty Images
Dick Morris: Trump Did Not Avoid Taxes, He Prepaid Them:
Contrary to the false impression in the New York Times story, Donald Trump did not avoid taxes. He prepaid 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. --->READ MORE HERE
Lucy Nicholson/Reuters)
Obama Wrote Trump a $73 Million Check:
The New York Times’ big exposé on President Trump’s tax returns flags some things that may be dodgy but mainly it just confirms what everybody (including Trump) has always said — there are a lot of loopholes in the tax code that a savvy operator can exploit. Whose fault is that? The system long predates Trump’s political career. For me, one part of the story really stands out, though: “To turn that long arc of failure into a giant refund check,” says the Times, Trump “relied on some deft accounting footwork and an unwitting gift from an unlikely source — Mr. Obama.”
Huh? Obama’s stimulus policies led to the Obama IRS writing a check to Trump for $73 million. The Times explains that a business loss can be used as a coupon that can be redeemed against a gain in another business.
Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that. --->READ MORE HERE
Follow links below to related stories:

Kayleigh McEnany: Media ‘Desperately Trying to Smear’ Trump, Who Has Already Donated $1.4 Million of Salary to Government

New York Times’ Trump Tax Return ‘Bombshell’ Is A Joke

The New York Times’ Attack on Trump’s ‘Financial Acumen’ Is Nonsense

The New York Times Recycles Old Reporting To Drop ‘Bombshell’ Trump Tax Return Story

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