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Read the rules in the OP before posting, please.In order to ensure that this thread continues to meet TL standards and follows the proper guidelines, we will be enforcing the rules in the OP more strictly. Be sure to give them a re-read to refresh your memory! The vast majority of you are contributing in a healthy way, keep it up! NOTE: When providing a source, explain why you feel it is relevant and what purpose it adds to the discussion if it's not obvious. Also take note that unsubstantiated tweets/posts meant only to rekindle old arguments can result in a mod action. |
If the GOP is going to drop him then the time is probably running out:
Hillary Clinton has a four-point lead over Republican presidential nominee Donald Trump in a new ABT SRBI poll of Georgia, an eight-point swing since its last poll in May.
The poll, conducted this month for the Atlanta Journal-Constitution, puts Clinton ahead, 44-40 among registered voters.
In the last ABT SRBI poll, in May, Georgia voters preferred Trump to Clinton, 45-41. A more recent poll conducted by Landmark Communications and Rosetta Stone Communications on Aug. 1 showed the two nominees in a tie.
With third party candidates included in the poll, Clinton still led 41-38, with Libertarian Gary Johnson polling at 11 percent and the Green Party candidate Jill Stein at 2 percent.
The ABT SRBI poll was conducted from Aug. 1-4. It surveyed 847 registered Georgia voters, with a margin of error of plus or minus four percent.
Source
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On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever.
If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point.
Aside from Wikileaks exposing the credit card information of donors, what are we really expecting?
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United States43219 Posts
On August 06 2016 01:04 Mohdoo wrote:Show nested quote +On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever. If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point. Aside from Wikileaks exposing the credit card information of donors, what are we really expecting?
But Benghazi-ghazi?
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On August 06 2016 01:03 ZeaL. wrote:Show nested quote +On August 06 2016 01:01 OtherWorld wrote:On August 05 2016 23:50 Gorsameth wrote:On August 05 2016 23:39 ZasZ. wrote:On August 05 2016 22:18 pmh wrote:
Yup, everything is being pulled to make establishment Hillary the new president.
Couldn't trump just step aside and make ivanka the candidate? I've seen this sentiment in other places as well, but that's not how the nomination works. He can't just abdicate it to his daughter on a whim. Not to mention, she's more of a Democrat than Republican anyway, so the RNC would never allow it. I find it strange that his support is evaporating now, when he has been saying and doing vile things for over a year. Is it solely because he refused to endorse Republican leaders? If so, so much for the "party of values." Unless a major terrorist attack happens on US soil and he leverages the resulting fear like he does, we're leading up to a blow out in November, and I couldn't be happier. Hopefully it is bad enough that it signals to the racist subset of his base that their views are not as widespread as they thought. The more likely scenario, unfortunately, is that they go berserk. I never thought I would need or want a gun but I'm thinking about having one by November 9, just in case. If Trump's response is even a fraction of his response to the 2012 election, of which he wasn't even a part, there will be violence and rioting from those of his supporters who are delusional enough to believe they are a majority and should have won this election. Regardless, the history and reputation of our great country has been damaged merely by him being nominated. God help us if he is able to win. I don't believe it is the leader endorsement. No one outside of Washington cares about that. No, Trump made the mistake of treading on the most sacred of grounds. Veterans and those who died in service of the USA. His attack on the family of a dead US soldier is what finally broke the camels back. I find it pretty interesting that this attack disgusted a lot of voters, while his attack implying McCain was a loser because he had been captured and tortured in Vietnam didn't create enough disgust to bury his primary chances. Makes little sense to me. I think it says a lot about Republican primary voters vs general public.
Pretty much. People who like Trump hate the Republican establishment like McCain. So while people were disgusted he said what he said about McCain it wasn't the people that mattered then. It was the moderates, the establishment, and the left that saw his attack on a war hero as disgusting, not the people actually voting for Trump in the primary. Now those people matter, and it turns out they still think he's a repugnant jackass.
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On August 05 2016 23:41 KwarK wrote:Show nested quote +On August 05 2016 20:46 WhiteDog wrote:Pretty good article about Trump's wealth. It's pretty long, I just selected a part about taxation. Because Jacobin is not quoted enough and because it's relevant : How the Trumps Got Rich
Most Americans know Republican presidential candidate Donald Trump as a reality television star and a celebrity endorser. But in his home state of New York, he has a different reputation: he’s a real estate shmuck.
Trump inherited his business — which consists of gilded and glassed condos, clubs, casinos, office towers, hotels, and golf courses throughout New York City and beyond — from his father, Fred Trump. Like the Dursts, Rudins, Zeckendorfs, and LeFraks, the older Trump ran a family-based real estate empire.
Though these families still exert a great deal of power in New York City development politics, they are beginning to be outpaced by new corporate real estate titans — like Extell, Vornado, Related, BlackRock, and others — that use global investment capital to build glitzy new developments and buy out old affordable complexes. Donald Trump bridges these two modes, combining family business with corporate kitsch.
From a capitalist perspective, Trump is a hardworking — if obnoxious — businessman: he inherited money from his father and made it grow. From a socialist point of view, however, he got his wealth by very different means: theft.
Ruth Wilson Gilmore argues that America’s richest families possess “twice stolen wealth – (a) profit sheltered from (b) taxes.” But in fact, Trump’s fortune is triply stolen by wage theft from the workers who build and maintain his projects; tax theft from the state that enables him; and land theft from the common spaces he encloses. While he extolls the benefits of private enterprise, Trump really got rich off public resources.
His behavior is by no means unique: all capitalists profit from worker exploitation; just about all corporations try to avoid taxes in one way or another; and in a settler state, all land is stolen. But as usual, Trump embodies the most exaggerated version of a rotten system. [...]
Stolen Taxes
Throughout his career, Donald Trump has adeptly dodged taxes and gathered subsidies. In this way, he has not only shorted the public, but also depleted budgets for socially beneficial programs.
The practice began with the money passed down from his father. Fred Trump excelled at getting public subsidies and tax abatements, allowing him to amass quite a fortune. While his son claims that his business started with a $1 million loan from his father, this isn’t entirely factual. Fred Trump had established million-dollar tax-sheltered trusts for each of his children and grandchildren, and, according to the Washington Post, Donald made $19,000 in 1977, $47,200 in 1978, $70,000 in 1979, $90,000 in 1980, and $214,605 in 1981. Trump also received about $12,000 a year from a 1949 trust set up by his father and nearly $2,000 a year from another 1949 trust created by his grandmother. He also received a $6,000 gift every December from his parents.
Trump’s father didn’t give him a loan, he provided a reliable source of income that increased every year. Then, when Fred Trump died, Donald received an estimated $40 million from his $250 million estate.
Donald Trump’s first big break came with the opportunity to buy and renovate the Commodore Hotel in 1980. In the process of turning it into the Grand Hyatt Hotel, he tore down the building’s landmarked sculptures, wrapped the façade in glass, and quietly demolished what he was supposed to preserve. Thanks to his father’s history of making large donations to city officials, Trump received a forty-year tax exemption from the Urban Development Corporation — double the standard, and the first of its kind. To this day, he pays no state taxes on the luxury hotel.
When he began building Trump Tower, he applied to New York City’s Department of Housing Preservation and Development (HPD) for a $20 million tax break. Mayor Koch’s HPD commissioner, Anthony Gliedman, denied the application.
But Trump sued and won, and the city was ordered to grant the abatement in full. Three years later, Gliedman went to work for Trump, advising him on future government negotiations. In 2004, the New York City Economic Development Corporation granted Trump an additional twelve-year abatement on the commercial portion of the Trump Tower — a $164 million tax break on a property worth $237 million.
As his business grew, Trump began consolidating his corporations and LLCs to a single address. The fictional companies that own 40 Wall Street, Trump Carousel Central Park, and almost four hundred other Trump businesses are not registered to his New York City headquarters, but to one sleepy office building in Delaware, America’s onshore tax haven. (Hillary Clinton uses the exact same building for her corporate registrations.)
On top of tax breaks, Trump has finagled a number of city and state subsidies. His Bronx golf course — which sits in the middle of a public park in New York’s poorest borough — is only the most recent example. The city paid $230 million to clean up the site and develop the course; Trump was only responsible for building the clubhouse and managing the park.
Yet public subsidies allow Trump to pay no rent for the first four years of his twenty-year lease; in year five he will pay 7 percent of the rent, and in year ten he will pay 10 percent. In the meantime, New York City residents are covering his water and sewer bills to the cost of roughly $1 million per year. None of the nearby affordable housing complexes have subsidies anywhere near as generous.
Trump also manages to avoid paying taxes on his residence. His Manhattan apartment receives an abatement to the tune of $20,493 a year, including a small credit from the New York State School Tax Relief Program (even though that program has an income cap of $500,000). https://www.jacobinmag.com/2016/08/trump-real-estate-theft-public-land-taxes/I need some kind of plan to pay less taxes. Come to America. I don't pay Federal income tax. That said, if I were to start a political career I would absolutely start paying taxes. At that point it's an investment.
i think you said several pages ago that you and your spouse would be in the 1% soon? and you still don't pay any taxes?
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Just reduce your taxable income with exemptions and deductions
People who are personal finance savvy can save a lot. I paid pretty much nothing last year as well, though KwarK got the gov to pay him iirc
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United States43219 Posts
On August 06 2016 01:10 IgnE wrote:Show nested quote +On August 05 2016 23:41 KwarK wrote:On August 05 2016 20:46 WhiteDog wrote:Pretty good article about Trump's wealth. It's pretty long, I just selected a part about taxation. Because Jacobin is not quoted enough and because it's relevant : How the Trumps Got Rich
Most Americans know Republican presidential candidate Donald Trump as a reality television star and a celebrity endorser. But in his home state of New York, he has a different reputation: he’s a real estate shmuck.
Trump inherited his business — which consists of gilded and glassed condos, clubs, casinos, office towers, hotels, and golf courses throughout New York City and beyond — from his father, Fred Trump. Like the Dursts, Rudins, Zeckendorfs, and LeFraks, the older Trump ran a family-based real estate empire.
Though these families still exert a great deal of power in New York City development politics, they are beginning to be outpaced by new corporate real estate titans — like Extell, Vornado, Related, BlackRock, and others — that use global investment capital to build glitzy new developments and buy out old affordable complexes. Donald Trump bridges these two modes, combining family business with corporate kitsch.
From a capitalist perspective, Trump is a hardworking — if obnoxious — businessman: he inherited money from his father and made it grow. From a socialist point of view, however, he got his wealth by very different means: theft.
Ruth Wilson Gilmore argues that America’s richest families possess “twice stolen wealth – (a) profit sheltered from (b) taxes.” But in fact, Trump’s fortune is triply stolen by wage theft from the workers who build and maintain his projects; tax theft from the state that enables him; and land theft from the common spaces he encloses. While he extolls the benefits of private enterprise, Trump really got rich off public resources.
His behavior is by no means unique: all capitalists profit from worker exploitation; just about all corporations try to avoid taxes in one way or another; and in a settler state, all land is stolen. But as usual, Trump embodies the most exaggerated version of a rotten system. [...]
Stolen Taxes
Throughout his career, Donald Trump has adeptly dodged taxes and gathered subsidies. In this way, he has not only shorted the public, but also depleted budgets for socially beneficial programs.
The practice began with the money passed down from his father. Fred Trump excelled at getting public subsidies and tax abatements, allowing him to amass quite a fortune. While his son claims that his business started with a $1 million loan from his father, this isn’t entirely factual. Fred Trump had established million-dollar tax-sheltered trusts for each of his children and grandchildren, and, according to the Washington Post, Donald made $19,000 in 1977, $47,200 in 1978, $70,000 in 1979, $90,000 in 1980, and $214,605 in 1981. Trump also received about $12,000 a year from a 1949 trust set up by his father and nearly $2,000 a year from another 1949 trust created by his grandmother. He also received a $6,000 gift every December from his parents.
Trump’s father didn’t give him a loan, he provided a reliable source of income that increased every year. Then, when Fred Trump died, Donald received an estimated $40 million from his $250 million estate.
Donald Trump’s first big break came with the opportunity to buy and renovate the Commodore Hotel in 1980. In the process of turning it into the Grand Hyatt Hotel, he tore down the building’s landmarked sculptures, wrapped the façade in glass, and quietly demolished what he was supposed to preserve. Thanks to his father’s history of making large donations to city officials, Trump received a forty-year tax exemption from the Urban Development Corporation — double the standard, and the first of its kind. To this day, he pays no state taxes on the luxury hotel.
When he began building Trump Tower, he applied to New York City’s Department of Housing Preservation and Development (HPD) for a $20 million tax break. Mayor Koch’s HPD commissioner, Anthony Gliedman, denied the application.
But Trump sued and won, and the city was ordered to grant the abatement in full. Three years later, Gliedman went to work for Trump, advising him on future government negotiations. In 2004, the New York City Economic Development Corporation granted Trump an additional twelve-year abatement on the commercial portion of the Trump Tower — a $164 million tax break on a property worth $237 million.
As his business grew, Trump began consolidating his corporations and LLCs to a single address. The fictional companies that own 40 Wall Street, Trump Carousel Central Park, and almost four hundred other Trump businesses are not registered to his New York City headquarters, but to one sleepy office building in Delaware, America’s onshore tax haven. (Hillary Clinton uses the exact same building for her corporate registrations.)
On top of tax breaks, Trump has finagled a number of city and state subsidies. His Bronx golf course — which sits in the middle of a public park in New York’s poorest borough — is only the most recent example. The city paid $230 million to clean up the site and develop the course; Trump was only responsible for building the clubhouse and managing the park.
Yet public subsidies allow Trump to pay no rent for the first four years of his twenty-year lease; in year five he will pay 7 percent of the rent, and in year ten he will pay 10 percent. In the meantime, New York City residents are covering his water and sewer bills to the cost of roughly $1 million per year. None of the nearby affordable housing complexes have subsidies anywhere near as generous.
Trump also manages to avoid paying taxes on his residence. His Manhattan apartment receives an abatement to the tune of $20,493 a year, including a small credit from the New York State School Tax Relief Program (even though that program has an income cap of $500,000). https://www.jacobinmag.com/2016/08/trump-real-estate-theft-public-land-taxes/I need some kind of plan to pay less taxes. Come to America. I don't pay Federal income tax. That said, if I were to start a political career I would absolutely start paying taxes. At that point it's an investment. i think you said several pages ago that you and your spouse would be in the 1% soon? and you still don't pay any taxes?
I'm public sector in a low cost of living state so I have more tax deferred room than I can really use until my income gets out of control. I mean if I was pulling in $250k/year I'd have to pay some but $100k/year can be done tax free easily enough if you don't actually want to spend it. A tax deferred is a tax avoided, the US system is set up that with tax deferred accounts you can convert them to post-tax accounts in a year of your choosing. Say you earn $100k one year and $20k another year. And that you're taxed 10% on anything over $30k. Year 1 you'd owe $7k in taxes. Year 2, nothing. However if you could shuffle income around from year to year you could use that extra $10k of space in year 2 to absorb $10k of taxable income from year 1. Make sense? There are kids who are not yet born whose tax exemptions are going to be used to offset the taxes on money I earn this year.
Also we're both rich kids and the lifetime gifts exemption and the death tax both have absurdly high thresholds.
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Before Donald Trump favored boosting the defense budget, he was for slashing it.
At a rally this week in defense-industry-rich Northern Virginia, the GOP nominee agreed with an audience member who decried the damage caused by congressionally mandated, across-the-board budget cuts. “It’s true, it’s true,” Trump said after the person yelled out, “Sequestration’s killing us, too!”
But three years ago, Trump cheered the cuts — which included shaving the Pentagon budget by $31 billion in 2013 — as an important way to tackle the federal debt. He even said they were too small.
“It's a very small percentage of the cuts that should be made, and I think, really, it's being over exaggerated,” Trump told Fox News in a February 2013 interview, days before the sequester first took effect. “I think you're going to have to do a lot more cutting. If you're going to balance budgets, you're going to be doing a lot more cutting — and there's no question about it.”
The turnaround is the latest example of the confusing and often contradictory positions that Trump has staked out on the military. Just three months from Election Day, he has yet to even lay out a specific defense policy program.
He has, however, repeatedly called the military a “disaster” as a result of the policies pursued by the Obama administration and the GOP-led Congress, and he’s vowing to rebuild it.
"I’m going to make our military so big, so powerful, so strong, that nobody — absolutely nobody — is going to mess with us,” Trump says in a 23-second video stating his position on “the military” on his campaign website.
At the same time, he has pledged to rein in defense contractors and their boosters in Congress, criticizing them for forcing the Pentagon to buy what he labels unneeded weapons. If successful, that could force more factories to close. “A lot of the equipment that we get in the military is not the equipment that the generals want,” Trump said at a May rally in Indiana. “It’s forced down their throat by a company that is politically good but doesn’t make the equipment that is good.”
Trump's lack of specifics on defense spending follows a pattern of avoiding details on a host of policy issues, which makes it difficult to discern what he would do in the White House should he win in November.
Source
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On August 06 2016 01:05 KwarK wrote:Show nested quote +On August 06 2016 01:04 Mohdoo wrote:On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever. If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point. Aside from Wikileaks exposing the credit card information of donors, what are we really expecting? But Benghazi-ghazi?
There must be topic secret crimes she committed, right? RIGHT?????
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On August 06 2016 01:01 pmh wrote:
Think the debates are trumps best chance, I expect him to very well against Hillary.
But seeing how the whole establishment is so anti trump I expect them to be rigged to a certain extend as well (for example only Clinton supporters in the audience ready to boo everything trumps say, or the line and nature of the questions. lots of options there to make it very difficult for trump)
But ya, the race is over at this point. The media did a marvelous job in manufacturing consent.
O well.
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on currently not known info about email or whatever.
Wow.. thats some reality you live in.
Putting booers in the audience didn't help when it was tried in the primary. It wouldn't work in the general but there is no need for 'rigging' like this. Nor do the moderates need to 'rig' the questions. They just need to ask him about his actual policies and standpoints like in a normal debate because the guy is clueless.
His only tactic during debates is attacks at others, jokes and misdirection. And yet you would talk about it being 'rigged' just because a moderator wants him to talk about his policies as a president.
And no the media did not need to manufacture consent. All they had to do was play unedited clips of Trump saying dumb shit. And he provides them on a silver platter on a daily basis.
There is no need to spin reality when the unedited, contextual truth is already damning.
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On August 06 2016 01:19 Plansix wrote:Show nested quote +On August 06 2016 01:05 KwarK wrote:On August 06 2016 01:04 Mohdoo wrote:On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever. If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point. Aside from Wikileaks exposing the credit card information of donors, what are we really expecting? But Benghazi-ghazi? There must be topic secret crimes she committed, right? RIGHT?????
I did hear some alt-righters say she forced Bill to bomb Yugoslavia in 99
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On August 06 2016 01:24 Dan HH wrote:Show nested quote +On August 06 2016 01:19 Plansix wrote:On August 06 2016 01:05 KwarK wrote:On August 06 2016 01:04 Mohdoo wrote:On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever. If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point. Aside from Wikileaks exposing the credit card information of donors, what are we really expecting? But Benghazi-ghazi? There must be topic secret crimes she committed, right? RIGHT????? I did hear some alt-righters say she forced Bill to bomb Yugoslavia in 99
No one in the US cares about that.
On the topic of the election, it certainly looks bad for Trump right now but it's also early enough in the cycle that this could potentially blow over and just have an ultimately minor effect. Depends on the quality of damage control that he has.
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The scariest thing is if things stay around here in the polls and Trump goes all-in on the narrative that the election itself is rigged despite all of these falls being CLEARLY trackable to his own incompetence. It would poison the well for a solid 15-20% of the country for decades to come.
At least the right's narrative that the polls were all rigged-sorry, "skewed"-was demonstrably false last time around. Can't prove that about the election-especially if you say the polls AND election are both rigged. Nothing like a proposition that's impossible to disprove pushed by someone with no regard for truth.
It's definitely far too early to completely count him out, though.
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On August 06 2016 01:30 LegalLord wrote:Show nested quote +On August 06 2016 01:24 Dan HH wrote:On August 06 2016 01:19 Plansix wrote:On August 06 2016 01:05 KwarK wrote:On August 06 2016 01:04 Mohdoo wrote:On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever. If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point. Aside from Wikileaks exposing the credit card information of donors, what are we really expecting? But Benghazi-ghazi? There must be topic secret crimes she committed, right? RIGHT????? I did hear some alt-righters say she forced Bill to bomb Yugoslavia in 99 No one in the US cares about that.
Only some people in the US care about that. This is not coming from anywhere else.
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On August 06 2016 01:17 KwarK wrote:Show nested quote +On August 06 2016 01:10 IgnE wrote:On August 05 2016 23:41 KwarK wrote:On August 05 2016 20:46 WhiteDog wrote:Pretty good article about Trump's wealth. It's pretty long, I just selected a part about taxation. Because Jacobin is not quoted enough and because it's relevant : How the Trumps Got Rich
Most Americans know Republican presidential candidate Donald Trump as a reality television star and a celebrity endorser. But in his home state of New York, he has a different reputation: he’s a real estate shmuck.
Trump inherited his business — which consists of gilded and glassed condos, clubs, casinos, office towers, hotels, and golf courses throughout New York City and beyond — from his father, Fred Trump. Like the Dursts, Rudins, Zeckendorfs, and LeFraks, the older Trump ran a family-based real estate empire.
Though these families still exert a great deal of power in New York City development politics, they are beginning to be outpaced by new corporate real estate titans — like Extell, Vornado, Related, BlackRock, and others — that use global investment capital to build glitzy new developments and buy out old affordable complexes. Donald Trump bridges these two modes, combining family business with corporate kitsch.
From a capitalist perspective, Trump is a hardworking — if obnoxious — businessman: he inherited money from his father and made it grow. From a socialist point of view, however, he got his wealth by very different means: theft.
Ruth Wilson Gilmore argues that America’s richest families possess “twice stolen wealth – (a) profit sheltered from (b) taxes.” But in fact, Trump’s fortune is triply stolen by wage theft from the workers who build and maintain his projects; tax theft from the state that enables him; and land theft from the common spaces he encloses. While he extolls the benefits of private enterprise, Trump really got rich off public resources.
His behavior is by no means unique: all capitalists profit from worker exploitation; just about all corporations try to avoid taxes in one way or another; and in a settler state, all land is stolen. But as usual, Trump embodies the most exaggerated version of a rotten system. [...]
Stolen Taxes
Throughout his career, Donald Trump has adeptly dodged taxes and gathered subsidies. In this way, he has not only shorted the public, but also depleted budgets for socially beneficial programs.
The practice began with the money passed down from his father. Fred Trump excelled at getting public subsidies and tax abatements, allowing him to amass quite a fortune. While his son claims that his business started with a $1 million loan from his father, this isn’t entirely factual. Fred Trump had established million-dollar tax-sheltered trusts for each of his children and grandchildren, and, according to the Washington Post, Donald made $19,000 in 1977, $47,200 in 1978, $70,000 in 1979, $90,000 in 1980, and $214,605 in 1981. Trump also received about $12,000 a year from a 1949 trust set up by his father and nearly $2,000 a year from another 1949 trust created by his grandmother. He also received a $6,000 gift every December from his parents.
Trump’s father didn’t give him a loan, he provided a reliable source of income that increased every year. Then, when Fred Trump died, Donald received an estimated $40 million from his $250 million estate.
Donald Trump’s first big break came with the opportunity to buy and renovate the Commodore Hotel in 1980. In the process of turning it into the Grand Hyatt Hotel, he tore down the building’s landmarked sculptures, wrapped the façade in glass, and quietly demolished what he was supposed to preserve. Thanks to his father’s history of making large donations to city officials, Trump received a forty-year tax exemption from the Urban Development Corporation — double the standard, and the first of its kind. To this day, he pays no state taxes on the luxury hotel.
When he began building Trump Tower, he applied to New York City’s Department of Housing Preservation and Development (HPD) for a $20 million tax break. Mayor Koch’s HPD commissioner, Anthony Gliedman, denied the application.
But Trump sued and won, and the city was ordered to grant the abatement in full. Three years later, Gliedman went to work for Trump, advising him on future government negotiations. In 2004, the New York City Economic Development Corporation granted Trump an additional twelve-year abatement on the commercial portion of the Trump Tower — a $164 million tax break on a property worth $237 million.
As his business grew, Trump began consolidating his corporations and LLCs to a single address. The fictional companies that own 40 Wall Street, Trump Carousel Central Park, and almost four hundred other Trump businesses are not registered to his New York City headquarters, but to one sleepy office building in Delaware, America’s onshore tax haven. (Hillary Clinton uses the exact same building for her corporate registrations.)
On top of tax breaks, Trump has finagled a number of city and state subsidies. His Bronx golf course — which sits in the middle of a public park in New York’s poorest borough — is only the most recent example. The city paid $230 million to clean up the site and develop the course; Trump was only responsible for building the clubhouse and managing the park.
Yet public subsidies allow Trump to pay no rent for the first four years of his twenty-year lease; in year five he will pay 7 percent of the rent, and in year ten he will pay 10 percent. In the meantime, New York City residents are covering his water and sewer bills to the cost of roughly $1 million per year. None of the nearby affordable housing complexes have subsidies anywhere near as generous.
Trump also manages to avoid paying taxes on his residence. His Manhattan apartment receives an abatement to the tune of $20,493 a year, including a small credit from the New York State School Tax Relief Program (even though that program has an income cap of $500,000). https://www.jacobinmag.com/2016/08/trump-real-estate-theft-public-land-taxes/I need some kind of plan to pay less taxes. Come to America. I don't pay Federal income tax. That said, if I were to start a political career I would absolutely start paying taxes. At that point it's an investment. i think you said several pages ago that you and your spouse would be in the 1% soon? and you still don't pay any taxes? I'm public sector in a low cost of living state so I have more tax deferred room than I can really use until my income gets out of control. I mean if I was pulling in $250k/year I'd have to pay some but $100k/year can be done tax free easily enough if you don't actually want to spend it. A tax deferred is a tax avoided, the US system is set up that with tax deferred accounts you can convert them to post-tax accounts in a year of your choosing. Say you earn $100k one year and $20k another year. And that you're taxed 10% on anything over $30k. Year 1 you'd owe $7k in taxes. Year 2, nothing. However if you could shuffle income around from year to year you could use that extra $10k of space in year 2 to absorb $10k of taxable income from year 1. Make sense? There are kids who are not yet born whose tax exemptions are going to be used to offset the taxes on money I earn this year. Also we're both rich kids and the lifetime gifts exemption and the death tax both have absurdly high thresholds.
So you basically don't spend anything either. Shopping at your glitzy walmart and living on desert land.
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On August 06 2016 01:01 pmh wrote:
Think the debates are trumps best chance, I expect him to very well against Hillary.
Why do you think this?
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Amid widespread chatter that Donald Trump could drop out of the presidential race before Election Day, Republican insiders in key battleground states have a message for The Donald: Get out.
That’s according to The POLITICO Caucus — a panel of activists, strategists and operatives in 11 swing states. The majority of GOP insiders, 70 percent, said they want Trump to drop out of the race and be replaced by another Republican candidate — with many citing Trump’s drag on Republicans in down-ballot races. But those insiders still think it’s a long-shot Trump would actually end his campaign and be replaced by another GOP candidate.
“I’d rather take our chances with nearly anyone else than continue with this certain loser who will likely cost the Senate and much more,” said a New Hampshire Republican — who, like all respondents, completed the survey anonymously.
“The effect Trump is having on down-ballot races has the potential to be devastating in November,” added a Florida Republican. “His negative image among Hispanics, women and independents is something that could be devastating to Republicans. Trump’s divisive rhetoric to the Hispanic community at large has the potential to be devastating for years to come.”
Trump has given no indication that he’s considering quitting, and his campaign insists his perseverance is one of his best attributes. But two network reports recently suggested senior GOP leaders were eyeing how that process would work, just in case.
A Trump exit from the race after he’s been formally nominated would trigger a rarely used vacancy rule in the national Republican Party’s rulebook. That rule empowers the Republican National Committee — a 168-member panel that includes three GOP leaders from every state and territory — to select a replacement. The RNC is also authorized to reconvene the national convention, which would be all but logistically impossible.
The RNC is extremely sensitive to any suggestion that it — the party establishment — is attempting to supplant the will of grass-roots Republicans, so invoking this process is already fraught with peril. But if the RNC’s 168 members convened to pick a substitute candidate, each state’s votes would be weighted based on the size of their delegation to last month’s convention.
In this scenario, Republicans would likely struggle to find a consensus nominee, but immediate options would include Sen. Ted Cruz (the runner-up in the GOP primary), Trump running mate Mike Pence and House Speaker Paul Ryan.
Insiders suggested a handful of replacement candidates: A Florida Republican said Ryan “is the only one who can unite the party,” while multiple others plugged Ohio Gov. John Kasich.
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On August 06 2016 01:33 Dan HH wrote:Show nested quote +On August 06 2016 01:30 LegalLord wrote:On August 06 2016 01:24 Dan HH wrote:On August 06 2016 01:19 Plansix wrote:On August 06 2016 01:05 KwarK wrote:On August 06 2016 01:04 Mohdoo wrote:On August 06 2016 01:01 pmh wrote:
Would not be the least surprised if the republicans then try to impeach Clinton in the next year or the year after. Based on presently not known info about email or whatever. If Clinton was protected this well as SoC, don't hold your breath for her being more vulnerable as a president. They got plenty of baggage out of the way at this point. Aside from Wikileaks exposing the credit card information of donors, what are we really expecting? But Benghazi-ghazi? There must be topic secret crimes she committed, right? RIGHT????? I did hear some alt-righters say she forced Bill to bomb Yugoslavia in 99 No one in the US cares about that. Only some people in the US care about that. This is not coming from anywhere else.
People in East Europe care about the US bombing Yugoslavia. The vast majority of people in the US either don't know, don't see its significance, or don't care. It was, however, a stupid act that Hillary shares some blame for. I put a lot more of the blame on Madeleine Albright, who is unfortunately known more for being a woman in a high position of power than for what she actually did in that position.
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If all this ended up with Paul Ryan being the Republican nominee I would almost believe he was playing 11 dimensional chess using Trump as a pawn to avoid people realizing he was an utterly useless VP pick 4 years ago.
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On August 05 2016 23:41 KwarK wrote:Show nested quote +On August 05 2016 20:46 WhiteDog wrote:Pretty good article about Trump's wealth. It's pretty long, I just selected a part about taxation. Because Jacobin is not quoted enough and because it's relevant : How the Trumps Got Rich
Most Americans know Republican presidential candidate Donald Trump as a reality television star and a celebrity endorser. But in his home state of New York, he has a different reputation: he’s a real estate shmuck.
Trump inherited his business — which consists of gilded and glassed condos, clubs, casinos, office towers, hotels, and golf courses throughout New York City and beyond — from his father, Fred Trump. Like the Dursts, Rudins, Zeckendorfs, and LeFraks, the older Trump ran a family-based real estate empire.
Though these families still exert a great deal of power in New York City development politics, they are beginning to be outpaced by new corporate real estate titans — like Extell, Vornado, Related, BlackRock, and others — that use global investment capital to build glitzy new developments and buy out old affordable complexes. Donald Trump bridges these two modes, combining family business with corporate kitsch.
From a capitalist perspective, Trump is a hardworking — if obnoxious — businessman: he inherited money from his father and made it grow. From a socialist point of view, however, he got his wealth by very different means: theft.
Ruth Wilson Gilmore argues that America’s richest families possess “twice stolen wealth – (a) profit sheltered from (b) taxes.” But in fact, Trump’s fortune is triply stolen by wage theft from the workers who build and maintain his projects; tax theft from the state that enables him; and land theft from the common spaces he encloses. While he extolls the benefits of private enterprise, Trump really got rich off public resources.
His behavior is by no means unique: all capitalists profit from worker exploitation; just about all corporations try to avoid taxes in one way or another; and in a settler state, all land is stolen. But as usual, Trump embodies the most exaggerated version of a rotten system. [...]
Stolen Taxes
Throughout his career, Donald Trump has adeptly dodged taxes and gathered subsidies. In this way, he has not only shorted the public, but also depleted budgets for socially beneficial programs.
The practice began with the money passed down from his father. Fred Trump excelled at getting public subsidies and tax abatements, allowing him to amass quite a fortune. While his son claims that his business started with a $1 million loan from his father, this isn’t entirely factual. Fred Trump had established million-dollar tax-sheltered trusts for each of his children and grandchildren, and, according to the Washington Post, Donald made $19,000 in 1977, $47,200 in 1978, $70,000 in 1979, $90,000 in 1980, and $214,605 in 1981. Trump also received about $12,000 a year from a 1949 trust set up by his father and nearly $2,000 a year from another 1949 trust created by his grandmother. He also received a $6,000 gift every December from his parents.
Trump’s father didn’t give him a loan, he provided a reliable source of income that increased every year. Then, when Fred Trump died, Donald received an estimated $40 million from his $250 million estate.
Donald Trump’s first big break came with the opportunity to buy and renovate the Commodore Hotel in 1980. In the process of turning it into the Grand Hyatt Hotel, he tore down the building’s landmarked sculptures, wrapped the façade in glass, and quietly demolished what he was supposed to preserve. Thanks to his father’s history of making large donations to city officials, Trump received a forty-year tax exemption from the Urban Development Corporation — double the standard, and the first of its kind. To this day, he pays no state taxes on the luxury hotel.
When he began building Trump Tower, he applied to New York City’s Department of Housing Preservation and Development (HPD) for a $20 million tax break. Mayor Koch’s HPD commissioner, Anthony Gliedman, denied the application.
But Trump sued and won, and the city was ordered to grant the abatement in full. Three years later, Gliedman went to work for Trump, advising him on future government negotiations. In 2004, the New York City Economic Development Corporation granted Trump an additional twelve-year abatement on the commercial portion of the Trump Tower — a $164 million tax break on a property worth $237 million.
As his business grew, Trump began consolidating his corporations and LLCs to a single address. The fictional companies that own 40 Wall Street, Trump Carousel Central Park, and almost four hundred other Trump businesses are not registered to his New York City headquarters, but to one sleepy office building in Delaware, America’s onshore tax haven. (Hillary Clinton uses the exact same building for her corporate registrations.)
On top of tax breaks, Trump has finagled a number of city and state subsidies. His Bronx golf course — which sits in the middle of a public park in New York’s poorest borough — is only the most recent example. The city paid $230 million to clean up the site and develop the course; Trump was only responsible for building the clubhouse and managing the park.
Yet public subsidies allow Trump to pay no rent for the first four years of his twenty-year lease; in year five he will pay 7 percent of the rent, and in year ten he will pay 10 percent. In the meantime, New York City residents are covering his water and sewer bills to the cost of roughly $1 million per year. None of the nearby affordable housing complexes have subsidies anywhere near as generous.
Trump also manages to avoid paying taxes on his residence. His Manhattan apartment receives an abatement to the tune of $20,493 a year, including a small credit from the New York State School Tax Relief Program (even though that program has an income cap of $500,000). https://www.jacobinmag.com/2016/08/trump-real-estate-theft-public-land-taxes/I need some kind of plan to pay less taxes. Come to America. I don't pay Federal income tax. That said, if I were to start a political career I would absolutely start paying taxes. At that point it's an investment.
I actually might move to north america - I ask this to myself once every month - considering I heavily dislike the way my country is changing and that I have a canadian citizenship.
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EPT
