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Brilliant, clear explainer by leading tax law professor @DanielShaviro
Shaviro explains why Trump's claim that he "loves depreciation" and was "smart" to pay no taxes doesn't make sense.
Trump's massive economic losses (and potential fraud) do.
<thread> https://www.justsecurity.org/72604/ten-quick-takeaways-from-the-new-york-times-bombshell-article-on-trumps-tax-returns/
Shaviro explains why Trump's claim that he "loves depreciation" and was "smart" to pay no taxes doesn't make sense.
Trump's massive economic losses (and potential fraud) do.
<thread> https://www.justsecurity.org/72604/ten-quick-takeaways-from-the-new-york-times-bombshell-article-on-trumps-tax-returns/
2. On prospect of Trump's impending personal financial crash:
"A danger of simply running out of money soon if there is no turnaround...$421 million in personal liability debts...due soon add to the impression of an approaching risk of financial breakdown."
#TrumpTaxReturns
"A danger of simply running out of money soon if there is no turnaround...$421 million in personal liability debts...due soon add to the impression of an approaching risk of financial breakdown."
#TrumpTaxReturns
3.
It’s not just a question of potential FEDERAL tax crimes—for which Trump could be indicted after leaving office.
It’s also a question of NEW YORK financial crimes—which authorities might bring even if Trump were still president.
Shaviro on the NY & NYC crimes element.
It’s not just a question of potential FEDERAL tax crimes—for which Trump could be indicted after leaving office.
It’s also a question of NEW YORK financial crimes—which authorities might bring even if Trump were still president.
Shaviro on the NY & NYC crimes element.
4. More liability trouble for Trump:
That $70,000 “deduction” for hair styling?
It likely fails as a legitimate tax deduction.
Shaviro: “Such items cannot generally be deducted unless their use is limited exclusively to the business appearance itself."
That $70,000 “deduction” for hair styling?
It likely fails as a legitimate tax deduction.
Shaviro: “Such items cannot generally be deducted unless their use is limited exclusively to the business appearance itself."
5. On that IRS audit:
“The ongoing IRS audit dispute regarding a $72.5 million loss deduction looks very bad for trump.”
Trump's "losing on this issue – as it appears he should, if the stated facts are accurate and relevantly complete."
“The ongoing IRS audit dispute regarding a $72.5 million loss deduction looks very bad for trump.”
Trump's "losing on this issue – as it appears he should, if the stated facts are accurate and relevantly complete."
6. As for net worth:
“Trump does not appear to be rich.”
As for business acumen:
"The pattern looks like one of recklessly and improvidently burning through one’s cash for as long as it lasts, rather than of investing prudently to create future value."
“Trump does not appear to be rich.”
As for business acumen:
"The pattern looks like one of recklessly and improvidently burning through one’s cash for as long as it lasts, rather than of investing prudently to create future value."
7/7. I'll end where Shaviro starts.
Among most important:
"Tax is the least of it. The article offers direct evidence of Trump’s impending financial liability to unknown lenders, and of pervasive conflicts of interest as president, that are of grave national security concern."
Among most important:
"Tax is the least of it. The article offers direct evidence of Trump’s impending financial liability to unknown lenders, and of pervasive conflicts of interest as president, that are of grave national security concern."
