How do you interpret this paragraph from The NY Times article about Trump’s taxes?

When you file an extension, you have to pay a calculated amount due. So he did. But when the final version was filed, it negated the previous amount paid, because his liability was washed away.

The story implies that the $1m or 4.2m remained as a credit for future taxes (i.e. it doesn’t sound like he got a refund check), but it’s not clear. And if the future years showed a loss, too, he might have gotten a check back. We don’t have the details.

@elbanditoroso Initially, I read it like you did. A friend of mine is saying the money was part of the return for the year he paid the $750. I can see where it might be interpreted that way.

If he paid estimated taxes for the extension and then had to pay $750 in the end, then that would mean it’s the few million plus $750.

I don’t understand why there isn’t references to the line numbers on the return or a photo to erase the ambiguity.

I don’t think it really matters much either way, only that Democrats are in hysterics about the $750 using it as an example to try to say how horrible Trump is, and then if the number is wrong it’s a stupid distraction. Even if he paid $5.2 million it’s a drop in the bucket for him.

This entire issue didn’t need to happen, if Trump had simply released his returns like every other candidate has for the last 50 years. He brought it on himself.

@elbanditoroso It’s ridiculous. I don’t see why he waited. I’m guessing he thought it might influence swing voters. Romney did lose when Democrats dwelled on his taxes, but I don’t know if it was because of his taxes.

Romney was legitimately wealthy, from his venture capital business.

@elbanditoroso I thought the Democrats were ridiculous about Romney’s taxes.

If they want to change tax law fine, I can get behind that. Being upset that Romney paid only 13% or 15% in taxes, I don’t remember the number, seemed ridiculous to me. The average person has no clue what percent they pay in federal taxes. They have some made up number in their mind.

1) Has the tax returns’ front pages been published so we can see what line of the tax return they are talking about?

NY Times – “When they got to line 56, the one for income taxes due, the amount was the same each year: $750.”

2) ”...and most of the payments were rolled forward to cover potential taxes in future years”.

He has a credit with the IRS. It’s still his money. It was not given to the government.

I thought the Democrats were ridiculous about Romney’s taxes.

It was not just about Romney. The point was that people who live off investments only pay 15%, and then shriek about unfair taxation of the wealthy.

Meanwhile, the lowest rate for workers is 10%. Add in the 6.2% for Social Security and Medicare, and the lowest rate is 16.2%. That would apply to a person who makes minimum wage of $7.25/hour.

@Call_Me_Jay The point I am making is they can be upset about the tax law regarding capital gains, but being hysterical about Romney following the law is stupid. They can even argue Romney will do nothing to fix the tax law if that was his position, and hold his taxes paid as an example, just like Warren Buffet uses his own as an example, but being mad at Romney looks hysterical and ignorant.

One of these days CNN or MSNBC is going to actually have an ACCOUNTANT who deals with businesses taxes on as a guest rather than politicians, journalists, and other talking heads talking about taxes.

Line 56 is not on any of the returns I handle, which include personal taxes and business, taxes, so I would need to know which form they are using, was it mentioned and I missed it?

“It was not just about Romney. The point was that people who live off investments only pay 15%, and then shriek about unfair taxation of the wealthy.”

Romney’s campaign hinged on the criticizing working people for not paying taxes. He talked about the 47% who don’t pay income taxes – which includes retired people, which is deceitfully disingenuous.

And pretending that only income taxes matter is a deliberate dishonest tactic which ignores all the other taxes we pay like gas taxes which proportionally hit low-income people harder.

@Call_Me_Jay I agree with all of that.

All I know is I paid a whole lot more than 750 in taxes and I don’t have billions sitting in my bank. And when my stocks go down, I don’t get to get that discounted off my taxes either. So why do the rest of us have to fund pay taxes the rich never have too?

A couple of points here. I admit I haven’t read all the stories about his tax returns but I heard a synopsis of what Trump did from Charles Payne.

During the Housing bust when Obama was raising everyone’s taxes, He put an incentive into the tax code that provided a tax credit for investing in real estate. It made sense to try and shore up the real estate market. Trump was a real estate investor and he believed the market would come back so he invested, exactly what the tax credit was designed to get investors to do. It’s really not much different than claiming a tax credit for installing solar or buying an electric car. Same idea just bigger numbers.

Also if Trump paid $750 two years in a row that sounds like a minimum tax for corporations. I don’t know what state trump filed in but here in California I paid $800 a year minimum corp tax regardless of whether I showed a profit or loss.

This whole story is designed to get an emotional response rather than any real analysis of his taxes. If they provide a tax credit to get investment into specific industries stop complaining that someone does what you wanted them to do.

@Jaxk, if everything was so above board then why doesn’t he show his taxes? Tax experts will take it apart and either something was done legally or done illegally. Trump could clear it all up. Release his taxes if he’s innocent of doing nothing wrong. If all he did was take advantage of tax codes then he’s good. But if what is did was fraudulent so he would pay fewer taxes then he’s screwed. And holding back as he has makes me feel that is the case.
Not going to feel sorry for someone who lied about releasing his taxes and pretending it was the IRS wouldn’t release them. The people deserve to know the truth. Though I suspect even his voters know he’s a thief and a con man. They just don’t care and bought the con that he cares about them and not just saving his own rear.

@Pandora – Obviously you don’t need his tax returns, your mind is already made up. If he had done something illegal that would have been the headline from the NYT. The IRS wouldn’t give him much slack either. The truth is, no matter what his tax returns say the media would scream about something. As it is, the NYT may have his tax returns or maybe they have seen the returns or maybe they just have a copy of a memo from his accountant or maybe they just made it all up. Doesn’t matter because they just tell you what they want you to think. I don’t really care about his returns because you’ll never get a straight story. They did the same thing with Romney. See them, don’t see them, doesn’t matter which side your on. Here’s a quick story about spin. Doesn’t matter if it’s true or not the point is good.

Judy Walkman, a professional genealogy researcher in southern California , was doing some personal work on her own family tree. She discovered that Senator Harry Reid’s great-great uncle, Remus Reid, was hanged for horse stealing and train robbery in Montana in 1889.

Both Judy and Harry Reid share this common ancestor.

The only known photograph of Remus shows him standing on the gallows in Montana territory:

On the back of the picture Judy obtained during her research is this inscription: ‘Remus Reid, horse thief, sent to Montana Territorial Prison 1885, escaped 1887, robbed the Montana Flyer six times. Caught by Pinkerton detectives, convicted and hanged in 1889.’

So Judy e-mailed Senator Harry Reid for information about their great-great uncle.

Harry Reid:

Harry Reid’s staff sent back the following biographical sketch for her genealogy research:

“Remus Reid was a famous cowboy in the Montana Territory . His business empire grew to include acquisition of valuable equestrian assets and intimate dealings with the Montana railroad. Beginning in 1883, he devoted several years of his life to government service, finally taking leave to resume his dealings with the railroad. In 1887, he was a key player in a vital investigation run by the renowned Pinkerton Detective Agency.

In 1889, Remus passed away during an important civic function held in his honor when the platform upon which he was standing collapsed.”

NOW THAT’s how it’s done, Folks! That’s a real POLITICAL SPIN .

@Jaxk, Do I tend to believe liars are liars. Yes. I’ve heard him and seen him say one thing and then take it back and then go back to the original tale. Pathological liars cannot be believed in anything they say. Even if he wasn’t President I still would no like him. He is still a creep and a liar. I don’t need the media to set my mind. His own words often convict him. His actions speak louder than anything he says. I’ve read his tweets, and I’ve seen him lie live on TV and seen the spin doctors try to say he didn’t mean what he said. I can decide for myself. And the one thing I know is when a person is innocent they don’t fear the truth coming out.