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  1. #1
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    Trump's Tax returns Vs Our Bankrupt Farmers

    Is this the so called "Art of the Deal"?

    "The Art Of Expensing": NYTimes Leaks Trump's Billion-Dollar Tax Loss From 1985-1994 Decade

    by Tyler Durden
    Tue, 05/07/2019 - 19:55


    "Every year from 1985 through 1994, according to leaked tax returns obtained by The New York Times, Donald J. Trump reported a negative adjusted gross income on his tax returns. That number grew as new losses were combined with those from prior years. The New York Times previously found that Mr. Trump declared an adjusted gross income in 1995 of negative $915.7 million."


    "The figures, according to the Times, show that the losses contradict the image that Trump promoted of himself as an adept and successful New York real estate developer.

    Or do they show an adept real estate developer following the tax law's depreciation guidelines to minimize his tax liabilities like every good shepherd of capital should?


    “I love depreciation,” Mr. Trump said during a presidential debate in 2016.

    As NYT openly admits:

    Some fraction of that ocean of red ink represented depreciation on Mr. Trump’s real estate. One of the most valuable special benefits in the tax code, depreciation lets owners of commercial real estate write down the cost of their buildings.

    The Times still gloats:

    Over all, Mr. Trump lost so much money that he was able to avoid paying income taxes for eight of the 10 years. It is not known whether the I.R.S. later required changes after audits.

    The newly-leaked documents, reportedly confirm the details that were leaked in October 2018, where the NYT accused President Trump of participating in "questionable" and "dubious" tax strategies "including instances of outright fraud" that greatly increased the fortune he received from his parents and allowed him to accrue millions of dollars in additional wealth from his father's real estate empire "much of it through tax dodges in the 1990s."

    As one of the authors, NYT reporter Susanne Craig explained at the time, she and Russ Buettner, David Barstow "got our hands on a massive trove of confidential docs - including 200 tax returns - from Fred Trump’s empire. We found Donald Trump received hundreds of millions from his dad, some of it via fraudulent tax schemes."

    But, as NYT reports, several weeks ago, a senior official issued a statement saying:

    “The president got massive depreciation and tax shelter because of large-scale construction and subsidized developments. That is why the president has always scoffed at the tax system and said you need to change the tax laws. You can make a large income and not have to pay large amount of taxes.”

    "At his nadir, in the post-recession autumn of 1991, Mr. Trump testified before a congressional task force, calling for changes in the tax code to benefit his industry.

    “The real estate business — we’re in an absolute depression,” Mr. Trump told the lawmakers, adding:

    “I see no sign of any kind of upturn at all. There is no incentive to invest. Everyone is doing badly, everyone.”

    "





    https://www.zerohedge.com/news/2019-...85-1994-decade

    Versus:


    Midwest Banks Hit Hard By Surge In US Farmer Bankruptcies

    by Tyler Durden
    Tue, 05/07/2019 - 13:08



    "U.S. farmers are defaulting and missing payments at alarming rates, forcing regional banks to restructure and refinance existing loans, according to Bloomberg. Regional banks, although still considered "healthy" for the most part
    , are requiring farmers to post increased collateral to "boost their defenses" against additional looming losses and default risks, further depressing US farm production while putting even more loans in danger of default.

    According to a report by First Midwest Bank, past-due agricultural loans have soared 287% in 2018 vs the prior year. Additionally, cases handled by the Iowa Mediation Service involving farmers unable to make payments. jumped 20%. In six Midwest states, farmer bankruptcies rose 30% to 103 in 2018. This has caused banks like Farmers National Bank in Prophetstown, Illinois to restructure more loans in order to keep growers solvent while at the same time limiting their own risk.

    Don Vogel, the bank’s president and chief executive officer said: "when you’re a rural community bank, if you’re not involved in agriculture, you probably don’t have a future." Farmer loans make up 79% of his bank's portfolio and include "probably three generations" of farmers. He continued: "It is a long rough patch and it’s probably going to last longer. There’s not one little thing that you can neglect during these times."

    According to a survey by the Federal Reserve Bank of Kansas City, conditions that prompted lenders to ask for more collateral were up 2.5% in Q4 2018. Meanwhile, the average interest rate on farm operating loans moved up to 6.07%, the highest level since Q2 2010."


    "As discussed recently, Farmers' income has continued to slide and is down 11% since 2010 while, over the same period, expenses have risen 31% as a result of crop prices falling and the continued trade war with China. Floods in the midwest have also acted as headwinds for some growers, leaving others with delays and useless flooded supplies. "




    https://www.zerohedge.com/news/2019-...r-bankrupcties

    ---------------

    Why is "Depreciation" , Write-offs, "negative adjusted gross income ", etc., .... Good for The Twitter-in-Chiefs Businesses, ... But Not Good for The American Farmer?

    Why are Family Owned Farms, one of America's Long Term Foundations, being allowed to FAIL, where Mega- Agricultural Corporations can then swoop in & snatch these Farms up for "Pennies on the dollar"?!?!?

    Is that what "The Art of the Deal" is Truly All About?


    By the way, .... How many of You are there, that are not "Suffering from Memory Loss"?

    Trump PLAINLY Stated, .... While Campaigning, ....
    That "If", he was Elected, ... Then he would release his Tax Returns.

    Was he speaking of being Elected for a Second Term, .... Perhaps?
    Hos 4:6 My people are destroyed for lack of knowledge. Because you have rejected knowledge, I will also reject you, that you may be no priest to me. Because you have forgotten your God’s law, I will also forget your children.


    "You've got to Stand for Something or You'll fall for anything" (A. Tippin)


    Mat_15:24 But he answered, “I wasn’t sent to anyone but the lost sheep of the house of Israel.”

  2. #2
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    Actually, this is nonsense.

    Only an adept finical developer could have been in a position to have a loss of that size. No one at the Times, or its anti-Semitic ownership, could have been in such a position.

    Terms like "dubious" are not legal terms. They are used to smear people.

    If there was indeed a problem with the legality of Trump's tax activity, he would have been prosecuted for it. That part of the story is conveniently absent.

    The Times was desperately hoping they could find some sort or wrongdoing in what they received. That aim is in fact, their purpose, because they do not like the President. This is schoolyard behavior coming from a once-great newspaper.

    What they print nowadays must be taken with a very large truckload of salt.

    Oh, by the way. There have been floods in the Midwest that hurt farming. Stop the presses. Hey, let's mention the words "trade war!" That should tie this to Trump!!!

    Please.
    [Avatar photo from a Florida training accident. Everyone walked away.]
    2 Tim 3:16-17

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  4. #3
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    Thread Starter
    Time will soon tell Timebuilder.

    Trump did make that "Promise" of releasing his returns, while campaigning, that he would do it "If Elected".

    And, ... One of the reasons why I refused to Vote for him, as Our only chance of "Saving America", from a Catastrophic Disaster, which is here, .... Was that he, was not what he presented himself to be, in many ways.

    Problem is, ..... Trump has used "Depreciation"/ Write-offs, in order to build his "Wealth", .... While the American Farmer, somehow isn't allowed to do this.
    Hos 4:6 My people are destroyed for lack of knowledge. Because you have rejected knowledge, I will also reject you, that you may be no priest to me. Because you have forgotten your God’s law, I will also forget your children.


    "You've got to Stand for Something or You'll fall for anything" (A. Tippin)


    Mat_15:24 But he answered, “I wasn’t sent to anyone but the lost sheep of the house of Israel.”

  5. #4
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    Trump is nothing but a glorified used car salesman, he would sweet talk you into buying the Pinto for ten times its worth. he is a conman and a crook and has no moral values, I still prefer him over Hilary but that's not saying much.
    There is not better place for the working men than the union! 100% UA the only HVAC union!

  6. #5
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    Complain all you want, all I know is the economy is surging, unemployment is down, fuel prices are stable, stock market is up, etc, etc, blame who you will....

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  8. #6
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    Why don’t we just let the sitting president do the job he was voted in to do and complain after he’s gone? All politicians are liars/con men(or women). Hillary would’ve been bettter in some ways, worse in others. The same will be true of the next president and the one after that.

  9. #7
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    Quote Originally Posted by VTP99 View Post
    Complain all you want, all I know is the economy is surging
    Unless you're a farmer apparently.

  10. #8
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    Quote Originally Posted by Sooty View Post
    Unless you're a farmer apparently.
    That is the way life works. No one can prevent bad weather from impacting crops.
    [Avatar photo from a Florida training accident. Everyone walked away.]
    2 Tim 3:16-17

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  12. #9
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    Quote Originally Posted by valdelocc View Post
    Trump is nothing but a glorified used car salesman, he would sweet talk you into buying the Pinto for ten times its worth. he is a conman and a crook and has no moral values, I still prefer him over Hilary but that's not saying much.
    There is no evidence for the opinion you have shared.
    [Avatar photo from a Florida training accident. Everyone walked away.]
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  13. #10
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    Gee those Muslims are extremely quiet lately with those big set of Balls walking around in the oval office .... I like it better this way

  14. #11
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    Quote Originally Posted by DavidDeBord View Post
    Time will soon tell Timebuilder.

    Trump did make that "Promise" of releasing his returns, while campaigning, that he would do it "If Elected".

    And, ... One of the reasons why I refused to Vote for him, as Our only chance of "Saving America", from a Catastrophic Disaster, which is here, .... Was that he, was not what he presented himself to be, in many ways.

    Problem is, ..... Trump has used "Depreciation"/ Write-offs, in order to build his "Wealth", .... While the American Farmer, somehow isn't allowed to do this.
    In that case, farmers have the option of electing people to congress who will write tax law that is more favorable.

    I am not concerned for a minute about his taxes or anyone else's. They are none of my business.

    Second, I am not concerned about how someone perceives what they see as a candidate "presenting himself." That is many things to many people. You and I could view the same speech, and we would no doubt perceive it differently.

    I judge him by his actions, and I find him more true to his promises, on the whole, than anyone in the past 20 years, except for Barack Obama. He promised to "fundamentally change America."

    He did that.

    Of course, people perceived that promise differently. Obama used the "blank slate" technique, where he allowed everyone to fill in his vague statements with what they wanted to imagine.
    [Avatar photo from a Florida training accident. Everyone walked away.]
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  15. #12
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    Back when Trump was having this problem he wasn't the only one. The interesting thing is back then the NYT'S was heralding what a brilliant business man Trump was in dealing with the problem and ending up on top again. Now he is being called a moron by the same rag.
    Do any of you remember how he prevented foreclosure?
    No man can be both ignorant and free.
    Thomas Jefferson

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  17. #13
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    Heard a tax guy on the radio talking about writing off properties, depreciation, etc.

    He was stating this is what all real estate people do, and our Congress supports writing off these to show a loss, when you actually have a gain.

    I'm guessing people in congress either have a lot of real estate, or there is a realtors union that contributes heavily to our Congress critters.
    If you were a real tech, you'd solder a relay on that board and call it good to go.

    I do a triple evac with nitro to remove non condensables.

    I use 56% silver on everything except steel.

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