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Gender: Male
Hometown: Louisville, KY
Current location: Central FL
Member since: Thu Sep 16, 2004, 02:03 PM
Number of posts: 53,230

Journal Archives

Ten Quick Takeaways from the New York Times' Bombshell Article on Trump's Tax Returns

1) Tax is the least of it.

2) Trump appears to be an absolutely terrible businessman.

3) As a matter of net worth, Trump appears not to be rich (despite his having inherited a large fortune).

4) There is nothing wrong in principle with using true economic losses to offset the tax that would otherwise be due on gains – but it also isn’t clever tax planning.

5) The ongoing IRS audit dispute regarding a $72.5 million loss deduction looks very bad for Trump.

6) The consulting fees that Trump’s various foreign businesses paid to Ivanka Trump and others look potentially fraudulent.

7) Other improper deductions that may have been claimed fraudulently.

8) Trump appears to have used substantial foreign losses to offset tax that would otherwise have been due on domestic source income.

9) The 2013 Miss Universe Pageant in Moscow raises troubling issues (albeit not tax-related) about the potential funneling of cash from a Putin associate to Trump.

10) There is an old saying that one can never detect tax fraud purely on the face of a tax return – but this comes closer than usual.

MUCH more detail of each point at the article

Today’s dump of apprentice era info isn’t as juicy but this first tranche certainly was

THIS is how trump managed to show massive losses

I went to Donald J Trump State Park an hour north of NYC. Nobody knows it's there because it isn't a real park. It's barren land Trump bought for $2.75 M hoping to build a golf course. When it failed, he donated it to NY State—claiming it was worth $100 M—for a huge tax writeoff.

Buy up some property, inflate its worth and dump it. Or depress its worth on a tax form

THREAD: Money laundering is simple and not, necessarily, a sophisticated crime.

Adam Davidson @adamdavidson

Money laundering is simple and not, necessarily, a sophisticated crime.

It is, at base, story telling. Someone has a ton of dough they can't spend without raising questions. It's from drug money or corruption or whatever.


Money laundering is simple and not, necessarily, a sophisticated crime.

It is, at base, story telling. Someone has a ton of dough they can't spend without raising questions. It's from drug money or corruption or whatever.

Ozark and Breaking Bad explain all this well.

The person with the money arranges with someone to set up a sham business that can appear legitimate.

Typically, the business should be one that has imprecise value.

Real estate, fine wine, art, etc, are great. You can justify whatever values you want.

New real estate development is especially good: tons of money flowing all over the world--for materials, designers, etc.

The front business, itself, doesn't need to make money. In fact, one typically loses 20% or so in the laundering process.

In some cases, it's better if it loses money. A huge bet on a new, unproven development has unclear value.

While an established, stable, profitable business has clear value.

So, a money launderer would love a famous brand, willing to make enormous claims about future growth to justify senseless spending.

The truly rich oligarchs do all this through major banks, law firms, proper real estate companies. (Which is a big problem).

The bottom-of-the-barrel oligarchs are too obvious for those folks. They need a desperate, broke brand that will do their bidding.

The way it would work is:

Oligarch transfers money to an account held by an LLC. That money flows through several LLCs and is then used to purchase a property.

There is a hidden contract laying out who really owns the thing and public docs claiming Trump does.

I saw this in the Baku deal: a public signatory and a side-letter explaining that the public signatory was not the true owner.

The money flow could operate on different time lines and scales.

A huge amount could be simply held, in property, for decades.

But there would be many ways to move funds all year round. The restaurants and bars could move cash. The big redevelopment projects could move far more.

Look at the deals Manafort had with his tailor and house builder. They were crude and simple but, apparently, effective.

For 15 years, the Trump Org has claimed its Scottish properties will be worth billions--they have built and moved and rebuilt several courses, ball rooms, sleeping areas, etc.

A massive outlay of funds for business that have never ever made a dollar.

Or a pound.

This was designed for minimal scrutiny. Which makes sense--nobody cared what Trump was doing in Scotland in 2011.

It requires subpoena power to prove.


Even Rasmussen is looking rough for the Grifter-in-Chief

trump Approval/Disapproval

his highest disapproval in at least two months and lowest approval since July 29

And this is before news of his tax fraud broke.

Source: https://www.rasmussenreports.com/public_content/politics/trump_administration/trump_approval_index_history

Florida COVID-19 - Some perspective!

April 1, 2020 - @GovRonDeSantis issues STATEWIDE #StayAtHome order

7-Day trends:
Daily cases: 808 (7-day trend hit 1,214 a week later)
Daily hospitalizations: 102
Daily deaths: 41

Daily cases: 2,401
Daily hospitalizations: 156
Daily deaths: 106

DeSantis, a few days ago, lifted ALL restrictions on businesses (restaurants, bars, theme parks, etc) to be able to open at full capacity and no longer require masks

Thankfully, most businesses have common sense and aren't doing that but some have started to open fully. Right in time for the fall/winter flu season!

Kismet? Yom Kippur

It says right in the prayerbook that Yom Kippur is the day that God smites deceivers, wrongdoers, and criminals.

And when did jesus toss the money changers out of the temple?

Oh!!!! GOP response to trump tax returns


Republicans are so quiet about his tax returns you can hear a poll drop.

Oh damn! That’ll hurt come winter!

trump used Doral and Mar-a-Lago to sell access and his position

Some great details here about how much more money Trump made from people/corps that appear to be purchasing access through his clubs and other properties.

One of the main takeaways from NYT's examination of the enormous losses Trump reports on his taxes: He has been an absolutely terrible businessman, or has been stiffing Uncle Sam, but most likely both.
Another takeaway: Losing re-election could be enormously expensive for him

Grifter-in-Chief has been conning and scamming and grifting and criming from the get-go

Massive Emoluments Clause violations

Impeach again!

Top analyst describes trump's financial situation


This kid is doing his homework but, man, someone needs to put his answer and his laugh to the video of trump leaving the presser earlier, dejected

He was DEJECTED leaving the presser. Like his return from Tulsa

Watch him leave. Dejected. Like when he arrived back from the Tulsa rally


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