Some take-aways from the Trump tax thing:
1. The way heâs been able to continue functioning is a classic rich fuck tactic, in which if your business fails to the tune of, say, 15 million dollars, you can carry that loss forward across several years to avoid paying taxes. One massive loss can clear out your personal tax burden for several years, even as you bring in more money with new businesses and investments.
2. Trump is literally a national security risk. If he underwent the same background check other people need to pass to get clearance, he would have fucking flunked it. The NYT piece says thereâs a mysterious foreign debt lender on Trumpâs records, whom he owes half a billion dollars, and we donât currently know who the fuck that is. But that debt is personally guaranteed to come due in the next few years, and he doesnât have the money to even dent it. So, what does a man with no morals do when he owes a shitton of money and has no way to pay? Apparently he runs for president.
3. According to Dan Alexander at Forbes, the actual amount that Trump owes is spread across a lot of his properties and comes to around $1.1 billion overall. Same dude is trying to tally up how much income Trumpâs properties bring in. So far, it doesnât add up to that much.
4. Trumpâs businesses are almost exclusively real estate, hospitality, and attractions. All of them were hit hard by COVID. This readily explains why he was so adamant about reopening the country as quickly as possible; his loan repayments depend on that income.
5. Also explains why he spends so much time away from the WH and at his own properties. When we talk about how much the taxpayer spends on Trumpâs outings and golf trips, if that money is paid to the Trump Organization, itâs essentially an attempt to funnel money out of the US Govt and into his pockets to, again, prepare to pay off his massive debts.
6. Heâs essentially using the IRS as a loan provider. That massive 72.9 million dollar tax return from the IRS that heâs being audited over, itâs essentially him taking out a âloanâ to try to pay down other prior debts.
7. Oh yeah and he stealthily wrote off a bunch of money in âconsulting feesâ that were paid to fucking Ivanka. Imagine using your own daughter to dodge taxes, jesus.
Basically, Trump has done the billionaire version of taking out a credit card to pay off other credit card debt, and the time is running out for him to make payments. His entire presidency is a money-making scheme of someone who is coming up on major deadlines on his loans and doesnât have the money to pay.
Thereâs a lot of reading to do, but I personally suggest this thread from the Forbes guy, which outlines how much Trump is in debt for each of his properties, and then how much operating profit is allegedly coming in.
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