The rumors, according to Enrich, were based on TheTimes report on Trump’s tax returns. This would appear to undercut earlier speculation by TheNew YorkTimes Editorial Board (The Editorial Board) in a 2017 piece headlined “The Trump-Russia Nexus.” In that piece, The Editorial Board attempted to connect Trump’s business dealings to the Russians. But here’s the kicker: “The world would know much more about Mr. Trump’s foreign partnerships if he had released his tax returns, as every president has done for the last 40 years.” [Emphasis added.]
Apparently, since The Times claimed that it finally obtained Trump’s tax returns, it turns out that portion of the Trump-Russia conspiracy theory apparatus didn’t exactly pan out.
Enrich documented some of the false theories liberals had been pushing on Trump’s tax returns. According to one “conspiracy theory,” said Enrich, “Deutsche Bank agreed to make the loans because they were backstopped by Russians — the Kremlin or a state-owned bank or an oligarch.” The theory stipulated that “If Mr. Trump were to default, it would be the Russians, not Deutsche Bank, on the hook for the losses.”
Enrich outlined another false theory: “[A]fter Deutsche Bank made the loans, it sold chunks of them to Russians. It is common for large loans to be syndicated or securitized — in other words, chopped up and sold to investors. In the late 1990s through the mid-2000s, Deutsche Bank did this with some of its large loans to Mr. Trump.” The theory suggests that “the president would owe the money to Russians, not the German bank.”
But, to reiterate Enrich, “the theories don’t hold up.”
Enrich summarized: “Deutsche Bank didn’t chop up and sell the latest batch of debt — the only portion that is still outstanding, according to bank officials with direct knowledge of the transactions. The loans remain on Deutsche Bank’s books.”……..
(Just a quick note, Trump’s business ventures — no matter what you think of his success — has hired MANY thousands of people over the years and paid them enough wages to pay for a place to live, send kids off to college, given them health care, and the like. Joe Biden has done none of this. He is a politician for life.)
Mark Levin reads a few sentences from the New York Times article:
...Mr. Trump was periodically required to pay a parallel income tax called the alternative minimum tax, created as a tripwire to prevent wealthy people from using huge deductions, including business losses, to entirely wipe out their tax liabilities.
Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 — a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010….
(a) Trump followed the tax laws; (b) did not pay Cohen [as #nevertrumpers and Democrats said for two years]; (c)nor Russians [or get paid by them – as #nevertrumpers and Democrats said for three years]; (d)and was under audit [as Trump said, and #nevertrumpers and Democrats said was not the case]. (e) Also, as it turns out — the only wire transfers from Moscow were into Hunter Biden’s bank account.
….Much more significantly, consider what Buettner says about the AMT—the alternative minimum tax.
As Buettner notes, the AMT was created as a type of substitute for the federal income tax. If, under the tax code’s welter of rules, an individual ended up owing no income tax, he would have to pay the AMT instead.
Sad! According to the Times, in seven years when Trump “paid no income tax,” he did make AMT submissions—and those submissions totaled slightly more than $24 million.
During those seven years, Trump averaged $3.5 million per year in AMT submissions. Did we mention the fact that the AMT was designed as an alternate form of—as a substitute or replacement for—the federal income tax?
During seven of the years in question, Trump paid no “income tax”—but he paid an average of $3.5 million in the alternative minimum tax! Journalistically, that has to be an all-time example of a “distinction without a difference.”
Sadly, it seems to leave us with only three years when the commander paid no income tax. Let’s review the basic concepts:
The T in AMT does in fact stand for “tax.” (The A stands for “alternative.”)
In other words, the AMT was designed as an alternative form of the income tax. It takes the place of the income tax when, under the rules of the game, no “income tax” is owed.
Yesterday morning, Joe and Mika (literally) didn’t know the first thing the Times had said. Beyond that, it’s hard to tell if the new data the Times acquired covers seventeen or eighteen years….
After the news came out about Trump paying very low taxes in recent years, Larry Elder was left wondering: Where are all the people who are paying more in taxes than they’re legally required to? How would this possibly make sense to a businessman? Meanwhile, experts say there is nothing wrong with arranging your financial affairs to pay the lowest amount of taxes possible. Everyone does it, rich or poor.