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Tuesday, March 14, 2017

Unlike certain MSNBC staffers, Trump paid his taxes

So Rachel Maddow scooped the world with a copy of Donald Trump's taxes from 2005 -- a dozen years ago.

Unlike many of her colleagues at MSNBC, he paid them -- to the tune of $38 million, a rate of 25%.
From Heat Street:
Last summer, Maryland took out a lien against the Hardball host and his wife for nearly $4,000 before Matthews paid up.
He was not alone in being served the lien cuisine.
Touré Neblett, who was fired by MSNBC in 2015, has had significant tax problems. According to public records from the NYC Department of Finance Office of the City Register, the IRS filed two separate tax liens against him for more than $257,000, covering the years from 2008-2012.
It’s unclear whether he has made any effort to pay off these tax debts, or whether they remain outstanding. Neblett did not respond to our media requests sent to his various social media accounts, and by deadline, his representative for speaking gigs had also failed to respond to our detailed inquiry.
Ah, the Touré syndrome.
Good question:
In January 2016, New York filed a lien for more than $2,500 in back taxes against MSNBC daytime anchor Craig Melvin, which he didn’t settle until the final weeks of the year.
It’s not the first time Melvin has run into tax problems, either. In 2010, South Carolina — where he used to anchor local news — filed a tax warrant against him for more than $3,300, which has since been resolved. Melvin has also run into other financial problems, with Discover Bank taking him to court in 2005 over a $3,200 debt.
In all, Heat Street found nine people who owed taxes when they worked at MSNBC while Maddow was there.

If they taxed media hypocrisy, the budget would be balanced.

This backfired.

Had she read "Trump the Establishment," she would have known this would happen because I explained what happened when the New York Times tried this.

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  1. Someone noticed "client copy" at the bottom of one of the pages. This may be another instance of Trump leaking on himself (I'm sure there are more dems and media folk actually doing this tonight, where I mean this about The Donald in a purely figurative sense) again and winning a news cycle at a key time.

    1. The moment she announced it, I knew he leaked it.

  2. I saw the tax return earlier today, but the Web server with the return seems to be down. Perhaps it's being overloaded.

    In any case, the Daily Beast doesn't have the faintest understanding of the tax issue with regard to Trump's much earlier returns from the late 90s and early 00s. They wrote: "Using a loophole Congress closed in 1996, Trump converted that loss into a tax credit for the same amount he could offset against income." NO, NO, NO, NO, a million times NO, you dummies.

    The tax deduction he supposedly claimed in the years following his financial loss of more than $500 M in 1995 were totally legitimate then, and they are legitimate now. They were tax loss carry forwards, which even I, at 0.1% the annual income of the famous Trumpmeister, can and have used to offset my investment losses against my investment gains. What Trump did that was perhaps not totally Kosher was to avoid declaring as taxable income the huge amount of debt he was forgiven by his lenders. Normally, if a lender forgives a loan he's made to you, the IRS considers that waiver of repayment as taxable income.

    What Trump's lawyer did that was clever (until the IRS changed the rule in following year), was to hand over stock in his company to his lenders in return for the forgiven debt, i.e., the parties exchanged equity for debt, tit for tat, an exchange the lawyers claimed thus made the huge amount of forgiven debt exempt from tax. If one could get a fair valuation for the stock at an amount equal to the forgiven debt, then it all seems Kosher. The problem is, however, that Trump was on the verge of bankruptcy at the time, in other words, the fair market value of the stock might actually have been close to zero, not several hundreds of millions of dollars. That was the "clever" maneuver.

    1. Oh. So it's kinda like making a movie.

  3. Trump always plays a cushion shot. Just wait, there's a second part to this.

  4. And the Drudge lead this morning says Feel The Bern paid only 13 percent. I think these Libs have a secret, almost sexual, fetish with hypocrisy.

  5. Trump's smarter than anyone at MSNBC. But then, I might be, too. They yell "gotcha" waaaaaaaaaaaaaay too soon.

    1. I turned the tv to msnbc and sure enough my dog went to the other room and went to sleep, but he is a smart doggie.

  6. Nice twitter barrage on the libs, Don. Meathead and "holy grail" Fallon especially.

  7. How much does Al Tawana Brawley Crown Heights Riots Freddie's Fashion Mart Arson "Greek homos" Sharpton owe in back taxes?