All errors should be reported to DonSurber@gmail.com

Monday, September 28, 2020

Media exploits tax ignorance



The old Gray Lady ain't what she used to be, but she can still manage to conjure a story out of nothing. Using stolen tax returns and mirrors, the New York Times manufactured a scandal that will allow Chris Wallace to ask President Donald John Trump about his taxes at tomorrow's debate instead of asking Biden why he and Obama used the FBI to spy on President Trump.

Like any modern journalist, Wallace is relieved that he will not have to ask a substantive question in this Evening of the Septuagenarians. At 72, Wallace will be the youngest man on stage. Am I alone in wondering how healthy it is for the nation to have its government and media still run by baby boomers? In the case of Biden, McConnell, and Pelosi, it is pre-boomers.

Most Americans are not CPAs and have little understanding of the mechanics of taxes, but we do get the gist of how it works: Rich people hire accountants to minimize taxes. What journalists call  loopholes are in actuality the law, and you can bet that Congress accepted plenty of money from lobbyists to insert those provisions into the tax code.

The Times story said President Trump averaged paying $1.2 million a year in federal income taxes over the last 17 or so years, which indicates he makes around $3 million a year. If true, that would confirm my suspicion that he is land rich, cash poor, which makes sense as he is in the real estate business. Hello?

His property tax records -- which unlike IRS returns are public record -- would be a better indicator of his wealth. But that would involve going to multiple courthouses in multiple states and countries. Instead, the Times broke the law by stealing private records.

As editor Dan Baquet wrote, "Some will raise questions about publishing the president’s personal tax information. But the Supreme Court has repeatedly ruled that the First Amendment allows the press to publish newsworthy information that was legally obtained by reporters even when those in power fight to keep it hidden. That powerful principle of the First Amendment applies here."

So far his newspaper has published nothing that holds Obama accountable for using the FBI to spy on Donald Trump.

Instead we get this criminal act. The spin from the Times with its purloined papers is "Long-concealed Records Show Trump’s Chronic Losses and Years of Tax Avoidance."

That's like saying he drove under the speed limit to avoid a traffic ticket. Who doesn't avoid paying more taxes than necessary? 

Market Watch reported, "Trump reportedly paid no federal income tax in 10 of the 15 years before his election. Why 75 million U.S. households pay no federal income tax."

In fact many of them received more money from IRS than they paid in thanks to the Earned Income Tax Credit, which is designed to offset payroll taxes for poor people with kids. In their case they are children rich, cash poor. 

The spin from Mini Mike through his Bloomberg News outlet is "Trump's Taxes Show He's a National Security Threat. What trade-offs would a president with this level of indebtedness be willing to make to save face?"

Biden's son meanwhile takes billions in actual, provable bribes from Red China, Ukraine, and Moscow without much mention in the press.

But if he has this huge debt, then why is he paying a million bucks a year in federal income taxes?

The Times story reveals how they will get the president once he leaves the White House.

Jason Easley wrote, "Ivanka Trump Could Be Going Down Thanks To Her Dad’s Tax Fraud."

The plan is to not only destroy Donald Trump but each of his children, each of his grandchildren, every friend, every ally, and eventually every voter. They will raze his every building, plow every golf course, and sow each one with salt.

Then Democrats will blame him for every calamity Democrats subsequently cause.

Chris Wallace could do his country a favor by asking Biden a simple question, "Did your son pay taxes on the bribes he collected?"

But then Wallace would lose his gig at Fox, wouldn't he?

UPDATE: Weasel Zippers reported: The president followed the law.

In stealing his tax records, the New York Times broke the law.

Oh and the $750 in taxes lie will live on, won't it?

25 comments:

  1. I predict thst thid, like Me Too, will return to bite the Democrats on the rear.

    ReplyDelete
  2. This comment has been removed by the author.

    ReplyDelete
  3. Am I crazy or didn't the Dems audit his taxes every year??

    ReplyDelete
  4. NYT headline could have been "records show Trump followed tax laws"

    ReplyDelete
  5. How the Bidens Dodged the Payroll Tax
    They used an S-corp to avoid paying more than $500,000 in levies for Medicare and ObamaCare.
    - WSJ

    ReplyDelete
  6. If Chrissy asks a substantive question as you suggest, he'd be a dead man walking, and he knows it.

    ReplyDelete
    Replies
    1. He’s 72. Why not go out as an epic moderator by asking three tax questions: did Hunter Biden pay taxes on the money he received from the wife of the Moscow mayor, why the Biden’s used the S-Corp to dodge paying more taxes, and sure, ask about Trump’s “$750” taxes. It would be a moment in history!!!

      Delete
  7. Since President Trump believes that the best defense is a good offense, look for this to turn into a barroom brawl if Wallace isn't careful enough.

    ReplyDelete
  8. I sent the President an E-mail suggesting he ask if Hunter paid income taxes. And Biden is on his 3rd lie about what he knew.

    ReplyDelete
    Replies
    1. Exactly. The Biden campaign just lit their own case of ACME dynamite. Trump will not let this go.

      Delete
    2. This comment has been removed by the author.

      Delete
    3. This is how they finally took down most of the mobsters. It wasn't because they were breaking the law, they were. It was because the mobsters didn't pay income tax on their ill gotten gains. How much you want to bet Hunter didn't pay income tax on that 3.5 million that was just dropped into his account? Too bad the IRS isn't crawling up HIS butt.

      Delete
  9. One other thing. The Times admits that these tax revelations show no financial connection between Trump and Russia. President Trump now has an opening to batter the Democrat smear machine.

    ReplyDelete
  10. I can picture a company like President Trump's could lose money every year after depreciation of his real estate holdings. Wipe out any profit with a legitimate expense. He could still have significant positive cash flow.

    ReplyDelete
    Replies
    1. Exactly. I was self employed for 30 years. The goal was to maximally minimize taxes through all legal means. Cash flow was great. My draw was great. Many expenses that would have been household expenses were business expenses. Life was good.

      Delete
  11. Did Warren Buffet ever write a fat cheque for the IRS after moaning that he paid less tax than his secretary? I'm guessing not. The MSM would have declared him a saint if he had.

    ReplyDelete
  12. Just one other note. Pres Trump operated under the rules of the recovery act put forward by the Obama administration in 2009. Everything was legal and nothing was amiss per any IRS audit or investigation.

    ReplyDelete
  13. I loved Larry Correia’s take on this, over at Monster Hunter Nation, in his blogpost entitled “NO, YOU IDIOTS. THAT’S NOT HOW TAXES WORK. – AN ACCOUNTANT’S GUIDE TO WHY YOU ARE A GULLIBLE MORON.” Some of his language, neatly employed though it is, is a bit too salty to quote in this forum. Anyone interested: https://monsterhunternation[dot]com/2020/09/28/no-you-idiots-thats-not-how-taxes-work-an-accountants-guide-to-why-you-are-a-gullible-moron/ (Just swapout “[dot]” for, ya know, a dot.

    P.S.: And I hope my mentioning it doesn’t violate Mr. Surber’s TOS. If so, sorry about that.

    ReplyDelete
    Replies
    1. Note: before Larry started writing science fiction, he was a CPA. Unlike our Soros trolls.

      He did leave out another significant factor:

      This applies to all our Soros trolls:

      What makes you think that you are remotely capable of comprehending the books of a multinational business that requires whole accounting firms and law offices to reconcile the insane tax codes of a dozen different countries?

      One of which is the US, which the Democrats had the opportunity to fix in 2009 and 2010, and instead handed out billions in tax breaks to their cronies.... which at that time included Donald Trump.

      Your stupidity and ignorance are what the NYT counted on.

      Delete
  14. I’m expecting a busy news day tomorrow. Around 3 PM, there will be “breaking news” that Joe Mama was rushed to the hospital complaining of “shortness of breath.” It will then be announced that Heels Up has agreed to stand in, on short short notice. What a courageous She-Ra! Natch, she will be prepped to the teeth, which is why nobody’s seen her for the last month. It’ll be judged a draw by some and a Harris win by others. Joe will bravely smile from his hospital bed, shortly before being released in the dead of night. This is how Harris-Biden will begin.

    ReplyDelete
  15. Agreed Z, JoJo will not be there tomorrow with the Champ! I'm hoping he is because he will be leaving with a bad case of Nadass.

    ReplyDelete
  16. If Trump legally paid little or no federal income taxes, kudos to him. I'm envious. I don't want Trump to pay more taxes, I want to pay less.

    ReplyDelete
  17. Every tax 'dodge' or 'loophole' was overseen by Biden, either as a Senator or VP. If Trump paid $750 it is because the laws told him he could... laws voted on by Biden.
    Someone should ask Biden which law he voted on in the past should be revoked so Trump pays more taxes.

    ReplyDelete
  18. It'll be hard for Joe to keep his lies straight tonight but the 1st one will be DJT paid no taxes and it will go unchallenged

    ReplyDelete
  19. Trump is near genius, Chrissy is a partisan dope, Biden is animated cadaver. I would like to see Trump maladjust Chrissy so badly he bumbles but I won't be watching. Chrissy is absolutely unwatchable. I'll wait for the highlights and spare my blood pressure unnecessary jolts.

    ReplyDelete