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Ivanka Trump Bombshell Buried in Times Tax Story

the Ivanka Trump bombshell buried in the Times tax story

 

CNN)The big bombshell in The New York Times tax returns story is, obviously, the fact that President Donald Trump paid just $750 in federal income taxes in each 2016 and 2017 -- and for 10 of the 15 previous years, paid no federal income taxes at all.

 
But there's another massive revelation contained in the Times' reporting that isn't getting nearly enough attention: Trump wrote off $26 million in unexplained "consulting fees" between 2010 and 2018, with almost $750,000 apparently going to his daughter, Ivanka, in one disclosure.
Here's how the Times explained the setup (bolding is mine):
 
"Mr. Trump reduced his taxable income by treating a family member as a consultant, and then deducting the fee as a cost of doing business.
 
 
 
"The 'consultants' are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.
 
"Ms. Trump had been an executive officer of the Trump companies that received profits from and paid the consulting fees for both projects — meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father's business."
 
 
So consider what we know, according to the Times reporting.
 
1) In at least two deals -- hotels in Hawaii and Vancouver, Ivanka Trump appears to have double-dipped -- serving as both a project manager in her official capacity as a senior staffer for her father's company and as a "consultant" to those same projects.
 
2) In those deals, Ivanka Trump's apparent categorization as a "consultant" allowed her father to write off three-quarters of a million dollars. (The IRS allows "consulting fees" to be written off as business expenses.)
 
Which is, well, pretty bad. (The Trump Organization's lawyer offered no comment or explanation for the setup to the Times.)
 
But it appears as though the Times may only have found the tip of the iceberg here.
 
Why? Because of the $26 million that Trump wrote off as "consulting fees" between 2010 and 2018, none is allocated to any specific person or entity. (The Times figured out the $747,622 payment by matching an amount paid in Trump's tax returns to the same sum reported by Ivanka Trump on her financial disclosure forms filed when she went to work in the White House in 2017.)
So we don't know who received the other $25-ish million that Trump wrote off to "consulting fees" during that time. (Worth noting: The Times reports that Trump wrote off roughly 20% of all income he made on projects over that time to "consulting fees.")
 
Given the apparent payment to Ivanka Trump revealed by the Times, however, it's not terribly far-fetched to wonder whether all (or much) of those "consulting fees" went through a similar process: Paid to one of Trump's offspring who were serving as both managers of these operations for the Trump Organization and as consultants to the projects as well.
 
When asked for comment, Ivanka Trump's office directed CNN to the Trump campaign, whose spokesman Tim Murtaugh attacked the reporting as "bogus" but did not offer any explanation for the apparent payment.
 
As of this writing, Ivanka Trump hasn't commented on the $750,000 she seems to have made in consulting fees on the hotel deals in Hawaii and Vancouver, though the story did break over the Yom Kippur holiday. She also hasn't explained whether this was a practice that she and her father engaged in regularly when it came to business deals.
 
But she needs to.

 

the Ivanka Trump bombshell buried in the Times tax story 


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Honored Social Butterfly

   The actual point is that neither she or her daddy have ever worked - they have manipulated $$$$ - when she was funnelled money as a consultant when in fact is was washing cash just like donald's daddy did for him.    Smell the mobster sweat.     boy toy Kushner was hoping to gain influence - one has to wonder if he knew of the depths of swamp that he would have to wade thru to save his daddy's 'false wealth".   

PRO-LIFE is Affordable Healthcare for ALL .
Honored Social Butterfly

trump taxes.jpg

 Two possibilities:


1) Maybe the various write-offs Trump used to slash his tax liability are all legitimate and represent real losses, and he’s made almost no money in the past decade and a half. In that case, he’s far poorer than he claims.
2) Or his write-offs are largely bogus, and in fact he is a billionaire — even if his net worth is less than he constantly brags it is.
While it’s fun to ridicule Trump for being a spectacular business failure — and, indeed, in a sense he is — the answer is almost certainly the latter.


The super-rich generally engage in tax avoidance, in which their teams of lawyers keep them on the right side of the law.
The Trump family has a history of engaging in what appears to be tax evasion, in which they violate the few clear rules that do exist in the financial stratosphere.


During Trump’s childhood, his father Fred transferred huge sums of money to Trump and his siblings, in ways that an expert believes could constitute criminal tax fraud.

The IRS limits the amount of money that anyone can receive as a gift without having to pay taxes on it. But Fred Trump set up a company legally owned by Donald Trump, his siblings, and a cousin. Fred Trump then had his own company buy all its supplies from his children’s company at inflated prices.


As the Times story notes, Trump’s taxes show he owes hundreds of millions of dollars to creditors.


Many people on Twitter were surprised by this information and expressed suspicion that Trump is being controlled by shadowy forces to whom he’s in hock.


In fact, Trump’s outstanding loans have always appeared in the public financial disclosure report that executive branch personnel are required to file. It does provide a great deal of detail, including who he owes money to (mostly Deutsche Bank and an American company called Ladder Capital) and the loan terms.


In other words, he’s not beholden to the Central Bank of Russia, just regular financial corporations.

 

They are regular, grubby conflicts of interest, not the exciting international espionage kind.


The Scandal of Trump’s Incompetence


Everyone who’s been alive the past few years understands how Trump’s gone bankrupt six times. He is completely incompetent at everything except tweeting and being on TV — though that turned out to be enough to be elected president.


Trump is especially bad at business, as his taxes demonstrate. What’s remarkable about his fortune is not how big it is but how small.


Trump received over $400 million from his father throughout his lifetime. It’s difficult to calculate precisely, but if Trump had simply put that money into a low-cost stock market index fund, he’d have something like $10 billion today. Instead, thanks to a lifetime of frenzied, catastrophic activity, he only has the estimated $2.5 billion.

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The U.S. tax code is so complicated that if you call the IRS hotline for help and they get it wrong, you're responsible.

 

Trump's tax evasion story is far from the only one, but it's people on welfare, food stamps, and immigrants, legal and illegal, who get blamed. It's ridiculous. The wealthy have been twisting tax laws and stock market trades to benefit themselves for decades.

 

I'm not saying give 20-year-old stoners free money. I'm saying if the uber-rich would pay their fair share, just their fair share, no one would be moaning about taxes. But "taxes are for poor people," as Leona Helmsley reminded us. Even that everything she touches turns to gold Martha Stewart got busted. Seriously, she has to break laws to make more money because she doesn't have enough? It's disgusting.

 

Trump is the tip of the iceberg. (Pardon the cliché.)

 

 

Nobody knew health care could be so complicated.
Donald Trump
Honored Social Butterfly

Yep, both tRump and Ivanka could go to jail for 5 years if he isn't elected. IMO, this is just the tip of it. Tax evasion took down some of America's biggest criminals in the past, it may be what takes down tRump and more will be uncovered as his financial records get scrutinized because of this. Newsweek also wrote about this:

https://www.newsweek.com/trump-tax-returns-jail-watergate-prosecutor-akerman-claims-1534833


Man learns from history that man learns nothing from history.
Honored Social Butterfly

 

Giuliani shows his sexist self......just like POTUS!!!


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
Honored Social Butterfly


@Centristsin2010 wrote:

the Ivanka Trump bombshell buried in the Times tax story

 

 
 
Trump wrote off $26 million in unexplained "consulting fees" between 2010 and 2018, with almost $750,000 apparently going to his daughter, Ivanka, in one disclosure.

 

 


What do you expect, SWAMPY DON has almost admitted an incestuous relationship with his daughter.

 

Remember.... he said he would date her.

 

They are a disgusting family.

NO! IT'S CONSERVATIVES THAT ARE NUTTIER THAN SQUIRREL POOP!
Social Butterfly

She double dips her beak in daddy's money, before it is written off as a loss, no question.

 

We have a system in the IRS that  allows that to happen, and Trump took full advantage of it.

 

Revenue is not income if there are fake losses posted against it, but the revenue before write offs can pay for a lot of graft.

 

Tax Reform, anyone?

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