NYT Drives a Stake Thru the Heart of Its Own Claim of What Trump Paid in Taxes, Lets Other Disturbing Info Slip Out

AP Photo/Patrick Semansky

 

First, let’s start off with what should be the top line infuriating fact here.

If the New York Times story is true, someone broke the law to leak tax return information to the New York Times in order to undermine the President of the United States in the upcoming election. That someone broke the law to hurt Trump and help the Democrats. We should all be infuriated by that and by the fact that that the New York Times is willing to be involved in that.

If they can do that to Trump, they can get anyone’s taxes and do it to you, too. That’s out of control power.

But I also wanted to point out how the top line fact of their story is actually refuted by their own story — that is the claim that Trump only paid $750 in 2016 and then again in 2017. The purpose of this is obviously to stir up anger against Trump for paying little in taxes.

As I said yesterday when the story dropped, I want someone who can actually read the law and apply it well. To me, that’s an asset. If you don’t like the law that allowed it, that Barack Obama signed, then take it up with the Congress and Obama. But why would anyone pay more to the government than they have to?

But as it turns out, if you read the New York Times’ own story, as they point out, Trump paid far more than $750 in each year, so this claim which is being spread everywhere is false, according to their own story.

So this was what was being spread.

People who don’t understand business, real estate, or applying losses to taxes.

But here’s the reality, from the same NY Times story:

As he settled into the Oval Office, his tax bills soon returned to form. His potential taxable income in 2016 and 2017 included $24.8 million in profits from sources related to his celebrity status and $56.4 million for the loans he did not repay. The dreaded alternative minimum tax would let his business losses erase only some of his liability.

Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years.

To cancel out the tax bills, Mr. Trump made use of $9.7 million in business investment credits, at least some of which related to his renovation of the Old Post Office hotel, which qualified for a historic-preservation tax break. Although he had more than enough credits to owe no taxes at all, his accountants appear to have carved out an allowance for a small tax liability for both 2016 and 2017.

When they got to line 56, the one for income taxes due, the amount was the same each year: $750.

So, what that means is he actually paid to the US Treasury $1 million in 2016 and $4.2 million in 2017 which was then rolled forward, not refunded when his ultimate tax liability was figured out. And he paid $750 in each year on top of that.

So not only is the claim dumb, to begin with, because he was complying with the law, but it’s inaccurate on top of it.

But they let something else slip out which is also disturbing, as @alexthechick observes.

Seriously? Why are people not calling for the heads of the people behind this? Because their hate for Trump and desire to beat him means the private information being released not only on him but on other people doesn’t matter?

Bottom line: one more reason never to vote for Democrats.

HT: Twitchy