Not unexpectedly, someone leaked President Trump’s taxes to the New York Times. Not unexpectedly the headline reads Trump paid no income taxes. And this is true, but you have to read past the headline for the why? The Democrat’s 2009 Recession Recovery legislation, signed by Obama, is why.
Business losses in one part of an operation can be written off in others. Thanks to Democrat majorities in the US House and Senate and an eager Freshman President, a change to IRS rules turned out to be a windfall for Donald Trump.
Business losses can work like a tax-avoidance coupon: A dollar lost on one business reduces a dollar of taxable income from elsewhere. The types and amounts of income that can be used in a given year vary, depending on an owner’s tax status. But some losses can be saved for later use, or even used to request a refund on taxes paid in a prior year.
Until 2009, those coupons could be used to wipe away taxes going back only two years. But that November, the window was more than doubled by a little-noticed provision in a bill Mr. Obama signed as part of the Great Recession recovery effort. Now business owners could request full refunds of taxes paid in the prior four years, and 50 percent of those from the year before that.
For those of you playing along at home here in New Hampshire, this means that Democrats’ Carol SEIU-Porter, Paul ‘Hot Dog’ Hodes, and Freshman US Senator Jeanne Shaheen (and the majority of Democrats in Congress) are wholly responsible for Donald Trump’s tax situation. And in more ways than they would care to admit.
What have the Left’s nutjobs been ranting about since 2016? Why can’t we see Trump’s taxes? What is he hiding? Well, even the New York Times admits that Mr. Trump has long claimed.
He has been undergoing an audit for the better part of a decade over the many millions (72.9) to which he was suddenly entitled after Democrats in Congress and President Obama changed the Tax laws. Income tax records can be made public voluntarily, but this is typically frowned upon during an audit.
In other words, because of Democrats, Trump paid no taxes, could not release his taxes because he was under audit, and, here’s the best part, the secret Trump was ‘hiding’ is that Democrats are the reason he paid no taxes for all those years (and had to undergo the audit that kept him from releasing them).
Savor it, people.
With the help of some felonious leaker, Mr. Trump just punk’d the corporate media establishment and the entire Democrat party after keeping his powder dry for four years.
To borrow from the Guinness Guys (again) Brilliant!
Now, go find your local Left-Wing nutjob, who is ranting about how Trump paid no taxes, and rub this in their face.
Update: Two more “rub it in their face worthy” points. The Times found no evidence of anything illegal and no financial ties to Russia.