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You are here: Home / Open Threads / The Trumps are multi-generational tax cheats

The Trumps are multi-generational tax cheats

by Betty Cracker|  October 2, 20183:32 pm| 271 Comments

This post is in: Open Threads, Politics, Trump Crime Cartel, Assholes

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This article from today’s NYT will surprise no one here, I am sure:

President Trump participated in dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents, an investigation by The New York Times has found.

Mr. Trump won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help.

But The Times’s investigation, based on a vast trove of confidential tax returns and financial records, reveals that Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire, starting when he was a toddler and continuing to this day.

Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show. Records indicate that Mr. Trump helped his father take improper tax deductions worth millions more. He also helped formulate a strategy to undervalue his parents’ real estate holdings by hundreds of millions of dollars on tax returns, sharply reducing the tax bill when those properties were transferred to him and his siblings.

These maneuvers met with little resistance from the Internal Revenue Service, The Times found. The president’s parents, Fred and Mary Trump, transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances.

The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.

The Times does good work here. Their Beltway coverage is catastrophically bad, but they have some solid reporters on staff. Too bad no one slogged through those boring old financial records in early 2016, but better late than never.

As we’ve discussed in comments in connection with the Manafort trial and the many other Trump-adjacent scandals, the Trump administration is a clinic on white collar crime. Some Democrats are shouting that from the rooftops, including Warren and Pelosi. I hope they keep it up.

PS: Did y’all even know Trump had a living brother named Robert? I didn’t until I read the pained statement denying the tax cheating in response to the linked article. I knew Trump has a sister who’s a judge and probably ashamed of brother Donald, and I knew he had a brother Fred, but Fred is dead. Are there any others? I don’t really care. It’s just weird how reporters chased down President Obama’s third cousins in Kenya but have nary a word to say about Trump’s siblings.

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Reader Interactions

271Comments

  1. 1.

    The Moar You Know

    October 2, 2018 at 3:33 pm

    The rich get richer.

  2. 2.

    Roger Moore

    October 2, 2018 at 3:38 pm

    In completely unrelated news, the Republicans have been gutting the IRS’s enforcement arm.

  3. 3.

    ArchTeryx

    October 2, 2018 at 3:40 pm

    @The Moar You Know: Leona Helmsley had it right, albeit in the most self serving of ways – taxes are for the little people.

  4. 4.

    wv blondie

    October 2, 2018 at 3:40 pm

    I’m really hoping that Mueller adds a RICO indictment to his list! (Of course, I think that could be applied to the entire GOP power structure.)

  5. 5.

    TenguPhule

    October 2, 2018 at 3:40 pm

    There is no statute of limitations on intentional tax fraud with the IRS.

    Of course, the trick is proving its intentional.

  6. 6.

    C Stars

    October 2, 2018 at 3:40 pm

    I don’t know one rich white dude who didn’t cheat on his taxes.

    Not one.

  7. 7.

    different-church-lady

    October 2, 2018 at 3:40 pm

    Here’s the mood I’m in right now: the only thought I have left for this is, “Being a moral person is for suckers.”

    It’s like we’ve gotta build Wonko The Sane’s asylum for the world.

  8. 8.

    TenguPhule

    October 2, 2018 at 3:41 pm

    @Roger Moore:

    In completely unrelated news, the Republicans have been gutting the IRS’s enforcement arm.

    To be fair, they’ve been hacking away at the rest of the agency for decades. Enforcement is but one small part of the whole butchering process.

  9. 9.

    different-church-lady

    October 2, 2018 at 3:42 pm

    @C Stars: I’m sensing an opportunity here…

  10. 10.

    Kay

    October 2, 2018 at 3:42 pm

    but better late than never.

    I disagree. No one was better positioned to report on Donald Trump than NY media. They’ve been covering him for 50 years and he conducted his entire career in their backyard. It’s malpractice that they didn’t investigate this until 2 years after he was elected. I actually said it during the campaign- I was sure they would do it. I said “wait until there’s real reporting on his finances”. It just never came.
    Sometimes it’s too late. Ideally, one would want the due diligence done sometime PRIOR to the election. It just doesn’t matter now.

  11. 11.

    TenguPhule

    October 2, 2018 at 3:42 pm

    @different-church-lady:

    Here’s the mood I’m in right now: the only thought I have left for this is, “Being a moral person is for suckers.”

    Welcome to my world.

  12. 12.

    Mary G

    October 2, 2018 at 3:44 pm

    "outright fraud" is language journalists don't use unless it's a bfd. https://t.co/niuGgfgvK1 pic.twitter.com/n8CzgwUtEW— Clara Jeffery (@ClaraJeffery) October 2, 2018

  13. 13.

    Elizabelle

    October 2, 2018 at 3:44 pm

    NY Times reporters are

    By DAVID BARSTOW, SUSANNE CRAIG and RUSS BUETTNER

    None of their crack (whore) DC press corpse types.

  14. 14.

    Mary G

    October 2, 2018 at 3:46 pm

    @Kay: Yes, this. There is no freaking excuse for not taking a page from Fahrenthold’s book and doing this in 2015 when it would have had some effect. Now all the Republicans will admire him more for getting away with it.

  15. 15.

    Hoodie

    October 2, 2018 at 3:46 pm

    Remember all the pearl clutching about how debt was going to make us into Greece, when a huge part of Greece’s fiscal problem (aside from being handcuffed by the euro) was widespread noncompliance with tax laws?

  16. 16.

    Kay

    October 2, 2018 at 3:48 pm

    We got an investigation into Donald Trump’s foundation. A teeny, tiny portion of his financial picture.

    And people were grateful for that! We turned that reporter into a folk hero. 1/1000th of the Trump picture and we were thrilled we were given even that.

    We should have gotten more information and we should have gotten it when it mattered. Political reporting is a BILLION dollar industry. They couldn’t look at Donald Trump’s finances sooner that two years after the election? All these fucking highly paid national stars couldn’t provide even basic financial information? Why not? What happened?

    We would have been better off with a competent accountant with a rental car, an internet connection and an expense account. We could have planted him somewhere and had him review public records beginning the moment Trump announced.

  17. 17.

    Mary G

    October 2, 2018 at 3:48 pm

    @Mary G: And the master speaks:

    It has been a really big day for coverage of @realdonaldtrump's company, between this, the @forbes dissection of Trump's shrinking net worth, and the the WSJ story about Eric Trump's involvement in the Stormy Daniels case (https://t.co/kMXht4OVDx) https://t.co/mKPBjzUN4C— David Fahrenthold (@Fahrenthold) October 2, 2018

  18. 18.

    different-church-lady

    October 2, 2018 at 3:48 pm

    @Elizabelle: Maggie H will soon be telling us all the pertinent and important details of Trump’s mood in response to this development. Because… because who the fuck knows why anymore?

  19. 19.

    rp

    October 2, 2018 at 3:50 pm

    Trump fail taxes? That’s unpossible.

  20. 20.

    TenguPhule

    October 2, 2018 at 3:50 pm

    Warning, FTFNYT link. F.B.I. to Complete Inquiry Wednesday With Vote Coming This Week

    Somehow a week of investigation became 4 days. The FBI director obviously had words with the agents in charge of the investigation and contrary to Comey’s honeyed words, the FBI is full of shitty agents who go along to get along.

    Or Mitch McConnell pulled a fast one over the FTFNYT DC press pool.

    Either possibility is valid.

    The F.B.I. is expected to complete its investigation into allegations of sexual assault against Judge Brett M. Kavanaugh and deliver the results to the Senate as early as Wednesday, and Republican leaders said Tuesday that they expect to vote on the nomination this week.

    “We’ll have an F.B.I. report this week, and we’ll have a vote this week,” Senator Mitch McConnell of Kentucky, the majority leader, told reporters after the Republicans’ weekly policy luncheon on Tuesday. But Mr. McConnell would not say whether that would be a final vote, or a procedural vote allowing the Senate to begin debate.

  21. 21.

    Elizabelle

    October 2, 2018 at 3:50 pm

    @Hoodie:

    a huge part of Greece’s fiscal problem (aside from being handcuffed by the euro) was widespread noncompliance with tax laws

    Thank you. I assume a lot of rightwing whack jobs might not actually know that fact, because it never comes up. And it is quite common sense.

  22. 22.

    TenguPhule

    October 2, 2018 at 3:51 pm

    @Kay:

    Political reporting is a BILLION dollar industry. They couldn’t look at Donald Trump’s finances sooner that two years after the election? All these fucking highly paid national stars couldn’t provide even basic financial information? Why not? What happened?

    Butter emails.

  23. 23.

    TenguPhule

    October 2, 2018 at 3:52 pm

    @Hoodie:

    Remember all the pearl clutching about how debt was going to make us into Greece, when a huge part of Greece’s fiscal problem (aside from being handcuffed by the euro) was widespread noncompliance with tax laws?

    We are all Greeks now.

  24. 24.

    burnbesq

    October 2, 2018 at 3:52 pm

    Estate tax valuation cases are notoriously difficult to try, says the guy who tried one back in the 1990s. The estate planners have a big arsenal of entirely legal things they can do to artificially depress the value of commercial real estate and shares of private companies. As long as they don’t get too egregiously greedy …

    If you want more revenue out of the estate tax, increase the rate and decrease the exempt amount. Broadening the base ain’t happening.

  25. 25.

    germy

    October 2, 2018 at 3:52 pm

    It’s just weird how reporters chased down President Obama’s third cousins in Kenya but have nary a word to say about Trump’s siblings.

    I wonder why that is? I’m not being sarcastic here, I really wonder why that is.

  26. 26.

    The Moar You Know

    October 2, 2018 at 3:52 pm

    Leona Helmsley had it right, albeit in the most self serving of ways – taxes are for the little people.

    @ArchTeryx: At least she left her fortune to her dog and to be used for animal rights causes (sadly, overturned by a judge who decided he knew better than her what her money should be used for).

    Fred Trump just left his money to some lumps of dogshit.

  27. 27.

    ruemara

    October 2, 2018 at 3:53 pm

    It’s amazing how stories from alternative universe NYT from 2015-6 keep slipping into our current hellscape. Also, re last thread, some of you really need to understand a rhetorical question.

  28. 28.

    Dorothy A. Winsor

    October 2, 2018 at 3:53 pm

    If there’s one thing the NYT should do well, it’s financial reporting, given their proximity to the banks and Wall Street.

  29. 29.

    TenguPhule

    October 2, 2018 at 3:53 pm

    @Kay:

    We would have been better off with a competent accountant with a rental car, an internet connection and an expense account. We could have planted him somewhere and had him review public records beginning the moment Trump announced.

    See, this is why Baud should remember to chip in and get me an expense account. Or else. //

  30. 30.

    germy

    October 2, 2018 at 3:54 pm

    1) Report on HRC’s emailz while ignoring her opponent’s multiple scandals

    2) ?

    3) He won! Investigate the barn door while the horse gallops away. PROFIT!

  31. 31.

    Kay

    October 2, 2018 at 3:54 pm

    @Mary G:

    “Timely” is key. That’s the value. I don’t know- you have to point that out to “news people”? That ON TIME would be the vital thing here?

    They got it done in time for the re-election? Is that it?

    You know, there will be a Democratic opponent to Donald Trump. We will know more about that person’s finances 2 weeks after they announce than we will EVER know about the Presidents.

    Everything you own and everything you owe. That’s what they had to find out and they had to find it out PRIOR to the election. Now it’s useless. It’s commentary. An observation on a condition.

  32. 32.

    TenguPhule

    October 2, 2018 at 3:54 pm

    @germy:

    I wonder why that is? I’m not being sarcastic here, I really wonder why that is.

    IOKIYAR. SATSQ.

  33. 33.

    Elizabelle

    October 2, 2018 at 3:56 pm

    From a subsidiary article in the FTF NY Times: 11 Takeaways From The Times’s Investigation Into Trump’s Wealth

    … Donald Trump tried to change his ailing father’s will, setting off a family reckoning

    In December 1990, Donald Trump sent his father a document that left him both angered and alarmed. It was a codicil seeking to make a variety of changes to Fred Trump’s will. Among them: strengthening provisions that made Donald Trump sole executor of his estate. But amid Mr. Trump’s financial shambles — it was the month of the $3.5 million Trump’s Castle rescue — Fred Trump feared that the document potentially put his life’s work at risk, that his son might use the empire as collateral to save his own failing businesses, according to depositions given years later during a family dispute.

    Fred Trump rebuffed the maneuver, refusing to sign the codicil. But the episode prompted a family reckoning: Fred Trump was aging and ailing. Without speedy intervention, he could die leaving a vast estate — not just his real estate empire, but also tens of millions of dollars in cash — vulnerable to the 55 percent inheritance tax.

    So with Donald Trump playing a central role, the family formulated a plan that included unorthodox tax strategies that experts told The Times were legally dubious and, in some cases, appeared to be fraudulent.

    Those are strong words.

  34. 34.

    Elizabelle

    October 2, 2018 at 3:57 pm

    @Kay: Agree with you, Kay. The FTF NYTimes was complicit.

    And this gives Trump something to whine about rather than Brett Kavanaugh. For good or bad.

  35. 35.

    Elizabelle

    October 2, 2018 at 3:58 pm

    @Dorothy A. Winsor: I wish some excellent reporting team could investigate the NY Times. Something is way off with them, on a lot of fronts. Editorial. Publisher’s suite?

  36. 36.

    Kay

    October 2, 2018 at 3:59 pm

    @Dorothy A. Winsor:

    They’re giving us the due diligence after we already put the whole wad down on the investment. And I do mean “the whole wad”.

    It’s hysterical in a way. Thank God they didn’t turn up a murder, right? Thank God it’s just rampant unchecked white collar crime.

  37. 37.

    scott (the other one)

    October 2, 2018 at 4:00 pm

    @Elizabelle: Could not agree more. Laziness, love of insider access, and both-sideserism simply don’t explain it all.

  38. 38.

    MazeDancer

    October 2, 2018 at 4:02 pm

    @TenguPhule:

    Somehow a week of investigation became 4 days.

    Like the Kavanaugh fight has turned into a referendum on Making it OK to be a Manly Man. Barfights! Teen-age Hijinks! Let Boys be Boys!

    Heartsick. All the time. Fighting hard to bring down Trump. But still, the pain is big.

    And, no, had no idea Trump had a living brother. Wiki said he ran Trump Org real estate outside Manhattan. Now retired. Sits on the board of ZeniMax Media, a video game company.

  39. 39.

    Elizabelle

    October 2, 2018 at 4:03 pm

    From the NY Times website front page:

    11 Takeaways From The Times’s Investigation Into Trump’s Wealth
    Based on a trove of confidential financial records, the Times report offers the first comprehensive look at the inherited fortune and tax dodges that guaranteed Donald Trump a gilded life.

    Do we know where they obtained the confidential financial records? Have not had time to read the whole thing yet.

    And re this lead sentence:

    Donald J. Trump built a business empire and won the presidency proclaiming himself a self-made billionaire, and he has long insisted that his father, the legendary New York City builder Fred C. Trump, provided almost no financial help. “I built what I built myself,” the president has repeatedly said.

    I wish some good reporters could investigate the hell out of whether Trump actually won. I think there’s a good chance that was fake too.

  40. 40.

    TenguPhule

    October 2, 2018 at 4:04 pm

    @Elizabelle:

    Those are strong words.

    Unfortunately, the bar for intentional tax fraud is set rather high by design. If the IRS was adequately funded and staffed, they might take a crack at collecting all those ill gotten gains.

    In the worst timeline we’re stuck in? Gonna have to pry it from Trump’s cold dead hands.

  41. 41.

    Jeffro

    October 2, 2018 at 4:04 pm

    @wv blondie: it’s in the works, I’m 110% positive

  42. 42.

    Roger Moore

    October 2, 2018 at 4:05 pm

    @The Moar You Know:

    sadly, overturned by a judge who decided he knew better than her what her money should be used for

    I remember hearing something similar about what happened to Conrad Hilton. He tried to give away most of his fortune in his will because he didn’t want it going to his wastrel descendants, but his son Barron successfully contested it. Now, IIRC, Barron has realized his dad was probably right about wastrel descendants but has learned from his own example and is trying to give away his money while he’s still alive.

    Full disclosure: Conrad Hilton was the named donor for the building where I work.

  43. 43.

    germy

    October 2, 2018 at 4:05 pm

    #45 is very sly. Claims China is interfering with elections. This way, if we enjoy a blue wave he can say “China helped the democrats!”

  44. 44.

    TenguPhule

    October 2, 2018 at 4:05 pm

    @Kay:

    Thank God they didn’t turn up a murder, right?

    Yet. As you’ve said, they’ve not done their due diligence here.

  45. 45.

    Elizabelle

    October 2, 2018 at 4:06 pm

    Self-made man. Donald J. Trump had a six-figure income when he was a toddler.

    But an investigation by The New York Times shows that by age 3, Donald Trump was earning $200,000 a year in today’s dollars from his father’s empire. He was a millionaire by age 8. By the time he was 17, his father had given him part ownership of a 52-unit apartment building. Soon after he graduated from college, he was receiving the equivalent of $1 million a year from his father. The money increased with the years, to more than $5 million annually in his 40s and 50s.

    In all, financial records reveal, Mr. Trump received the equivalent today of at least $413 million from his father’s real estate empire.

  46. 46.

    ?BillinGlendaleCA

    October 2, 2018 at 4:06 pm

    @Kay: I’m old enough to remember Trump’s opponent in the 2016 election who release tax returns going back almost 40 years, but EMALS.

  47. 47.

    Mike in NC

    October 2, 2018 at 4:07 pm

    Trump was the Birther-in-Chief. The media didn’t care. Trump mused aloud about using nuclear weapons. The media yawned. Trump lied about American Muslims dancing in the streets after 9/11. The media didn’t care. Trump boasts and lies several times a day and the media just goes along for the ride.

  48. 48.

    TenguPhule

    October 2, 2018 at 4:07 pm

    @MazeDancer: The rules and norms are now operating as Calvinball. If Kav gets that seat, federal law will follow.

  49. 49.

    germy

    October 2, 2018 at 4:08 pm

    First comment over at LGM:


    America. Where we’ll spend months investigating whether some homeless guy improperly got $3000 in veterans benefits, but won’t spend a second investigating whether some billionaire failed to pay $500 Million in taxes.

  50. 50.

    TenguPhule

    October 2, 2018 at 4:08 pm

    @Mike in NC:

    Trump was the Birther-in-Chief. The media didn’t care. Trump mused aloud about using nuclear weapons. The media yawned. Trump lied about American Muslims dancing in the streets after 9/11. The media didn’t care. Trump boasts and lies several times a day and the media just goes along for the ride.

    But a black president excluding FOX from the press room was the second coming of Stalin.

  51. 51.

    TenguPhule

    October 2, 2018 at 4:08 pm

    @Elizabelle: Donald Trump was born with a silver cock in his mouth and he’s never remove it.

  52. 52.

    Ruckus

    October 2, 2018 at 4:10 pm

    @Dorothy A. Winsor:
    That’s the reason they don’t report on them. That’s a large portion of their audience, or at least a wealthy portion.

  53. 53.

    Elizabelle

    October 2, 2018 at 4:10 pm

    @Elizabelle: Here’s the link re Donald receiving 200K a year annually when he was two years old.

    4 WAYS FRED TRUMP
    MADE DONALD TRUMP
    AND HIS SIBLINGS RICH

    It’s an interactive feature.

    The Trump fortune and Citizens United and the massive tax giveaways to the wealthy.

    We get to live a present that wiser heads tried to warn us about. Because greed and magical thinking.

  54. 54.

    TenguPhule

    October 2, 2018 at 4:11 pm

    @Elizabelle:

    We get to live a present that wiser heads tried to warn us about.

    The problem is that Republicans thought they were instruction manuals.

  55. 55.

    NotMax

    October 2, 2018 at 4:11 pm

    Dolt 45 is a stable genius taxpayer. Had a relative at M.I.T. who paid taxes.

    :)

  56. 56.

    Elizabelle

    October 2, 2018 at 4:11 pm

    This is the hereditary aristocracy the founders worried about.

    And this family of jerks doesn’t even bother with noblesse oblige.

  57. 57.

    Platonailedit

    October 2, 2018 at 4:12 pm

    @Mike in NC:

    Yup. Fuck nyt and their meaningless ‘exposes’.

  58. 58.

    Omnes Omnibus

    October 2, 2018 at 4:13 pm

    @TenguPhule: I know a lot of you were independents.

  59. 59.

    Enhanced Voting Techniques

    October 2, 2018 at 4:13 pm

    It’s just weird how reporters chased down President Obama’s third cousins in Kenya but have nary a word to say about Trump’s siblings.

    Obama’s family is proud, I suspect Trump’s isn’t. It’s not like “I am Donald Trump’s brother” is going to win you friends in NYC.

  60. 60.

    Keith P.

    October 2, 2018 at 4:13 pm

    Are there any others?

    There’s the vestigial twin brother who resides in Trump’s belly, but he only comes out when prophecies need to be revealed.

  61. 61.

    clay

    October 2, 2018 at 4:13 pm

    @germy:

    >>It’s just weird how reporters chased down President Obama’s third cousins in Kenya but have nary a word to say about Trump’s siblings.

    I wonder why that is? I’m not being sarcastic here, I really wonder why that is.

    It’s not unique to Trump/Obama. We heard a lot about Roger Clinton and Billy Carter, but how much did we hear about George W’s siblings (other than JEB!)?

  62. 62.

    Mary G

    October 2, 2018 at 4:13 pm

    Infrastructure week* (*infinite shit hitting infinite fans)— Schooley (@Rschooley) October 2, 2018

  63. 63.

    germy

    October 2, 2018 at 4:15 pm

    Arizona defense attorney Matthew Long used to consider his former boss Rachel Mitchell a “mentor.” But in the wake of the Brett Kavanaugh sexual-assault hearings, where Mitchell was called in to question Kavanaugh and his accuser, he says he finds her conclusions “very disappointing” and, putting it more bluntly, “absolute bullshit.”

    https://www.thecut.com/2018/10/rachel-mitchells-former-colleague-slams-her-kavanaugh-memo.html

  64. 64.

    Seanly

    October 2, 2018 at 4:15 pm

    /snark
    Well, everybody knows how tight all African Americans are with any & all cousins. The reporters have to turn over every stone! Meanwhile, it’s not fair to expect that rich white folk have any relationship with their siblings. Plus, the bedraggled reporters can’t get past the front gate of the country club to pester said siblings (surprisingly, neither can any African Americans get past the gates).
    /end snark

  65. 65.

    Brachiator

    October 2, 2018 at 4:17 pm

    Much of this money came to Mr. Trump because he helped his parents dodge taxes. He and his siblings set up a sham corporation to disguise millions of dollars in gifts from their parents, records and interviews show.

    Ah, yes. The sham of a mockery of a sham. Incorporated.

    These maneuvers met with little resistance from the Internal Revenue Service, The Times found.

    Wonder why this was. This happened over a number of years. Does the article indicate why the IRS didn’t look at this more closely?

    Who else used these strategies? Maybe the owners of the Times or other wealthy New Yorkers? It’s common for the wealthy set to share the secrets of their success.

    @TenguPhule:

    Trump was the Birther-in-Chief. The media didn’t care. Trump mused aloud about using nuclear weapons. The media yawned. Trump lied about American Muslims dancing in the streets after 9/11. The media didn’t care. Trump boasts and lies several times a day and the media just goes along for the ride.

    The media ain’t your momma and daddy. What were they supposed to do, spank Trump’s bottom or declare him persona non grata?

  66. 66.

    Martin

    October 2, 2018 at 4:18 pm

    @C Stars: I’m marginally rich, and I don’t cheat on my taxes. We’re around the 95% based on wealth. That said, it’s stupidly easy to reduce your tax bill to next to nothing if you’re willing to hire a tax attorney and accountant. Trusts are a given. LLCs for people richer than me. Lots of instruments to work with, and because you have money, you have the flexibility with how to use them. Steer all your earnings into some instrument and pay your bills out of some other, shit like that.

    The difference is that I never sought out being rich. I wanted to take care of my family, made some atypically good decisions, and ended up here. Wife and I are extremely conservative with money. We live well below our means, and reserve our investments for our kids health and wellbeing. That includes paying taxes and other things. We take some measures to manage our tax burden, but nothing that I consider to be inconvenient. I’ll hold back on some investment decisions to avoid hitting the AMT trigger, stuff like that, but we won’t fail to report, hide assets, any of that crap. I take the view that taxes don’t make me poorer, and since that the only thing I’m trying to avoid then taxes aren’t a problem.

    Basically we got in this spot because my wife and had just enough going for us that we could make some decisions earlier than our peers. We bought a house earlier than them, and we had a little bit ($5K) we could afford to invest. Both of those paid off massively for us. That $5K turned into $2M. If we didn’t have that little bit of headroom, that never would have happened. Same with the house – we could buy in at the bottom of the market. Our peers had to save a bit longer, and were chasing housing prices upward. Our $100K condo laddered up to a $215K 2BR house, to a $430K 3BR house which is now worth about $1M. Some of them missed that entirely. Others just got in a bit later and didn’t benefit as much.

    To me, it comes down to having just enough extra early in the game that you can make choices. They won’t always pay off as well as ours did, but there’s a certain dignity in being able to make those decisions and invest in your own future. This is why generational wealth matters and why the GOP pushes so hard to preserve wealth on their team and so hard to prevent others from accumulating it. Why a little bit extra can make a huge difference. For us, we had an extra $10K in our downpayment fund and an extra $5K to put into the stock market. That was it. It wasn’t a massive amount, but we had it when we were 25 – early, when it could do a lot.

  67. 67.

    germy

    October 2, 2018 at 4:18 pm

    @clay:

    We heard a lot about Roger Clinton and Billy Carter, but how much did we hear about George W’s siblings (other than JEB!)?

    Corporate media loves presidential siblings who are problematic.

    In Trump’s case, he’s the problematic sibling.

  68. 68.

    NotMax

    October 2, 2018 at 4:18 pm

    @Elizabelle

    receiving 200K a year annually

    Most of that eaten up treating bone spurs. //

  69. 69.

    TenguPhule

    October 2, 2018 at 4:18 pm

    @Brachiator:

    What were they supposed to do, spank Trump’s bottom or declare him persona non grata?

    Big front page headlines for weeks on end. You know, like they did for Emailz.

  70. 70.

    Amir Khalid

    October 2, 2018 at 4:19 pm

    @TenguPhule:
    Just remember, The Turtle hath been promising a vote “this week” for weeks.

  71. 71.

    TenguPhule

    October 2, 2018 at 4:19 pm

    @NotMax:

    Most of that eaten up treating bone spurs. //

    Those were transplanted in. No self-respecting bone spur would have chosen to originate in Donald.

  72. 72.

    Theron Ware

    October 2, 2018 at 4:20 pm

    I heard Dotard got $8,000,000.00 at age 8. That must have been a hell of a paper route!!

  73. 73.

    TenguPhule

    October 2, 2018 at 4:20 pm

    @Amir Khalid:

    Just remember, The Turtle hath been promising a vote “this week” for weeks.

    This time he’s hedging by not saying which vote it is.

  74. 74.

    schrodingers_cat

    October 2, 2018 at 4:22 pm

    @Brachiator: Assign a WH correspondent who acts like a mouthpiece of the administration.

  75. 75.

    TenguPhule

    October 2, 2018 at 4:22 pm

    @Brachiator:

    Does the article indicate why the IRS didn’t look at this more closely?

    IRS audits maybe 1% of the rich people at the best of times. Unless red flags are triggered, its random selection. And the IRS was very very busy at that time with numerous tax schemes. And this was also around when their budget started getting cut by the GOP.

  76. 76.

    ?BillinGlendaleCA

    October 2, 2018 at 4:22 pm

    @clay: There was Neil of Silverado S&L fame.

  77. 77.

    Martin

    October 2, 2018 at 4:22 pm

    Everyone remember when Fred Trump tried to transfer money to his kid by purchasing chips at his casino and then not cashing them back in.

    Fred Trump, through his attorney, bought $3.5 million in chips at a high-stakes blackjack table and left without gambling with them.

    The move resulted in an investigation and a complaint by the gaming division. Trump officials and the gaming division reached a settlement of the complaint and the gaming hall has agreed to pay a $30,000 fine. That settlement will be reviewed by the casino commission on June 19.

    $3.5M in, $30K out. That’s less than 1%. Good luck anyone here getting a loan rate that low, let alone one that allows you to not have to repay the balance.

  78. 78.

    Jim, Foolish Literalist

    October 2, 2018 at 4:22 pm

    I’m gonna sit down and read this later. Can’t wait. I wonder if David Cay Johnston is just screaming at his computer somewhere right now: “I told you all this years ago!”

    Ms Cracker: Are there any others?
    Robert and his now ex-wife Blair were minor tabloid celebrities in the 80s or 90. I’ve read conflicting stories that his sister, Judge Maryann Berry, is still hearing cases and he wanted to put her on the SC, and stories that she’s got dementia. I never heard of a sister Elizabeth.

  79. 79.

    NotMax

    October 2, 2018 at 4:23 pm

    @Theron Ware

    Good tippers.

    ;)

  80. 80.

    Jack the Second

    October 2, 2018 at 4:23 pm

    @germy: Once you’ve dealt with one Trump, it kind of puts you off looking for more. No one ever meets Eric or Donald or Donny Jr and says “That was such a pleasant encounter! I wonder if there are other people of similar temperament I can seek out to spend more time around?”

  81. 81.

    Enhanced Voting Techniques

    October 2, 2018 at 4:23 pm

    @Mary G: Another glorious infrastructure week, yes the winning continues.

  82. 82.

    germy

    October 2, 2018 at 4:24 pm

    @Brachiator:

    Who else used these strategies? Maybe the owners of the Times or other wealthy New Yorkers? It’s common for the wealthy set to share the secrets of their success.

    With each other and with their offspring. Not with the rest of us.

    I’ve always suspected that these high flyers, if they wanted to (they don’t and never would) could sit down with me for about twenty minutes, take a look at my savings, and give some advice on where to move my money, and I’d be a multi-millionaire in about one year. I understand I’m veering into “One Weird Trick” territory here, but that’s always been my suspicion.

    All sorts of insider trading going on.

    Even a fucking monkey like Michael Cohen could have sat down with me (before the recent shitstorm) and told me “do this, this and this” and I would have been rich. Although if I’d listened to him I might be in jail right now.

  83. 83.

    Cacti

    October 2, 2018 at 4:24 pm

    Hmmm…seems to me this information might have been useful, I dunno, about TWO YEARS AGO!!!!!!!!!

  84. 84.

    Brachiator

    October 2, 2018 at 4:25 pm

    @germy:

    It’s just weird how reporters chased down President Obama’s third cousins in Kenya but have nary a word to say about Trump’s siblings.

    I wonder why that is? I’m not being sarcastic here, I really wonder why that is.

    Trump’s siblings aren’t “exotic.” And I have this image of a veteran East Coast reporter searching hard:

    Scene. A dark, wood paneled bar in mid Mahhattan. A big, beefy man, obviously drunk, is gently nuzzling his fifth cocktail. His companion, a reporter’s notebook in his back pocket, sits across from him, also with a drink in hand. He gets a call on his smartphone. After talking for a bit, he disconnects and turns to the beefy guy.

    Reporter: “Hey, Trumppy. Trumppy! My editor says I have to… (hic)… hunt you down. The wily Trump relation. Have I found you, yet?”

    Trumppy: “I don’t know. Let’s have another drink, and then we’ll both go looking for me.”

  85. 85.

    Jim, Foolish Literalist

    October 2, 2018 at 4:27 pm

    @germy: People on TV and in the Paper said in 2012 that (IIRC) under maximum allowable gifts and optimal returns, the Mittlets’ $100 million trust fund should have been worth about $20 million, but that never generated the interest, or outrage, it should have, considering the whole of Romney’s platform was pretty much “People like me are being crushed by taxes”

  86. 86.

    C Stars

    October 2, 2018 at 4:32 pm

    @Martin: Martin, I’m sorry, I was making a flip comment that may have sounded like an accusation. My comment was referring to the conservative commenter who tweeted this:

    John Cardillo
    ✔
    @johncardillo
    I don’t know one guy, including myself, who wasn’t in a bar fight.

    Not a single one.

    9:20 AM – Oct 2, 2018
    2,454
    3,917 people are talking about this

    I guess it comes down to my own biases that I threw in “rich white dude,” and also because that seemed like a baseline description of Trump Senior and his juniors.

    But I wasn’t accusing you of cheating, and I congratulate you on your good fortune.

  87. 87.

    Ruckus

    October 2, 2018 at 4:32 pm

    @Martin:
    To get to the next level, all you have to do is hire that tax guy. I once asked my accountant how to lower my corp tax bill and he said it was easy. But. And that’s a big but. I would get audited and he would win every point. The but was that it would cost me more than my current tax bill, paying him. His next words? Pay your fucking taxes. He was, as usual, right.

  88. 88.

    germy

    October 2, 2018 at 4:33 pm

    @Brachiator:

    His companion, a reporter’s notebook in his back pocket,

    “There are no strangers in the aristocracy of success.”
    – S.J. Perelman

  89. 89.

    HeleninEire

    October 2, 2018 at 4:34 pm

    Oh hey girls and boys. Trump took advantage of the automatic extension of the tax filing date to October 15 for his 2017 taxes. Surely he is going to release them because they are not under audit, right?

  90. 90.

    NotMax

    October 2, 2018 at 4:34 pm

    @Jim, Foolish Literalist

    Hey, it takes some serious scratch to go out for dinner at Maxim’s and then proselytizing at the Folies Bergère nightly.

    ;)

  91. 91.

    Fair Economist

    October 2, 2018 at 4:35 pm

    @Jim, Foolish Literalist:

    I’ve read conflicting stories that his sister, Judge Maryann Berry, is still hearing cases and he wanted to put her on the SC, and stories that she’s got dementia.

    Sadly, those stories are not necessarily conflicting. Scalia got kind of loopy towards the end, and I’m sure he’s far from the only one in a job with lifetime tenure and a serious case backlog.

    She’d be on the Court in a trice if he nominated her. She was a consensus judge, nominated by Clinton to get approved by a Republican Senate.

  92. 92.

    different-church-lady

    October 2, 2018 at 4:35 pm

    @Mike in NC:

    Trump was the Birther-in-Chief. The media didn’t care.

    No, it’s far worse: the media LOVED it. Trump’s birtherism was clickbait they didn’t have to expend a single calorie to generate.

  93. 93.

    ?BillinGlendaleCA

    October 2, 2018 at 4:36 pm

    @HeleninEire: I’m sure they’ll still be under audit.

  94. 94.

    janesays

    October 2, 2018 at 4:36 pm

    He has an older sister named Elizabeth Trump Grau. Cheetolini is actually the second youngest sibling in his family – Fred Jr., Maryanne, and Elizabeth are all older and Robert is younger.

  95. 95.

    SFAW

    October 2, 2018 at 4:37 pm

    @Dorothy A. Winsor:

    If there’s one thing the NYT should do well, it’s financial reporting, given their proximity to the banks and Wall Street.

    But Elliot Spitzer was boinking some hooker, so reasons. Not that Spitzer was set up or anything. [Yes, I know he still should have kept it in his pants.]

  96. 96.

    Brachiator

    October 2, 2018 at 4:37 pm

    @TenguPhule:

    IRS audits maybe 1% of the rich people at the best of times. Unless red flags are triggered, its random selection.

    There’s the Criminal investigation division. And some stuff stands out. I have not had a chance to read the article or do much web surfing (just finished a not-to-useful meeting), so again I wonder if the story had anything to say about the IRS. From glancing over this stuff, I get the impression that this stuff was done over a number of years by Trump and his family.

    And the IRS was very very busy at that time with numerous tax schemes. And this was also around when their budget started getting cut by the GOP.

    Still doesn’t explain everything. Apparent indifference could be read as deliberately looking the other way.

    Also, Trump claims that he is being audited all the time. Is he lying? If not, no one noticed any of these irregularities.

    Also, I work in the tax biz, and the ways of the IRS are not entirely unknown. Here in California, the Franchise Tax Board can be more relentless than the IRS. And they love to publish the names of tax cheats. State authorities never looked at Trump’s taxes? He’s high profile. And yet always managed to fly under the radar. Lucky guy.

  97. 97.

    Jim, Foolish Literalist

    October 2, 2018 at 4:37 pm

    @Fair Economist: Someone, I think Rick Wilson, said the reason trump hasn’t been more aggressive in promoting her is that she’s known as a bedrock supporter of choice.

  98. 98.

    HeleninEire

    October 2, 2018 at 4:38 pm

    @?BillinGlendaleCA: yeah but not the day he files them.

  99. 99.

    SFAW

    October 2, 2018 at 4:39 pm

    @TenguPhule:

    Or Mitch McConnell pulled a fast one over the FTFNYT DC press pool.

    He was just trying to give Flake and Collins an extra couple of days to come up with some bullshit excuse which they think will snow the rubes. And that is why Flake will do whatever the fuck Traitor Turtle wants.

  100. 100.

    ?BillinGlendaleCA

    October 2, 2018 at 4:40 pm

    @Brachiator: I recall reading that Trump had problems with some of his real estate taxes on his golf course in PV.

  101. 101.

    JPL

    October 2, 2018 at 4:40 pm

    @Elizabelle: His sister is a judge.. hmm

  102. 102.

    ?BillinGlendaleCA

    October 2, 2018 at 4:40 pm

    @HeleninEire: True, but that’s not what Trump says. He says his taxes are always audited.

  103. 103.

    SFAW

    October 2, 2018 at 4:41 pm

    @Brachiator:

    Is he lying?

    Were his lips moving, or his tiny fingers typing? If so, then “Yes.”

  104. 104.

    janesays

    October 2, 2018 at 4:41 pm

    Maryanne Trump Barry is an inactive Senior United States Circuit Judge. I know the “senior” designation applies to any federal judge over 65 years of age with at least 15 years on the bench. By inactive, I assume it means she’s no longer hearing cases, though still technically holds the seat.

  105. 105.

    TenguPhule

    October 2, 2018 at 4:43 pm

    @Brachiator:

    There’s the Criminal investigation division.

    And their caseload is backlogged gods only knows how many years back. The Sovereign citizen assholes alone must have doubled their workload.

  106. 106.

    Brachiator

    October 2, 2018 at 4:43 pm

    @SFAW:

    But Elliot Spitzer was boinking some hooker, so reasons. Not that Spitzer was set up or anything. [Yes, I know he still should have kept it in his pants.]

    This one is too easy. Spitzer prosecuted people for banging hookers while he himself was banging hookers. And he was using the same “high class” escorts as the people he was throwing in jail.

    This is a small world. The pimps and madams keep books. They can be discreet, or whisper names to the right people to cover their own asses. So, Spitzer was like a corrupt cop who has sex with a street hooker and then arrests her after he’s done. The rank hypocrisy bit him in the ass. Fuck him and all the morons like him.

  107. 107.

    frosty fred

    October 2, 2018 at 4:44 pm

    @Fair Economist: I may have mentioned this before, but my late father was able to keep up a public facade after his dementia was evident in private. This included continuing to fill in as a judge after his retirement.

  108. 108.

    Redshift

    October 2, 2018 at 4:45 pm

    I knew Trump has a sister who’s a judge and probably ashamed of brother Donald

    Nah, she’s corrupt, too.

    Instead the case somehow ended up in New Jersey—and in not just any courtroom, either. It came before Judge Maryanne Trump Barry, Trump’s older sister.

    After three weeks Judge Barry recused herself, explaining to the chief judge that her husband, Trump casino lawyer John Barry, and she had flown in the helicopters of a confessed drug trafficker. At the time, there was only a signed order reassigning the case, but not explaining the reasons for doing so. Six years passed before Barry’s reason for recusal—potentially damaging to the federal judiciary—emerged in a book by investigative reporter Wayne Barrett.

  109. 109.

    TenguPhule

    October 2, 2018 at 4:45 pm

    @Brachiator:

    Also, Trump claims that he is being audited all the time. Is he lying?

    Probably. IRS is bound by rules not to confirm or deny who is under audit. But typically long running audits don’t happen unless some seriously unusual items are present or the agents in question are severely backlogged. So possible, but don’t trust without actual verification.

  110. 110.

    TenguPhule

    October 2, 2018 at 4:47 pm

    @Brachiator:

    State authorities never looked at Trump’s taxes? He’s high profile.

    Problem is, he also has money for lawyers. States don’t have the IRS resources when it comes to legal battles. They prefer easy money.

  111. 111.

    germy

    October 2, 2018 at 4:48 pm

    Scott Lemieux Mod • 13 minutes ago
    One wonders how many more of those stories the Times would have uncovered in 2016 if their reporters weren’t spending months at a time investigating every chain email they received from Larry Klayman.

    http://www.lawyersgunsmoneyblog.com/2018/10/donald-trump-earned-money-old-fashioned-way

  112. 112.

    ?BillinGlendaleCA

    October 2, 2018 at 4:49 pm

    @TenguPhule: It should be also noted that President Nixon released his tax returns that were being audited at the time. At the conclusion of the audit Nixon ended up owing money.

  113. 113.

    Redshift

    October 2, 2018 at 4:49 pm

    @Brachiator:

    Also, Trump claims that he is being audited all the time. Is he lying?

    Yes. SATSQ. He also said at the same time that he couldn’t release his taxes while he was being audited, which was an obvious lie.

  114. 114.

    JPL

    October 2, 2018 at 4:49 pm

    @germy: THIS!

  115. 115.

    ?BillinGlendaleCA

    October 2, 2018 at 4:50 pm

    @TenguPhule:

    States don’t have the IRS resources when it comes to legal battles.

    California does.

  116. 116.

    TenguPhule

    October 2, 2018 at 4:51 pm

    @?BillinGlendaleCA: That too. The taxpayer is always free to announce their own information to the public.

    But apparently taxes are not sexy enough for our Press Corpse.

  117. 117.

    SFAW

    October 2, 2018 at 4:51 pm

    @Brachiator:

    This one is too easy. Spitzer prosecuted people for banging hookers while he himself was banging hookers. And he was using the same “high class” escorts as the people he was throwing in jail.

    He was focusing a lot more on financial crimes than on hooker-banging. But, hey, whatever.

  118. 118.

    NotMax

    October 2, 2018 at 4:53 pm

    @TenguPhule

    he also has money for lawyers

    Hungadunga, Hungadunga, Hungadunga and Covfefe.

    :)

  119. 119.

    TenguPhule

    October 2, 2018 at 4:55 pm

    @?BillinGlendaleCA:

    California does.

    Not even California. The money is always spent on something else that’s “voter appealing.”

    The 2018-2019 state budget report has a reported backlog of tax appeal cases at 2,200. And numerous vacancies at the Office of Tax Appeals.

  120. 120.

    TenguPhule

    October 2, 2018 at 4:56 pm

    @NotMax:

    Hungadunga, Hungadunga, Hungadunga and Covfefe.

    Even no good, horrible, utterly incompetent lawyers cost time and money to fight against.

  121. 121.

    Brachiator

    October 2, 2018 at 4:56 pm

    @?BillinGlendaleCA:

    I recall reading that Trump had problems with some of his real estate taxes on his golf course in PV.

    I recall an LA Times story noting that Trump’s “magic touch” didn’t quite work in California. Can’t find that story, but there is this one about how nasty Trump was in trying to get some property in Palos Verdes, Insults, Lawsuits And Broken Rules: How Trump Built A California Golf CourseIt’s crazy, but typical how after all the pain, Trump was fixated on ego gratification.

    In 2012, the city agreed to Trump’s longtime demand that the road leading to the golf club be renamed Trump National Drive.

    Shortly thereafter, the lawsuit was settled. Trump didn’t get everything he asked for. But he did get one thing: that street sign with his name on it.

    Tump has gotta be Trump.

    @TenguPhule:

    And their caseload is backlogged gods only knows how many years back. The Sovereign citizen assholes alone must have doubled their workload.

    I don’t know that this would have tied up CID. Yutsano might have more to say on this.

  122. 122.

    TenguPhule

    October 2, 2018 at 4:57 pm

    @TenguPhule: linked

  123. 123.

    TenguPhule

    October 2, 2018 at 4:58 pm

    @Brachiator:

    I don’t know that this would have tied up CID.

    Sovereign citizen assholes are the very definition of criminal tax fraud offenders. They literally do not believe that the Federal government has the right to tax them.

  124. 124.

    ruemara

    October 2, 2018 at 4:59 pm

    @Enhanced Voting Techniques: NO. Jesus. Obama is black and they were fucking looking for some scandal to bring back. Because being black is a shame. I can’t understand why some of you are still sitting there scratching your bleeding heads. A corrupt mobster runs for office and all the media does is yawp about how presidential he is the few times he doesn’t shit himself in public. A stellar human being with a very clear track record of excellence & ethics runs for office and the media poses the serious question of whether the government was completely bamboozled with a fake birth certificate and whether everything he does is somehow a scandal for him right down to the color of his summer suit. This isn’t hard and you can’t complain about conservatives when the obvious answer is right in your face.

  125. 125.

    germy

    October 2, 2018 at 5:01 pm

    Murkowski appears in no hurry even as McConnell pledges to move forward with Kavanaugh vote this week. 'He talked about a vote last week, too,' she told AP. Collins, riding with Murkowski on the Senate subway, smiled and told Murkowski, 'Good answer.'— Matthew Daly (@MatthewDalyWDC) October 2, 2018

  126. 126.

    Elizabelle

    October 2, 2018 at 5:05 pm

    @SFAW: Truth. Hearing that a lot of Wall Street rogues were applauding Spitzer’s downfall?

    It was not all about the hookers.

    But how stupid, stupid, stupid of Spitzer to make himself so vulnerable and engage in criminal behavior … The delusion of some in power … (and then AG Schneiderman more recently …)

  127. 127.

    Brachiator

    October 2, 2018 at 5:06 pm

    @SFAW:

    He was focusing a lot more on financial crimes than on hooker-banging. But, hey, whatever.

    From the Daily News.

    As New York attorney general, Spitzer was also familiar with how to bust up a prostitution ring.

    Spitzer proudly announced on April 8, 2004, that authorities had arrested 18 people on promoting prostitution and related charges — including money laundering and falsifying business records — in an investigation of escort services in New York.

    “This was a sophisticated and lucrative operation with a multitiered management structure,” Spitzer said at the time. “It was, however, nothing more than a prostitution ring, and now its owners and operators will be held accountable.”

    In the 2004 probe, investigators used wiretaps and other surveillance to build their case, said Vincent Romano, who defended the man accused of running the ring. Prosecutors also charged some of the defendants with enterprise corruption — a charge carrying heavier penalties than simple prostitution. No charges were brought against the ring’s customers, just those accused of working for or running the service.

    “It was a big splash. They had the perp walk. He caused a lot of embarrassment to a lot of people in the case to his benefit. What he put their families through at the time, he’s probably experiencing now: the level of embarrassment and ridicule,” Romano said.

    “He’s got this overzealous, mean-spirited prosecution, but behind closed doors in another state, he’s doing the identical thing that he’s accusing others of doing,” he added. “And the other irony of it is that you’ve made a career off of a wiretap, and your demise is by the same prosecutorial tool.”

    But hey, whatever.

  128. 128.

    tobie

    October 2, 2018 at 5:06 pm

    @TenguPhule:

    But apparently taxes are not sexy enough for our Press Corpse.

    The funny thing is that private servers and email management are not sexy topics either but that didn’t stop the press or the public from obsessing over them for months on end.

  129. 129.

    Cheap jim

    October 2, 2018 at 5:07 pm

    @NotMax: You left out a Hungadunga.

  130. 130.

    Mary G

    October 2, 2018 at 5:07 pm

    Dr. Blasey Ford’s lawyer just released a letter to Christopher Wray asking why Dr. Ford hasn’t been questioned, why named witnesses haven’t been contacted by the FBI, and why won’t they even say who the SAC on the case is?

  131. 131.

    SFAW

    October 2, 2018 at 5:08 pm

    @Brachiator:

    Wow, an article.

    You certainly showed me. Or not.

    Thanks for playing.

  132. 132.

    TenguPhule

    October 2, 2018 at 5:08 pm

    It would seem in exchange for Trump withdrawing his name, the Senate should agree to an expedited process for confirming someone else this year on Trump’s list of judges. No matter how objectionable some on the list may be on ideological grounds to progressives, surely one of them can get 51 votes and reassure the country he/she is not a vicious partisan.

    And Jennifer Rubin falls back into line as a Republican rooted in reality.

  133. 133.

    joel hanes

    October 2, 2018 at 5:08 pm

    @ruemara:

    This isn’t hard

    thank you for this comment.

  134. 134.

    TenguPhule

    October 2, 2018 at 5:09 pm

    @tobie:

    The funny thing is that private servers and email management are not sexy topics either but that didn’t stop the press or the public from obsessing over them for months on end.

    Everyone knows there’s sex to be found on the intertubes! //

  135. 135.

    germy

    October 2, 2018 at 5:10 pm

    @Cheap jim:

    You left out a Hungadunga.

    The most important one, too.

  136. 136.

    TenguPhule

    October 2, 2018 at 5:10 pm

    @TenguPhule: Why we can’t have nice things.

  137. 137.

    Platonailedit

    October 2, 2018 at 5:11 pm

    @Brachiator:

    You are bringing in the spitzer strawman into traitorous thug’s tax dodges? Jeez.

  138. 138.

    les

    October 2, 2018 at 5:12 pm

    @Mary G:

    Yes, this. There is no freaking excuse for not taking a page from Fahrenthold’s book and doing this in 2015 when it would have had some effect.

    I’m afraid the effect would not be positive–just like he cold shoot somebody on 5th avenue. His deplorables would think cheating them by cheating the IRS is just wonderful.

  139. 139.

    Brachiator

    October 2, 2018 at 5:16 pm

    @germy:

    Even a fucking monkey like Michael Cohen could have sat down with me (before the recent shitstorm) and told me “do this, this and this” and I would have been rich. Although if I’d listened to him I might be in jail right now.

    There are very good accountants and attorneys who can advise you on how to save on your taxes, and how to pay the least amount.

    The accountants and attorneys who promise to make you rich are dishonest liars. They might be able to set up something to keep you a couple of steps ahead of the law, but it will cost you dearly. This bunch includes supposedly respectable firms, like some of the firms that advised Enron. And some of these people work for Trump and his buddies.

  140. 140.

    Immanentize

    October 2, 2018 at 5:24 pm

    @C Stars: I was a bartender in the late 70’s and early 80’s. And I went out to rough clubs a lot. But I was never in a bar fight. Hmmm. I must not be a man

  141. 141.

    tobie

    October 2, 2018 at 5:25 pm

    @TenguPhule: And not in taxes?

    @Mary G: Even Politico suggested yesterday that Chris Wray and Rosenstein would demur to the White House’s wishes in this case, since Wray, Rosenstein, and Kavanaugh are friends, and Wray, like K, is a long-standing member of the Federalist Society. Money quote:

    To [Wray and Rosenstein], Kavanaugh is not merely the target of an FBI investigation. Kavanaugh is a longtime colleague, political ally and perhaps even friend. The three men have known each other for decades, working closely on the shared mission of advancing conservative judicial and policy goals. […] Thirty years ago, Wray was two years behind Kavanaugh at Yale College, and followed him to Yale Law School. Famously small and insular, Yale Law School’s reputation is largely liberal but it has an intense, dedicated cadre of conservative professors and students. This conservative group has played an outsized role in conservative judicial circles, as the cradle for the influential Federalist Society back in 1982.

  142. 142.

    cope

    October 2, 2018 at 5:27 pm

    To quote Mr. Pierce: “And Robert Mueller, no expression on his face, reaches across his desk for another document.”

  143. 143.

    clay

    October 2, 2018 at 5:28 pm

    @?BillinGlendaleCA: That’s my point: W had a brother who committed fraud, but we barely heard about that during the 2000 campaign. It was “old news”.

  144. 144.

    SFAW

    October 2, 2018 at 5:28 pm

    @Platonailedit:

    You are bringing in the spitzer strawman into traitorous thug’s tax dodges? Jeez.

    Actually, I first brought up Spitzer’s name. Of course, Brachiator’s wonderfully well-researched indictment (so to speak) of Spitzer’s extreme hypocrisy (or whatever) re: hooker-banging — since apparently catching some guys for hooker-banging was all that Spitzer did before he became Governor — has caused me to re-examine all my beliefs, because Benghazi, or her e-mails, or veeblefetzer.

  145. 145.

    Jim, Foolish Literalist

    October 2, 2018 at 5:28 pm

    OT:

    CBS Los Angeles @ CBSLA
    Every American with a cell phone will receive a text message from the president Wednesday. The message is the first ever test of a system which will allow any president to issue a warning about a crisis, such as a missile launch or a tsunami.

    if I text back, “Show us your tax returns, you cowardly shit-gibbon”, will the Secret Service come knocking on my door?

  146. 146.

    Brachiator

    October 2, 2018 at 5:30 pm

    @Platonailedit:

    You are bringing in the spitzer strawman into traitorous thug’s tax dodges? Jeez.

    No, just responding to a commenter who brought up Spitzer. Otherwise, there ain’t no comparison to Trump’s bullshit.

  147. 147.

    John Fremont

    October 2, 2018 at 5:32 pm

    @germy: Remember that Al Gore was helped by the Chinese at the Buddhist temple. I wonder if the Repubs will revive this in the next few months.

  148. 148.

    different-church-lady

    October 2, 2018 at 5:33 pm

    @Cheap jim: The most important one, too.

  149. 149.

    Barry

    October 2, 2018 at 5:33 pm

    @Dorothy A. Winsor: “If there’s one thing the NYT should do well, it’s financial reporting, given their proximity to the banks and Wall Street.”

    Or the opposite, again given their (financial) proximity to the same……

  150. 150.

    C Stars

    October 2, 2018 at 5:34 pm

    @Immanentize: Right? I’ve witnessed four or five barfights, and it’s always just been a big sweaty squall of stupid-drunk (and plain stupid!), sexually frustrated jocks attempting to distract themselves from their own crushing feelings of inadequacy. Which was obvious to everyone who wasn’t involved.

    Being a frequent barfighter is just not something I’d ever think a person (who wishes to be taken seriously) would boast about. But I’m sure you’re feeling that irony even more than I am right now, given your past profession.

  151. 151.

    ruemara

    October 2, 2018 at 5:37 pm

    @joel hanes: I just can’t with smart people having an intellect shortage at the obvious right now.

  152. 152.

    ?BillinGlendaleCA

    October 2, 2018 at 5:39 pm

    @John Fremont: I’ve been meaning to head over to that Buddhist temple to take some pics, I hear the food is pretty good too.

    Maybe also stop at the Temple/Workman place while I’m in that neck of the woods.

  153. 153.

    Brachiator

    October 2, 2018 at 5:39 pm

    @Jim, Foolish Literalist:

    Every American with a cell phone will receive a text message from the president Wednesday. The message is the first ever test of a system which will allow any president to issue a warning about a crisis, such as a missile launch or a tsunami.

    I think the CBS story got the time wrong. The FEMA news release indicates 11:18 am Pacific time. I guess that’s when I will shut my phone off.

    This test is going to make Trump so excited. Bigly. You know he is just aching to be able to send everyone one of his special messages.

  154. 154.

    Comrade Colette Collaboratrice

    October 2, 2018 at 5:39 pm

    @germy: @TenguPhule: @germy: @TenguPhule: Completely serious, if ignorant and naive question (I generally avoid the FTFNYT):

    Were the same individual reporters who brought us endless bullshit email/bothsides reporting also involved in reporting, then or now, on the Trump family’s tax schemes?

  155. 155.

    nasruddin

    October 2, 2018 at 5:39 pm

    @Elizabelle: Strong words? Baiting him to sue?

  156. 156.

    eemom

    October 2, 2018 at 5:40 pm

    @Elizabelle:

    how stupid, stupid, stupid of Spitzer to make himself so vulnerable and engage in criminal behavior … The delusion of some in power …

    Exactly. Can’t folks agree that he was an arrogant, hubristic asshole to do that without getting into a stupid pissing contest over it?

    Same with WJC and John Edwards and all the rest of them. Saying their sex life is nobody’s business is missing the fucking point — which is that by acting irresponsibly, they fucked us all over.

  157. 157.

    ?BillinGlendaleCA

    October 2, 2018 at 5:42 pm

    @Brachiator: You could always turn DND on.

  158. 158.

    burnspbesq

    October 2, 2018 at 5:44 pm

    @TenguPhule:

    Sovereign citizen assholes are the very definition of criminal tax fraud offenders

    Wrong again. If you can convince a judge that you sincerely believe the outlandish bullshit that you claim to believe, you stand a pretty good chance of skating, because your behavior won’t have been willful. There is a Supreme Court case called Cheek that stands for that proposition. And in some cases courts will conclude that a taxpayer was either to dumb or too ignorant to have understood that what he or she was doing was wrong. I had a Tax Court judge do that to me in a case called Para Technologies Trust.

  159. 159.

    Roger Moore

    October 2, 2018 at 5:45 pm

    @Ruckus:

    I once asked my accountant how to lower my corp tax bill and he said it was easy. But. And that’s a big but. I would get audited and he would win every point. The but was that it would cost me more than my current tax bill, paying him.

    That may well be true. The thing is, though, that the accounting bill goes up a lot slower than the tax bill does. That kind of questionable accounting starts to look very reasonable long before you get to Trump-level wealth.

  160. 160.

    SiubhanDuinne

    October 2, 2018 at 5:46 pm

    @NotMax:

    Hungadunga, Hungadunga, Hungadunga and Covfefe.

    Bqhatevwr.

  161. 161.

    ?BillinGlendaleCA

    October 2, 2018 at 5:48 pm

    @SiubhanDuinne: No longer a Badass Jackal?

  162. 162.

    SFAW

    October 2, 2018 at 5:48 pm

    @Elizabelle:

    But how stupid, stupid, stupid of Spitzer to make himself so vulnerable and engage in criminal behavior

    Yeah, I know. As eemom said: hubris.

    Greek tragedies have been written about that shit.

  163. 163.

    Calouste

    October 2, 2018 at 5:48 pm

    @Immanentize: I’ve been involved in a couple of small barfights. As a bouncer. My involvement tended to be short and to the point.

  164. 164.

    WaterGirl

    October 2, 2018 at 5:50 pm

    I saw in the Wall Street Journal that the FBI report may be issued as soon as this afternoon. And Christine Blasey Ford’s attorneys have said she has not been interviewed.

    That’s crazy. Are they really going to ram this through with a sham investigation?

  165. 165.

    JPL

    October 2, 2018 at 5:50 pm

    @Immanentize: Either that or you are not an asshole. just sayin

  166. 166.

    Brachiator

    October 2, 2018 at 5:51 pm

    @Immanentize:

    I was a bartender in the late 70’s and early 80’s. And I went out to rough clubs a lot. But I was never in a bar fight. Hmmm. I must not be a man

    A co-worker’s brother was an okay, kinda quiet guy. But he would always go out to bars, get drunk and start fights. And usually lose. It was a weird, self-destructive thing, and a need to draw attention to himself, even if it were negative.

    A guy one my commute would tell these outrageous stories about getting into drunken fights. But like my coworker’s brother, it was more about how much abuse he could take, not about how much ass he kicked. Either way, this shit was sad and strange. And reminded me to never go out drinking with either one of them.

  167. 167.

    WaterGirl

    October 2, 2018 at 5:52 pm

    @Calouste: I tended bar for a year and only saw one bar right. It wasn’t a frat bar, however.

  168. 168.

    JPL

    October 2, 2018 at 5:56 pm

    @WaterGirl: Well they can’t interview Kavanaugh because he lies under oath all the time. They can’t risk having him on record.

  169. 169.

    TenguPhule

    October 2, 2018 at 5:57 pm

    @WaterGirl:

    Are they really going to ram this through with a sham investigation?

    Does Kav like beer?

  170. 170.

    JPL

    October 2, 2018 at 5:58 pm

    @Brachiator: Are they applying for the highest court in the land? It might be time to poll the supreme court and see who among them got in bar fights.

  171. 171.

    The Dangerman

    October 2, 2018 at 5:59 pm

    Grandpappy ran a whore house.

    Daddy a tax cheat.

    Shit, if a truck breaks down, we have a country song.

  172. 172.

    Mary G

    October 2, 2018 at 5:59 pm

    @Comrade Colette Collaboratrice: I don’t think so, none of them are names I recognize for being snotty on twitter, and one person said he had been wondering where one of them went to – evidently she disappeared from view in early 2017 – and now he knows.

  173. 173.

    Elizabelle

    October 2, 2018 at 6:00 pm

    @JPL:

    It might be time to poll the supreme court and see who among them got in bar fights.

    Don’t put the notorious RBG on the spot like that!

    WRT the FBI report: might that also be that the GOP just wants to get this thing over? I don’t think they have the votes, or are going to get them.

  174. 174.

    Enhanced Voting Techniques

    October 2, 2018 at 6:02 pm

    @ruemara: You want to chill out. Let me be more verbose

    “What ever the reporters intentions, Obama’s Kenyan relatives are proud of him, more open to talk about him to a reporter as opposed to Donald Trump’s relatives, were publicly bringing up the point you are one of those Trumps is likely going to get you ostracized in NYC high society and make it impossible to dine out in NYC ever again (see White House staffer’s Washington DC dinning options).”

    Does that make sense? While they are conservative racists a-holes, they do live in a very blue community.

  175. 175.

    West of the Rockies

    October 2, 2018 at 6:03 pm

    @Brachiator:

    Can we respond with insult and invective?

  176. 176.

    khead

    October 2, 2018 at 6:03 pm

    LLC’s and S-corps are the some of the biggest tax scams* around. If I ruled the world, the IRS would drop the hammer on them. That said, see also Martin’s post about shielding wealth with trusts and real estate purchases. I’m a lot cooler with those.

    * – Not all LLC’s and S-corps

  177. 177.

    Barbara

    October 2, 2018 at 6:04 pm

    I worked in a bar as a summer job in the fraternity capital of the world and never saw a bar fight. The Mineshaft in Charlottesville. They even had a shoot out in the parking lot – local drug deal gone wrong.

  178. 178.

    debbie

    October 2, 2018 at 6:07 pm

    @eemom:

    Gary Hart’s the one to thank. “Go ahead, follow me.”

  179. 179.

    khead

    October 2, 2018 at 6:07 pm

    @khead:

    Should have said “small business LLC’s and S-corps”.

  180. 180.

    Raven

    October 2, 2018 at 6:08 pm

    @Barbara: The University of Illinois has more frats than any school in the nation.

  181. 181.

    SiubhanDuinne

    October 2, 2018 at 6:09 pm

    @The Dangerman:

    Grandpappy ran a whore house.

    Daddy a tax cheat.

    Shit, if a truck breaks down, we have a country song.

    Maybe his dog could run away … Oh. Wait.

    (Okay, maybe his wife could visit some shithole countries in Africa. That’d work, yes?)

  182. 182.

    debbie

    October 2, 2018 at 6:09 pm

    @Martin:

    Also, you’re a better human being. You didn’t go around screwing other people to get their money. Your success hasn’t been based on destroying others’ situations. Christ, conservatives have made even success a predatory pursuit.

  183. 183.

    Barbara

    October 2, 2018 at 6:09 pm

    As a percentage of the student body?

  184. 184.

    SiubhanDuinne

    October 2, 2018 at 6:10 pm

    @Raven:

    How’d it go today at the doc?

  185. 185.

    Barbara

    October 2, 2018 at 6:11 pm

    @Barbara: At any rate that was a rhetorical flourish not a declaration of truth.

  186. 186.

    A Ghost To Most

    October 2, 2018 at 6:11 pm

    @burnspbesq:
    Dang. Doesn’t that fly in the face of “ignorance of the law is no defense”?

  187. 187.

    Raven

    October 2, 2018 at 6:12 pm

    @Barbara: “The university boasts one of the largest Greek systems in the country, and almost a quarter of the student body is involved.”

    List of social fraternities and sororities at UIUC. List of social fraternities and sororities at the University of Illinois at Urbana-Champaign currently consists of more than 59 fraternities and 36 sororities on the campus of the University of Illinois at Urbana-Champaign.

  188. 188.

    Martin

    October 2, 2018 at 6:13 pm

    @C Stars:

    But I wasn’t accusing you of cheating, and I congratulate you on your good fortune.

    I know you weren’t. I didn’t realize you were playing off the bar fight thing, though. In that context, I would probably say the same thing ;)

  189. 189.

    Baud

    October 2, 2018 at 6:14 pm

    @burnspbesq:

    And in some cases courts will conclude that a taxpayer was either to dumb or too ignorant to have understood that what he or she was doing was wrong. I had a Tax Court judge do that to me in a case called Para Technologies Trust.

    Did the judge find you to be too dumb or too ignorant?

  190. 190.

    WaterGirl

    October 2, 2018 at 6:15 pm

    @JPL: A sham investigation. Just shoot me now. The Senate doesn’t care about sexual assault or integrity — for themselves or these important institutions. This is just making me sick.

  191. 191.

    tobie

    October 2, 2018 at 6:16 pm

    @khead: @khead: I’ve noticed, too, among the small business owners I’ve met that they treat a lot of personal expenses as business expenses and have quite a bit of unreported income. I’ve had a bee in my bonnet about this issue for some time.

  192. 192.

    Elizabelle

    October 2, 2018 at 6:16 pm

    Jonathan Chait in the NY Mag: The New York Times Proves President Trump Is a Crook

    … The article makes clear that Trump is safe from criminal prosecution largely because tax-law enforcement is weak, and many of his apparently illegal activities took place too long ago to prosecute now. That does not minimize his culpability in any moral sense though. It’s merely a testament to the general immunity from consequences that wealthy people enjoy, and regular people do not.

    The revelations illustrated the degree to which Trump was paradoxically the most under-vetted presidential candidate since the invention of American mass media. It’s not that there was a dearth of Trump coverage — just the opposite. There was so much Trump coverage, for so many years, that it overloaded the circuits. New Trump outrages kept crowding out old Trump outrages. Trump produced so much that was bizarre, offensive, unprecedented, or otherwise newsworthy that some of the basic vetting work could not be completed.

    This was crucially abetted by his unprecedented financial secrecy — Trump was the only presidential candidate in four decades to refuse disclosure of his tax returns. That fact itself would have dominated the coverage of any normal candidate who tried it. But as Trump produced so many other extraordinary (and usually negative) stories about himself, the tax-return issue simply faded away.

    No. It didn’t. Not covering Trump’s finances was a choice made by the FTF NY Times and other newspapers. That is bullshit, JChait.

    … One of the great accomplishments of Trump’s presidency has of course been to make America a place of even more unequal justice. The IRS budget for enforcement of tax cheating by the rich is collapsing. Trump is making the Consumer Financial Protection Bureau, the agency tasked with cracking down on fraudulent credit cards and banking, almost helpless. It has taken sundry other steps to protect corporations that rip off consumers from facing any consequences.

    Trump’s presidency will enable more Trumps. His career as white-collar criminal who ran for president as an alleged business genius is a metaphor for the exact thing he is doing as president. He is the crook who got away with it.

    We have to make sure he does not get away with it.

    How fun it would be if tomorrow is the Robert Mueller one-two punch.

  193. 193.

    Raven

    October 2, 2018 at 6:17 pm

    @SiubhanDuinne: Good, the neuro was very concerned about my double vision so she ordered up an MRI. She was looking for stroke, tumor or never and found nothing. She’s calling it idiopathic and basically said to drive on.

  194. 194.

    debbie

    October 2, 2018 at 6:17 pm

    @WaterGirl:

    I sense inconsistency from the GOP. Bill’s consensual blow job is still a quel horreur, yet Kavanaugh’s forcible and physically violent assaults are to be set aside and forgotten. I need a new rule book.

  195. 195.

    debbie

    October 2, 2018 at 6:18 pm

    @Raven:

    Good. Keep drinking water.

  196. 196.

    Elizabelle

    October 2, 2018 at 6:18 pm

    @SiubhanDuinne:

    maybe his wife could visit some shithole countries in Africa.

    And ask for the asylum while there. Yeah. Like that’s gonna happen …

  197. 197.

    Brachiator

    October 2, 2018 at 6:19 pm

    @West of the Rockies:

    Can we respond with insult and invective?

    Ha! That would probably crash the Internets.

    And it would be worth it.

    Even though I guess this test is good and worthwhile, I hate that Trump is part of it in any way.

  198. 198.

    Ruckus

    October 2, 2018 at 6:19 pm

    @ruemara:
    It isn’t hard in the least. All that is required is to open your eyes and look. Oh and not make excuses about why your eyes are closed.

  199. 199.

    A Ghost To Most

    October 2, 2018 at 6:20 pm

    @Raven:

    She’s calling it idiopathic and basically said to drive on.

    You sure she said idiopathic?

  200. 200.

    Mary G

    October 2, 2018 at 6:21 pm

    Somebody’s come out from behind No Labels: Michael Bloomberg jolts Senate battle with $20 million for Democrats
    (WaPo):

    Bloomberg — a former Republican and declared political independent — says the emotional national debate over ­sexual-assault allegations against President Trump’s Supreme Court nominee Brett M. Kavanaugh has energized Democratic voters and provides an opening for the party to be more competitive in rallying women and swing voters, his advisers said Tuesday, adding that he sees last week’s contentious hearings as a tipping point.

    “Mike was extraordinarily disappointed in the Republican leadership in the Senate and feels increasingly passionate about changing it,” Bloomberg adviser Kevin Sheekey said. “And he’s already enthusiastic about the impact he’s having on House races and increasingly confident that he can contribute to a Democratic takeover.”

    The enormous sum brings Bloomberg — who has already pledged to spend $80 million to support Democratic congressional candidates — up to $100 million in spending commitments for the 2018 election cycle, firmly positioning himself in the Democratic camp as he contemplates a bid for the White House.

  201. 201.

    Ruckus

    October 2, 2018 at 6:21 pm

    @Jim, Foolish Literalist:
    I don’t know but if millions did…….

  202. 202.

    khead

    October 2, 2018 at 6:22 pm

    @tobie:

    My lunch with a friend or family member who is an LLC or S-corp is not a fucking tax deduction.

  203. 203.

    Roger Moore

    October 2, 2018 at 6:23 pm

    @burnspbesq:

    If you can convince a judge that you sincerely believe the outlandish bullshit that you claim to believe, you stand a pretty good chance of skating, because your behavior won’t have been willful. There is a Supreme Court case called Cheek that stands for that proposition.

    I thought that was true only of claims for why your particular tax avoidance scheme was within the law. The kind of stuff the sovereign citizens claim- the 16th Amendment was never properly ratified, income taxes are strictly voluntary, etc.- was explicitly ruled as not a good faith belief that what you’re doing is legal. From the abstract for the case:

    There is no willful violation of the tax law if someone actually believes in good faith that he or she is not violating it, even if that belief is based on an unreasonable misunderstanding of the law. However, there is no defense to willfulness based on a belief that the tax law is invalid or unconstitutional.

  204. 204.

    Elizabelle

    October 2, 2018 at 6:26 pm

    Benjamin Wittes in The Atlantic:

    I Know Brett Kavanaugh, but I Wouldn’t Confirm Him
    This is an article I never imagined myself writing, that I never wanted to write, that I wish I could not write.

  205. 205.

    ruemara

    October 2, 2018 at 6:28 pm

    @Enhanced Voting Techniques: No. No, I don’t need to chill out. I’m right and you’re heading into self made pretzel territory to avoid it. The Trumps never hid their names in NYC. Ivanka et al benefited from the Trump name. Even though he was a buffoon, it wasn’t an obstacle since they were not seen as buffoons. Money covers a lot of things and the rarified old money wasn’t going to get too cozy with the coarse new money, but they weren’t going to ostracize them much since they were getting richer and the money was aging in quite nicely. There was no real embargo against the Trumps. Disdain, but look at all the ways they’ve avoided scrutiny. Gah.

  206. 206.

    Brachiator

    October 2, 2018 at 6:30 pm

    @SiubhanDuinne:

    (Okay, maybe his wife could visit some shithole countries in Africa. That’d work, yes?)

    Speaking or which, a recent news item:

    A luxury handbag designer in Palm Beach, Florida, has reportedly been chosen by Donald Trump as the next US ambassador to South Africa.

    The appointment of Lana Marks, whose products sell between $10,000 and $400,000, would be likely to cause some surprise: Marks was born in South Africa but has not lived there for more than 40 years.

  207. 207.

    Kay

    October 2, 2018 at 6:31 pm

    I want a nationwide crack down on white collar crime. Dragnets. Huge busts. A public tip line, so we can call in clues.

    They’ll have to set up night courts to process the arraignments. Their lawyers should have to add staff it’ll be so busy what with defending them. It’ll be mostly looking at documents and they’ll be working in the best neighborhoods. Law enforcement will be begging to be reassigned to this task force after so many years of exclusively prosecuting poor people.

  208. 208.

    Martin

    October 2, 2018 at 6:31 pm

    Regarding why there isn’t more enforcement, my guess is that the deliberate complexity and obfuscation of the tax code makes it difficult to differentiate between what is and isn’t legal. Consider the one claim in the case against Trump – reporting property values that are lower for tax purposes.

    The problem here is that the way we value things here in the US is by market value – basically, what would it be worth if you sold it. And there’s pretty much only one way to do that which is to put it up for sale. Notably, this was a contributing factor to the financial meltdown. Banks appeared more overleveraged than they were when their mortgages were unsellable. An unsellable mortgage is therefore valueless, even though the homeowner may still be making their payments. That doesn’t really make sense. You could value the property as you would an annuity – it’s going to pay out $x per month for y months at a given interest rate. It’s worth at least $z. It may be worth more or less, but it’s at least not zero.

    Since it’s hard to set a market rate for a property not for sale, someone else needs to do it. In other countries that would often fall to a government official. In the US, we just ask the asset holder to spitball it. Same for corporations. It’s a huge problem that should have gotten fixed after 2008 and wasn’t. I mean, we learned that S&P wasn’t worth shit, but nothing more than that.

    But I read the article about Trump and every single claim is ‘qualified’ illegal. In other words, nobody clearly knows if it’s legal or not, probably not even the IRS. That’s a huge problem to me.

  209. 209.

    HeleninEire

    October 2, 2018 at 6:32 pm

    Gosh I miss this time of night at BJ. 6:30 NY time. Just getting home opening the bottle of wine and chilling.

    Here it’s 11:30 and I need to go to sleep (or at least try) cuz I gotta get up in 7 hours.

  210. 210.

    debbie

    October 2, 2018 at 6:33 pm

    @ruemara:

    As I recall, Trump courted his image as a buffoon because it got him attention. Liz Smith and Page Six would have sunk decades earlier without Trump’s assists.

  211. 211.

    Raven

    October 2, 2018 at 6:34 pm

    @A Ghost To Most: Easy

  212. 212.

    debbie

    October 2, 2018 at 6:35 pm

    @Kay:

    For the luvvagod, let the crack down begin!

  213. 213.

    Elizabelle

    October 2, 2018 at 6:39 pm

    @Kay: I want that too.

    The money recovered goes to more enforcement, public financing of campaigns, and infrastructure spending to give the rest of us a safer and more competitive environment.

  214. 214.

    Corner Stone

    October 2, 2018 at 6:39 pm

    @Elizabelle: Fuck Ben Wittes. Fuck him up his stupid ass.

  215. 215.

    khead

    October 2, 2018 at 6:39 pm

    @Martin:

    So let’s give the IRS that hammer as I suggested earlier. The right – and those small business owners tobie and I are complaining about will squeal and complain about government overreach, etc – but I suspect tax revenues would increase. Plus, there’s a lot of underemployed lawyers out there. See LG&M. Also, I liked your earlier post about shielding wealth with trusts and real estate. I’m pretty cool with going that route.

    I know I am dreaming though because everyone hates the IRS.

    @Kay:

    This too.

  216. 216.

    JPL

    October 2, 2018 at 6:40 pm

    @HeleninEire: Sleep tight. After all what can happen in the next seven or eight hours.
    ah shit never mind.

  217. 217.

    Chris T.

    October 2, 2018 at 6:40 pm

    @Brachiator:

    Who else used these strategies? Maybe the owners of the Times or other wealthy New Yorkers? It’s common for the wealthy set to share the secrets of their success.

    They’re not really secret. (See any number of books and exposés.) The basic problem with them is that they only work if you have a lot of money to start with, that you can let sit for a while.

    Consider a simplified example. Suppose setting up a tax cheat offshore company costs $100k. This will save you 20% per year on the taxes on the returns from the money that you use to do this. You have $10M to invest for 10 years, at 5% per year without compounding, producing $500k/yr. The taxes you’ll save are $100k/yr. You essentially break even the first year, and then for the remaining 9 years, you boost your returns by $100k/yr.

    But if you have $10k to invest, your returns (at 5%) are not $500k/yr but rather $500/yr. You’ll save $100/yr on your taxes. To achieve this you must fork over $100k.

    The law, in its equal majesty, has provided you, as well as the rich, the opportunity to let your money shelter for $100k….

    (Note: some of these tax dodges are legal, and some are not. The fundamental principle, that you have to have a lot of money you can let sit for a while to make them work out, applies.)

  218. 218.

    Roger Moore

    October 2, 2018 at 6:42 pm

    @tobie:

    I’ve noticed, too, among the small business owners I’ve met that they treat a lot of personal expenses as business expenses and have quite a bit of unreported income.

    I have long suspected a lot of small businesses are only profitable because they cheat seven ways from Sunday: don’t report income, claim illegitimate expenses, cheat their employees, etc.

  219. 219.

    Mary G

    October 2, 2018 at 6:42 pm

    @Elizabelle: @Corner Stone: Remember when he did the “I know Kavanaugh, he’s a friend and great carpool dad” thing on Twitter, got mercilessly roasted over it, and quit Twitter in a huff? He doesn’t mention all that.

  220. 220.

    Elizabelle

    October 2, 2018 at 6:43 pm

    Come back, Ruckus.

    sab mentioned him on the previous thread, and reminds me that I do miss him. Come back, come back.

    Can any California meetup pal get in touch with him? And do tell him: the pie filter works. If he needs to limit the scope of what he sees here to remain sane, use that pie filter.

  221. 221.

    Elizabelle

    October 2, 2018 at 6:43 pm

    @Mary G: You don’t say!

  222. 222.

    Elizabelle

    October 2, 2018 at 6:44 pm

    @Mary G: BK as car pool dad, and all the young girls now have cattle prods and mace.

  223. 223.

    Omnes Omnibus

    October 2, 2018 at 6:45 pm

    @Elizabelle: What did I miss?

  224. 224.

    Roger Moore

    October 2, 2018 at 6:45 pm

    @debbie:

    I need a new rule book.

    The Republican rule book:

    1) IOKIYAR
    2) See Rule 1

  225. 225.

    Mary G

    October 2, 2018 at 6:51 pm

    FTFNYT finds a Kavanaugh smoking gun in a note about Beach Week signed “Bart:”

    In 1983, Judge #Kavanaugh penned a letter to seven friends about the arrangements for Beach Week. He said they should warn the neighbors they were "loud, obnoxious drunks" and "prolific pukers." Our story @davidenrich https://t.co/X4WDoKplnU pic.twitter.com/wSBTrWIor0— Kate Kelly (@katekelly) October 2, 2018

    Includes bonus “FFFFF”

  226. 226.

    gene108

    October 2, 2018 at 6:52 pm

    @Enhanced Voting Techniques:

    It’s just weird how reporters chased down President Obama’s third cousins in Kenya but have nary a word to say about Trump’s siblings.

    Obama’s family is proud, I suspect Trump’s isn’t. It’s not like “I am Donald Trump’s brother” is going to win you friends in NYC.

    Trump’s family is not proud of him. Look at how many of his first cousins in Scotland paid him a visit, when he went there as President.

    Kenya, as a nation, was proud of Obama, because his father was from there. Scotland doesn’t care that Mary Trump was born and raised there and they loathe her son something fierce.

  227. 227.

    Vor

    October 2, 2018 at 6:54 pm

    @Raven: couple years ago my son and I paid a prospective student visit to a school which shall remain nameless. I was surprised to see that the students working the event, specifically for Admitted Students, were wearing fraternity logo shirts and not school logo shirts. Almost all of the student workers had Greek outfits. Then we toured the dorms and it all made sense. The dorms at this school were bad, really bad. My theory was everyone was joining frats just to find decent housing.

  228. 228.

    Brachiator

    October 2, 2018 at 6:54 pm

    @Chris T.:

    Who else used these strategies? Maybe the owners of the Times or other wealthy New Yorkers? It’s common for the wealthy set to share the secrets of their success.

    They’re not really secret.

    I meant “secret” sarcastically. That is, the wealthy set talk among themselves, and don’t share it with those not in their little club. But their tricks are not particularly arcane or complicated or particularly sophisticated in some instances.

    However, the way that the Walton family has used grantor retained annuity trusts (GRAT) to shelter income is a thing of beauty, and, as one business reporter noted, “makes a mockery out of the tax code.”

  229. 229.

    Corner Stone

    October 2, 2018 at 6:56 pm

    @Elizabelle: Ruckus has been all over the site the last few days, including discussing whatever is going on with that asshole in Athens.

  230. 230.

    Raven

    October 2, 2018 at 6:56 pm

    @Vor: I dunno, Georgia has a ton of fancy new dorms and lot’s of frat rats too.

  231. 231.

    Litlebritdifrnt

    October 2, 2018 at 6:56 pm

    Fell into a youtube wormhole and found this Cass Elliot talking about how college kids need to register to vote in 1972!

    https://www.youtube.com/watch?v=NKdknYaSHgE&list=RDnNpx7CWLbCk&index=3

  232. 232.

    Corner Stone

    October 2, 2018 at 6:59 pm

    @Mary G: This Atlantic article is not exactly making inroads on that bit of stupidity. Ben Wittes is dumb. No one should listen to him about anything.

  233. 233.

    Jeffro

    October 2, 2018 at 6:59 pm

    Well lookee here (deserves its own post, btw): some folks y’all will recognize have gotten a jump start on the post-Trumpov era.

    it ain’t a Truth & Reconcilation Committee, but this’ll look good for 2020 (and oh hey be great policy besides)

    We have examined norms and practices surrounding financial conflicts, political interference with law enforcement, the use of government data and science, the appointment of public officials, and many other related issues. We have consulted other experts and former officials from both parties. Despite our differ- ences, we have identified concrete ways to fix what has been broken.

    And this is just the low-hanging fruit. Imagine if we actually require an up-or-down vote on presidents’ SCOTUS nominees within 90 days of their nomination, regardless of when the next election is or which party is in power…or just fucking abolishing the Senate

  234. 234.

    Mary G

    October 2, 2018 at 7:02 pm

    FTFNYT comes up with more dirt, this time on Mark Judge:

    From the underground paper Mark Judge ran at Georgetown Prep: https://t.co/iwSCDwC0Y8 pic.twitter.com/Qrq84OizOg— Clara Jeffery (@ClaraJeffery) October 2, 2018

    Speaking about Dr. Blasey Ford’s prep school “home of the most worthless excuses for human females.”

  235. 235.

    TenguPhule

    October 2, 2018 at 7:03 pm

    @burnspbesq:

    Wrong again.

    Sorry, you’re wrong here. Sovereign citizens have recycled the same old tired disproven conspiracy theories that the tax courts have ruled that even presenting them as a defense can be considered an abuse of the court’s time and subject to sanction.

  236. 236.

    Ruviana

    October 2, 2018 at 7:05 pm

    @cope: This is one of my most favorite things ever! It’s at least part of why I read Charlie every day, to see if that comes up.

  237. 237.

    TenguPhule

    October 2, 2018 at 7:05 pm

    @Roger Moore:

    I have long suspected a lot of small businesses are only profitable because they cheat seven ways from Sunday: don’t report income, claim illegitimate expenses, cheat their employees, etc.

    Sadly this is true. And they make it a royal pain in the ass to find that money.

  238. 238.

    debbie

    October 2, 2018 at 7:06 pm

    Can we text mean responses without consequences?

  239. 239.

    Mary G

    October 2, 2018 at 7:08 pm

    @Mary G: Went and read the article incognito: Mark Judge called girls from Blasey Ford’s school “Holton Hosebags.”

  240. 240.

    khead

    October 2, 2018 at 7:09 pm

    @Roger Moore:

    Imagine if you will a world where everything you do is tax deductible.

  241. 241.

    TenguPhule

    October 2, 2018 at 7:09 pm

    @Kay:

    I want a nationwide crack down on white collar crime. Dragnets. Huge busts. A public tip line, so we can call in clues.

    As I’ve said each time this canard is brought up, First you have to fix the fucking laws to make prosecuting white collar crime easier. Make the penalties harsher. And fund the investigators. Its not for want of desire but lack of resources and legal standards that the rich have one law while the rest have another.

  242. 242.

    Omnes Omnibus

    October 2, 2018 at 7:10 pm

    @Raven: Hey, I saw a Niro in th wild today. Nice looking car.

  243. 243.

    Origuy

    October 2, 2018 at 7:10 pm

    @Raven: When I was at UIUC, joining a Greek house was one of the few ways you could get out of the dorms before you were a junior.

  244. 244.

    gene108

    October 2, 2018 at 7:11 pm

    @Martin:

    The problem here is that the way we value things here in the US is by market value – basically, what would it be worth if you sold it. And there’s pretty much only one way to do that which is to put it up for sale. Notably, this was a contributing factor to the financial meltdown. Banks appeared more overleveraged than they were when their mortgages were unsellable. An unsellable mortgage is therefore valueless, even though the homeowner may still be making their payments. That doesn’t really make sense. You could value the property as you would an annuity – it’s going to pay out $x per month for y months at a given interest rate. It’s worth at least $z. It may be worth more or less, but it’s at least not zero.

    Since it’s hard to set a market rate for a property not for sale, someone else needs to do it. In other countries that would often fall to a government official. In the US, we just ask the asset holder to spitball it. Same for corporations. It’s a huge problem that should have gotten fixed after 2008 and wasn’t. I mean, we learned that S&P wasn’t worth shit, but nothing more than that.

    You have this backwards. Assets are recorded at historical value, i.e. what you paid for it. The issue, with the financial crisis in proposing things like real mortgage relief is it would have forced banks to write down the value of their mortgage backed securities to market value, thus causing the banks to report a loss in their income statement, and reduce the value of assets banks carried on their books, which would limit the amount they could lend.

    The issue with asset valuation for tax purposes is the tax code and GAAP are not in sync, with regards to how to report or calculate things like depreciation. This leads to differences in the book value versus tax value of assets, which can lead to tax benefits, if done correctly.

    How far Trump and family pushed the envelope on this is yet to be determined, but given their unethical nature, I bet they pushed a lot.

  245. 245.

    TenguPhule

    October 2, 2018 at 7:11 pm

    @khead:

    Imagine if you will a world where everything you do is tax deductible.

    Or save your imagination and simply look at Kansas.

  246. 246.

    Elizabelle

    October 2, 2018 at 7:14 pm

    @Omnes Omnibus: Maybe not all that much. I just remember Ruckus mentioning he might take a break from us a while back, and I am not around enough to see if he’s here or not.

  247. 247.

    Shana

    October 2, 2018 at 7:15 pm

    @Jim, Foolish Literalist: Dunno. Let us know.

  248. 248.

    Elizabelle

    October 2, 2018 at 7:15 pm

    @Corner Stone: Marvelous. Thanks.

  249. 249.

    Jeffro

    October 2, 2018 at 7:16 pm

    Other disclosures coming out tonight: Brennan/McConnell shouting match over Russian election interference…that’s new.

    Hey Mitch, you SURE you want to go to the mat for this guy Kavanaugh?

  250. 250.

    Elizabelle

    October 2, 2018 at 7:18 pm

    @Jeffro: Link? Wow!

  251. 251.

    TenguPhule

    October 2, 2018 at 7:18 pm

    @Jeffro:

    Brennan/McConnell shouting match over Russian election interference

    TWO enter.

    Nobody leaves.

  252. 252.

    Shana

    October 2, 2018 at 7:24 pm

    @Raven: That’s where I thought that comment was going too. God knows I went to bars a lot when I was in Champaign-Urbana but I don’t remember any bar fights. But then again I wasn’t in a sorority and wouldn’t have gone to a greek bar if I could help it. Now that I think about it, I probably spent more time at Mabel’s watching the Vertebrats and anyone else who came through town than anywhere else.

  253. 253.

    Jeffro

    October 2, 2018 at 7:25 pm

    Reporting/excerpts from The Apprentice, out today!

    Would be devastating, if Americans actually read anything anymore…

  254. 254.

    Brachiator

    October 2, 2018 at 7:29 pm

    @Jeffro: There’s no video?

  255. 255.

    Jeffro

    October 2, 2018 at 7:36 pm

    @Brachiator: I think there was something on Snapchat…oh wait, there it goes…

  256. 256.

    smedley the uncertain

    October 2, 2018 at 7:38 pm

    @Brachiator: Another fvkng robo-call…

  257. 257.

    Amir Khalid

    October 2, 2018 at 7:46 pm

    @gene108:
    If anything, people in Scotland loathe him all the more because his mother was Scottish.

  258. 258.

    Waynski

    October 2, 2018 at 7:55 pm

    @Immanentize: I was a bouncer and a bartender in college and then in NYC in the 90s. I had to break up fights almost on a nightly basis. Depends on the clientele (and whether or not you have a pool table – almost everyone of the fights was about a game of stick that was being wagered on… darts… not so much).

  259. 259.

    KithKanan

    October 2, 2018 at 8:03 pm

    @Waynski: So you’re telling us that Harold Hill was right?

  260. 260.

    Roger Moore

    October 2, 2018 at 8:15 pm

    @Vor:
    Is the school in question the employer of one of our Front Pagers? Because I remember going to a prospective student thing at a school that employs one of our front pagers, being put up at a frat rather than a dorm, being shocked at how bad the housing was, and being told the dorms were worse. FWIW, this played a substantial role in my choosing a different school.

  261. 261.

    Kay

    October 2, 2018 at 8:21 pm

    Instead of Elizabeth Warren’s ” a cop on the beat” we could have real cops on the beat. A special force. No weapons, because this is white collar crime force.

    These scofflaws will continue to run rampant in our streets unless they’re stopped.

  262. 262.

    TenguPhule

    October 2, 2018 at 8:28 pm

    @Kay:

    No weapons, because this is white collar crime force.

    Actually you’d want weapons, because these people think they can get away with anything. Up to and including murder.

  263. 263.

    J R in WV

    October 2, 2018 at 8:36 pm

    @Dorothy A. Winsor:

    If there’s one thing the NYT should do well, it’s financial reporting, given their proximity to the banks and Wall Street.

    Actually, it is just the reverse. The FTFNYT dares not report accurately on banking and investment firms, because that would cause the Sultzbergers to no longer be invited to the swellest cocktail parties. It would also decrease the value of their investments as actual reporting might cause actual law enforcement, which would never do, would it?

  264. 264.

    VOR

    October 2, 2018 at 8:40 pm

    @Roger Moore: No, the school in question has no connection. My son and I toured a whole bunch (>10) of schools and this place had the worst dorms, no contest. Old, run-down, dirty, overcrowded. But the school had a shiny new performance hall so you could see where their investments had gone.

  265. 265.

    burnspbesq

    October 2, 2018 at 8:49 pm

    @A Ghost To Most:

    Yup, it does. But when willfulness is defined as intentionally disregarding a known legal duty, the door is opened for what one of my professors called the “pure heart, empty head” defense.

    Put another way, ignorance of the law is no excuse, except when it is.

  266. 266.

    Aleta

    October 2, 2018 at 9:08 pm

    I’d like to see white collar crime moved out of the Business section, and crimes by politicians moved out of the Politics section. Put them together with coverage of hostages, arson, kidnapping, murders. (I know, these days, those stories are often put in Local or City coverage. There is no Crime section. It rankles me though to see the blurring in the stories about business crime and political crime.)

  267. 267.

    Ruckus

    October 2, 2018 at 10:13 pm

    @Elizabelle:
    Thank you.
    Probably a dead thread but I did post on this thread at #201.
    I’ve been reading but posting a lot less, I’m one of those that has just about limited out on all the bullshit, and I have enough things going on IRL that something had to give a bit. And the stuff IRL can’t really be turned off, if it could it wouldn’t be as much of an issue.Ya gotta do what ya gotta do.

  268. 268.

    Elizabelle

    October 2, 2018 at 10:25 pm

    @Ruckus: Good to see you, Ruckus. Lurking is good.

  269. 269.

    J R in WV

    October 2, 2018 at 10:55 pm

    @Elizabelle:

    I wish some excellent reporting team could investigate the NY Times. Something is way off with them, on a lot of fronts. Editorial. Publisher’s suite?

    They have nearly a century of history of supporting fascists all over the world! Just look at their archives, they openly supported Mr. Joseph Stalin, Mr. Adolph Hitler, and the American-German Bund, aka American Nazi Party, until December 7th, that day which shall live in Infamy! I’m not sure about Generalissimo Francisco Franco in Spain, but if I had to place a bet without research, I know which way I would bet right now!!! Nazis Rule!!!

    And that’s what is wrong with the NY Times — the owners support fascists every time!!!

  270. 270.

    SFAW

    October 3, 2018 at 12:16 am

    @Jeffro:

    it ain’t a Truth & Reconcilation Committee, but this’ll look good for 2020 (and oh hey be great policy besides)

    I’m hoping for Truth and Retribution hearings, myself.

    I wonder how well a Turtle would do in the wilds of Sibirsk. Along with a former JAG-OFFicer. And a tub of orange-colored lard. And a blue-eyed, yellow-bellied Policy Wonk. And a CalifIowa dairy “farmer.” Among others.

  271. 271.

    J R in WV

    October 3, 2018 at 11:12 am

    @Immanentize:

    I used to drive a lot all around rural areas in mining country. I would stop at a random Hill Top Inn or Dew Drop Inn for lunch or dinner and a beer. Many were sparsely populated, some were crowded. Some had pool and a jukebox or a TV, others were quiet with conversation. There were always people from mildly drunk to monumentally drunk.

    I never had a bar fight. I never had a fight, ever. I didn’t get drunk myself, I needed to get on down the road after lunch and drive a long way back to home town base.

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