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Effortpost: Some Thoughts on Trump's Tax Returns

Disclaimer: I am a trainee chartered accountant who works in large tax firm. My specialty is a very specific area of corporation tax; I do not prepare tax returns in my job, and I don't work with personal tax. I live and work in the European Union, but the tax issues are high-level principles, and in general I think the conclusions aren't really affected by the specificities of the US tax code. Nothing in this post should be taken as tax or legal advice in any context.
I wanted to try and put down some thoughts on the Trump tax return revelations in order to achieve some kind of catharsis in the face of what I think is a lot of misinformation and misunderstandings. I'll include headings for each issue on my mind and hopefully people can either gain some insight or engage with me to help me to understand better.
Tax Planning, Avoidance and Evasion
First, let me explain with examples what each of these terms refer to.
Tax Planning is the use of tax incentives to minimize a tax bill which are contemplated by the drafter of the tax code. An example is a scheme that would allow you to pay your gym membership using your pre-tax pay: when you pay the sum out of the gross amount, you won't suffer tax on the amount paid, and as such you will pay less tax. The idea is that by incentivising the population to spend on a certain outcome, the benefits of the outcome (healthier people) will be more efficient for the system as a whole (healthcare or mental health or whatever).1
Tax Avoidance is the implementation of aggressive or inventive tax structures in order to reduce a tax bill in a manner which is either legal or illegal, characterised by the lack of contemplation on the part of the drafter of the tax code. In other words, it means you are finding a "tax loophole" that doesn't necessarily generate value otherwise for the state and taking advantage of it to reduce your tax bill. A famous example of this is the "Dutch Sandwich": large corporations took advantage of the relationship between different international treaties in order to shift profits to a low tax jurisdiction such as Bermuda.2
Tax Evasion is illegal tax avoidance. Let's say you rent a property and ask your tenant to pay you in cash. You then do not declare this cash as rental income, thus avoiding having to pay tax on your rental income. This is illegal because you haven't presented a fair and true set of information of your taxable income/expenses for the tax year, so you are evading the payment of tax. You could, for example, claim a tax refund to which you are not entitled.3
With regard to Trump, tax avoidance alone with respect to his personal affairs should constitute a black mark on his record as a public servant. It ought to be a huge scandal that a politician avoided tax, no matter how elusive and clever the scheme, because tax avoidance results in a deficit in the year's tax revenues that has to be made up for by the taxes paid by the public. If even a comedian has enough shame to apologise and roll back his tax avoidance arrangements, a presidential candidate should do it in a heartbeat.4
Carry-forward Losses
Carry-forward losses are a technically complicated area of taxation, and I am not at all privy to the rules in the US. This doesn't matter though, because in principle the implementation is extremely understable. It means that when you have a business venture, and you make a loss in a given year, you can use that loss in future years to avoid paying tax on the profits. Let's take a super short example:
Let's say I have income in Year 1 of 100 and expenses of 120, so I make a loss of 20. I don't pay tax on my loss. Let's say I have income in Year 2 of 100 and expenses of 80, so I make a profit of 20. The previous year's loss cancels out my profit this year, and I don't pay any tax.
The result is that you consider the entire business venture in its entirety, because it would be unfair (and unproductive) to force a business to suffer tax on its profitable years but to ignore the years it made a loss.
For me, carry-forward losses do not come close to avoiding a tax burden for 11 of 18 years, as per the NYT article. Perhaps the layout of his taxes paid is bizarre (he could have had a huge tax bill in a single year which means the lack of tax paid in the other years is explained). The reason that this is telling is in the opening paragraphs of the NYT article:5
He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
"Largely because he reported losing much more money than he made."
This is the idea you have to grip in your head: if Trump were an investment machine, you would put a dollar in and get back 30 cents. These facts outline the financial profile of a business operative whose extreme incompetence and lack of self control has resulted in losses for the shareholders of the businesses for which he is responsible. A capable member of management has literally one job: make money for the company's shareholders, and it is clear that in the aggregate Trump has not been able to succeed in doing this.
The article outlines further that the only area in which Trump was successful was in his capacity as a performer in the context of shows like The Apprentice6 or ads for Oreos7 or Domino's pizza.8 His only successful venture is playing the part of a caricature of the businessman he pretends to be in his professional life, whereas in reality he was a total failure. Trump's only successful business investments are companies in which he did not perform a management role: those where he invested capital and the business was ran by someone else.
Quick Fire TL:DR Round
Last thing: "Maximise Present Value of Cash Flows"
Here's a comment that frustrated me immensely, but it's posted in an echo chamber so I couldn't reply: https://old.reddit.com/Conservative/comments/j106fp/ny_times_trump_paid_750_in_us_income_taxes_in/g6wv06i/
The argument is that the losses are sustained in order to maximise present value of cash flows:9
Not even close. Again, Amazon was a company with negative net income and worth hundreds of billions of dollars. Is that also a failed business? Amazon and Trump seem to be employing the same strategy - using their free cash flow to maximize future earning potential. All Trump's tax returns tell us is that he is trying to "maximize present value of future cash flows" - exactly what Amazon does.
This is intensely misleading and doesn't take into account the stark differences between Trump's area of operations and Amazon. Moreover, the correct comparison isn't the entity Amazon, it's Bezos, and the taxes he paid as the leader of a large & successful conglomerate over the course of 11 years or so.
In certain industries, it's common to sustain heavy losses in early operational years in order to prepare for years when you expect your business venture to generate revenues. Take a pharmaceutical company: during the years when you are researching and developing your drug, you can't sell it, so you make losses on that specific venture: but when you finally start to actually get people paying for your product, you can often command a price high enough to recuperate whatever losses you made. In the case of Amazon, Jeff Bezos devoted the company's strategy to building a robust and near-monopolistic infrastructure where Amazon inhabits so many areas of consumers' lives that they turn to it without thinking for everyday products, subscriptions etc.
The question I would love to grill this commenter on is super simple: when your businesses are casinos, golf courses and hotels, what exactly is the event or change you are expecting to take place in the future that will suddenly "maximise your future cash flows"? What is the future investment that Trump's ventures are sustaining net losses on that are going to be profitable in the future? Why are Trump's competitors in these sectors generally able to run their businesses with enough alacrity to generate a profit?
If Trump were an able businessman, there is no reason he shouldn't be able to run these businesses successfully.
Questions
If anybody is curious about anything above and wants to discuss it, or just ask me to explain/give my impressions on any of this stuff, feel free to ask and if I think I understand it it would be fun to discuss.
For anyone who understands the US tax system better than I do: one issue I can't wrap my head around at all is how people keep talking about "depreciation" in the context of these revelations. If you think you understand it, can you explain to me how Trump or others think depreciation has anything to do with the information revealed in the NYT article? Depreciation, as a rule, shouldn't affect taxable income because it's an accounting entry and not a deductible/relevant tax expense.
1 https://www.unionen.se/rad-och-stod/friskvardsbidrag-fran-arbetsgivaren, for example.
2 https://en.wikipedia.org/wiki/Dutch_Sandwich.
3 https://en.wikipedia.org/wiki/Wesley_Snipes#Income_tax_conviction.
4 https://en.wikipedia.org/wiki/Jimmy_Carr#2012_tax_avoidance_controversy.
5 https://www.nytimes.com/interactive/2020/09/27/us/donald-trump-taxes.html.
6 https://www.theguardian.com/us-news/2020/sep/29/trump-tax-returns-the-apprentice-empire.
7 https://www.youtube.com/watch?v=YIRtruagdPc.
8 https://www.youtube.com/watch?v=ouG9cVhjPds; https://www.youtube.com/watch?v=lEROWjPdCNU.
9 The use of this phrase in this context is total nonsense. "Net present value" is an investment evaluation technique that takes into account the time value of money for future investment flows. What the commenter means, I think, is effective working capital management: based on the facts in the article, Trump is an atrocious working capital steward as the losses he sustains through his businesses will have to be supplemented with additional capital in the business, either from his own pocket or shareholders he can convince to invest.
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Bundle Deals
For $5-$6 games (scroll through the list, and you'll see hundreds of games listed at $5 and $6; these games can be bundled for these deals)
This post is organized as follows. There's a TON here, so please check out everything, as items can be easy to miss!
Feel free to ask for detailed pictures on anything! Pictures for a lot of items are hyperlinked throughout the post. If you want more photos on any items, just ask! I'm honestly cool with taking as many photos as you'd like.
https://imgur.com/a/vEt3LAj
1) Consoles/Console Bundles
Consoles are all tested thoroughly and working. ALL consoles listed have all cords needed to play right away
Nintendo
Sony
2) Controllers/Accessories
Controllers are all OEM and tested thoroughly. Any defects are noted.
Gamecube
NES
Nintendo 64
Playstation 2
Sega Dreamcast
Wii
XBOX 360* World's Scariest Police Chases -$8 * World Worms Party -$10
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Games are CIB, unless otherwise noted. Games are all working great, and condition of games ranges from good to like new. As a precaution, assume discs and cases/artwork will show normal wear. Feel free to ask for pictures of any game(s)!
GBA
Loose
Gamecube
N64
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CIB
Carts Only
Nintendo 3DS
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Panasonic 3DO
Playstation
Long Box Games
Regular Games
Playstation 2
Playstation 3
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Sega Dreamcast
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Sega Master System
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All prices include shipping to the US (with the exception of Hawaii and Alaska).
I always give discounts on purchases of multiple games/consoles. Feel free to make your own offer on multiple items. The only prices that aren't negotiable are individual items.
Bundle Deals
For $6 games (scroll through the list, and you'll see hundreds of games listed at $6; these games can be bundled for these deals)
This post is organized as follows. There's a TON here, so please check out everything, as items can be easy to miss!
Feel free to ask for detailed pictures on anything! Pictures for a lot of items are hyperlinked throughout the post. If you want more photos on any items, just ask! I'm honestly cool with taking as many photos as you'd like.
https://i.imgur.com/rDMrR3k.jpg
1) Consoles/Console Bundles
Consoles are all tested thoroughly and working. ALL consoles listed have all cords needed to play right away
Nintendo
Sony
2) Controllers/Accessories
Controllers are all OEM and tested thoroughly. Any defects are noted.
NES
Playstation 2
Sega Dreamcast
Wii
3) Games
Games are CIB, unless otherwise noted. Games are all working great, and condition of games ranges from good to like new. As a precaution, assume discs and cases/artwork will show normal wear. Feel free to ask for pictures of any game(s)!
GBA
Gamecube
NES
CIB
Carts Only
Nintendo 3DS
Carts Only
Panasonic 3DO
Playstation
Playstation 2
Playstation 3
Sega CD
Sega Dreamcast
Sega Genesis
Carts Only
Sega Master System
SNES
Cart Only
TurboGrafx 16
Wii
Wii U
XBOX
XBOX 360
4) Factory Sealed Games
Playstation 2
Wii
submitted by arandomuzzerame to GameSale [link] [comments]

[USA] [H] Hundreds of Games [Gamecube, Wii, Wii U, SNES, PS1, PS2, PS3, Dreamcast, XBOX, 360, NES], Consoles, Controllers, More [W] PayPal

All prices include shipping to the US (with the exception of Hawaii and Alaska).
I always give discounts on purchases of multiple games/consoles. Feel free to make your own offer on multiple items. The only prices that aren't negotiable are individual items.
Bundle Deals
For $5-$6 games (scroll through the list, and you'll see hundreds of games listed at $5 and $6; these games can be bundled for these deals)
This post is organized as follows. There's a TON here, so please check out everything, as items can be easy to miss!
Feel free to ask for detailed pictures on anything! Pictures for a lot of items are hyperlinked throughout the post. If you want more photos on any items, just ask! I'm honestly cool with taking as many photos as you'd like.
https://imgur.com/a/vEt3LAj
1) Consoles/Console Bundles
Consoles are all tested thoroughly and working. ALL consoles listed have all cords needed to play right away
Nintendo
Sony
2) Controllers/Accessories
Controllers are all OEM and tested thoroughly. Any defects are noted.
Gamecube
NES
Playstation 2
Sega Dreamcast
Wii
3) Games
Games are CIB, unless otherwise noted. Games are all working great, and condition of games ranges from good to like new. As a precaution, assume discs and cases/artwork will show normal wear. Feel free to ask for pictures of any game(s)!
GBA
Loose
Gamecube
N64
NES
CIB
Carts Only
Nintendo 3DS
Carts Only
Panasonic 3DO
Playstation
Playstation 2
Playstation 3
Sega CD
Sega Dreamcast
Sega Genesis
Carts Only
Sega Master System
SNES
Cart Only
TurboGrafx 16
Wii
Wii U
XBOX
XBOX 360
4) Factory Sealed Games
Playstation 2
Playstation 3
Wii
XBOX
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