President Trump and his allies have tried to paint the Democratic nominee, Joseph R. Biden Jr., as soft on China, in part by pointing to his son’s business dealings there…. But Mr. Trump’s own business history is filled with overseas financial deals, and some have involved the Chinese state.Read more
But beyond the minutiae of tax, the latest Trump data tells a far bigger and more important story. It tells a tale of desperation.
Trump emerges as a man living large, losing large, and constantly staying just one step ahead of his creditors. His businesses lose money. This gives him tax losses but the need for cash to keep living large. He gets lots of money — some $300 million at least — from borrowing. And Trump, the self-proclaimed King of Debt, knows that borrowing is not taxable income.
“Throughout his career, Mr. Trump’s business losses have often accumulated in sums larger than could be used to reduce taxes on other income in a single year,” the Times reported. “But the tax code offers a workaround: With some restrictions, business owners can carry forward leftover losses to reduce taxes in future years.”Read more
The court asked the parties to address whether the court even has the ability to decide who should prevail in the dispute.
Lower US courts have upheld US House of Representatives’ use of committee subpoenas for Trump’s financial records dating back years from his longtime accounting firm Mazars USA, and from Deutsche Bank and Capital One.Read more