Trump paid ZERO in taxes in 2020

[stinkynuts]

https://www.cnn.com/2022/12/21/investing/trump-taxes/index.html

 

[skypilot68]

carry forward of previous year net operating loss.

 

[hamermill]

Al Capone never paid taxes either and look what happened to him.

 

[Frankfooter]

Of course.
Taxes are for losers.

(though he's a loser now so maybe its time to pay up for all those years)

 

[bazokajoe]

Don't know why this surprises anybody.
Lots of the super wealthy don't pay taxes. You can add some big businesses to that list to.

 

[stinkynuts]

Don't know why this surprises anybody.
Lots of the super wealthy don't pay taxes. You can add some big businesses to that list to.

From what I understand, they borrow against their assests. These loans are not counted as income, and therefore not taxed.

 

[jalimon]

Tax is for peasants.

 

[jalimon]

From what I understand, they borrow against their assests. These loans are not counted as income, and therefore not taxed.

Against their assets or stock options (like Musk does). Banks gives them very low interest rates that common peasants never gets. Works well unless you overvalued your assets and/or stock goes down...

 

[toguy5252]

From what I understand, they borrow against their assests. These loans are not counted as income, and therefore not taxed.

That is not unusual and there is nothing illegal or improper about it.

Of more concern is that he oy submitted to 1 of the 4 mandatory audits while in office and there was apparently a very large undisclosed loan from a foreign bank.