Trump Taxes Analyzed & Explained
Source: YouTube · Patrick Boyle · published Sep 29, 2020 · 16:29
Patrick Boyle explains how Trump's minimal tax payments were primarily achieved through legitimate tax provisions like business losses and carryforwards, with one controversial casino abandonment loss under IRS audit 0:00.
Key Takeaways:
• Trump's $750 tax payment in 2017 was achieved through legitimate business losses and tax carryforwards, not illegal activities 3:21
• Obama's 2009 tax law extending loss carry-back periods benefited Trump with approximately $700 million in refunds 3:36
• Trump's casino abandonment loss claim is under IRS audit and could result in significant penalties if disallowed 7:00
Despite tax complexities benefiting wealthy business owners, the top 1% now pay 38.5% of all US taxes, up from 19% in 1980.
Sources:
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First 800 characters of the transcript
welcome back to patrick boyle on finance today we're going to look at this weekend's new york times article on donald trump's tax returns i'm not going to weigh in on politics there are just a number of interesting issues that arise from the press piece that can be confusing for ordinary taxpayers like you and me the new york times did not publish trump's actual tax returns so we can't directly analyze them stepping over some of the potential scandals let's scrutinize for a minute how these complex tax returns work and if the wealthy really are paying almost no taxes at all businesses are able to carry net operating losses both forwards and backwards in time to mitigate their tax bills and in fact an obama tax law change in 2009 generated a huge windfall for trump we'll talk about abandonm…