Write off

Not the Dutch election. No idea if Wilders or anybody else is a write off, for the Dutch polling stations will remain open till 21:00 local time. Then the checking, counting, recounting will start – all by hand to prevent Vladimir Putin and friends from meddling.


No it’s the leaked Bad Dude’s 2005 tax return. Surprise, surprise! The Dumb Deal fiddled his 2005 tax forms.

Even before he was unable – more like unwilling – to pay of a gigantic debt to his personal banker the Deutsche Bank. The media story full of underpinning facts, is that the bank asked for a repay of an installment of their loan to the Bad Dude.

Not in a mood to pay, the Bad Deal first refused and then took the bank to court. He accused it of causing the financial crisis so it was to blame for him not paying back money.

Now this circus took place in 2008. So well before the Bad Dude’s 2005 tax trick. According to the White House (shouldn’t that name be changed while Trump’s in office?) “Mr Trump made more than $150m (£123m) in income in 2005 and  paid $38m (£31m) in tax, the White House said, ahead of a leaked tax return published by MSNBC.”

MSNBC published the leaked document and other media had a look. According to the UK Telegraph: “ … The president wrote off $100 million in losses to reduce his federal taxes, according to the documents.  Mr Trump’s hefty business loss appears to be a continued benefit from his use of a tax loophole in the 1990s, which allowed him to deduct previous losses in future years. … The documents showed the losses were so large they could have allowed Mr Trump to avoid paying taxes for up to 18 years.

Interesting loophole. If this write-off business started in 1990 and enabled Trump to avoid paying taxes for 18 years, this scheme would have worked till about 2008. If Trump’s accountants started the write-off loophole in 1999 and used it for 18 years, my calculator comes up with 2017.

Is this why he is not coming clean about his business empire, his finances, his tax returns and how much tax he pays?

UK Telegraph: Trump wrote off losses to cut taxes
UK Guardian: How Trump became Deutsche Bank’s
Bloomberg: Trump may have conflict of interest with Deutsche Bank

 

 

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About Kate

Multilingual arts & culture journalist, blogger, columnist, writer and translator. Contributor to international (news) media. 2014 winning columnist Gentse Schrijversdagen, Gand, Belgium.
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