Americans are about to find themselves with a powerful role model
Nov 1, 2016, 6:04 AM | Updated: Nov 2, 2016, 10:25 am
Perhaps we’ll learn how two public servants could go from bankrupt to a net worth of $110 million running a charity, someday. (AP/Canva)
(AP/Canva)
As the Clinton campaign deals with the FBI’s latest innuendo bomb, The New York Times evidently decided it was time to lob one of their own at Donald Trump by updating what they now know about his still-secret tax returns.
The Times reports that back in the 90s, as his company was failing, Trump got his lenders to cancel his overdue debts. Nothing new there. In fact, he brags about it in his speeches. But the way the IRS sees it, when a bank cancels your debt, it’s the same as the bank giving you money. And the IRS wants you to pay income tax on it.
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Well, rather than report the loans as income, the Times reports, Trump just reimbursed the banks with a piece of paper awarding them a stake in his basically worthless partnership. And presto, no tax!
In a reply to the Times, a Trump spokeswoman denied there was anything wrong, of course, and added, “Mr. Trump does not think taxpayers should file returns that resolve all doubt in favor of the IRS.”
And of course, Trump doesn’t have a monopoly on this kind of ingenuity. The IRS is also examining the Clinton Foundation. Maybe one day we’ll learn how two public servants could go from bankrupt to a net worth of $110 million running a charity.
What effect could all of this have on the voting? I’m guessing the main effect will be after the election. Because there are a lot of people who think their income is none of the IRS’s business.
Whichever way it comes out, after Nov. 8, they will find themselves with a very powerful role model.
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