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Seabee

Trump did nothing wrong with his $900 mill loss.

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While Hillarious is running off at the mouth about Trumps $900 million loss, The Donald is once again having to defend himself. Most people don't understand this aspect of the tax code which Trump took advantage of and think he cheated on his taxes that allowed  him to pay little or no taxes on the subsequent years.

No matter how you feel about this, Trump had every right to claim a large loss for the 1998 tax year there by allowing him to legally take a credit loss each year till it zeros out. In this case it took about 18 years to zero out.

i know this because I used the same carry over credit on my taxes on a home that I owned while living in Las Vegas about ten years ago.  This was about the time of the housing bubble as I got caught up in it. In 2006 I decided that I was going to move back to upstate N.Y. On a July afternoon when the temperature got up to 117 that day. The heat was just to much for me to stay there any longer. By April of 2007 I had a moving truck outside of my new home of 3 years loading up my worldly possessions. I had made arrangements for a management company to handle the renting of my home in northwest Vegas. My mortgage payment on that home was about $1,300.00 a month. Later in 2007 the Vegas economy started to tank. As time went on it became more difficult to keep tenants in my home and harder to find new ones.

it wasn't to much longer before I started getting behind on my mortgage payments. I went to consult a CPA for advice and he laid the cards out on the table. Under his advice I decided to walk away from the mortgage and let the bank take the house. When I bought the house it was worth $295,000.00. and after laying out $100,000.00 for the down payment I still owed the bank about $195,000.00.  You know the old saying  "You can't get blood out of a stone." and this is the way it was for me. 2008 was a rough year and by the end of the year, the bank was demanding all the money I owed. I basically threw my arms up and said I give up. 

The $100,000.00 down payment and the monthly payments I made to the bank till I couldn't pay anymore came to about $125,000.00 in losses. According to the tax code I was able to claim $25,000  against my income taxes starting in 2009 until the balance reached zero. I legally paid zero income taxes to the federal and state government. Trump did the same thing on his losses for 1998 that I did in 2009. The tax code is so complex that there are possibly many thousands of people that are not aware of the many legal loopholes. Therefore, there are a lot of people that cry foul when they hear about Trump using this legal loophole.

There are also many middle income people that can use this tax doge but are unaware of it. Also, it is important to know that this code gives many rich people like Trump the ability to claim the loss while giving them the chance to start over by building up a new business that will hopefully employ people. I consider this whole situation with Trump and his $950 + million loss all moot now. Let's move on to something else now.

 

 

 

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He is a business man....he took advantage of the laws that anyone else would have done the same but since its him and he is bucking the system they are all over it

 

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    • By coorslite21
      First........what the White Helmets really are.........
       
       
       
       
      Then the defunding article....
       
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      Conflict
      Trump freezes funding for 'White Helmet' volunteers as part of larger cut to Syrian aid
      PRI's The World
      May 04, 2018 · 3:00 PM EDT
      By Richard Hall  
      RTX242XS.jpg
      Residents and members of the Syrian Civil Defense, or "White Helmets," look for survivors at a damaged site after what activists said was a barrel bomb dropped by forces loyal to Syria's President Bashar al-Assad in the Al-Shaar neighborhood of Aleppo, Syria, Jan. 26. 2016.
      Credit:  Abdalrhman Ismail/Reuters
        Search and rescue workers in Syria say civilian lives are at risk after being hit by a freeze in US funding for their organization.
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      A State Department official told PRI that the review came at the request of President Donald Trump. They added that the US has provided more than $33 million in financial support to the group since 2013.
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      Twitter Ads info and privacy     The stalling of funds appears to be aimed at pushing other countries with an interest in the conflict, such as Saudi Arabia, to fill in the gaps as the US pulls back.
       
      “The president has been clear that partners and allies should assume a larger role in stabilizing Syria,” the State Department official said.
       
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      “Charitably, you could read it as an attempt to encourage more burden sharing by allies. But many of the United States’ friends are already contributing, and it doesn’t seem possible that they’ll be able to fill the gap left by the Americans,” says Sam Heller, a senior analyst on non-state armed conflict with the Crisis Group think tank.
       
      “This stabilization assistance has its own positive impact, but it’s also a complement and a prop for America’s other lines of policy effort in Syria, whether that’s deescalation in the country’s southwest or securing an enduring victory over ISIS in the northeast. All of that will be undercut if this assistance isn’t restored,” he says.
       
       
      Samantha Power, the US ambassador to the United Nations in the Obama administration, tweeted that the decision to stop funding the White Helmets was “beyond belief and must be fixed immediately.”
       
      “The White Helmets are volunteers who have heroically and selflessly saved tens of thousands of lives,” she added.
      Firas Abdullah, an activist and volunteer with the White Helmets, told PRI that the organization has not been officially informed of any halt to their funding, and that they receive support from a variety of different organizations.  
      But he said the organization’s work is vital for saving lives.
       
      “The situation can’t be imagined without the White Helmets. They are the ones who are rescuing and saving people under their houses after they’ve been destroyed above their heads,” he said by phone from the Aleppo countryside, in northern Syria.
       
      “It’s very important to support the White Helmets," he said. "They are working for humanity.”
      Meanwhile, as the Trump administration reduces funds for reconstruction efforts, it continues to bomb Syria. In the last week, the US-led coalition carried out 22 airstrikes against ISIS targets.
       
       
       
    • By coorslite21
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      =============================================================
       
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      6) China Trade deal opening up beef and LNG gas as well as giving a way to get 1 billion Chinese credit scores so the USA can offer them credit. Trade deal was done in record time.
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      14) Consumer and business confidence at record highs
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      18) Mines reopening
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      30) Coal mining rose 19% in USA for first 5 months per US energy Department
      31) 1st qrt GDP revised up to 1.4%
      32) USA now pumping 500k more barrels of oil per day since Dec 31st. Now at 9.3 million bpd. 3rd in the world only 1.2 million bdp behind Russia and Saudi Arabia
      33) USA is the world leader in natural gas production
      34) Institute for Supply Management says its manufacturing index rose to 57.8 last month from 54.9 in May. Anything above 50 signals that factory activity is increasing (07/03/17)
      35) 15 of 18 manufacturing industries posted growth in JUNE per ISM (07/03/17)
      36) The U.S. Department of Agriculture (USDA) statistics for fiscal year (FY) 2017 show that food stamp enrollment decreased nationwide by 2.9 percent over the past year (07/05/17)
      On Immigration
      1) Authorized DHS to hire 10,000 ICE officers & 5,000 border patrol agents
      2) Secured funding for more immigration judges for deportation cases in 2017 budget
      3) Ended "catch and release” policy
      4) ICE arrests up 40% as of May
      5) ICE arrests are 75% criminal illegals as of May
      6) Ice Arrests for non criminal illegals up 150% as of May due to sanctuary cities polices making Ice go to the home instead of the court houses
      7) 70%+ decrease in border crossings of illegal aliens in JAN,FEB,MAR,APR) 64% down in MAY
      8) No Cuban refugees seen by Coast Guard in Apr first time in 7 years
      9) Open bidding and plans submitted for the WALL. Finalists selected, prototypes to be unveiled this summer per CBP official/Breitbart news.
      10) 6ft chain linked fences being replaced by 20ft hardened steel fencing at border
      11) More than 1400 gang members have been arrested by ICE
      12) This year the U.S. has already deported 398 MS-13 gang members back to El Salvador – compared to only 534 for all of 2016
      13) Texas has passed a law outlawing sanctuary cities
      14) Foods stamp requests by ILLEGALS D O W N
      15) The Trump administration has moved to reopen the cases of hundreds of illegal immigrants who had been given a reprieve from deportation by Obama
      16) Per Sec Kelly Plans are to start building the WALL by end of summer.
      17) Travel ban EO cut refugees to 50,000. Has been blocked by courts so far.
      18) per Breitbart Sec Kelly has refused to expand H2-B visa program in FY 2017 Update 06/22/17 Sec Kelly will expand the H2-b visa program for a limited number of businesses that are in danger of failing and can’t find employment per breitbart.
      19) Pres Trump Sec of DHS ended DAPA (06/16/17)
      20) Refugees dropped by half entering the USA in first three months of Pres Trump’s admin over Obama’s admin. (6/24/17 per Washington Times)
      21) Per Pres Trump 6,000 MS-13 gang members arrested in first 5 months
      22) Per Sec Kelly 66,000 mostly criminal illegals arrested by ICE in first 5 months
      23) Kate’s Law passed the House 06/29/17)
      24) No Sanctuary Cities Law Passed the House (06/29/17)
      25) Illegal immigrant arrests in San Diego, Ca have more than doubled from 2016 and 2015 figures per the San Diego Union Tribune (07/04/17)
      26) In a reversal of Obama administration policy, federal prosecutors with Operation Streamline are filing criminal charges against migrants the first time they are caught crossing the border illegally. Per Tucson.com and breitbart (07/05/17)
      27) Refugee Arrivals Plummet in Week After Supreme Court Ruling on Trump Executive Order per Breitbart and Department of State website (07/05/17)
      ON LAW and ORDER
      1) Authorities have arrested an unprecedented number of sexual predators involved in child sex trafficking rings in the United States and around the world
      2) DOJ issues new sentencing guideline to enforce tougher laws on drug dealers
      3) DOJ stops Obama’s slush funds
      4) Massive raids on gangs going on across the nation
      5) More arrests for voter fraud in 2017 then anytime in recent history.
      6) DOJ and DHS ordered to take on transnational criminal gangs
      7) No tolerance for violence against LEO with a signed EO
      8) Fired FBI director
      9) Nominated Wray for FBI director
      10) Nominated 21 conservative judges to the federal court
      11) AG Sessions dismantling the Obama legal doctrine brick by brick at the DOJ per Bloomberg (06/29/17)
      12) Operation Broken Heart lead by the DOJ arrested over 1,012 sexual child predators across the nation bringing 69,000 cases against them. (06/28/17)
      13) AG Sessions has asked for an extra $26 million to hire 300 prosecutors devoted to gang violence and deportation cases per Bloomberg (06/29/17)
      14) DOJ drops case against the Washington Redskins (06/30/17) the era of Political correctness is over.
      15) AG Sessions condemned murder of NYPD on (07/05/17) calling the attack cowardly.
      ON Congressional and Executive action
      1) Confirmed Gorsuch to SCOTUS
      2) Signed 39+ Laws so far
      3) Signed more than 40+ EO
      4) Reviewing the Obama land grabs
      5) Reviewing and repealing Obama’s regulations
      6) Obamacare repeal and replace passed House stuck in Senate
      7) Tax cuts and reform moving through Congress
      8) Submitted 2018 Budget that cuts spending and give a pathway to a balanced budget in 10 years.
      9) Returned power to make decisions on “transgender bathrooms” to states
      10) Instituted 5-year lobbying ban for all Executive branch appointees
      11) Instituted permanent lobbying ban for foreign governments for all Executive branch appointees
      12) Banned aid helping foreign countries provide abortions (Mexico City Policy)
      13) Formed Commission on voter fraud led by VP Pence
      14) Returned the mission of NASA to space exploration
      15) Installing aspects of extreme vetting at points of entry to the USA
      16) signed Two bills into Law on June 2nd that makes it easier for family members of slain LEO to get benefits and that helps hire Veterans as LEO
      17) Sec of VA is starting process to combine the DOD and VA medical records to improve Veteran’s health. Massive shift in government policy.
      18) Pushing a massive overhaul of our FAA Air Traffic control….
      19) House votes to roll back Dodd Frank goes to the Senate
      20) Senate votes for VA accountability act. Goes to House passed house 06/13/17 major victory for Trump agenda signed into law on 06/23/17
      21) Pushing an apprentice program to train skilled works to fill 6 million open positions.
      22) The U.S. Treasury Department unveiled a sweeping plan on Monday to upend the country's financial regulatory framework, 80% of which will be done from the executive side and does not need Congress. MAGA!!!!!
      23) Signed EO to reshape the education system of the USA to include votech and apprenticeships
      24) Did away with rules requiring the Federal government to report on the Y2K bug 17 years after 2000.
      25) President Donald Trump signed an executive order creating an accountability and whistleblower protection office at the Department of Veterans Affairs.(04/ 27/2017)
      26) Sec Zinke moves to purge the Interior department of Obama holdovers (6/16/17 per Washington post)
      27) Energy Department eliminating the Office of International Climate and Technology
      28) 22 federal agency task force formed to help the rural America fight regulations and lack of prosperity led by Sec Perdue
      29) Environmental Protection Agency has ended a nearly $1 million program that provided gym memberships for employees
      30) 5-0 in special elections (GA6 primary, KS, MT, GA6 final election, SC)
      31) Sec Kelly dropped many “Pro-Obama Islamic groups from funding” Groups that pushed for sharia law and closed muslim communities within the USA. (06/23/17
      32) TRAVEL BAN upheld by SCOTUS by 9-0 ruling. Extreme vetting will now become law of the land.
      33) ScottPruitt signed #WOTUS proposed rule, supporting @POTUS order to restore the rule of law.
      34) Travel BAN now in full effect across the world. (06/29/17)
      35) Signed agreement to construct oil pipeline into Mexico
      36) Opening up LNG centers to ship LNG across the world (06/29/17)
      37) Introduced 6 point plan to unleash American energy (off shore, Nuclear, coal, NG,Oil, renewable) (06/29/17)
      38) President Trump Signs EO Reviving The National Space Council (06/30/17)
      39) Pentagon halts Obama’s transgender plan (07/01/17 per Breitbart)
      40) Sec Devos has stopped two obama regulations from going into effect which would have harmed for profit colleges. The Gainful Employment rule and the Borrower Defense rule (06/30/17)
      41) On May 4th, 2017 Pres Trump signed the Religious Freedom EO ordering his admin among other things to not enforce the Johnson amendment.
      42) Reduced White House expenses by $22 million by reducing staffing levels form Obama levels. Doing more with less
      43) . Donald Trump’s first-quarter salary donation will help fund the restoration of two projects at Antietam National Battlefield, Department of Interior Secretary Ryan Zinke announced Wednesday per Breitbart (07/05/117)
      On Foreign Policy
      1) Secured a 34,000 Arab force to fight ISIS in Iraq and Syria
      2) Sent 3 carrier battle groups to NK to pressure them on nuclear program, installed THADD in SK and Japan
      3) Working with China on NK
      4) Sent Navy to south China Sea to secure sea lines
      5) Fired 60 Tomahawks after a gas attack
      6) Got the G7 countries to agree that a nation has a right to control migration and immigration
      7) Had G7 countries agree NK was a threat
      8) Had G7 nations agree that Trade should be FAIR as well as FREE and that nations can punish non fair trade
      9) Had NATO agree to pay more and got more countries to pay their fair share of defense pact
      10) Have met with more than 100 of the world leaders many at the White House
      11) Pulled out of Paris Accord and freed the USA from the economic Slavery Obama sold us into
      12) Have surrounded ISIS in Iraq and Syria strongholds
      13) Have killed the ISIS commander in Afghanistan and reduced their strength by 2/3rd in Afghanistan
      14) Dropped the MOAB on ISIS killing more than 90 ISIS fighters
      15) First sitting POTUS to pray at the Western Wall
      16) Restarted peace process between Israel and PLO
      17) Visited the land of the three major religions in the world
      18) Opening of center to defeat radical Islam in cyberspace during Saudi Arabia visit. One orb to find them in the darkness and bind them.
      19) Gave powerful speech in the heart of Islam about the need to reform Islam and drive out the radicals
      20) Had G7 countries agree that refugees should stay as close as possible to home country and be returned when the threat is gone
      21) Got the Arab nations to cut ties to Qatar for funding terrorists. Massive historic shift in diplomatic actions in the Muslim world.
      22) Started the assault on Raqqa in Syria to defeat ISIS on June 6th 2017.
      23) Got Romania to up it’s NATO funding to 2.1% of GDP
      24) Has the Special Forces helping relieve siege in Philippines.
      25) visiting Poland (07/05/16)
      26) Per Sec Tillerson. The PLO has stopped the payments to terrorists families. Major change in PLO policy.
      27) Pres Trump’s State department secured the release of American citizen Otto Warmbeir from NK without paying $400 million ransom
      28) Pres Trump admin secured the release of American citizen, Aya Hijazifor, from Egypt Jail without paying $400 million ransom.
      29) Obama appointed Ambassador to Qatar “quit” during the biggest Crisis in Qatar’s history. What was she hiding?
      30) Gave Sec Mattis authority to set troop numbers in Afghanistan to turn the tide of the war. 06/16/17 .
      31) Rolled back Obama’s Cuban policy. 06/16/17
      32) Canada promised to increase defense spending by 70% (06/16/17)
      33) Gulf Countries sent Qatar a list of demands to defund terrorism, reject the Muslim brother hood so Qatar can return to the fold, direct consequence of Pres Trump’s trip to the middle east. Qatar has since rejected these demands setting a possible military conflict (updated 06/30/17)
      34) NATO countries (excluding the US) increase defense spending by 4.3% from last year per daily mail and breitbart(06/30/17).
      35) Per Iraq military Mosul has fallen. ISIS no longer controls the city. Just a couple pockets of resistance left per independent (06/30/17)
      36) Imposed Sanctions on major China Bank for it’s funding of North Korea and has declared the admin will work to cut North Korea off from access to the US financial market. (06/29/17)
      37) approved a $1.42billion arms deal with Taiwan (07/02/17)
      38) Reached out by Twitter to offer help to save baby Charlie Gard (07/03/17)
      39) The US ambassador to the UN threatens China and other countries who trade with North Korea with blockage from the USA market. (07/05/17)
      40) Pres Trump increases the threat to use of trade access to the US market to stop North Korea setting up a potential for a trade war with China (07/05/17)
       
       
    • By DinarMillionaire
      Finally! President Trump fired FBI Director Comey. mmmbyebye Comey!
      http://hosted.ap.org/dynamic/stories/U/US_TRUMP_COMEY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2017-05-09-17-47-00
    • By Theseus
      Trump gives Pentagon more flexibility on Iraq, Syria troops
        Associated Press 10:15 p.m Wednesday, April 26, 2017  National & World News     NATION & WORLD   Defense Secretary Jim Mattis and Joint Chiefs Chairman Gen. Joseph Dunford talks as they walk from an all Senators briefing on the situation in the Koreas, Wednesday, April 26, 2017, at the Eisenhower Executive Office Building on the White House complex in Washington. (AP Photo/Carolyn Kaster) WASHINGTON The White House is giving the Pentagon greater flexibility to determine the number of U.S. troops in Iraq and Syria, in another move by President Donald Trump to shift greater power to his
      military leaders.
      The decision will give Defense Secretary Jim Mattis the authority to send more forces into Syria, to assist U.S.-backed local troops as they move to retake Raqqa from the Islamic State group, which has used the city as a de facto capital.
      It will also let him adjust the force numbers in Iraq, in the ongoing fight to oust IS from Mosul and stabilize it as the rebuilding begins.
      The Pentagon has already been making quiet, incremental additions to the troop levels in both countries in recent months, adding hundreds of Marines in Syria to provide artillery support, and sending more advisers into Iraq to work with units closer to the fight in Mosul. Those moves were done with White House approval, but without any formal adjustment to the longstanding troop caps that had been set by the Obama administration.
        Dana White, chief spokesperson for the Pentagon, said Wednesday that Mattis has not made any changes yet to the current authorized force levels.
      Under the Obama White House, military leaders chafed about micromanagement that forced commanders to get approvals for routine tactical decisions and personnel moves, and provide justification for any troops sent into war zones. Commanders have argued that they should be able to determine troop deployments based on the military capabilities they believe are needed at any given time.
      The new authority will provide greater transparency about the actual number of U.S. forces in Iraq and Syria after several years of public confusion about the accurate totals. Under the Obama-mandated caps, the U.S. was limited to 503 officially deployed troops in Syria, and 5,262 in Iraq. The Pentagon, however, has closer to 7,000 in Iraq, and hundreds more than the cap in Syria, but doesn't count them because they are on temporary duty or not counted under specific personnel rules.
      The change, however, could trigger concerns — particularly in Iraq, where there are political sensitivities about the footprint of American and coalition troops and fears about occupation forces. Officials worry that if they publicly acknowledge there are thousands more troops there, it could fuel opposition and problems for the Iraqi government.
      Trump's decision applies only to the two countries, and so far does not affect Afghanistan, although that change has also been discussed.
      "This does not represent a change in our mission in Iraq and Syria to defeat ISIS," said White, using another name for the Islamic State group. She said the U.S. will continue to work through and with local forces, but giving Mattis the authority to make troop-level decisions will allow commanders to be "more agile, adaptive and efficient in supporting our partners, and enables decisions that benefit unit readiness, cohesion and lethality."
      She added that the change will allow the Pentagon be more open with Congress and the public.
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