[Hat tip: AesopFan]
I can just picture the The New York Times gathering a team of actuaries, legal accountants, tax historians, advisers and financial consultants around a big executive office table, piled high with reams of papers and spent coffee cups, saying:
“We’ve got him now…. as soon as people understand: fixed asset depreciation schedules; and if the assets were depreciated legally using straight line or diminishing balance; then we move to whole-value equity pick-up, or minority interest accounting; before digging into section 1031 ‘like-kind’ asset exchanges; partnerships (limited or writ large), carried interest loopholes, pass-throughs, net capital losses/gains, seven-year income averaging and the difference between long-term and short-term capital gains”…
…or something.
Seriously, the ‘Trump-taxes’ story has to be the biggest, funniest, most well documented, and most absurd, ongoing snipe hunt in history. “I was going to support President Trump’s re-election until I saw his depreciated amortization schedule from 1989?”… said no-one, like, ever.
As I said, it’s funny.
But to be serious for a minute, that’s not what the Times was counting on at all in publishing the story. First of all, they need to keep the Trump attacks coming, so even though they probably knew it was a relatively weak story it may have been all they could come up with that particular day. Secondly, they are counting on readers not really understanding the ins and outs of the tax code for businesses of the size and complexity of Trump’s. Most of us don’t, and I certainly don’t, but they were trusting that Trump-haters and even Trump-dislikers would think boy, he says he’s so rich but he lost so much money as well as boy, for a man living so high on the hog he certainly didn’t pay much in taxes compared to me.



