I'm really liking the way Twitter forces people to get to the meat of their arguments and proceed in a methodical, orderly fashion. It's so limiting, but it's an interesting alternate communication technique, that's for sure.
Anyway, here's the storm, minus a few scans of key documents (leases, tax returns, etc) to bolster the point, but you should be subscribing to (((STOP))) TRUMPNADO's Twitter to see those, anyway. Basically, if you're interested in understanding why Trump refuses to release his tax returns, this is as good a starting point as any I've seen.
And it's by a layman. UP YOUR GAME, MSM!!!
Alright, so here we go...
- The Trump Org is NOT a corporation. It is a mess of personally owned LLC's on Donald's personal income tax return.
- Because of the way Trump set up his biz, to personally benefit from tax losses, he CAN NOT disentangle personally.
- Trump's massive tax loss carry-forward was on his personal tax return, thus all income must ...
- ... must remain as personal income for Donald to be able to take advantage of this massive tax break.
- so even if Donald wanted to, Trump can not afford to disentangle as personal owner of 500+ personal LLC's.
- NO ONE has been asking why he would have 500+ sole proprietorships/partnerships. It is the only way he can use these massive tax breaks.
- There are huge advantages of efficiency & capital to operate as a large real corporation, so Donald made this decision for this purpose.
- after decades of running his biz as 500+ LLC's, it would be financially impossible to untangle. Taking many years, if even possible.
- Trump CAN NOT untangle from personally benefiting from every deal made by Trump Org entities. He owns each one personally.
- most of these LLC's carry large debt from different banks, tied to that asset. Most have more debt than the asset is worth.
- with such massive debt, there is really no way to untangle this LLC mess of companies from Donald personally.
- further even if bankers allowed him to sell these biz's, he could not afford the massive tax payments that would result.
- selling these personal assets, even if saddled with massive debt would incur huge tax payments for Trump. He simply can't afford it.
- Trump also has massive annual expenses. Over $20 mil just for the Trump Tower retail condo. He must generate massive cash flow.
- And Wells Fargo owns the mortgage on Trump Tower retail condo, so yet another conflict of interest.
- Trump claims ownership of the Nike Store, but yet another lie, he only owns a land lease of questionable value. Block 1292 Lots 8,64,66
- NONE of the LLC's that own Nike Store are on Trump's FEC form. He rents the land from others.
- if you combine debt Trump has on Nike Store & 3 Trump Tower condos he owns, he's underwater, by a lot! Trump DOES NOT own Trump Tower
- Trump DOES NOT own 40 Wall St. He owns a land lease that is worth less than the debt he has on the property.
- When a land leases expires, all buildings/improvements on the property revert to property owner.
- Christian Hinneberg et al & other German partners OWN 40 Wall St. Trump just rents it from them.
- Trump has to get permission from the owner, Christian Hinneberg, to turn on the water at 40 Wall St.
- over 400 Trump LLC's are registered under highly secretive Delaware Corp laws. We have no idea who his partners are, or what debt
- Trump has set up a highly unusual labyrinth of secretive DE LLC's. There is no way he can, or will, disentangle his personal ownership.
- Trump requires a huge influx of new cash deals to service his massive existing expenses & debts, must make new deals or risk bankruptcy.
- No business journal has done a comprehensive estimate of Trump income/balance sheet/profit loss. It can be done, but has not.
- Hotels & golf courses are notorious for marginal profits or losses, yet Trump is claiming massive unrealistic income from these biz's.
- Trump is lying. Trump biz's historically ALWAYS lose money. He profits from govt zoning gifts & condo deals we know are mostly dark money.
- Trump could not run a golf course or hotel at a profit, simply impossible based on his horrible management record.
- Equitable Life Insurance of the USA developed Trump Tower & owned the land. Trump profited by bringing govt zoning gifts & ...
- ... being the front man for Equitable to partner with the mob, get ridiculous tax breaks & destroy a historic façade of Bonwitt Teller.