How to cut your taxes from $30 million to $5 million in one EZ step

[Dennis S]

http://www.nj.com/politics/index.ssf/201...casin.html

[cbelt3]

a 'successful bidness person' knows how to strategically go bankrupt to laugh at creditors.

[OWC Jamie]

But, the Times noted, the public records do not paint a clear picture of how the agreement was reached or whether Christie — a longtime friend and now a close adviser to Trump — was even involved.

So pretty much just auditors and lawyers for both sides doing the usual bankruptcy lawyer things.


This smells like another one of those fantasy right-wing conspiracy theories .

[Lux Interior]

The Trump apologists will dismiss it as "Business as usual."

[SteveG]

Trump Casinos’ Tax Debt Was $30 Million. Then Christie Took Office.

By RUSS BUETTNERAUG. 16, 2016



A deputy New Jersey attorney general wrote in 2007 that Donald J. Trump’s flagship casino, the Taj Mahal, had reported that it paid $2.2 million in alternative minimum assessment tax in 2003, which was not true. It had paid only $500 in income taxes.

By the time Chris Christie became governor of New Jersey, the state’s auditors and lawyers had been battling for several years to collect long-overdue taxes owed by the casinos founded by his friend Donald J. Trump.

The total, with interest, had grown to almost $30 million. The state had doggedly pursued the matter through two of the casinos’ bankruptcy cases and even accused the company led by Mr. Trump of filing false reports with state casino regulators about the amount of taxes it had paid.

But the year after Governor Christie, a Republican, took office, the tone of the litigation shifted. The state entertained settlement offers. And in December 2011, after six years in court, the state agreed to accept just $5 million, roughly 17 cents on the dollar of what auditors said the casinos owed.

Tax authorities sometimes settle for lesser amounts to avoid the costs and risks of further litigation, legal experts said, but the steep discount granted to the Trump casinos and the relationship between the two men raise inevitable questions about special treatment.

“You can’t tell whether there’s something problematic, but it’s pretty striking that this one was written down so much,” said David Skeel, a professor at the University of Pennsylvania Law School who specializes in bankruptcy law and reviewed the case at the request of The New York Times.

The refusal by Mr. Trump, the Republican presidential nominee, to release his personal income tax returns has become a growing issue in the campaign. He has also boasted of his success in lowering his tax burden as a businessman, declaring last year in an interview on Fox News that only “a stupid person, a really stupid person, is paying a lot of taxes.”

By that measure, the deal with New Jersey looks remarkably shrewd. The casinos did far better, for example, than those that benefited from a program Mr. Christie introduced in 2014 under which the state agreed to consider reducing penalties for delinquent taxpayers but only if they caught up on all overdue taxes and interest.

Public records do not create a clear picture of how the agreement was reached. A spokeswoman for Mr. Trump said she would be in touch regarding questions sent to her. But she did not reply further or respond to subsequent messages.

[Dennis S]

billb wrote: But, the Times noted, the public records do not paint a clear picture of how the agreement was reached or whether Christie — a longtime friend and now a close adviser to Trump — was even involved.

So pretty much just auditors and lawyers for both sides doing the usual bankruptcy.

If you believe that, I've got a closed-down bridge to sell you.

[cbelt3]

Bureaucrats will often do things to curry favour with the senior elected officials without any request, official or unofficial. It's called Ass Kissing, and no donkey is annoyed in the process.

[Dennis S]

Trump voters think he is a great businessman and he could even make money with a casino.

[Octave Doctor]

When the House always wins, how does a casino go bankrupt, too much free shrimp?

[Dennis S]

I think we have enough information to make a decision on this:

http://www.ibtimes.com/political-capital...settlement