Quote:
Originally Posted by buckman
The way the law works back then was if he took out a $999 million loan and put 1 million down himself . If the project folded and the bank lost 999 million he was also allowed to claim that $999 million loss .
He could even spread that loss over a number of years and avoid paying federal tax.
Sounds crazy but it's more proof that the system is rigged and needs major change .
The banks got bailed out....
Posted from my iPhone/Mobile device
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The scheme was more complicated than that. They used a gimmick to accelerate depreciation to capture a loss and then sell the assets at a higher value with the tax liability.
At the very least it's really sketchy and doesn't show it all the man understands global finance. He understands schemes because he's a con artist...
So much for being out for the little guy.
And I'd note that Trump just threw Veterans under the bus AGAIN.