Trump’s Reckless Driving

Based upon tax case law, estate tax compliance is like speed limit enforcement, 5 miles an hour over the posted limit, troopers look the other way. Similarly, stretch property valuations and annual gift discounts +/- 5 or 10 percent on estate tax returns; no harm, no foul.

How Fred and Donald, and then just Donald, via their estate attorneys, drove 120 miles per hour on streets marked as “40”, year after year, I have no idea. Does the “I” in IRS stand for “Incompetent”?

Something else I have no idea about. How do any honest, hardworking people of modest means, who pay all of their taxes, support this serial short cutter whose actions suggest he doesn’t give a damn about the common good?

From the New York Times investigative report:

“They (father Fred and Donald) were both fluent in the language of half-truths and lies, interviews and records show. They both delighted in transgressing without getting caught. They were both wizards at manipulating the value of their assets, making them appear worth a lot or a little depending on their needs.

Those talents came in handy when Fred Trump Jr. died, on Sept. 26, 1981, at age 42 from complications of alcoholism, leaving a son and a daughter. The executors of his estate were his father and his brother Donald.

Fred Trump Jr.’s largest asset was his stake in seven of the eight buildings his father had transferred to his children. The Trumps would claim that those properties were worth $90.4 million when they finished converting them to cooperatives within a few years of his death. At that value, his stake could have generated an estate tax bill of nearly $10 million.

But the tax return signed by Donald Trump and his father claimed that Fred Trump Jr.’s estate owed just $737,861. This result was achieved by lowballing all seven buildings. Instead of valuing them at $90.4 million, Fred and Donald Trump submitted appraisals putting them at $13.2 million.

Emblematic of their audacity was Park Briar, a 150-unit building in Queens. As it happened, 18 days before Fred Trump Jr.’s death, the Trump siblings had submitted Park Briar’s co-op conversion plan, stating under oath that the building was worth $17.1 million. Yet as Fred Trump Jr.’s executors, Donald Trump and his father claimed on the tax return that Park Briar was worth $2.9 million  when Fred Trump Jr. died.

This fantastical claim — that Park Briar should be taxed as if its value had fallen 83 percent in 18 days — slid past the I.R.S. with barely a protest. An auditor insisted the value should be increased by $100,000, to $3 million.”

The RepubliCON Tax Plan

From Money magazine:

“According to a 2015 report from Congress’s Joint Committee on Taxation, 4,700 estate tax returns reporting tax liability were filed in 2013, out of 2.6 million total deaths in the United States. That means the estate tax hits roughly 0.2% of Americans, or 1 out of every 500 people who die.”

Paul Ryan, Kevin Brady, and company are betting that the American people are complete idiots. The midterm elections will tell us if they’re right or not.

The proposed plan is great for the five thousand Americans each year that pay up 40% in estate taxes. Nah, that understates it. The plan is fucking unbelievable for the five thousand Americans that pay up to 40% in estate taxes each year. If Frump is in fact a billionaire, when he dies his heirs will save $400m in taxes.

Social mobility in the U.S. already lags most every other developed country in the world. The elimination of the estate tax will create a large, entrenched aristocracy that will put the British to shame.

Somehow we’re supposed to believe that working families that are not invested in the stock market are going to benefit from a 15% reduction in the corporate tax rate. Trickle down my ass.

There are only two questions that matter, but they’re not ones the Republicons want asked, let alone answered:

• Can we flourish as one country given the current differences in wealth?

• Will this plan reduce the rich/poor divide?

Don’t buy the bullshit the Republicons are selling. The answers are no and hell no.

And thanks to Dan, Dan, the Transpo man for teaching me how to spell Republicon. I have mistakenly been using an “a” for many years.

Postscript: Is there a Congressional Medal for this?