Let’s wrap this Freepathon up, Folks!
Posted on 02/27/2019 4:46:29 PM PST by jazusamo
Rep. Alexandria Ocasio-Cortez, D-N.Y., on Wednesday asked President Trump's onetime personal attorney Michael Cohen if Trump had intentionally devalued his real estate assets to reduce his tax bills, to which Cohen responded, "Yes."
Ocasio-Cortez, a member of the House Oversight Committee, sought to lay the groundwork for lawmakers to potentially subpoena employees of the Trump Organization -- including its chief financial officer, Allen Weisselberg, who Cohen said was privy to Trump's various money maneuvers and who received immunity from federal prosecutors in New York to testify against Cohen prior to the attorney's guilty plea on federal campaign finance violations last August.
"What you do is, you deflate the value of the asset and then you put in a request to the tax department for a deduction," said Cohen when Ocasio-Cortez asked how Trump attempted to reduce his tax burden.
"And would it help for the committee to obtain federal and state tax returns from the president and his company to address that discrepancy?" Ocasio-Cortez asked.
"I believe so," Cohen answered.
(Excerpt) Read more at foxnews.com ...
They let the little brain dead commie talk. The dhimmicrats are really grasping at straws.
I have been a CPA for 40 years and I have no idea what they are talking about.
This is funny coming from AOC who has her boyfriend on her payroll
None of which is illegal, by the way.
This “lawyer” is attacking, and telling tales on, his own client.
Gasp! Someone wanted to reduce their property taxes!
Last time I did that I recall doing the same thing: asserting through my attorney that I disagreed with the valuation, and they reviewed it and....agreed.
The Assessor’s office doesn’t agree to this crap in a vacuum. They do their own review. So just like the little happy cash to Stormy Darling, nothing much to see here, biz as usual.
I have some things to say about Hillary. Will that get her subpoenaed?
You can almost certainly be assured that the question AOC asked was given to her on a piece of paper by someone else.
"Here Alex, ask him this!"
Thanks, that doesn’t surprise me. I’d guess they’re both just trying to put something in front of the public that doesn’t sound good.
There is nothing illegal about requesting a tax assessment. What would be illegal would be an attempt to bribe a tax assessor or appraiser.
As for my property tax assessments, they are nearly always lower than market values. When they are higher than expected, I call and ask the assessor’s office to reassess.
How does one reduce the value of an asset and then take a tax deduction for a "loss" without actually selling the asset? WTF?
AOC and Michael Cohen. Just the thought of those two going at each other in a hearing is nauseating.
Let’s wrap this Freepathon up, Folks!
There is something grotesquely wrong with our system of government wherein imbeciles ascend into positions of governance. I don’t know what the fix is short of revolution.
“Have you illegally/unethically transferred money from the gov’t that should be given to the poor to your bf?
How is THAT Socialism?
As I have said in a previous post, do not underestimate her, this is the democratic party now, they want American as we love and cherish it destroyed, there is no difference between today’s democrat and a member of islam. You cannot talk to them , negotiate, or reason with them, there starting point is your elimination by any means.
“What you do is, you deflate the value of the asset and then you put in a request to the tax department for a deduction,” said Cohen,
I have been a CPA for 40 years and I have no idea what they are talking about.
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Same here. The county has never asked me what my property is worth. THEY TELL ME and then I can fight them but I never win.
Who is feeding this nobody these questions to ask?
This is patently stupid. We don’t get to value our taxable property. The government does that. We can appeal an assessment.
Meanwhile, the deduction end of this is even more stupid and uninformed.
I don’t get to take a deduction when real estate assessments decline in market value. You take deductions on realized losses.
Furthermore, if we are talking about depreciation of business assets, that happens on a schedule.
He would have been more believable if he said “trump donates items he finds on the street to Salvation Army and declares their value as if new. Then he writes off the donation.” People can and do try stuff like that.
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