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Shocker! Shocker!

The returns also show Trump claimed foreign tax credits for taxes paid on business ventures around the world, including licensing arrangements for the use of his name on development projects and his golf courses in Scotland and Ireland.

But, but, you mean Trump told the American taxman of the taxes he’d paid to other taxmen?


9 thoughts on “Shocker! Shocker!”

  1. Is “tax credits” what everybody else in the world calls “declared pre-tax operating costs”? In the UK, tax credits are a cheque you receive from Hector the Inspector because you’re paid too little to live on.

  2. @ jgh
    IIRC American tax credits are just another name for the standard practice around the world (provided the two countries have the sane “double taxation treaty”) of a “person” (individual human or a legal entity) only paying the higher of the two coutries’ tax rates on profits earned in one country by a resident of the other. If your home country tax rate is lower you just pay tax in the country where you earn it, if it is higher you pay tax in your country at the excess of your rate over whatever you paid in the other.
    e.g. Boris has to pay CGT in the USA on the sale of his UK house but no income tax because UK income taxes are higher than US ones.

  3. Germany, a few years ago and as far as I know broke the Golden Rule and started taxing some people at home on already taxed foreign earnings. This was targetted at pensioners who might have a foreign and a domestic pension ( eg v common to have Austrian and German pensions ).

  4. It’s more than seven years since Trump burned his bridges with the Democrats and announced he’d run as a Republican. I take the view that if he’d really been up to anything dodgy we’d have heard about it long ago.

  5. I’ve always assumed they can’t go after him on the really dodgy stuff as there’s no way to insulate themselves or hide their their involvement

  6. Browsing through Dopey Joe’s IRS returns, I searched in vain for the commissions on arms sales (How many billions of high tech weapons left behind in Afghanistan? Oops!)

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