Hopefully, during repossession, they count his obnoxious branding as negative value and underprice what is being auctioned.
this post was submitted on 19 Mar 2024
598 points (97.6% liked)
politics
19120 readers
2261 users here now
Welcome to the discussion of US Politics!
Rules:
- Post only links to articles, Title must fairly describe link contents. If your title differs from the site’s, it should only be to add context or be more descriptive. Do not post entire articles in the body or in the comments.
Links must be to the original source, not an aggregator like Google Amp, MSN, or Yahoo.
Example:
- Articles must be relevant to politics. Links must be to quality and original content. Articles should be worth reading. Clickbait, stub articles, and rehosted or stolen content are not allowed. Check your source for Reliability and Bias here.
- Be civil, No violations of TOS. It’s OK to say the subject of an article is behaving like a (pejorative, pejorative). It’s NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.
- No memes, trolling, or low-effort comments. Reposts, misinformation, off-topic, trolling, or offensive. Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.
- Vote based on comment quality, not agreement. This community aims to foster discussion; please reward people for putting effort into articulating their viewpoint, even if you disagree with it.
- No hate speech, slurs, celebrating death, advocating violence, or abusive language. This will result in a ban. Usernames containing racist, or inappropriate slurs will be banned without warning
We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.
All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.
That's all the rules!
Civic Links
• Congressional Awards Program
• Library of Congress Legislative Resources
• U.S. House of Representatives
Partnered Communities:
• News
founded 1 year ago
MODERATORS
From my understanding, it essentially ends up with bidding for assets to get to the amount needed. Whatever the resulting high bid ends up, is the amount for that asset. So if something is valued at $500M but sells for only $200M, it only counts as $200M toward the judgment. Basically, estimated value means nothing, only what someone actually pays for it.
So actual market value.
So... What happens when it turns out he's underwater on all his properties, and they sell for less than he owes on them?
load more comments
(2 replies)
load more comments
(2 replies)
So if something is valued at $500M but sells for only $200M, it only counts as $200M toward the judgment.
Kind of less, he's paying taxes on the sale too, because he's still selling it even tho he doesnt get to keep the money.
And when selling half a billion dollars of real estate, you're going to pay a lot of taxes even in America.
So the 200 million goes to the judgement, but he's paying 20-40% percent in state/federal/local taxes. And it's all gonna happen in the same calendar year while a shit ton of accountants are watching his every move.
He's going to end up having to sell a lot more than the judgement to pay his tax bill a year from now.
And that's not even getting into his loans.
-
Value a building at 100 million when it's worth 50
-
Borrow 70 million on property.
-
Sells for 40 and the bank needs 30 still.
There's no way out, even if the bank forgives the remaining 30, that still counts as taxable income for trump, compounding the first issue. And in that scenario, $0 is going to judgement and trump still loses the property and they move on to seizing the next on the list. He gets zero gain from the sale, but it's still drives up taxable income for him personally
trump could conceivably have a billion dollar gross income in 2024, and be completely broke with hundreds of millions due in tax.
Which is just insane.
There's no way out
I'll believe it when I see it.
load more comments
(21 replies)
On the other side, what if some shady entity comes in and bids $500 million for something valued at $1 million so that Trump doesn't have to sell all his shit, but then the shady entity will have Trump in their pocket as well?
So this other side you speak of is different from how it currently is? Trump sold many properties to Russian nationals at inflated prices. That was why he's already in their pockets. Nothing will change, he's already in so many people's pockets.
load more comments
(3 replies)
load more comments
(5 replies)
load more comments
(2 replies)
“The only FRAUD in the Peekaboo James case, our failed and disgusting New York State Attorney General, was her convincing ‘Judge’ Arthur Engoron to put a value on Mar-a-Lago, in Palm Beach, Florida, of just $18,000,000, when it is worth 50 to 100 times that amount. This was fraudulently and illegally done, working closely together in a corrupt Communist system, to set their NARRATIVE after learning that their Values and Facts were completely wrong,” Trump posted,
100 times would be 1.8 billion dollars...
4 years ago it was worth a little over half a billion when he talked to banks, and 18 to 27 million when he paid taxes.
Judge Engoron already determined in a summary judgment that Trump overvalued Mar-a-Lago by "at least 2,300%" by valuing the club between $426 and $612 million in his financial statements, despite the Palm Beach county assessor appraising the value between $18 and $27.6 million between 2011 and 2021. The documents entered into evidence today, as well as testimony from former Trump Organization VP Raymond Flores, adds context regarding who at the Trump Organization could have been aware of the discrepancy.
So I think they just took the lowest he's claimed it was worth, which explains why it pisses him off so much.
As it should be? If it's what you paid tax on, everything else clearly doesn't exist unless you admit to tax evasion.
Peekaboo James
Most of y'all are probably too young to catch the slur. I ain't typing it out.
load more comments
(1 replies)
load more comments
(1 replies)
So when does he go to jail for failing to pay millions? Why should I pay anything I owe?
Because you don’t have enough money to juggle several cases and appeal to prolong them until after you die.
load more comments
(2 replies)
When Trump gets really desperate he usually commits a bunch of crimes. I wonder what’s going to happen in the next week, and what we’ll hear about a couple months from now, and how the trial will go in 2032.
The going price for the 2024 election is $464M. I hope not... But I bet somebody will pick up the tab.
I wish he would just die
No, that would be letting him off the hook too easy. i wish he had to answer for his crimes and die at age 105 in jail with not a single dime to his name, with mandatory daily therapy sessions so he can start recognizing the damage he's done and feel remorse.
I don't really care if he got "off the hook" if that happens because he's dead.
load more comments
(3 replies)
I'd rather he had a Game of Thrones-esque ending before that eventuality happened. He should watch everything he ever got in life get torn from him bit by bit first, before having some totally mediocre ending on a toilet seat shitting himself.
load more comments
(1 replies)
Poor guy, I feel really bad for him. Sure hope nothing else happens to ruin him. It'd be really bad if he was forced to go to jail too. On the bright side, at least he'd match the jumpsuit. Maybe he could write a script about his poor, difficult life and call it "The Color Orange."
Nah, call It "My struggle"
load more comments
(5 replies)
Of course he cries election interference, but just a reminder that Donald Trump could have taken a few years off of campaigning to spend time to properly defend himself in court and then run again when it was over. That was always allowed. But we all know why he insists on running right now despite the mountain of felony indictments against him. He knows he is going to lose every court case because he's guilty as fuck and wants to use the office of president to wash away these crimes he committed with a self-pardon.
The very fact that he can't post bond is proof that he is at the end of his rope. Time to pay back all the money you defrauded the people of New York, Crooked Don.
It's a good news, bad news situation.
Good news. Trump completely loses his mind, is so stark raving bonkers that he is found unable to stand trial due to mental incompetence.
Bad news. GOP runs him anyway because he hasn't been convicted of anything
There is no trial. The trial already happened, and he was found to have committed massive fraud. Perhaps the most beautiful perfect fraud people have ever seen. Many are talking about it.
Anyhow fuck him and the horse he rode in on.
He has plenty of other trials going on, including the one in Georgia and the Federal one.
Best news: I was afraid the GOP would bail him out and he'd suffer no personal consequences... it looks like the conservative billionaires told him to get fucked.
The funniest thing about Trump is that he was always desperate to be part of the Manhattan elite. He was once given a golden opportunity to get in good with them, and he blew it through his own stupidity, greed, and arrogance.
There's a guest appearance by John Barron.
There's a guest appearance by John Barron.
I don't know if he actually did, but I always get a kick out of the idea that he dug out that old alias he had to burn in order to name another kid after himself since Don Jr was already taken. Wouldn't surprise me if someone did some digging and found someone named Eric that was mysteriously defending him at some point as an unsurfaced alias
load more comments
(1 replies)
The sad news is that this is relatively sane compared to the water-defeats-magnets or the they’ll-rename-Pennsylvania-if-you-don’t-vote-for-me rants, just in the last couple of weeks.
His loss of great sums of money has likely sharpened his demented dysphasia temporarily.
Not that Oklahoma or South Carolina will not vote all out for him. Reality isn’t relevant to them.
This is a perfect time for the people that have quietly tolerated him to do nothing.
I'm a little worried this is going to galvanize his base, but it is still deeply satisfying to watch his life collapse around him, especially knowing that the criminal trials haven't even started yet.
We have to get beyond the fear of pissing off his base. The sooner we do it the better. This shit head should have been held accountable years ago, but we were worried about his base, now look at the mess. It will only get worse. Its time to get to work.
load more comments
(1 replies)
load more comments
(2 replies)
He should borrow vast amounts of money from his loyal supporters: "Empty your lifetime savings accounts, I promise I'll pay everything back with interests!".
Then we'll see how much his followers really trust him when they need to put their own future on the line...
I'm not sure if this a joke or not but he has already been doing literally exactly that for like, the last 7 or 8 years.
load more comments
(1 replies)
view more: next ›