Clinton Campaign Admits Hillary Used Same Tax Avoidance "Scheme" As Trump

Tyler Durden's picture

Well this is a little awkward. With the leaked 1995 Trump tax returns 'scandal' focused on the billionaire's yuuge "net operating loss" and how it might have 'legally' enabled him to pay no taxes for years, we now discover none other than Hillary Rodham Clinton utilized a $700,000 "loss" to avoid paying some taxes in 2015.

The Clinton Campaign was quick to jump on the leaked Trump tax filing with Robby Mook tweeting...

And Hillary following up, adding Trump "apparently got to avoid paying taxes for nearly two decades—while tens of millions of working families paid theirs."

However, a look back at Hillary Clinton's tax returns from 2015 (here), proudly displayed by the campaign proving she has nothing to hide - shows something awkward on page 17...

 

While not on the scale of Trump's business "operating loss", Hillary Clinton - like many 'wealthy' individuals is taking advantage of a legal scheme to use historical losses to avoid paying current taxes.

As Bloomberg notes, this federal tax break is among the wealthy's most used avoidance schemes...

Those 1.1 million folks in the 1 percent, as measured by the TPC, have annual income that averages a little less than $700,000. The top one-tenth of that group, some 110,000 households, average about $3.6 million, according to Howard Gleckman, a senior fellow at the TPC.2

 

The middle of the pack, some 33 million people, have pretax income ranging from $45,000 to $80,000. The lowest one-fifth of taxpayers, a universe of about 47 million Americans, have income up to about $24,000.

 

Among the biggest of these givebacks, courtesy of the Internal Revenue Service (well, really Congress), are capital gains and dividends—these are the biggest way the wealthiest benefit.

In the words of Hillary Clinton's campaign manager, "this bombshell report reveals [Hillary Clinton's] past business failures... and may show just how long [Hillary Clinton] may have avoided paying taxes."

*  *  *

Finally, as we noted previously, the NYT itself is also perfectly happy to take advantage of the US tax to minimize the amount of money it pays to the government: in 2014 the company got a tax refund of $3.6 million despite having a $29.9 million pretax profit, an effective negative tax rate for 2014, which it explained was favorably affected by approximately $21.1 million for the reversal of reserves for uncertain tax positions due to the lapse of applicable statutes of limitations. 

*  *  *

Simply put - pot, kettle, black.

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knukles's picture

And will this be broadcast extensively on the Mainstream Propaganda Media?

WestVillageIdiot's picture

Cokie Roberts stated that all accountability of Hillary is sexism.  Could Cokie be wrong?

NoVa's picture

Don't you mean Miss Piggy?

 

knukles's picture

No.  Because I'm not sure whether she's married or single, has a partner or not and even if I did I don't know what the PC term would be so she can just be honored that I recognized her at fucking all.

 

jcaz's picture

The difference is that Hillary has no idea what taxes are, or what money is,  or how it's to be used-  she hasn't the faintest clue what a tax carry-forward is, just ask her......

For Hillary, all money is free and given blindly to her thru the grace of her own presence...

Creative_Destruct's picture

"For Hillary, all money is free and given blindly to her thru the grace of her own presence..."

Correct- and she's entitled to do well becauses she (in her own mind) always does good, and is on the side of the angels. Steal some more Whitehouse china bitch.

Capital loss carry-forwards are indeed a common and usual tax reduction technique that anyone would LEGALLY use.

As usual, this whole supposed "controversy"  is super-fucking STUPID.

Vatican_cameo's picture

 

Since when does ANYTHING broadcast on "National Propaganda Radio" have any bearing on reality?

Richard Chesler's picture

Corrupt bitch belongs in jail.

 

Million Dollar Bonehead's picture

Dear Leader Hillary is a force for good. The Donald is a force for stupidity. Dear Leader has used her wealth to feed the poor and improve the lives of the underprivileged. Trump blows his wealth on gold toilets and whore wives. I can't wait until Dear Leader rips open his enormous fat gut and spills his donut filled intestines all over the stage at the next debate. Long Live Dear Leader Hillary! Praise be the 2nd Lillith Convective.

lance-a-lot's picture
lance-a-lot (not verified) bamawatson Oct 2, 2016 9:21 PM

Trump can pull all the tricks. He has no chance against Hillary. http://bit.ly/1p1jKnr

FreezeThese's picture
FreezeThese (not verified) lance-a-lot Oct 3, 2016 6:21 AM

She's just not the idiot admitting it on TV ... Trump is a clown

East Indian's picture

They are not missing; they will surface in Syria, fighting Assad's forces. Everything going on fine.

shutterbug's picture

/sarcasm or /stupidity???

make up your mind and choose one of them, can't have both because - you - are not HRC.

Tarzan's picture

While the Clinton's blow their stolen wealth on under age whores and Cocaine by night, they spend their days raping the help, and hiring Witch Doctors, on your dime! 

Just be glad they only blew 80 cents of every dollar you sent their "charity"!

Hillary says hello, and keep the cash coming, moron....

nmewn's picture

I bet if someone digs deep enough they'll find Granny Pickles took tax deductions for those gawd awful tarpaulin pantsuits she wears as a "business expense".

I mean, its not like the cheap bastards ever did that before...lol...

"In previous returns, when Mr. Clinton was the Governor of Arkansas and his wife was a partner in a Little Rock law firm, the Clintons had gone so far as to deduct $2 for underwear donated to charities."

...oh...well, never mind then.

But...really, ewww, thats gotta be some nasty shit right there ;-)

JLee2027's picture

Obviously the Clintons and Obama's have never been audited, so we'll never know.

Escrava Isaura's picture

JLee2027: Obviously the Clintons and Obama's have never been audited, so we'll never know.

 

Everyone running for President is automatically audit by the IRS.

But the IRS cannot release anyone’s audit.

 

East Indian's picture

"Everyone running for President is automatically audit by the IRS.

But the IRS cannot release anyone’s audit."

 

Then what is the purpose?

Escrava Isaura's picture

Because the IRS, by law, cannot release anyone’s taxes.

The Democrats are trying to pass a law that mandate everyone that runs for President to have to disclosure, at least, the last three years taxes.

Good luck passing it.

Perhaps now they will.

 

 

scm's picture

Clinton & thump = no fucking difference.
FUCK'EM ALL
VOTE FOR A REAL OUTSIDER, WRITE IN RON PAUL.

Tall Tom's picture

 

 

 

 

Do not mind the junks.

 

They are really hoping that there is a difference. You are spoiling their Hopium high.

 

Hell...Even Fox News conceded the damned election to the Hildebeast today.

 

Choosing the lesser of two evils is still a choice for evil.

 

REFUSE TO CHOOSE 2016

Vote No Confidence in November.

 

besides...Douchebank will bring this down to its knees.

 

(Still have not got that superscript and subscript thing working Tyler? Teach me to take a Sabbatical.)

VinceFostersGhost's picture

 

 

REFUSE TO CHOOSE 2016

 

Oh......HIllary supporter I see.

 

Obviously you don't care if the SCOTUS goes full tilt communist.

Chris Dakota's picture
Chris Dakota (not verified) Tall Tom Oct 3, 2016 6:21 AM

Soros Strikes Agian

 

Virginia’s election officials are enabling illegal registration and voting by foreign citizens, according to an extensive new study, titled “Alien Invasion in Virginia,” by a former Department of Justice civil rights lawyer.

“Virginia election officials don’t seem to care that thousands of [foreign] aliens have corrupted their voter rolls,” by illegally registering to vote, said J. Christian Adams, the former Department of Justice lawyer, and now the president of the Public Interest Legal Foundation. “Even worse than doing nothing about it, they are trying to cover it up,” he told Breitbart News.

 

Even small amounts of illegal voting can make a decisive difference — Democratic Virginia Attorney General Mark Herring defeated Republican Mark Obenshain in 2013 by a mere 165 votes out of 2.2 million votes cast. But “in the eight [out of 130-plus] jurisdictions that provided us with lists of aliens recently removed from their voter rolls, we discovered that 31 non-citizens had cast a total of 186 votes between 2005 and 2015,” said the report, given first to Breitbart News.  “This is just a fraction of the aliens caught in just eight counties in a state with over 130 counties,” Adams said. “Even with such a small sample, the number of aliens who got on the voter rolls is staggering. The aliens are casting ballots in a state where elections have been decided by a few hundred votes.” The new report is a partnership of the Virginia Voters Alliance and the Public Interest Legal Foundation, and it details how at least 1,046 non-citizens were allowed to vote based on official voting records, he said. State-wide, “the problem is most certainly exponentially worse [than seen in the eight localities] because we have no data regarding aliens on the registration rolls for the other 125 Virginia localities,” the report said. “When the voting history of this small sample of alien registrants is examined, nearly 200 verified ballots were cast before they were removed from the rolls. Each one of them is likely a felony.” The authors highlighted the role played by Edgardo Cortés, the commissioner of the commonwealth’s department of elections. Before his appointment by Democratic Gov. Terence McAuliffe, Cortés was a left-wing operative of Virginia Voting Rights Restoration Campaign, within the left-wing Advancement Project. The project was funded and supported by George Soros, through his Tides Foundation and Open Society Foundations.
The main Soros operation all comes out of the Tides Foundation which is located in the Presidio (former military base) on San Francisco Bay. Who else is there? Gorbachev, who was the author of Agenda 21 linked with the Clinton Global Initiative, Pelosi. Diane Feinstein lives right next to the Presidio also. Gorby went into business with Kisinger right after he moved in.  I notice Gorbachev's logo is SATURN, New World Order which was planned for 2009 when Pluto entered Capricorn ruled by Saturn. Funny how I am led to find this stuff in a roundabout way. I saw Gorbachev driving towards the Presidio in 1991 with his wife. These cops came on motorcycles and blocked my car and there he was in the big limo, and waved to me. I knew it was him because  I saw the mark of the beast. http://peacemoonbeam.typepad.com/.a/6a00d83451af9f69e20168eaa879fe970c-p... http://1.bp.blogspot.com/-zuCVOTc9bY4/Vqj8AODXDgI/AAAAAAAA0IQ/fKtTQZV4ss... http://kenraggio.com/KRPN-Gorbachev-PresidiumtoPresidio.htm
RiverRoad's picture

LOL.  I had forgotten about the $2.00 underware donation.....!

nmewn's picture

lol...I have noticed over my 56yrs on planet Errf, the people who complain the loudest about...SOMEONE ELSE'S TAXES...are in fact hiding something themselves from the Queens taxmen.

I suppose one could infer from that, that its good to be the Queen ;-)

Chris Dakota's picture
Chris Dakota (not verified) Richard Chesler Oct 2, 2016 7:53 PM
TRUMP WAS RIGHT! WHAT LESTER HOLT HAD IN HIS EAR PROVED HILLARY RIGGED THE DEBATE

https://www.youtube.com/watch?v=VMFtZtd9Am4

847328_3527's picture
Actress Susan Sarandon destroys Hillary Clinton


https://www.youtube.com/watch?v=gFNl9sWrQbs 1) Hillary sells Monsanto; 2) Hillary voted for the Iraq War; 3) Hillary votes against Americans and FOR Big Corporations; and, 4) Hillary supports fracking on private land.
FreezeThese's picture
FreezeThese (not verified) Richard Chesler Oct 3, 2016 6:19 AM

699k vs 915 million ... otherwise it's the exact same

You bought into a fraud, it's not a mistake until you submit your vote.

A wanna be billionaire can't champion a middle class comeback.

Four chan's picture

fantastic new judicial watch video on hillary's criminality. share and retweet please. 

https://www.youtube.com/watch?v=KsgapaYCs40

Chupacabra-322's picture

Peter Comey, who is FBI head James Comey's brother, works for DLA Piper the firm that did the "independent" audit of the Clinton Foundation last year. DLA Piper is #5 on Hillary Clinton's all time top contributors list, just ahead of Goldman Sachs. They and other big contributors finance politicians who in turn nominate their guys into powerful positions who in turn protect the whole lot of them when they get in trouble. James Comey gave Hillary a pass over her unsecured email server.

DLA Piper is the same firm that does the Clinton Foundation's taxes. After reporters found errors on the Clinton foundation tax returns, only then did DLA Piper find the errors and amend the returns. Overall, the refiled tax returns revealed $20.1 million in government grants that were kept off the original versions of the forms.

swmnguy's picture

Indeed, it is super-stupid in one sense.  Sure, these loss carry-forwards are common among the tiny sliver of us who can make use of them.  As are "Charitable Foundations."  I personally have seen Bill and Hillary Clinton chatting with Donald Trump backstage at a function for yet another billionaire's "Charitable Foundation."  And there are current accusations about that foundation, which I won't name, and how the founder and family may have used that foundation as a piggy bank.  Or at least routed a lot of expenses through the foundation which most of us would consider "personal" and things we should in fact pay for ourselves, as most of us are ethical people.

I have no doubt that all of these shenanigans are perfectly lawful.

It goes to the point, which Trump himself has made as eloquently as anyone, that the tax system is rigged to the benefit of those at the top.  The tax system penallizes earned income and rewards unearned income, directly and indirectly.  I know plenty of people who are self-employed sole-proprietors with no employees.  Many of them set up a corporation that takes in all the income, and pay themselves a minimal salary on which they pay income  taxes.  Periodically, they take the rest of the money out of the corporation, on which they pay capital gains tax at the much lower rate.  I don't make quite enough money to make it  worth it to me to do that, and to bother preparing a business tax return and that level of accounting and paper-shuffling.  It would be about a wash for me.  But many people do it, and the more money you make, the more worthwhile it is to you.

Conservatives usually say that you get more of what you subsidize and less of what you tax.  Our current tax system subsidizes rent-seeking and punishes work.  All perfectly lawful, and probably in line with the intent of the lawmakers.  We don't have to deal much with unlawful corruption in America, because we've just made it all lawful.

RiverRoad's picture

Whoa!       "these loss carry-forwards are common among the tiny sliver of us who can make use of them." ? (!)

"tiny sliver of us"???    Hello?!  Hello?!   I'm still mad as hell about the $ I lost in the Crash of 2008!  I thank God I was so scared shitless then that I totally sold out on 2/28 and went totally back in on 3/15.  As a result I have a huge chunk of tax losses that are worth more to me now than money itself.  I'm now in all tax-exempt holdings (fuck the Fed) and will be eternally grateful to ZH for the "intelligence" I have gleaned from their articles over the past 8 years.  And thanks again ZH for the opportunity to say this finally.

swmnguy's picture

You have to have a fair amount of money invested in taxable accounts to do that.  As you would know.  

I did something similar, but I had a tiny amount of money at stake, and it was already in an IRA.  I panicked and made the wrong move, but at that point I was thinking I might  have to close out the IRA to keep my house.  Didn't turn out that way, as it happens.  I'd have done much better to just do nothing.  I couldn't even make use of the loss, that's how badly I screwed that up.

RiverRoad's picture

Nope.  Since the Crash of '08, I have zilch invested in taxable entities.  Thanks to Puerto Rico's collapse fears and a simultaneous inheritance, I put a great deal in munis and also in high yield tax exempt stuff including MLPs at nice lows.  Only spouse's IRA still holds a small amount of taxables.  Spouse and I now pay very low taxes thanks to having been whacked in the head by the 2008  2" x 4".  So fuck the phoney "markets"; fuck the Fed.  Growth?  Who gives a shit?  I'll take the tax free income compounding, thank you very much.  "Markets" are a joke.

   BTW I was a deer in the headlights when the markets crashed in 2008.  I was scared shitless and sold everything in Feb of '09 and then (God knows why) went back all-in with above investments on 3/15.  Booked a 7 figure loss.  Now that loss is worth more to me than $:  We'll unload our home tax-free when that day comes, and I think there's more than a "tiny sliver" of us out there who are now in my same position.  Learned my lesson.  Fuck the Fed and the "markets".  And I/we- and others like me I'll bet- can't wait to VOTE for Trump on 11/8. 

BTW, a big thanks to ZH for the intelligence gleaned on this site.

crazzziecanuck's picture

Charitable foundations are pure tax dodges.  There isn't a major charity now that isn't a scam.  Even the Red Cross and Salvation Army.

RiverRoad's picture

The Red Cross - yes.  Not the Salvation  Army:  Recent studies have shown that they disburse more monies to pure charity than any other "charity" out there.  What the head of the S A takes as a salary is almost a joke compared to what all the others take.

Pausebreak's picture

The Executive of these charities rake in Fortune 500 CEO pay.

Pausebreak's picture

The Executive of these charities rake in Fortune 500 CEO pay.

Elco the Constitutionalist's picture
Elco the Constitutionalist (not verified) Creative_Destruct Oct 2, 2016 5:39 PM

"Correct- and she's entitled to do well becauses she (in her own mind) always does good, and is on the side of the angels."


That pretty much sums up female psychology and is why they should not be allowed in positions of political power (or even institutional) as a gneral rule.

crazzziecanuck's picture

Hillary is entitled to the money because she and her husband whored themselves out for Big Money.  That's how they ensured their daughter would rise up and become part of the Nomenklatura.  You don't think Chelsea got a $650,000 part-time job at NBC because of her parents favours, right?  Right?!  What do you think every President since Reagan has been doing?  Obama is idential to Bush precisely because Obama needs to ensure that his own two daughters are taken care of by the nomenklatura as rewards for services rendered.

Hillary is entitled to that money only for as long as the rest of us tolerate such behaviour.  If I was a prudent man, I'd take my automation engineering and automate a guillotine just to be ready for the future.  A looming problem is what to do with all those bodies.  They just can't be dumped without serious environmental impact.

PrintemDano's picture

Normally I shudder at the corruption and uneconomical use of "green" energy, but burning their bodies and making energy would seem a prudent use....

RiverRoad's picture

Ol' Hillary sure did well with cattle futures....

Caledonian's picture

Hillary the turd calling the asshole stank.

Alohakid's picture

Well let's not kid ourselves, she knows what taxes and whatever else you mentioned is all about. Her tweet however, clearly indicates she doesn't think her followers are educated on the subject and will just take her lead here.

Alohakid's picture

Well let's not kid ourselves, she knows what taxes and whatever else you mentioned is all about. Her tweet however, clearly indicates she doesn't think her followers are educated on the subject and will just take her lead here.

americanreality's picture

Chelsea, the dogfaced trust fund empty head socialite, has said that she really just doesn't care about money.  

RiverRoad's picture

Re Cokie Roberts:  Don't know about married or single but her son is a news anchor on the MSM.  She's an asshole.  I think her father was a senator.  Come on somebody help me out here.

RiverRoad's picture

Sorry folks.  I'm on a roll here.  Mad as hell.