Would Obama Refuse to Write Off HIS $916 Million Loss?

Craig Bannister | October 21, 2016
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“It’s not smart not to pay your taxes,” Pres. Obama declared Thursday. But, what if he lost $916 million? Would he pay $171 million in taxes, instead of taking the perfectly-legal write-off?

At a Democrat event in Florida, Obama bashed Republican presidential candidate Donald Trump for (legally) writing off a $916 million loss in 1996 and, thus, potentially avoiding paying taxes in the following years.

In the process, Obama also issued a warning to the rest of us:

“He hadn’t paid federal income taxes in years.  And he says that’s smart.  He thinks you’re suckers for doing what you’re supposed to do.  

“But it’s not smart not to pay your taxes.  All that means is, unlike the rest of us, despite everything that America has given to him, he doesn’t feel obliged to give back a single dime to help our troops, or our veterans, or to make sure that young people get help going to college.”

But, if Pres. Obama lost $916 million, would he lead by example and tell his tax preparer to ignore the write-off?

Obama’s tax returns for 2015 show he paid an effective tax rate of 18.7%. So, refusing that write-off would cost him about $171 million.

Now, that’s commitment. Just think of the things the government could buy with that kind of money, as opposed to if you or I refuse to take a write-off for a measly $100 loss here or there.

What’s more, the president could’ve contributed even more to help our troops, veterans and young people if he hadn’t selfishly written off (which he did) his $64,066 of charitable donations in 2015.

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