Typically an ipo will give you a step up basis. Normally used to offset gains. Here, I assume (not a cpa) that if you sold, the ipo basis would provide a handy loss to offset any other tax obligations. He can still pocket hundreds of millions (maybe), and shield other gains (like selling a skyscraper to pay off legal claims). This would be as legit as his accounting has ever been.
I'm not going to research any of this... but I think he merged with a SPAC that was already public, so I don't think he gets any step-up (the merger vs. acquisition is its own issue, since Trump Media / Truth Social is basically worthless, yet the valuation was a few billion I'd guess). The only thing I'm pretty sure of, not matter his basis, he won't pay taxes on any gains (even if he owes them). He's probably waiting to see if he wins the election, and will create some sort of Presidential Exemption for cap gains.
âThereâs nothing sadder than an aging salesman trying to close one last deal,â MSNBCâs Ryan Teague Beckwith wrote on September 21. Beckwith went on to list seven of Trumpâs most recent campaign promises, most delivered off the cuff at rallies, that are transparent attempts to close the deal with different groups of voters.Trump is also threatening voters. On September 19, he told two Jewish audiences that he had not been âtreated properly by voters who happen to be Jewish,â and that if he doesn't win the 2024 election, âthe Jewish people would have a lot to do with a loss,â adding in that case, âIsrael, in my opinion, will cease to exist within two years.â Opponents were quick to point out that these threats echo old antisemitic tropes scapegoating Jews. When Jake Tapper asked Arkansas senator Tom Cotton to comment on Trumpâs statement on Sunday, Cottonâs answer brought small comfort: âWell, Jake, Donald Trump has been saying things like this for at least 11 months.
âTrumpâs social media posts about women sounded both desperate and delusional. Trump has boasted of overturning the 1973 Roe v. Wade decision that recognized the constitutional right to abortion, but that loss is enormously unpopular. So he is caught between the reality that his white extremist evangelical base continues to support banning abortion while voters in a general election are just as adamant that they want abortion rights protected.
Trump insists that there was a driving popular demand for returning decisions about abortion to the states, but this is a lie; there was no such popular demand. And now a two-year lag in the commissions that study maternal death means that stories of women who died because the new laws deprived them of medical care are beginning to hit the news.
On Friday, news broke that maternal deaths in Texas skyrocketed after the stateâs 2021 abortion ban, rising by 56% compared to an 11% increase across the rest of the nation. Just before midnight, Trump posted a rant that included his usual lie about after-birth executions: âWOMEN ARE POORER THAN THEY WERE FOUR YEARS AGO, ARE LESS HEALTHY THAN THEY WERE FOUR YEARS AGO, ARE LESS SAFE ON THE STREETS THAN THEY WERE FOUR YEARS AGO, ARE MORE DEPRESSED AND UNHAPPY THAN THEY WERE FOUR YEARS AGO, AND ARE LESS OPTIMISTIC AND CONFIDENT IN THE FUTURE THAN THEY WERE FOUR YEARS AGO! I WILL FIX ALL OF THAT, AND FAST, AND AT LONG LAST THIS NATIONAL NIGHTMARE WILL BE OVER. WOMEN WILL BE HAPPY, HEALTHY, CONFIDENT AND FREE! YOU WILL NO LONGER BE THINKING ABOUT ABORTION, BECAUSE IT IS NOW WHERE IT ALWAYS HAD TO BE, WITH THE STATES, AND A VOTE OF THE PEOPLE - AND WITH POWERFUL EXCEPTIONS, LIKE THOSE THAT RONALD REAGAN INSISTED ON, FOR RAPE, INCEST, AND THE LIFE OF THE MOTHER - BUT NOT ALLOWING FOR DEMOCRAT DEMANDED LATE TERM ABORTION IN THE 7TH, 8TH, OR 9TH MONTH, OR EVEN EXECUTION OF A BABY AFTER BIRTH. I WILL PROTECT WOMEN AT A LEVEL NEVER SEEN BEFORE. THEY WILL FINALLY BE HEALTHY, HOPEFUL, SAFE, AND SECURE. THEIR LIVES WILL BE HAPPY, BEAUTIFUL, AND GREAT AGAIN!â In North Carolina, the core members of Lieutenant Governor Mark Robinsonâs campaign staff resigned yesterday, along with all but three of that staffâtwo spokespeople and a bodyguardâafter the CNN report about Robinsonâs offensive writings on a pornography website, including his declaration that he considers himself a âblack NAZI,â and that he would like to own slaves. And yet the North Carolina Republican Party is openly defending Robinson. Today the Republican Governors Association announced it was not going to buy any more ad time in North Carolina, a potential disaster for Trump as well as Robinson. Trumpâs ability to command the Republicans appears to be waning. House Republican leadership has apparently accepted a deal to fund the government through December 20 without the addition of the voter suppression bill Trump wanted, and today Nebraska Republican state senator Mike McDonnell said he would not vote to change the way Nebraska allots its electoral votes so close to the election despite great pressure from Trump loyalists to do so.
When the Trump campaign released a photo of the candidate with his grandchildren near him on a plane, Ron Filipkowski of MeidasTouch noted: âWhen he lets the grandkids near him on the plane for a photo op, thatâs when you know heâs really panicking.â Today, Trump had an event stop at a grocery store in Kittanning, Pennsylvania, where he chatted with supporters. He handed a $100 bill to a customer and promised that âweâll do that for you from the White House, all right?â The election is not the only reason Trump might be worried. Shares of Trump media continue to fall, and his new crypto platform does not appear to be taking off. On Sunday he announced âthe launch of our Official Trump Coins! The ONLY OFFICIAL coin designed by meâand proudly minted here in the U.S.A.,â but his other meme coins have lately aroused little interest in what seems to be an oversaturated market. Technology reporter Brian Krassenstein noted that the new coins cost $100, while the 1 ounce of silver in one costs $30. Veteransâ advocate Travis Akers pointed out on social media that less than 24 hours after Trumpâs advertisement, the Jacksonville FBI office warned against collectible coin scams.
Trumpâs wife, Melania Trump, is also looking for cash. On Wednesday, September 18, she released a video to advertise her forthcoming book. In the video, she said she stands âproudly behind my nude modeling work.â Since her nude photos were 100% not in the public conversation, her statement seemed designed to pump sales by suggesting there are nude photos of her in the book. Today, Pamela Brown, Jeremy Herb, and Shoshana Dubnow of CNN reported that Trumpâs most recent financial form reveals that Melania was paid $237,000 to appear at a campaign event in April, although it is not clear who cut the check for that appearance. The reporters say that such six-figure payments for her campaign appearances are not unusual, although payment for a spouseâs campaign appearances at all is highly unusual.On Saturday, Trump said he would not debate Vice President Harris again, saying it was âtoo lateâ for another debate, although he then suggested he would be interested in doing one if the Fox News Channel broadcast it. The Trump campaign is openly vowing to use federal forces against political opponents, but it is not clear the news is coming from Trump himself, so much as from those surrounding him. Vice presidential candidate Ohio senator J.D. Vance has doubled down on his insistence that a Trump administration will deport legal as well as undocumented immigrants. His stand has earned him a rebuke from the editorial board of the Dayton Daily News, which expressed alarm at Vanceâs lies about immigration and his evident belief that the ends justify the means. âHistory, of course, offers no shortage of atrocities committed when the truth is viewed as an inconvenient obstacle in your way,â the board wrote. It called Vance âan embarrassment not only to himself, but to Ohio.â On Sunday, the âTrump Teamâ posted on social media that âAs soon as I take office, we will immediately surge law enforcement to every city that is failing to turn over criminal aliensâ and âbring down the full weight of the federal government on any jurisdiction that refuses to cooperate with ICE and Border Patrol.â This threat is in keeping with Michael Schmidtâs report in the New York Times yesterday outlining how Trump used the criminal justice system to retaliate against those he saw as his enemies.
Bipartisan endorsements for Democratic candidates Vice President Kamala Harris and Minnesota governor Tim Walz continue to pile up. Today, three former chairs of the Maine Republican Party âenthusiasticallyâ endorsed Harris.After Teamsters president Sean OâBrien said the 1.3-million-member organization would not endorse either candidate in 2024, making the Teamsters the only one of the nationâs ten major unions not to endorse Harris, joint councils of the Teamsters have endorsed Harris and Walz on their own. These endorsements matter not only for votes, but also for get-out-the-vote efforts in crucial Midwestern states. Also crucial to Pennsylvania is todayâs endorsement of Harris by members of the stateâs Polish American community, who expressed concern that Trump would enable Russian president Vladimir Putin to invade Poland. There are 800,000 people of Polish descent in Pennsylvania.
On Sunday, a bipartisan group of 741 national security leadersâsome of the biggest names in the fieldâendorsed Harris. âTo the American People,â they wrote. âWe are former public servants who swore an oath to the Constitution. Many of us risked our lives for it. We are retired generals, admirals, senior noncommissioned officers, ambassadors, and senior civilian national security leaders. We are Republicans, Democrats, and Independents. We are loyal to the ideals of our nationâlike freedom, democracy, and the rule of lawânot to any one individual or party.âWe do not agree on everything, but we all adhere to two fundamental principles. First, we believe Americaâs national security requires a serious and capable Commander-in-Chief. Second, we believe American democracy is invaluable. Each generation has a responsibility to defend it. That is why we, the undersigned, proudly endorse Kamala Harris to be the next President of the United States.âThis election is a choice between serious leadership and vengeful impulsiveness. It is a choice between democracy and authoritarianism. Vice President Harris defends Americaâs democratic ideals, while former President Donald Trump endangers them.âWe do not make such an assessment lightly. We are trained to make sober, rational decisions. That is how we know Vice President Harris would make an excellent Commander-in-Chief, while Mr. Trump has proven he is not up to the job.â
Heather Cox Richardson - Political Historian and Professor
Why would his basis be in the 60s? It would be on any actual money invested (which we know is zero), and any value of contribution to the Trump Media company before the merger (which was likely nothing...but he'll claim brand value or some intangible value).
He could have made an 83(b) election...but I doubt he'd "prepay" any taxes...since he never pays them.
He's in a really interesting position...because he says he doesn't need the money, but it seems unlikely it will ever be worth more. Meanwhile Melania is out giving a speech for $240k...paid by his campaign (thank you donors).
Typically an ipo will give you a step up basis. Normally used to offset gains. Here, I assume (not a cpa) that if you sold, the ipo basis would provide a handy loss to offset any other tax obligations. He can still pocket hundreds of millions (maybe), and shield other gains (like selling a skyscraper to pay off legal claims). This would be as legit as his accounting has ever been.
DJT stock price dipped into the 11s this morning before recovering to low/mid 12s. I think his basis is in the high 60s, so if he has seen a value loss of nearly 6 billion dollars this year. If he managed to sell it off at this level, he really wouldn't need to pay taxes for a while!
Why would his basis be in the 60s? It would be on any actual money invested (which we know is zero), and any value of contribution to the Trump Media company before the merger (which was likely nothing...but he'll claim brand value or some intangible value).
He could have made an 83(b) election...but I doubt he'd "prepay" any taxes...since he never pays them.
He's in a really interesting position...because he says he doesn't need the money, but it seems unlikely it will ever be worth more. Meanwhile Melania is out giving a speech for $240k...paid by his campaign (thank you donors).
DJT stock price dipped into the 11s this morning before recovering to low/mid 12s. I think his basis is in the high 60s, so if he has seen a value loss of nearly 6 billion dollars this year. If he managed to sell it off at this level, he really wouldn't need to pay taxes for a while!
One time our junior high coach looked over at the two troublemakers and told us, "Steely, you and Carter are mundane and supercilious!" which has become one of my favorite insults.
A bit surprised that a coach would count those words in his vocabulary.
Yeah. He seems to be a practitioner. A useful tool. It's all the rage in a self-service world type scenario.
Some tricks should wear out their unwelcome.
He has described himself as the "living embodiment of truth", urging his thousands of devoted followers to understand life's meaning through "core-splitting honesty"
Yikes
So he calls his book "Unveiling Reality". I read some at the site for his book. Certainly not Christian. Kinda new age maybe? Out of my trajectory. We need experts.
Fairly convoluted thinking, and I know convoluted when I seizure it, but I digress. This is the Trump thread so maybe not so anyway all mitts are catchers.
