Transcripts For FBC Cavuto Coast To Coast 20161003 : vimarsa

FBC Cavuto Coast To Coast October 3, 2016

But lets step back from this ask see whats going on. He lost about a billion dollars if were to believe the 1995 tax return. Now, if you substituted donald trump for, lets say, apple or ibm or General Motors and put in the company name experiencing loss, would it carry the same weight as it does when you can say of the Trump Organization its donald trump . That was the case then, these are some losses over the past years, but we dont give them the same type of scrutiny as were giving donald trump. Now, to be fair, it is mr. Trump who is running for president of the United States, it is mr. Trump who for the first time in a long time is not releasing tax returns, something that was a common procedure on both candidates part, democrat or republican, over these many, many years. But we felt it good to go over this with a tax expert. He says the tax code itself is the issue, and i had the pleasure of chatting with you a little while ago before the show, and you said that hes not breaking any laws. But as you surmised very quickly, its getting the attention it does because of who he is. But if you subbed his name for a company, it happens a hot, right . Yeah, i think so. Lets face it, this is really all about donald trump. Its not about anything else. We could talk about how complex the tax code is. Well, the tax code has always been come plex. This is specifically about donald trump. And if you take a look at what the New York Times is saying specifically, theyre leading in to saying donald trump hasnt paid taxes for 18 years. They dont know ifhats true. They used the term tax avoidance. I dont think this is about tax avoidance. It seems to me that donald trump had a tax benefit based upon nearly a billion dollar loss. Now, if you want to go out and lose a billion dollars in order to get a benefit, a tax benefit, i dont think thats what trump had in mind. Neil still, there are a lot of folks and were talking about this as well who dont have that opportunity to rejigger a bad year and get tax writeoffs, so they say, you know, obviously, the tax code, his friends are saying thats a sign he can navigate his way around the tax code, and who better to police and change it later on as president . But you pointed out something very interesting. We pick and choose who we have a fight over. Warren buffett. What did you mean by that . Well, when we talked about Warren Buffett what we said is Warren Buffett was famous for making the comment that he is actually in a lower tax bracket than his secretary. Well, theres a reason for that. Its because Warren Buffett isnt paying taxes based upon be ordinary income. All of Warren Buffetts income is being taxed as capital gains. Now, thats a loophole that hes taking advantage of. And you could make an argument to say, well, listen, thats a huge tax loophole. Hes one of the richest men in the country. Why arent we talking about that as really problem with the u. S. Tax code . But were not. Were talking about donald trump. Hes a light thing rod for this stuff lightning rod for this stuff. Neil but you were stressing as offensive as some might find this at sort of a gut level, its all perfectly legal. Are there any special exemptions or allowances all the more for the real estate or Casino Industries that others dont enjoy or what . Well, on this specific issue, neil, were talking about net operating losses. And i want to expand on that nor a moment for a moment because in our fam Office Practice at my firm, we deal with a lot of wealthy people. But in this specific case in this specific rule, you could have a situation, lets say, where of a plumber where you have a plumber. Hes got some tough economic times. Construction is slowing down, and be lets say he has a 90,000 loss. The tax code is set up so that he has the ability to recover. So the next year and the next year and the next year when he starts to inch his way back in with having some income, he doesnt have to pay tax on that. Neil but let me ask you about the 20 years thing im sorry, my friend. The 20year thing that the times wrote about, theyre accurate insofar as saying if you had a huge loss and there is this 50 million many loss that you can take or write off or whatever you want to call it every year, then conceivably since that time and maybe just up until now he hasnt paid any federal income taxes. Thats a distinct possibility, right . That is possible, neil. But lets go with this donald trump has billions and billions and billions of dollars. How do we know he had a 900 million loss in 1995 . And in 1996 he had a billion dollars of income, and it was wiped out at that point. We dont know that. So i believe that people are really making a lot of assumptions where you dont have the tax returns, so you just dont know. Neil all right. Dan, if you can stick around with us, i want to bring you into this next debate. I do want to put this in perspective, and were flashing these at the bottom of the screen, but again, were making a big deal about donald trump because he refuses to release his tax returns, and hes running for president. Dupont in 1992 had a nearly 4 billion loss, and, again, i mentioned caterpillar earlier on, big losses totaling over the course of about ten years of well north of 1. 8 billion. But, again, this gets the attention, not so much when an apple in 1996 reports an 820 million loss and the next fiscal year a better than 1 billion loss. Companies headed by visionaries whether many or out at the time, well, it happens all the time. To charlie gasparino, marjorie clifton. Charlie, how big of a deal will this be for donald trump . I dont know. Its a talking point, and this is an election thats won or lost at the margins, and it could hurt him. Lets be real clear here. Im not a tax expert. Ive covered taxes my entire career. You know, real estate if youre in real estate, you can take a lot more deductions than the average person. A lot more than even the plumber that your last guest talked about. Neil unless he dabbles in yeah. He has to be considered a real estate developer, and then theres all these special exemptions. Trumps got a billion dollar tax lost. I dont believe he lost a billion dollars in 1994. His hotels were getting crushed in the early 1990s, so some of that might have bled into 95 neil and renegotiating his debts. Heres the thing, howd he come up with a billion . It wasnt just from losing money. Like apple lost money in 96. It was in bad fiscal straits. Donald probably came up im just assuming neil we dont know. With a lot of paper losses that he threw in that thanks to a very good accountant, who he brags about neil read about it in his book, but misspelled his name. Right. Neil i do that with you. You can misspell my name anytime neil i leave out the o. [laughter] you can carry that forward. Hes not releasing his tax returns, so we dont know what kind of gimmicks he came up neil thats half the battle. Marjorie, now, i know its very easy the seize on this, and it does ignite a rage from average folks who say i dont have these liberties. And thats, obviously, what Hillary Clinton and her folks are going on, thats what her supporters are going on. But truth be told, no laws were broken here, right . No. I agree. And i think the issue is, actually, not so much about, you know, the logistics of how the books were moved around and whether he gained i mean, he takes pride in the fact that he games the system, and i think that is at the heart of peoples concern, the lack of transparency neil that im smart, that makes me very smart. Its not right. Its a transparency thing. And it is how are you going to play by the rules like youre asking every other american to play by . You can debate tax law, the buffett rule which says if you mitt a certain mark in your income, you should be paying neil a million and over, right. But the rules are the rules but the rules are the rules, right. Neil so, mark, i want to touch on that with you. The rules are the laws that exist, right . And this happens and is allowed. To charlies point, there are more of these rules encoded in the tax code for real estate, even casino interests. So people will debate that as we are now but still say, yeah, but its fishy to me. Whats the fallout to donald trump . I dont think there is a fallout. I think this is going to backfire on the New York Times and the clinton campaign, neil. Because if you listen to professor gaspo there and his academic analysis, thats not what voters are going to take away from this. More millions of independent contractors and Small Business people who i think will look at this and agree with it. Theyll say, of course, any person in business is trying to limit neil yeah, but its the number. Its the number [inaudible conversations] thats the issue, a big number, right . Well, and the other [inaudible conversations] neil i want to go to dan as our resident accountant expert here. Its the big number that catches attention, right . Yeah, theres no question about it. Its about how large that number is. Its not 90,000, its 900 million. Right. Thats the issue. But, again, we see donald trump being targeted here because if you want to because hes running for president. Neil well, yeah. [inaudible conversations] but lets be [inaudible conversations] neil let him finish. Hlary clinton for a moment because we talked about Hillary Clinton had a, i believe it was a 1 million charitable tax deduction, and it went to the Clinton Foundation. Right. Now, how does that pass the smell test . No, but heres the thing, you know about that for a reason, because she released her taxes. [laughter] i mean, heres the problem that i think donald has here, this thing is shrouded in a lot of secrecy. And im not saying one storys neil he should have just released his tax records a year ago. Youre missing the let me just make this point. He was told a year ago to release it, and he refused to. Now heres the other point i want to make. There are, theres a lot of interesting deductions that he took out that he doesnt want publicized. Right. Or else he would have released and thats but youre missing the comeback story. This is an americanback story. How many people do you know lose a billion dollars nice try. And compare that to so he didnt establishment think about what youre saying. He didnt pay tax status sir, he didnt pay any taxes on all his apprentice winnings. Think about that. Theres only two reasons [inaudible conversations] it doesnt play well. It doesnt play well. They want trump to stand up for america. He says he made Something Like 300 million, i might have the number wrong, on his apprentice neil and he didnt. [inaudible conversations] youre comparing a entrepreneur hes probably, and when you see some of these deductions, you can probably surmise that hes not worth 10 billion. [inaudible conversations] establishment politician. Neil all right. But we didnt get a lot of details. I think three different pages of three different forms, so thats end of it. Marjorie, is there a risk here that be careful what you wish for, democrats, making hay of this because then they could start going through Clinton Foundation stuff and writeoffs and connections and all bets are off for the next debate . Theres already been a lot of digging into that, and i think thats why you know, and look, smartly, key rule of crisis communication or getting in front of an issue is to disclose everything neil i agree with that. I do agree with that. And thats the issue. The question is why is he concealing them, and i think it could be two things. One, the actual practices of how he was, you know, offloading money that he would have to pay, and then, two, hes not worth as much money as he brags about. Yeah, thats what i think. Neil forbes magazine, no fan of his, says hes still worth close to 4 billion. Now, thats a lot less than tr beg an issue that republicans have talked about, well, this guy, to quote rudy giuliani, must be a genius because he was able to leverage the tax code to his advantage. Im asking you to go into politics here, but does that carry the day . Everything is legal, everything is right, what he did, but the stigma still exists that, hey, you lost almost a billion dollars and as a result since then potentially you havent had to pay a dime in taxes since. Well, i would leave it with this, im not going to make a political statement here neil thats too bad. [laughter] whether youre wealthy, middle class or poor, what everyone has in common is no one likes to pay taxes. No, of course not. Neil very good, dan. People see that by the way, the if hes so genius, this is the non sequitur of that argument neil dont use big words. Okay. Kind of a contradiction. [laughter] doesnt make sense. Why if hes such a genius, why doesnt he just release it . Neil yeah. If hed done it a year ago look, that is a very conventional standard, right . Just because theyve always done it honesty. Neil honesty and transparency. Thats not affecting votes. Honesty have you neil you know, mark, he would have avoided all of this. I generally agree with you, but the president said get it out there, thrash it out, beat the hell out of each other with it. It doesnt last very long because, ill tell you, journalists are not keen on numbers or going into numbers, and theyd drop it after a while. Some are. [laughter] and the other talk about transparency, compare that to Hillary Clinton and her clear, deliberate methods to avoid any transparency whatsoever while she was secretary of neil marjorie, your take on that. And with her nonprofit organizations. But the other point is, look, nobody likes to pay taxes, i mean, absolutely. We all want to minimize to our tax burden. But in the end, you also have to look at what theyre for. Do the irs codes need to be changed . Neil by the way, marjorie, you make a big deal of the 47 of americans who pay no federal income tax at all, a number thats doubled in the last 30 years. Look, weve got to be smart and efficient about how neil all i know is we have fewer and butter people paying the bills fewer and fewer people paying the bills. Right. And we still need to pay for schools and roads thats right. This issue is about Wealth Distribution which is wealth creation. Neil guys, thank you very much. We wrapped that up. Youre welcome, america. [laughter] all right. Theres another program out there. Remember i gave you that homework assignment, see how aggressively the media covers this Hillary Clinton audio that just popped up talking about Bernie Sanders supporters. Apparently, a lot of you did, and youre still waiting to see that media coverage. Dont let dust and allergens get between you and lifes beautiful moments. 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Theyre children to have great recession, and they are living in their parents basement. The idea that maybe, just maybe you could be part of a Political Revolution is pretty appealing. Its a false promise from. But i dont think you tell idealistic people, particularly young people, that theyve bought into a false promise. Neil all right. Remember the homework assignment i gave you on friday, and you did do it, right . The media cover only coverage of that, and i want today compare i wanted you to compare it to the coverage mitt romney got. You remember all of that and how mitt romney came on very show to say he was inelegant at best. Yeah. All right, so i said if were going to go to town on mitt romney over that, the media, im sure, is going to go to town on this. And apparently it didnt happen. Reaction now from bernie backer, a former campaign staffer, desmond, very good to have you. Thank you. Neil are you surprised this didnt get much media followup . I knew where she was coming from, frustration with the passionate supporters of Bernie Sanders like yourself, but it didnt get a lot of media play. Well, i mean, im not surprised at all. You know, most things that show that same supporters that youre asking to support you to later say that theyre just basement dwellers is not going to get the type of coverage that it should was we just want to sweep it under the rug and move on and go to the next topic. I want to send a real Crystal Clear message to Hillary Clinton and those who believe in that comment, even Senate Sanders who said its true, im right here in Oklahoma City where i was born and raised. At 17, 18 i went to the military to serve my country and later on went to texas with no job, no place to stay without a dime in my pocket and became an i ward awardwinning Business Owner. Ive never been in a basement, did not have a parent to send me to an ivy league school, and i made it. The only time i was in a basement was when i was running from a tornado. So im very offended by the comments shes made and Bernie Sanders for once again folding like a napkin for agreeing with it. Oklahoma voted for Bernie Sanders, and it wasnt because of a false state, it was because of hard work that we know we can put into to change this country around. Neil does it make you less likely the support her in the general election . Well, i wasnt supporting her in the first plac

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