Mark Cuban Tried To Trap Trump Over His Taxes, But The Truth Trapped The Maverick!
Just because you are someone that is smart enough to have become a billionaire does not make you an honest man. Donald Trump has made it very clear that everything he has done as far as his finances has been completely and totally above board. However, it seems that everyone and their brother wants to skewer him for making use of a rule that is absolutely legal and in the tax code.
It’s sickening really, to see somebody get pilloried for following the law, while someone like Hillary Clinton wantonly breaks it and gets celebrated by the liberals like she is the second coming.
At first, it looked like Mark Cuban was a Trump guy. He complimented the real estate mogul many times and seemed to understand the populist wave that Trump is tapping into. But then, rather abruptly, Cuban decided that he was supporting Hillary because Trump doesn’t know enough,or something…
Now, Cuban is essentially a Hillary surrogate which is definitely disappointing. The latest made up controversy from the left relates to Trump’s taxes and Mark Cuban is jumping all over it. Except, that might not be the greatest idea…
From The Daily Caller: Mark Cuban, billionaire Clinton supporter, recently criticized Donald Trump for taking advantage of the same kind of tax loophole Cuban took advantage of just years later. It seems that Cuban’s business possibly did something similar to what Trump is accused of—claiming millions in losses to offset future taxation.
In 1998, Broadcast.com, a company that Cuban was both President and Chairman of the Board of at the time, claimed loss carry forwards of more than $10 million for 1997.
From the Form S-1 filed by BROADCAST.COM INC.: “5. INCOME TAXES
As of December 31, 1997, the Company has available net operating loss carry forwards totaling approximately $10,269,000 which expire beginning in 2011. Utilization of net operating loss carry forwards may be limited by ownership changes which may have occurred or could occur in the future.”
The law at the time allowed loss carry forwards, like the $10 million from Broadcast.com, to count against future taxation for up to 15 years, meaning Cuban could have claimed losses to reduce future taxation for several years, effectively the same thing Trump is being accused of.
Rich people know how to navigate the tax code.
That’s not a news flash. It’s also not illegal.
If you don’t like it then change the tax code.
This is just another lame attempt by the media to bash Trump.