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Let me ask this. "So he may not/probably didn't pay any Federal income tax. So what? If the IRS has signed off on his tax returns that means it was all LEGAL and under the LAWS OF THE LAND. So what's the issue?
If people have a problem with people not paying Federal income tax then CHANGE THE LAWS but don't leave 'em like they are and then rail and complain when business people use them.
Same with bankruptcy laws.
If people want to be ticked about Trump and bankruptcy then they'd better start railing at Obama and his forcing GM into a "modified" bankruptcy or Chrysler's multiple bankruptcy filings or, the many (hundreds/thousands) of other companies that have claimed bankruptcy only to reopen under another name after shafting their suppliers.
The IRS isn't as likely to charge him w/tax fraud as it is likely to cite his returns for inaccurate/improper deductions and fine him...they tax amount plus penalties and interest...
And I think the IRS isn't hiring /keeping enough smart accountants to actually document examples of outright fraud...the way to fight an audit just like a lawsuit is to snowstorm the agency/other side w/tons of paperwork to review...drown it in paper and choke the process...
BUT I do think that some states'/federal attorneys are going to be checking out the Trump Foundation and the IRS might be checking on his charitable donations,now that the WP writer has done their grunt work...
The question is.... Will they check the Clinton Foundation with the same vim and vigor? I think we know the answer to that question...
As Hillary pointed out, Trump must have something really bad in his tax returns that he refuses to release them. And Donald didn't refute that.
People have asked him to provide a letter proving that he is under audit, and he has not done so. In fact, his lawyers have not used the word audit to describe his situation. According to the IRS, it would be highly unusual for a person to be audited a dozen years in a row, as Trump claims. (IRS chief: Trump claims of being audited several years in a row are 'rare' - POLITICO)
Bottom line: I think he's lying about why he won't release his returns.
As a business man running for political office, it's just one of those facts that the voting public looks down upon. Yet, as you state, he as a real estate investor is legitimately utilizing the tax code which probably wipes out his tax. With a tax return like his, I bet he is audited almost annually, which in my opinion means unless he has the IRS in his back pocket (which I doubt) then there is less chance that he is committing any kind of tax fraud.
People with money have more ability to invest and spend in things that avoid tax, plain and simple. Change the tax code if you don't like it. Just don't make it a one line tax return or I'll be a CPA looking for another profession.
Most Americans don't understand the tax breaks that are available to the wealthy. These advantages may be legal, but that doesn't mean that they wouldn't be repulsive to the average tax-burdened, middle class American.
Also, there are some provisions in the tax code to prevent individuals from using items such as real estate depreciation to offset their income.
A key issue is whether Trump violated the income tax code if he did use real estate depreciation to reduce or eliminate his tax liability.
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The third — and not obvious — reason involves something called Section 469 of the U.S. tax code. Rental real estate, a Trump specialty, typically throws off tax losses* for its owners.
But Section 469 forbids taxpayers from using these losses to offset other income unless more than half their business activities (at least 750 hours a year) involve developing or managing real estate.>>
Given Trump's reality show, beauty pageants, etc., is it possible that Trump claimed that he devoted half his business hours to developing and managing real estate when he did not? Believe it or not, IRS auditors might accept Trump's business hour claims, but such claims might be eviscerated by political and media investigators creating an actual case of fraud against Trump.
Also, if Trump did use real estate losses to offset his other income, wouldn't Americans support a logical change in the law to eliminate the use of real estate losses to offset other, non-real estate income??? Why can wealthy Americans eliminate their tax liabilities by using depreciation from leveraged real estate investments using financing not available to other Americans, who now often have difficulty receiving a mortgage loan?
My hunch is that if Trump ever does release his tax returns, it only will be for 2016 when he can't remotely claim that he spent at least 750 hours managing real estate, unless he includes campaign stops and visits to his properties as "managing" real estate. This perhaps explains why Trump so frequently promotes his properties as part of his campaign.
Additionally, seeing Trump's tax returns would list all of his partnerships and their significance. As noted by George F. Will, his tax returns, especially for years past before his returns perhaps were cleansed in preparation for his Presidential run, might prove that he was significantly beholden to Russian oligarchs.
Trump's praise of Putin, and Trump's indifference to the immoral actions of this Russian dictator, suggests that he is either ignorant to an unacceptable degree, or, more likely, deeply beholden to Russian financial interests.
Did Trump receive sweetheart deals from Russian oligarchs, such as disproportionate ownership of real estate partnerships, with the intent of blackmailing Trump down the road? E.g., did Trump claim large amounts of depreciation from Russian-financed partnerships in which his ownership is much greater than in other real estate partnership deals financed by investors interested in profits, but by Russians mostly intent in gaining political leverage over a potential American politician?
Any way it's sliced, Trump's tax returns represent a surprise cake that would shed great light on Trump's values and wealth, a surprise cake that American voters should demand seeing if Trump wants the honor of being considered as the next President of the U.S.
Trump is not releasing it to protect his image. Has nothing to do with deceit or illegal activities. The IRS audited his returns multiple times and have not found anything wrong with it. He's got many CPAs working on it so I wouldn't worry about any fraudulent activities. What he is hiding is that he's paid very little taxes as the tax code was designed for people like him to exploit. People who live off investment income pays very little taxes as Warren Buffett request to change the tax code so people like him can pay more.
However it's not easy to close the loophole and make Donald and Warren Buffet pay more. By doing so it can hurt the housing market big time. Most people working paycheck to paycheck doesn't understand a thing about investment.
As Hillary pointed out, Trump must have something really bad in his tax returns that he refuses to release them. And Donald didn't refute that.
People have asked him to provide a letter proving that he is under audit, and he has not done so. In fact, his lawyers have not used the word audit to describe his situation. According to the IRS, it would be highly unusual for a person to be audited a dozen years in a row, as Trump claims. (IRS chief: Trump claims of being audited several years in a row are 'rare' - POLITICO)
Bottom line: I think he's lying about why he won't release his returns.
I heard that the letter was to Trump Tower itself, rather than an actual home address...
If this was the only bothersome or troubling issue this election cycle, I might agree with you, but there are more troubling issues at hand than Trump's taxes
This doesn't mean that Trump's federal income tax returns aren't an extremely important issue.
E.g., how do Trump's proposed federal income tax proposals personally benefit Trump?
By lowering the top tax rate significantly, Trump could benefit significantly.
When Trump claimed real estate tax depreciation, he sheltered income from taxation at relatively high tax rates.
When real estate is sold, depreciation is recaptured and taxed as ordinary income at the then income tax rates.
As Trump clearly expects the possibility of a financial calamity, he may want to exit some of his deals before they plunge in value. How sweet it would be to pay taxes on recaptured depreciation at a much lower income tax rate!
Let's get one thing straight- the IRS would LOVE it if he would release his tax returns while under audit. That's like getting an army of 1,000 reporters to do the audit work for you.
Exactly, and that's why the Clintons and all other Presidential candidates for the last half century have released their income tax returns in order to gain the public's trust!
BTW, it won't be reporters scrubbing Trump's tax returns. It will be tax experts, including ex-IRS auditors with significant audit experience and now in private practice.
If Trump is clean, he should be saying bring it on, like all other Presidential candidates, even those who benefited greatly from the tax code, such as Mitt Romney.
Clearly, Trump has something to hide.
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I think we know the answer to that question...
