Donald Trump has refused to release his recent income tax returns because he’s being audited by the IRS and that his tax rate is “none of your business”. We’re not picking this criterion out of thin air; Trump is the one who repeatedly trumpets his business experience as his qualification for the presidency.
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State records show that Trump claimed that his combined income in 1978 and 1979 was negative $3.8 million, allowing him to pay no taxes.
The report shows that Trump has at least $1.47 billion in assets and at least $315 million in liabilities. And it shows how his fortunes have evolved since past year, when his controversial comments about immigration and Muslims threatened to tarnish his business brand even if they boosted his political campaign.
“Obviously it could raise issues about deductions, reporting of income, all sorts of things that we worry about when we file our tax returns. These are guys that shift paper around and they get lucky”, Trump said on CBS’s “Face the Nation” a year ago. It’s entirely possible that everything on the presumptive Republican presidential nominee’s tax forms could at once be perfectly legal and politically disastrous. A tax return is the easiest way to do that. But from the limited details in the disclosures, it’s not clear whether the declines resulted from market action and how much stemmed from Trump’s sales of securities.
No one really. However I have had a few instances where my tax returns need to be presented for some services mostly because there was a need to verify my income.
Trump Productions, his production company, netted him $5.9 million in production revenue, his forms say. Two factors complicate the matter of figuring out how well Trump is actually doing.
The truth has come out about Donald Trump and the USA tax system, and it’s not pretty! The Post reports that “Trump has released a letter from his tax lawyers that said his tax returns had been audited by the IRS since 2002, and that audits on the returns since 2009 were still underway”.
A month later, Trump’s campaign released a new statement, saying Trump’s net worth was now “in excess of TEN BILLION DOLLARS”. At first he said he’d like to release them, but he was being audited. He also said last week that his tax rate is “none of your business”. Do you have to go public with your taxes?
The personal disclosure form is identical to one Trump filed shortly after announcing his candidacy previous year.
To voters considering his fitness to be president, Trump’s response is that he will be the judge and jury, a paternalistic and insulting attitude toward the public.In fact, there would be much to learn from Trump’s tax returns and, more broadly, his years as a businessman.
Because of his television work, Trump also earns a pension from the Screen Actors Guild.
In Westchester County, N.Y., Trump has taken an aggressive approach toward the town of Ossining regarding the taxable value of Trump National Golf Club in Briarcliff Manor.
Writing in “The Atlantic” David Graham observed, “Trump has a long history of questionable finances”.
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Trump’s strategy to ease his company’s tax burden has resulted in sore feelings in some communities, where local governments rely heavily on tax receipts from large businesses.
