Trump's own taxes
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Larry Kudlow (Trump's Director of National Economic Council): ... Trump knows taxes
because he’s been 'dodging them for all these years'
October 18 2018
https://www.washingtonexaminer.com/news/white-house/larry-kudlow-trump-knows-taxes-because-hes-been-dodging-them-for-all-these-years
Timeinc.net presents a very thorough article about Trump, his golf courses, his
love of golf, related political issues, lawsuits, Trump remarks,
taxes, Muslims,
climate change, Middle East business interests, and much more
http://amp.timeinc.net/golf/tour-news/2017/08/01/president-donald-trump-relationship-golf-more-complicated-now?source=dam
-- 2016 --
February 23: The largest individual income tax expenditure in 2015 was the
provision that allows households to exclude from taxable income the value of
employer-provided health insurance.
http://www.cbpp.org/research/federal-tax/policy-basics-federal-tax-expenditures
February 23: The largest corporate tax expenditures in 2015 included
“deferral of income from controlled foreign corporations” and “accelerated
depreciation”
http://www.cbpp.org/research/federal-tax/policy-basics-federal-tax-expenditures
February 23: In fiscal year 2015, tax expenditures reduced federal income
tax revenue by over $1.2 trillion, and they reduced payroll taxes and other
revenues by an additional $128 billion.
http://www.cbpp.org/research/federal-tax/policy-basics-federal-tax-expenditures
February 23: tax expenditures provide their largest subsidies to
high-income people
http://www.cbpp.org/research/federal-tax/policy-basics-federal-tax-expenditures
March 8: Donald Trump’s Tax
Plan Could Tack $10 Trillion onto America’s Debt
http://fortune.com/2016/03/08/donald-trumps-tax-plan-primary/
March 8: Donald Trump's plan would sharply reduce the top tax rate on
individual income from 39.6% to 25%; his plan does not include any reductions in
federal spending
http://fortune.com/2016/03/08/donald-trumps-tax-plan-primary/
April 14: [Regarding Trump and his taxes,] ... the
public has been vocal ... This weekend there will be more than 150
marches across 48 states and the District of Columbia to demand Trump
release his returns.
http://money.cnn.com/2017/04/14/news/economy/trump-tax-returns/index.html
August 17:
Trump Casinos’ Tax Debt Was $30 Million. Then Christie Took Office.
By the time Chris Christie became governor of New Jersey, the state’s
auditors and lawyers had been battling for several years to collect long-overdue
taxes owed by the casinos founded by his friend Donald J. Trump.
The total, with interest, had grown to almost $30 million. The state had
doggedly pursued the matter through two of the casinos’ bankruptcy cases and
even accused the company led by Mr. Trump of filing false reports with state
casino regulators about the amount of taxes it had paid.
But the year after Governor Christie, a Republican, took office, the tone of the
litigation shifted. The state entertained settlement offers. And in December
2011, after six years in court, the state agreed to accept just $5 million,
roughly 17 cents on the dollar of what auditors said the casinos owed.
https://www.nytimes.com/2016/08/17/us/politics/trump-chris-christie-casinos.html
September 19: The Trump tax plan reduces the corporate income tax rate from
35 percent to 15 percent.
https://taxfoundation.org/details-analysis-donald-trump-tax-plan-2016/
October 2: Donald Trump Tax Records Show He
Could Have Avoided Taxes for Nearly Two Decades ...
https://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html
November 1:
Donald Trump Used Legally Dubious Method to Avoid Paying Taxes
Donald J. Trump proudly acknowledges he
did not pay a dime in federal income taxes for years on end. He insists he
merely exploited tax loopholes legally available to any billionaire — loopholes
he says Hillary Clinton failed to close during her years in the United States
Senate. “Why didn’t she ever try to change those laws so I couldn’t use them?”
Mr. Trump asked during a campaign rally last month.
“Whatever loophole existed was not ‘exploited’ here, but stretched beyond
any recognition,” said Steven M. Rosenthal, a senior fellow at the nonpartisan
Tax Policy Center who helped draft tax legislation in the early 1990s.
In the eyes of the I.R.S., a dollar of canceled debt
is the same as a dollar of taxable income.
https://www.nytimes.com/2016/11/01/us/politics/donald-trump-tax.html
November 13: ... Trump promised to "massively cut taxes for the
middle class, the forgotten people, the forgotten men and women of this country,
who built our country." ... During a town hall meeting on NBC's Today
show, he said he believes in raising taxes on the wealthy. ... [however] "If you
look at the most wealthy, the top 1 percent would get about half of the benefits
of his tax cuts, and a millionaire, for example, would get an average tax cut of
$317,000" ...
http://www.npr.org/2016/11/13/501739277/who-benefits-from-donald-trumps-tax-plan
November 13: One other element of the Trump plan is worth noting: It
would eliminate the federal estate tax entirely. Only the wealthiest taxpayers —
less than 1 percent — now pay that tax. Ending it would lead to an even greater
concentration of wealth in the U.S.
http://www.npr.org/2016/11/13/501739277/who-benefits-from-donald-trumps-tax-plan
-- 2017 --
January 11: Trump wrong that Americans don't
care about his tax returns
https://www.politifact.com/truth-o-meter/statements/2017/jan/11/donald-trump/trump-wrong-reporters-are-only-ones-who-care-about/
[Trump has] fought the tax assessments of all 12 of his U.S.
golf courses except the one in Bedminster, New Jersey. On that course, he
raises goats to qualify for a
New Jersey farmland tax break.
http://bipartisanreport.com/2017/02/11/congressman-invokes-unknown-1924-rule-to-expose-trumps-tax-returns-immediately/
February 23: Some nonpartisan tax experts have forecast that most of
Trump's tax plans would
benefit upper-income taxpayers rather than the middle class.
http://money.cnn.com/2017/02/23/news/economy/mnuchin-tax-reform/index.html?iid=EL
April 14: Normally by the end of tax filing season, the sitting U.S.
president publicly releases his tax return for the prior year. ... There's no
expectation, however, that President Trump will do so.
http://money.cnn.com/2017/04/14/news/economy/trump-tax-returns/index.html
April 27: House Democrats are planning to
force a vote Thursday on a bill that would require President Trump to release
information about his taxes and visitor logs, The
Washington Post reported.
Democrats will reportedly attempt procedural maneuvers to force a vote on a bill by Rep. Katherine Clark (D-Mass.) that would demand disclosures on Trump’s taxes, business dealings, ethics waivers in the administration and details about whom he is meeting with at the White House and at his private Mar-a-Lago resort in Florida.
Democrats are hoping to force Republicans in competitive reelections to go on
the record defending Trump.
http://thehill.com/homenews/house/330825-house-dems-plan-to-force-vote-on-bill-demanding-trump-taxes-visitor-logs
May 12: In a letter released Friday,
President Trump's lawyers said a decade's worth of his tax returns show that he
doesn't owe money to Russian lenders and that he has received no income from
Russian sources, "with a few exceptions." ... The lawyers who wrote the letter
about his finances are with the firm Morgan Lewis & Bockius, which was named "Russia
Law Firm of the Year" for 2016 by Chambers & Partners, which ranks lawyers.
... the Trump administration has been caught up in an intensifying swirl of
questions about potential financial ties involving Russians, Trump, and his
associates. ... Without copies of Trump's tax returns, the claims by his
lawyers cannot be verified.
The exceptions include this: "In 2008, Trump Properties LLC sold an estate in Florida, that it had acquired in 2005 for approximately $41 million, to a Russian billionaire for $95 million."
That buyer was Dmitry Rybolovlev, who never moved into the 62,000-square-foot mansion before tearing it down.
Another exception was the $12.2 million made from holding the Miss Universe pageant in Moscow in 2013, according to the letter signed by attorneys Sheri A. Dillon and William F. Nelson.
The lawyers also noted that Trump very likely has received undisclosed payments
from Russians for hotel rooms, rounds of golf and Trump-licensed products, such
as wine, ties and mattresses.
http://www.npr.org/2017/05/12/528134634/trumps-lawyers-deny-he-has-russian-income-or-debt-with-a-few-exceptions
October 24:
One [lawsuit against Trump] comes from the
state of Maryland and the District of Columbia, while the other was filed by
nearly 200 Democratic lawmakers.
A
key objective in both suits is to compel Trump to release his tax returns during
the legal process known as discovery.
http://money.cnn.com/2017/10/17/news/trump-crew-emoluments-ethics/index.html?iid=ob_article_footer_expansion
October 29: The president has often bragged about
paying as little tax as possible while at the same time boasting of his great
wealth. That's raised concerns that the [new Republican] tax code may allow some of the very
richest Americans to pay very little.
http://money.cnn.com/2017/04/14/news/economy/trump-tax-returns/index.html
November 8: President Donald Trump told a
group of Democratic senators Tuesday that he'd be a "big loser" if the
Republicans' plan to overhaul the tax system is signed into law, multiple
people with direct knowledge of the call told CNN.
Trump, who said he made his assumption based on a conversation with his
accountant, also said the GOP's plan to repeal the estate tax was a toss-in
because the plan is "just so bad for rich people."
http://www.cnn.com/2017/11/08/politics/donald-trump-tax-plan/index.html
-- 2018 --
September 10: President Donald Trump has
steadfastly refused to release his tax returns. But if Democrats take the
majority in the House or Senate following the mid-term elections in November,
the choice may no longer be his to make.
... thanks to a 1924 provision in the Internal Revenue Code, the chairmen of the
House Ways and Means Committee and Senate Finance Committee are authorized to
request the president's -- or indeed anyone's -- tax returns from the IRS to
conduct an investigation.
https://www.cnn.com/2018/09/05/politics/trump-tax-returns/
October 3: Trump reaped millions in shady
tax schemes from father's business, report says; NY Tax Department 'reviewing'
allegations
https://www.foxnews.com/politics/trump-reaped-millions-in-shady-tax-schemes-from-fathers-business-report-says-ny-tax-department-reviewing-allegations
October 3: Tax experts told the Times
that some tactics—such as the establishment of what seems to have been a shell
company for siphoning money from the Trump empire to Donald, his siblings and a
cousin—could be characterized as criminal tax fraud. Fred and Mary Trump also
appear to have significantly undervalued assets in tax returns. When Fred died,
the most valuable item in his estate tax return was “a $10.3 million I.O.U. from
Donald Trump, money his son appears to have borrowed the year before he died.”
http://fortune.com/2018/10/03/nyt-trump-tax-fraud-investigation/
October 3: IRS unlikely to pursue tax fraud
allegations against Donald Trump and family, experts say
Tax experts say President Donald Trump and his family are in no danger of facing
federal criminal charges over allegations of potential tax fraud detailed by The
New York Times, but they could be possibly forced to pay millions of dollars in
federal back taxes, interest and civil penalties.
But even that is unlikely.
Federal law limits to six years the amount of time that prosecutors can file
criminal charges in tax fraud cases.
In New York, the state Tax Department said this week it is
looking into allegations described by The Times.
New York could seek civil penalties if it can prove the Trumps actively avoided
paying their full tax bill.
State law provides three exceptions where the statute of limitations does not
apply to civil tax penalties: When someone failed to report a return at all,
when someone failed to notify the state of changes made to their federal return
by the IRS or when someone filed a false or fraudulent return with the intent to
evade tax.
If state tax auditors were to determine the Trumps committed fraud, they could
go after them for back taxes, interest and penalties.
https://www.usatoday.com/story/news/politics/2018/10/03/trump-taxes-irs-unlikely-probe-fraud-claims-detailed-newspaper/1515405002/
October 4: Probes of Trump taxes carry
potential for millions in fines
https://www.cnbc.com/2018/10/04/probes-of-trump-taxes-carry-potential-for-millions-in-fines.html
October 4: Trump family tax report tests new IRS chief on 2nd day in office
Charles Rettig was barely 24 hours into his new job as President Donald Trump’s
hand-picked chief tax official when a bombshell news report hit, alleging shady
tax dealings by Trump and his family roughly 20 years ago.
With New York state and city officials now saying they’ll examine allegations
raised by the
New York Times, Rettig — who built a reputation as a tough tax litigator
in private practice — risks incurring Trump’s wrath if he chooses to follow
suit, according to tax lawyers and veterans of the Internal Revenue Service.
Tax lawyers generally agreed on Wednesday that the situation presents a lot of
intriguing possibilities. For example, even though the statute of limitations
has passed in most instances, it’s possible that Fred Trump [Donald Trump's
father] didn’t file gift tax returns for some years, said Caplin & Drysdale’s
Kaufman. If so, the IRS wouldn’t need to cite fraud in order to open an audit —
despite the long delay — she said.
https://www.accountingtoday.com/articles/trump-family-tax-report-tests-new-irs-chief-on-2nd-day-in-office
October 10: Pelosi: Trump’s tax returns are
fair game if Democrats win House
https://www.sfchronicle.com/politics/article/Pelosi-Trump-s-tax-returns-are-fair-game-if-13297954.php
October 15: President Donald Trump has not
publicly released his tax returns and has no plans on ever doing so. But whether
he wants to might not matter at all if Democrats take back the majority in the
House of Representatives.
https://www.businessinsider.com/how-democrats-trump-tax-returns-public-if-retake-house-2018-10
October 18: Larry Kudlow: Trump knows taxes
because he’s been 'dodging them for all these years'
https://www.washingtonexaminer.com/news/white-house/larry-kudlow-trump-knows-taxes-because-hes-been-dodging-them-for-all-these-years
December 20: Democrats want to use obscure
law to grab Donald Trump's tax returns
A 1924 law says the Treasury secretary "shall furnish" tax returns of any person
for private review by the chairs of the House and Senate tax committees.
https://www.nbcnews.com/politics/congress/democrats-want-use-obscure-law-grab-donald-trump-s-tax-n949286
December 23: How
Nixon's tax trouble could influence quest for Trump's returns
The mostly forgotten story of Nixon’s tax troubles, long overshadowed by the
simultaneous Watergate scandal, is getting a new look from lawmakers and legal
experts.
https://www.politico.com/story/2018/12/23/nixon-trump-tax-returns-1050587
-- 2019 --
January 2: House Democrats have a good shot
at getting Trump's tax returns in the next Congress, but his administration
could fight back
https://www.cnbc.com/2019/01/02/house-democrats-have-a-shot-at-trumps-tax-returns-in-next-congress.html
January 3: Get Trump's tax returns,
progressive group tells House Dems
Americans for Tax Fairness argues that Trump's returns could shed light on "the
complex financial structures and tax loopholes used by the wealthy."
https://www.nbcnews.com/politics/donald-trump/get-trump-s-tax-returns-progressive-group-tells-house-dems-n954296
March 14: Treasury Secretary Steven Mnuchin
suggested Thursday he will protect President Donald Trump’s privacy if he
receives a request from House Democrats for Trump’s tax returns.
At a House Ways and Means Committee hearing, Mnuchin was asked whether he would
meet a request for Trump’s past tax returns. Chairman Rep. Richard Neal,
D-Mass., is expected to formally ask for those as Democrats seek to shed light
on Trump’s financial dealings and potential conflicts of interest.
“We will examine the request and we will follow the law … and we will protect
the president as we would protect any taxpayer” regarding their right to
privacy, Mnuchin said.
Neal is one of only three congressional officials authorized under a rarely used
1924 law to make a written request for anyone’s tax returns to the Treasury
secretary. The law says the Treasury chief “shall furnish” the requested
material to members of the committee for them to examine behind closed doors.
But Mnuchin did not specifically say he would turn them over.
https://www.usatoday.com/story/news/politics/2019/03/14/steven-mnuchin-tells-congress-hell-protect-president-trumps-tax-returns/3169417002/
-- 2020 --
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