Trump hasn't made tax returns public for 40 years

christiefan915

christiefan915

Catalyst
Contributor
The last time information from Donald Trump’s income-tax returns was made public, the bottom line was striking: He had paid the federal government $0 in income taxes. The disclosure, in a 1981 report by New Jersey gambling regulators, revealed that the wealthy Manhattan investor had for at least two years in the late 1970s taken advantage of a tax-code provision popular with developers that allowed him to report negative income.


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Yes, even back then Donald Trump was even then allegedly filthy rich, but he didn't have to pay any income tax because he sucked as a businessman and didn't actually earn anything. That's the story and he'll stick with it!

Back in our own decade, however, I see that the public wisdom is beginning to coalesce around what many of us have been saying for a while: Trump's likely hiding his taxes because they'd show he's not worth ten billionty dollars, or anything even close to it.

Bob McIntyre of the liberal group Citizens for Tax Justice suspects Trump’s tax returns, if made public, would undermine the political image the candidate has crafted of a brilliant businessman with what his campaign has called “tremendous cash flow.” Trump may be worried that “he’d show very little income on his tax returns compared to his wealth claims,” McIntyre said, adding that Trump’s returns could also show that he “writes off everything he has in his life — the hairdo, the plane — as business expenses.”


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It could be both, of course. He could be both not as rich as he claims he is and crooked. But Donald Trump really hasn't had a problem pooh-poohing revelations of his sketchy business dealings in debates and on the campaign trail, while questions about the size of his [anything] reliably infuriate him, so it's likely that if his tax returns merely proved him to be a tax cheat he wouldn't be quite so insistent on keeping them private.

http://www.dailykos.com/story/2016/...-tax-returns-he-didn-t-actually-pay-any-taxes
 
I'm probably missing something here by why as a private citizen would Trump make his tax returns public prior to running for office?
 
lol. You get your income as low as possible and claim every deductible you can :)

If you use turbotax your doing the same thing trump is you just cant afford the experts. Tax returns have nothing to do with what you actually are worth.

Best example I can think of is GE. According to you guys they must be worth nothing because they pay no taxes. Yet they just use every trick in the book to lower it.

You should ask Hillary about it. She and the other politicians set up those loopholes for the rich to enjoy :) Before you say anything Yes i will admit Trump is one of the rich people who purchased Hillary to do their bidding.
 
cawacko said:
I'm probably missing something here by why as a private citizen would Trump make his tax returns public prior to running for office?
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Wouldn't he have had to cough up his tax returns every time he filed for bankruptcy? And then they'd be public records.
 
christiefan915 said:
Wouldn't he have had to cough up his tax returns every time he filed for bankruptcy? And then they'd be public records.
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No. Each business ventures gets set up as its own entity. No one sets up a company with their own personal net worth on the line (unless you are a start up). It's why we have LLC's.
 
cawacko said:
No. Each business ventures gets set up as its own entity. No one sets up a company with their own personal net worth on the line (unless you are a start up). It's why we have LLC's.
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He's not releasing any tax returns, business or personal. I remember back in 2004 how cons demanded Kerry release his tax returns, claimed all sorts of stuff about Teresa Heinz funding his campaign or something like that, and when he released them everybody found out they filed separately.

Do you think Trump shouldn't release them?

Furthermore, he's lying about the reasons. The IRS said he's perfectly free to release anything and everything even though he's being audited.
 
There was an SEC filing that showed he was worth 4.2 billion.

According to a statement filed by Wells Fargo Securities in 2012, first reported by The Guardian, the presumptive Republican nominee in 2011 reported "a net worth in excess of $4.2 billion and liquidity in excess of $250 million."

The 132-page filing on securitization of mortgages on Trump Tower and other properties included the following statement: “The sponsor is Donald J Trump. Mr Trump has significant commercial real estate holdings worldwide including interests in office, retail, residential, golf-clubs and hospitality properties in markets including New York, San Francisco, Florida, Washington DC, and Scotland. As of 30 June 2011, Mr Trump reports a net worth in excess of $4.2bn and liquidity in excess of $250m.”

A Wells Fargo spokesman told the U.K.-based publication that the filing was accurate. The newspaper said the Trump campaign did not respond to calls to comment.


http://www.politico.com/story/2016/07/donald-trump-sec-wealth-225061#ixzz4EixVpCHg
 
christiefan915 said:
He's not releasing any tax returns, business or personal. I remember back in 2004 how cons demanded Kerry release his tax returns, claimed all sorts of stuff about Teresa Heinz funding his campaign or something like that, and when he released them everybody found out they filed separately.

Do you think Trump shouldn't release them?

Furthermore, he's lying about the reasons. The IRS said he's perfectly free to release anything and everything even though he's being audited.
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He demanded 12 years of tax returns from his lapdogs.


Trump told an interviewer in May that the income taxes he pays are "none of your business."

But for candidates who were auditioning to be his vice president, similar reluctance wasn't an option.

Trump vice president finalist Newt Gingrich said the campaign required him to submit more than one decade's worth of tax returns as part of the vetting process.

"They wanted all my taxes back until 2004," Gingrich said. "That was a mound, just a whole stack of tax material."

Though every modern presidential candidate has released his or her tax returns, Trump has backed away from past promises to do so. Trump said at a Republican debate in February that he could not release his returns because they were under audit.

Tax scholars and former IRS officials have said the IRS does not forbid the release of tax filings; Richard Nixon released his returns while under audit in 1973.

Asked why Trump had demanded to see tax forms that he has said voters should not necessarily expect to see from him, Trump campaign spokeswoman Hope Hicks said he still planned to release the documents after the IRS review is complete.



http://www.nydailynews.com/news/politics/trump-requested-decade-worth-tax-returns-potential-vps-article-1.2713508
 
christiefan915 said:
He's not releasing any tax returns, business or personal. I remember back in 2004 how cons demanded Kerry release his tax returns, claimed all sorts of stuff about Teresa Heinz funding his campaign or something like that, and when he released them everybody found out they filed separately.

Do you think Trump shouldn't release them?

Furthermore, he's lying about the reasons. The IRS said he's perfectly free to release anything and everything even though he's being audited.
Click to expand...

He should release tax returns now. But your article was about him not releasing returns for 41 years. What private citizen publicly releases their tax return? Do you? (not asking that in an attacking way but in a conversational voice saying of course you don't)
 
In 2014, 2015 and 2016, the New York City Department of Finance (DOF) granted Trump a break on the real estate taxes paid on his 66th-floor, triplex condominium in Trump Tower.

The break is called a STAR exemption, for School Tax Assessment Relief. Under state law, property owners are eligible only if they report federal adjusted gross income — meaning income after all losses and subtractions (but before deductions and exemptions) — of no more than $500,000.

Asked whether Trump had maneuvered to drastically reduce his adjusted gross income — escaping potentially tens of millions of dollars in taxation — his aides issued non-denial denials, saying only that the city had erred.

When the issue erupted again in early June, Trump maintained his non-denials, but the city said for the first time that officials were “reviewing Mr. Trump’s exemption status.”

“The Department of Finance has a process in place for reviewing eligibility that it must follow,” City Hall said.

Despite that review, DOF did not rule Trump ineligible for STAR or strip him of the benefit on a finding from the state that his adjusted gross income was too high, according to DOF records.

In a letter dated June 22, DOF notified Trump that the department had removed the STAR benefit “pursuant to your request.”

Never in any of the correspondence did the department use the word “ineligible,” a damning omission for Trump, given his penchant for proclaiming his wealth.

Trump’s STAR escapade says he paid taxes on a half million or less and would fully explain why the IRS has him under the lengthy audit that he falsely claims prevents release of his taxes. Campaign spokeswoman Hope Hicks did not respond to emailed questions.


http://www.nydailynews.com/opinion/stop-ducking-donald-taxes-proof-article-1.2687246
 
cawacko said:
No. Each business ventures gets set up as its own entity. No one sets up a company with their own personal net worth on the line (unless you are a start up). It's why we have LLC's.
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Its scary that liberals are so against bankrupcies and want you to declare all your companies taxes as your own (removing llcs). I dont think any business would start without this.
 
cawacko said:
He should release tax returns now. But your article was about him not releasing returns for 41 years. What private citizen publicly releases their tax return? Do you? (not asking that in an attacking way but in a conversational voice saying of course you don't)
Click to expand...

I think the article is using the word "release" incorrectly about his past returns. In the story they say "disclosed", as part of a report.

Now he ran Trump Resorts as a public company back in the '90s. He raised $140 million in the IPO. By 2005 investors lost 90 cents on the dollar. Investors lost money every single year he ran the Resorts as a public company. Here's something from Market Watch, and I'll post a link to the whole article.

"Trump Hotels & Casino Resorts lost money every single year that Trump ran it as a public company. Net losses of $13 million in 1995 ballooned to $134 million by 1999, and $191 million in 2004. Not even his chosen accounting firm, Arthur Andersen (of Enron fame), could have hidden all the red ink. In total, from 1995 through 2004, the company booked total losses of $647 million.

Trump had complete control — both as the chairman and as the owner of a special class of stock that carried many more votes than those he sold to the public. He even gave the company his initials, DJT, as its stock ticker symbol.

Its debts mounted, the stock collapsed — and in the end, the creditors had had enough. The courts stepped in, the company had to go through a Chapter 11 bankruptcy reorganization, and The Donald ended up with a largely ceremonial role — sort of like the guy in the costume welcoming you to Caesar’s Palace. By April 2004, someone who had invested a notional $100 in the IPO was left with about $10.

And it wasn’t like you could blame wider troubles in the industry, the economy or the stock market. Over the same period, investors in competitor Harrah’s Entertainment more than doubled their money. Investors in luxury hotel, casino and resort companies like Starwood and MGM earned returns of more than 400%. Even the plain old stock market index more than doubled.

It is already well-known that Trump’s businesses have passed through Chapter 11 four times over the past 25 years. Creditors have lost billions along the way. But as most of this has involved complex debt arrangements between Trump, his various business entities and dozens of banks, the details can easily get lost in the shuffle. Trump himself says he has merely been “smart” to use the corporate laws — including the bankruptcy code — to his advantage.

But the stock market is a little different. The losses are very public and very easy to follow — and the losers are ordinary investors who bought the stock directly or through mutual funds. Even worse, many of those investors are voters, too.

All in all, it’s a lucky thing for Trump that the public is so easily distracted … and have such short memories.

http://www.marketwatch.com/story/donald-trump-was-a-stock-market-disaster-2015-07-22
 
Is this clown going to release tax returns before the election? Everybody running in the past has?

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kim-warp-donald-j-trump-tax-return-cartoon.jpg
 
Legion Troll said:
He demanded 12 years of tax returns from his lapdogs.

Trump told an interviewer in May that the income taxes he pays are "none of your business."

But for candidates who were auditioning to be his vice president, similar reluctance wasn't an option.

Trump vice president finalist Newt Gingrich said the campaign required him to submit more than one decade's worth of tax returns as part of the vetting process.

"They wanted all my taxes back until 2004," Gingrich said. "That was a mound, just a whole stack of tax material."

Though every modern presidential candidate has released his or her tax returns, Trump has backed away from past promises to do so. Trump said at a Republican debate in February that he could not release his returns because they were under audit.

Tax scholars and former IRS officials have said the IRS does not forbid the release of tax filings; Richard Nixon released his returns while under audit in 1973.

Asked why Trump had demanded to see tax forms that he has said voters should not necessarily expect to see from him, Trump campaign spokeswoman Hope Hicks said he still planned to release the documents after the IRS review is complete.



http://www.nydailynews.com/news/politics/trump-requested-decade-worth-tax-returns-potential-vps-article-1.2713508
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I wonder if we'll ever see them... like maybe someone will leak them, or info from them.
 
you'll see Trumps tax returns about the same time you'll see the texts of Hillary's Wall St. Speeches
 
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