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Donald Trump, in response to a question during a 2020 presidential debate with Joe Biden, insisted that he closed down his bank account in China before his first campaign. But six years’ worth of Trump’s tax records, released Friday, reveal that wasn’t true.
“[I] had an account open, and I closed it,” Trump said with some irritation to moderator Kristen Welker, NBC White House correspondent, in the final debate of the campaign in October 2020. “I closed it before I even ran for President, let alone became President.”
Rep.-elect Daniel Goldman (D-N.Y.), who served as the Democrats’ lead counsel in the first impeachment inquiry into Trump, noted that the former President had bank accounts in China until 2018, from 2015 to 2017, according to his tax records.
“Generally, you only have bank accounts in a foreign country if you are doing transactions in that country’s currency,” Goldman tweeted Friday. “What business was Trump doing in China while he was President?”
Trump, who had accounts in a number of countries and collected income from more than a dozen foreign nations while in office, paid more in taxes in 2020 to the Chinese government than he did in American federal income tax that year, his returns revealed.
Trump also lied a month earlier to then-Fox News commentator Chris Wallace, who pointedly asked him during the first presidential debate in 2020 if he’d paid only $750 in federal income taxes in 2016 and 2017, as The New York Times had reported (which Trump immediately blasted as “fake news”).
Trump angrily responded — twice — that he had paid “millions of dollars.” His returns revealed that indeed he had paid just $750 in federal income taxes in each of those years. Trump and his wife Melania paid no federal income tax in 2020, the last full year he was in office, according to the tax records.
In addition, Trump did not annually donate his $400,000 presidential salary to charity, as he has claimed. He declared no charitable contributions of any kind on his 2020 returns.
Among the early revelations emerging in Trump’s tax records, some of the most troubling involve his financial entanglements abroad while he was President, “highlighting a string of potential conflicts of interest,” Politico noted.
Trump had multiple bank accounts in a number of foreign countries, and collected millions of dollars in income from more than a dozen nations ― including Panama, the Philippines (whose onetime dictator, former President Rodrigo Duterte, he has praised) and the United Arab Emirates during the Trump administration.
While presidents routinely place assets in blind trusts while they’re in office, Trump’s eldest sons continued to openly operate the Trump Organization and forged deals around the world with nations affected by the Trump administration’s policies and expenditures.
Trump’s returns reveal hefty financial losses in the two years before he became President, some of which he carried forward to reduce tax bills.
Trump enjoyed an adjusted gross income of $15.8 million during his first three years in office. He paid $642,000 in federal income tax in 2015, $750 in 2016 and in 2017, just under $1 million in 2018, $133,000 in 2019 and nothing in 2020.
#us politics#news#donald trump#2022#trump administration#republicans#conservatives#gop#china#trump tax returns#trump taxes#Kristen Welker#2020 presidential election#presidential debate#bradley p. moss#Daniel Goldman#tweet#twitter#Chris Wallace#the new york times#melania trump#trump organization#eric trump#donald trump jr.#pbs newshour#Panama#Philippines#Rodrigo Duterte#United Arab Emirates
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#us politics#republicans#conservatives#donald trump#gop#republican hypocrisy#people's republic of china#china#communists#chinese communist party#biden administration#president joe biden#taxes#2013#2015#trump taxes#trump tax returns
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Trump’s tax returns released, Andrew Tate arrested for rape and human trafficking, the former Pope dying? Looks like 2020 & 2021 were just flukes. Nature is healing. 🙏
#shitpost#shit post#joke#emoji#trump#donald trump#trump tax returns#andrew tate#pope#pope benedict xvi#death#2022#2023#new year#happy new year#nature is healing
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#fuck trump#supernatural#spn#trump tax returns#trump taxes#I can’t keep getting my news like this#you can’t keep getting YOUR news like this#destiel confession#destiel#I made this#casts get your news this way on you#news
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Well, Trump's tax returns are public and, while the first wave of "oh my goodness, he paid no taxes!" stories have come out, we're now starting to get to the interesting stuff. SHORT RANT (TM) ahead.
By the way, if you're interested in reading through them yourself (they're about 5,000 pages in total), Politico has published them here.
NO TAXES
As with the last time we got a look at Trump's taxes, when The New York Times managed to get ahold of some and publish them a few years ago, we can see that there are years where he pays very little or even no taxes. This is a product of the fact that our tax code contains lots of incentives for property developers to build things and Trump's aggressive use of every trick in the book to get out of paying taxes.
What is surprising, though is that he paid significant taxes in three of the years covered. Not significant compared to the earnings he claimed, but taxes in the hundreds of thousands of dollars, even approaching $1 million in 2018. As for the reason why that's interesting, I'll get to that in a bit.
THE FAILURE OF THE IRS
One thing that was reported immediately, and is definitely something we should still be concerned about, is that the IRS failed to follow its own rules and audit the sitting president until Democrats took the House in 2019 and asked about it. Even then they didn't actually do the audit, they just rubber-stamped the papers that Trump had given them.
Every president since 1977 has been audited on a yearly basis, so why did the IRS fail to audit Trump? Did he or his people put pressure on the agency? Did the complexity of his tax returns overwhelm the IRS? There are very few answers I can think of that don't indicate some type of real problem and we should definitely track it down to get to the bottom of this so that we can fix it.
PRESIDENTIAL SALARY
Remember when Trump said he was so rich already that he'd donate his presidential salary of $400,000 per year to charity? I'm sure you're shocked to hear that didn't quite do that.
At least in 2020 he kept his entire salary, donating none of it to charity.
PAYING TAXES
I noted earlier that I was a bit surprised to see that Trump actually paid a reasonable amount of taxes in 2018 and 2019. The taxes he paid are from capital gains on $20 million and $9 million and, if you're familiar with capital gains taxes, you know that this means he sold that much in capital assets because you don't get taxed until you sell.
Now why would he sell? The standard tax strategy for rich people who own a lot of capital is just to borrow against their capital so they don't have to sell it and then pass it on to their descendants who don't have to pay the capital gains tax due to the stepped up basis. It's also a question of why he sold in those years and not others where losses could have offset the gains? He reported even greater losses in 2020 and didn't sell anything.
I've read two likely possibilities (see the CNN article linked below): either he was desperate for cash and unable to borrow or he got such a good deal on the sale that it was worth paying the taxes.
Either one of those possibilities raises HUGE red flags for possible conflicts of interest given that, you know, he was President of the United States at the time. If he got a sweetheart deal, who paid him that much money and why? If he was desperate for cash, who did he owe it to and did they demand anything else from him?
CONCLUSION
So yeah, these tax returns have only been public for about a day so far but already there's a ton of indications of problematic behavior that have been found. I'll be very interested to see how much more we can learn from them in the coming weeks and months.
SOURCES
#politics#us politics#short rant (tm)#trump#trump tax returns#donald trump#irs#politico#cnn#yahoo news
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"DoNaLd TrUmP dOnAtEs HiS SaLaRy"
No, he didn't, MAGA morons. He lied about that, too. He certainly was the Liar-In-Chief.
Just one of the many, many reasons he refused to release his tax returns like he said he would, and like the presidents before him.
#trump taxes#trump tax returns#Liar in Chief#maga morons#donald trump#liar trump#us politics#politics#trump scum#promises made promises broken#maga
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I wish the release of the former president's tax returns had triggered a conversation about the need for tax reform. Our tax code is inefficient—no matter how you define this term—because it is complicated. It is conducive to cheating, unfairness, and economic distortions because it is complicated. Making all these issues go away means simplifying the tax code.
For that, legislators will have to acknowledge that there are too many loopholes, deductions, and exemptions. That issue is due in part to the fact that Uncle Sam often taxes the wrong income, which is an even bigger problem. These discussions won't happen if all partisans are focusing on is whether a particular deduction should be allowed while another shouldn't, or whether people they don't like should be taxed even though they made no money.
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It’s how they got this guy.
January 2, 2023
Chicago mob boss Alphonse Capone (pictured above as the original "Scarface") committed a host of crimes between 1925 and 1931, ranging from bootlegging to extortion to murder. But he was never tried for any of these offenses. Instead, he was convicted of violating 26 USC §7201 — federal income tax evasion — and sentenced to 11 years in the Atlanta penitentiary (being later moved to Alcatraz).
Which brings us to another corrupt mob boss — disgraced, twice-impeached former president Donald J. Trump. His tax returns covering the years 2015 to 2021, released last week by the House Ways & Means Committee — information he fought all the way to the Supreme Court to keep secret — reveal, if you can believe it, even more Trump crimes.
In an article for the online news site DC Report, investigative journalist David Cay Johnston states,
Donald Trump knowingly committed dozens of brazen tax frauds during the six years when he ran for office and was President, my analysis of the Congressional report on his tax returns and other documents shows.
Trump's 2020 return, for example, shows a negative income of $4.69 million and $15 million in business losses. So, not only did he pay no tax for that year, he actually claimed a refund of $5.47 million! Trump reported millions in negative income in 2015, 2016 and 2017, too. And paid a scant $750 in federal income taxes in 2016 and 2017.
How did Trump manage such triumphs over the tax code? According to Johnston, Trump for years filed sole proprietor reports (Schedule C) that showed huge business expenses for various phony companies that had no revenue. He then used these losses to offset his personal income, thus reducing his taxes.
Johnston says Trump may also have committed other tax crimes, pointing out that both his charitable contributions and the "loans" to his children are extremely sketchy. Trump even wrote off as a business expense the $130,000 in hush money he paid porn star Stormy Daniels in 2016 — a month before the election.
In short, Johnston concludes, “This is as close to a slam dunk prosecution for criminal tax fraud as I’ve ever seen in my decades of investigating our tax systems.”
With all the indictments and prosecutions Trump is likely to face this year, federal tax evasion merely appends one more charge to an already imposing list. But it could well be the felony that ends up putting him away. After all, that’s what brought down an earlier crime lord. And one considerably smarter than Trump.
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Key conclusions drawn from 6 years of Trump’s federal tax returns
Very little in federal income taxes was paid by Trump, the former president, the first and last year of his presidency, according to six years of his federal tax returns, which claimed high losses that were helpful for squeezing his tax bill, among other revelations.
The House Ways and Means Committee revealed the returns, the long secrets, to the public on Friday, which culminated in a battle over their disclosure that went to the Supreme Court. They resonate with a report issued by the JCT that Trump claimed huge losses before and throughout his presidency that he carried forward for reduction and practical elimination of his tax burden. For example, he carried forward 105 million dollars loss in 2015 and 73 million in 2016.
The former president’s personal and business federal tax returns are consisted of thousands of pages of documents, spanning the years 2015 through 2020, and reveal a complex web of raw data about his finances, raising a lot of questions about his wealth and income that could be investigated both by auditors and Trump’s political adversaries.
Here are key conclusions drawn from the documents reviewed by CNN:
Returns give clues on suspicious tax claims
Trump’s several claims are shown in his returns and may raise the auditors’ question. A large number of suspicious items claimed in his returns are marked by the JCT, which reviewed the returns, including shocking amounts of interest he claimed to have received loans to his children, that the bipartisan committee said could be an indication of Trump’s disguising of gifts.
The JCT advised that an investigation shall be made by an auditor on the loan agreements made by Trump with his children including the interest rate. If the interest was not charged to his children at market rate as Trump claims, it could be deemed as a gift for tax purposes, which required a higher tax rate on the money.
In each year of his presidency, for example, according to Trump’s claims, he received exactly $18,000 in interest on a loan he said he gave his daughter Ivanka Trump and $8,715 in interest from his son Donald Trump, Jr.. In 2017 to 2019, Trump said he received exactly $24,000 from his son Eric Trump, and Eric paid him $19,605 in interest in 2020.
It sparks the question of whether the loans are truly fair transaction, or whether the transfers were disguised gifts that could activate gift tax and a rejection of interest deduction by the related borrower,” the JCT said in its report.
“Round numbers are unusually seen in interest, “, said Martin, former supervisory special agent. An auditor would want to see payments, load agreements and interest rates.
The questions are also seen on Trump’s returns which bear a same amount of company expenses and income.
For example, in 2017, his company, DJT, operating Trump’s personal helicopter claimed 42965 dollars in income and the exact identical amount 42965 in expenses., as claimed in his returns.
In other words, every single dollar, earned by the company, was offset by its expenses, including wages, fuel and other items. That led to zero income, nothing to tax.
“It’s unusually statically to have total expenses equal total income,” said Shiel, adding that the figures don’t prove any illegal things done. It just doesn’t happen.”
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The amount of income, deductions and taxes paid by or refunded to former President Donald Trump while serving in the White House was detailed in a new report released Tuesday night.
The report reveals that Trump on his federal tax returns declared negative income in 2015, 2016, 2017 and 2020, and that he paid a total of $1,500 in income taxes for the years 2016 and 2017.
On their 2020 income tax returns, Trump and his wife Melania paid no federal income taxes and claimed a refund of $5.47 million, according to the report by the staff of the Joint Committee on Taxation.
The report was posted online shortly after the Ways and Means Committee voted to make public redacted versions of Trump’s full income tax returns, and those of eight related business entities for the tax years 2015 through 2020.
Those full returns are expected to be released in the coming days.
A separate report released by the Ways and Means Committee revealed that the IRS had started an audit of just one of Trump’s tax returns while he was serving as President despite an internal policy mandating that sitting presidents have their returns audited annually.
The 39-page report by the Joint Committee on Taxation staff gives a breakdown of the highlights of Trump’s joint tax filings with Melania during his time in office, and the two years he first ran for President.
The report identifies different areas that the staff thought warranted further examination, such as documentation of nearly $506,000 in charitable donations claimed by the Trumps in 2019.
Highlights of the report include:
• On their 2015 federal return, Trump and his wife declared negative income of $31.7 million, with taxable income of $0. The couple paid federal income taxes of $641,931.
• The 2016 return declared negative income of $31.2 million, with zero dollars of taxable income. The Trumps paid $750 in taxes.
• The 2017 return declared negative income $12.8 million, with $0 in taxable income. The couple paid $750 in taxes.
• The 2018 return declared total income of $24.4 million, with taxable income of $22.9 million. The Trumps paid $999,466 in federal income taxes.
• In 2019, the Trumps declared $4.44 million in total income, and $2.97 million in taxable income. They paid $133,445 in taxes.
• The 2020 return shows negative income of $4.69 million, with zero dollars in taxable income. The tax paid by the Trumps was $0 and they claimed a REFUND of $5.47 million.
Read the report on Trump’s annual tax returns here.
#us politics#news#cnbc#donald trump#2022#trump administration#melania trump#house ways and means committee#Joint Committee on Taxation#tax fraud#criminal tax fraud#irs#internal revenue service#trump tax returns#trump taxes
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TUCKER: TRUMP IN OFFICE SHOWS HE GOT POORER IN HIS TAX RETURN.
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Trump warns of dire consequences as US House committee releases his tax returns
Trump warns of dire consequences as US House committee releases his tax returns
Former US President Donald Trump has warned of dire consequences after democrats in Congress released six years of Trump’s tax records to the public. Trump had long sought to keep the documents a secret.
Washington,UPDATED: Dec 31, 2022 07:14 IST
A file photo of former US President Donald Trump
By Reuters: Democrats in Congress released six years of Donald Trump’s tax records to the public on…
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#committee#consequences#dire#Donald Trump income tax returns documents#Donald Trump latest news#Donald Trump tax returns#House#releases#returns#tax#Trump#Trump tax returns#Trump tax returns made public#Trump tax returns released#warns
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(latest Updates) Trump tax returns delivered Friday 2023
Full Read-https://usatrendfox.com/latest-updates-trump-tax-returns-delivered-friday/
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