"People wouldn't understand them"
This came up during the press conference held by Donald Trump on November 7, 2018:
There is a grain of truth in that statement regarding whether or not people would understand the Trump tax returns. That's because the income tax process is complex in general, which is why so many people choose to use professional tax preparers.
But there are plenty of people who can fully parse every single detail of a tax return, no matter how complex. Kelly Phillips Erb, a tax attorney who is a contributor to Forbes, wrote about this during the 2016 campaign. She began by embedding a tweet from Mitt Romney:
Then she wrote this:
"Realistically, Romney is right. Trump could absolutely release those returns now - even in the middle of an audit. While an audit could result in a change (or two) to his returns, it does not change what Trump filed, signing "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete." In other words, no matter what happens as a result of the audit, what Trump submitted, he did so claiming that it was true at the time. If the IRS makes an adjustment (which happens, even with the best prepared returns), it shouldn't substantially change the nature of the returns. And if the IRS makes no adjustment, then there was no harm, no foul, in releasing those returns. Trump could release those returns at any time." The key being the text in bold typeface. He signed those returns under penalties of perjury.
Another member of the staff of Forbes who does understand tax returns is Janet Novack. In 2012 she did an excellent job highlighting how other media outlets on both the left and the right got the facts wrong about a deduction Mr. and Mrs. Romney claimed on their 203 page 2010 tax return.
The 2011 individual tax return for Mr. and Mrs. Romney was even longer at 349 pages. They also released returns for both 2010 and 2011 for three trusts and for their foundation. They are complex but they are not beyond examination and having their information translated into simple language for all people to understand.
Neither are Trump's. Just the two pages of Trump's 2005 tax return that were improperly disclosed by someone gave us a lot of information. They told us he had a strong personal reason to get rid of the Alternative Minimum Tax (AMT), as his AMT bill that year was $31.3 million. His total tax bill for 2005 was $38.4 million with that AMT liability. The math is obvious.
The average person would not fully understand the complexities and nuances of Trump's tax returns. But there are plenty of experts who could explain what is in them. Especially the returns from the years where the New York Times claims there was massive tax fraud going on.
There is a grain of truth in that statement regarding whether or not people would understand the Trump tax returns. That's because the income tax process is complex in general, which is why so many people choose to use professional tax preparers.
But there are plenty of people who can fully parse every single detail of a tax return, no matter how complex. Kelly Phillips Erb, a tax attorney who is a contributor to Forbes, wrote about this during the 2016 campaign. She began by embedding a tweet from Mitt Romney:
No legit reason @realDonaldTrump can't release returns while being audited, but if scared, release earlier returns no longer under audit.— Mitt Romney (@MittRomney) February 26, 2016
Then she wrote this:
"Realistically, Romney is right. Trump could absolutely release those returns now - even in the middle of an audit. While an audit could result in a change (or two) to his returns, it does not change what Trump filed, signing "Under penalties of perjury, I declare that I have examined this return and accompanying schedules and statements, and to the best of my knowledge and belief, they are true, correct, and complete." In other words, no matter what happens as a result of the audit, what Trump submitted, he did so claiming that it was true at the time. If the IRS makes an adjustment (which happens, even with the best prepared returns), it shouldn't substantially change the nature of the returns. And if the IRS makes no adjustment, then there was no harm, no foul, in releasing those returns. Trump could release those returns at any time." The key being the text in bold typeface. He signed those returns under penalties of perjury.
Another member of the staff of Forbes who does understand tax returns is Janet Novack. In 2012 she did an excellent job highlighting how other media outlets on both the left and the right got the facts wrong about a deduction Mr. and Mrs. Romney claimed on their 203 page 2010 tax return.
The 2011 individual tax return for Mr. and Mrs. Romney was even longer at 349 pages. They also released returns for both 2010 and 2011 for three trusts and for their foundation. They are complex but they are not beyond examination and having their information translated into simple language for all people to understand.
Neither are Trump's. Just the two pages of Trump's 2005 tax return that were improperly disclosed by someone gave us a lot of information. They told us he had a strong personal reason to get rid of the Alternative Minimum Tax (AMT), as his AMT bill that year was $31.3 million. His total tax bill for 2005 was $38.4 million with that AMT liability. The math is obvious.
The average person would not fully understand the complexities and nuances of Trump's tax returns. But there are plenty of experts who could explain what is in them. Especially the returns from the years where the New York Times claims there was massive tax fraud going on.
"President
Trump participated in dubious tax schemes during the 1990s, including instances
of outright fraud, that greatly increased the fortune he received from his
parents, an investigation by The New York Times has found.
Mr.
Trump won the presidency proclaiming himself a self-made billionaire, and he
has long insisted that his father, the legendary New York City builder Fred C.
Trump, provided almost no financial help.
But
The Times’s investigation, based on a vast trove of confidential tax returns
and financial records, reveals that Mr. Trump received the equivalent today of
at least $413 million from his father’s real estate empire, starting when he
was a toddler and continuing to this day."
* * *
posted by me at 7:46 AM
<< Home