After a try to keep NOT do what every other modern day President HAS done ?
Things finally caught up to the business man turned US President….
The final action by the House Ways and Means Committee led by Democrats that went to the Supreme Court, shed’s light on Trump’s evasive actions to pay taxes on hundreds of millions in income….
Seems to show that a President with a friend running the IRS was able to escape a review of his tax returns….
This shouldn’t bother Republican lawmakers in Congress who have defunded the agency and some who would get rid of it if they could find another way to get paid from the taxes their employer collects….
House Democrats released several years’ worth of former President Donald Trump’s tax returns on Friday, launching what is sure to be another round of intense scrutiny of his finances.
The drop marks an extraordinary step by the House’s top tax writer, Ways and Means Chair Richard Neal (D-Mass.), who had been engaged in a three-and-a-half-year legal battle over the release of Trump’s taxes until the Supreme Court ruled in his favor in November. It also adds to a growing list of political and legal challenges for Trump as he mounts his 2024 campaign for president.
Republicans denounced the move as a political hit job that will open a Pandora’s box.
Six years of Trump’s returns will now be available to tax experts and non-experts, a development that Trump’s former fixer Michael Cohen said the former president feared would result result in the government levying additional taxes and penalties.
A preliminary analysis of Trump’s taxes by Congress’ brain trust on tax issues, the Joint Committee on Taxation, found that the former president paid little to no taxes for several years by claiming mammoth business losses. Trump paid $750 in 2016 and 2017 and paid nothing in 2020, JCT said.
Among the items outlined by JCT are several red flags that could change the amount of taxes Trump ends up owing once the IRS completes ongoing audits.
Despite the release of the returns, significant questions may still go unanswered, Steve Rosenthal of the nonpartisan Tax Policy Center said.
Huge losses that Trump claimed to lower his taxes seemingly originate in earlier tax years and still have not been cleared by the IRS, making it difficult to assess their legitimacy, Rosenthal said….
The Los Angeles Times does a deep dive into into whether Donald Trump’s “tax strategies simply took advantage of the law or broke it.”
“Republicans, who denounced the release of the returns as a violation of Trump’s privacy, are unlikely to inquire further once they take over the Ways and Means Committee in January. But in the Senate, where the Democrats continue to have a majority, leaders of the Finance Committee have indicated they may pick up where the House Democrats left off.”
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