If this is the big pre-debate 'gotcha' that the Democrats and their allies in Big Media had in mind, it’s a bit of a flop. Suppose you purchased startup stock in your college roommate’s XYZ corporation, and it’s doubled many times over. In 11 of the 18 years examined, the Times found Trump and his companies to have paid no U.S. income taxes at all. A large part of the reason why Trump and the Trump Organization were purportedly able to minimize tax payments was by claiming that substantial personal expenses, including Trump’s lavish use of multiple residences, personal aircraft, and even hairstyling for his television appearances, should offset income. The Times story, if based on authentic documents, appears to debunk several conspiracy theories held by Democrats for years. Those battles are still before the courts. 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Among the key findings of the Times reporting is the fact that the President paid no federal taxes in 11 of the 18 years reviewed by the newspaper, and only paid $750 of personal taxes in 2016 and 2017. Ryan Ellis is the president of the Center for a Free Economy, a 501(c)(4) non-profit in the Washington, DC area focused on free market tax, budget, and health-care policy. President Donald Trump has lost his latest legal bid to keep his tax returns from the Manhattan D.A. The tax returns do not “any previously unreported connections to Russia,” the Times reports. The judgment is the latest development in an ongoing legal saga between Trump and Vance, who first subpoenaed eight years of Trump’s tax returns in August 2019. Section 7213 of the Internal Revenue Code prescribes that each violation here is a felony punishable by $5,000 and/or five years in federal prison, plus the cost of prosecution. This is just another misleading story in the Times' ongoing smear campaign in the run-up to the election. The Times also said the documents it had obtained “comprise information that Mr Trump has disclosed to the IRS, not the findings of an independent financial examination. The New York Times published details Sunday of what it claimed were President Donald Trump’s tax returns to the Internal Revenue Service (IRS), going back more than two decades, showing “chronic losses and years of tax avoidance,” it said. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president. Watch out for the inevitable appeal. Ellis is an IRS Enrolled Agent and has managed a tax preparation small business since 2002. The stories that I read are so fake, they’re so phony.”, Pressed on why a billionaire only paid a few hundred dollars in the year he won the presidency, Trump insisted: “First of all I paid a lot, and I paid a lot of state income taxes too. © 2020 CBS Interactive Inc. All Rights Reserved. for over a year now. The president’s tax returns have long been the holy grail of American political reporting. Trump enjoys the same protection of federal tax law that any John Q. The Times reports more broadly on Trump’s business and personal financial details. Interestingly, it’s also illegal to print or publish tax returns or information from them. The president “paid $750 in federal income taxes the year he won the presidency”, the paper reported, adding that “in his first year in the White House, he paid another $750. Recently, the New York Times were able to acquire more than two decades worth of Trump’s tax returns. At a White House press briefing on Sunday, Trump made wild allegations about plots against him and about Biden, who he will debate for the first time on Tuesday. © 2020 Forbes Media LLC. Vance first issued the subpoena for eight years of Trump’s personal and business tax returns in August 2019 as part of an investigation into Trump and his business practices. The revelations threaten to damage Trump’s repeated claim to be a successful businessman and therefore a capable steward of the US economy. Are the rich guys getting away with murder and sticking John and Jane with the bill? He said: “Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015.”. For more than a decade, Ellis was tax policy director at Americans for Tax Reform. Under federal law, if an auditor suspects a filer of fraud, they can refer the individual or organization for the IRS’s criminal investigation division (CID) for further review. Opinions expressed by Forbes Contributors are their own. DONALD TRUMP'S tax has become a controversial topic once again as a new report claimed the President paid no income tax for up to 10 years. (Photo by Oliver Contreras-Pool/Getty Images). A federal appeals court on Tuesday blocked a New York prosecutor from obtaining Donald Trump’s tax returns while the president’s lawyers continue to fight a subpoena seeking the records. When false statements are made, the auditors often see these statements as “badges of fraud” that are possible tell-tale signs of wrongdoing. During 2016 election, Trump rallies were often engulfed by chants of “lock her up,” fueled on baseless attacks against his former rival, Hillary Clinton. To deny this is to implicitly endorse a gross receipts tax on business income, something tax experts of all persuasions will tell you is the singularly most unfair way to tax businesses. September 28, 2020 / 6:59 AM Donald Trump, a self-proclaimed billionaire, paid only $750 in federal income taxes in the year he was elected US president, according to a stunning New York Times investigation that could shake up the presidential election. His newest e-book is The Trumpian Virtues: The Lessons and Legacy of Donald Trump’s Presidency. He is a winner of the 2018 Robert Novak Journalism Alumni Fellowship. Not only do you avoid the capital gains tax, but you also get to claim a tax deduction for the fair market value of the stock donated, a double benefit. All rights reserved. The investigation showed Trump to have paid just $750 in U.S. income tax in both 2016 and 2017. Subpoenaed 8 Years of Trump Tax Returns, Report Shows, Yes, Donald Trump Is Still A Billionaire. Tax fraud occurs when taxpayers intentionally and specifically take improper actions that either underreports or misreports income, or otherwise makes false statements related to their tax returns. Last modified on Mon 5 Oct 2020 13.09 EDT. New York Times’ Trump Tax Return ‘Bombshell’ Is A Joke, Section 7213 of the Internal Revenue Code. ", Kate Bedingfield, Biden's communications director, said on MSNBC that the Times report is the "latest reminder how clear the choice is here between, in this case, between Park Avenue and Scranton. ", "You have in Donald Trump a president who spends his time thinking about how he can work his way out of paying taxes, of meeting the obligation every other working person in this country meets every year," she said. God bless them for it. ", First published on September 27, 2020 / 2:47 PM. If he once again becomes a private citizen, Trump would need to face the same truth, and consequences, faced by all Americans with respect to improper tax-related conduct, including potential jail time. That Makes His $750 Tax Payment Even More Scandalous. The [Internal Revenue Service] does not treat me well … they treat me very badly. “Ivanka Trump, while working as an employee of the Trump Organization, appears to have received ‘consulting fees’ that also helped reduce the family’s tax bill.”, The paper added: “Over the past two decades, Mr Trump has paid about $400m less in combined federal income taxes than a very wealthy person who paid the average for that group each year.”. The top 1 percent, however, pay more than twice that amount; over 30 percent of their income goes to the federal government. If this is the big pre-debate “gotcha” that the Democrats and their allies in Big Media had in mind, it’s a bit of a flop. Businesses can and should deduct all ordinary and necessary expenses against business revenue to arrive at business profit — period, end of story. All Rights Reserved, This is a BETA experience. Joel B. Pollak is Senior Editor-at-Large at Breitbart News and the host of Breitbart News Sunday on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. In addition, Biden might have ventured into the area of tax evasion, the bad kind, by not paying himself a high enough “reasonable salary” W-2, something required under tax law. The New York Times on Sunday caused a stir with their report on President Donald Trump's tax liability, or lack thereof. It promised more stories in the coming weeks, adding: “The tax returns that Mr Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public.”. “This is just one more reason why we must vote to evict him.”. The Congressional Budget Office publishes an “all-in” analysis of how much people pay in total federal taxes. Not by itself, certainly. But the eyes that really matter are the federal and state tax authorities charged with reviewing whether or not Trump and the Trump Organization broke tax laws. The Times cited tax-return data it said was "provided by sources with legal access to it." This occurs in parallel to similar efforts to take a look at the president’s finances by Congress. These types of news stories tend to cherry-pick particular tax years and tax deductions that fit the narrative and ignore high tax payment years that do not. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. When do states certify their election results? In 2017 and 2018, Joe and Jill Biden ran $13 million of profits from speaking and writing gigs through a Subchapter-S corporation, allowing them to avoid, not evade, $500,000 in Social Security and Medicare payroll taxes.

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