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Politics 5 things to know about Trump's taxes

03:16  29 september  2020
03:16  29 september  2020 Source:   politico.com

Everything Donald Trump Has Said About Releasing His Tax Returns

  Everything Donald Trump Has Said About Releasing His Tax Returns Revelations about the president's alleged tax affairs have reawakened a debate over the president's personal fortune.A New York Times investigation found that Trump paid no federal income taxes in 10 of the previous 15 years and just $750 in federal income taxes in the two most recent years of the newspaper's probe—2016 and 2017.

President Donald Trump ’ s bid to go around Congress and try to unilaterally cut payroll taxes is raising lots of questions— from, "Can he do that?" to "How would Trump is betting Congress won’t let that happen, and will eventually step in to forgive the tax altogether. Here are five things to know about

Trump ’ s Taxes . And what else you need to know today. Ivanka Trump , while working as an employee of the Trump Organization, appears to have Avi Asher-Schapiro, of Thomson Reuters Foundation: “Perhaps the most instructive thing re: Trump taxes is the K deduction for haircuts.

New revelations about President Donald Trump’s taxes have been thrown into the presidential campaign. The lengthy investigation by the New York Times, which found Trump paid very little in taxes over the past decade while claiming a huge refund, is part of a long effort by the news media to illuminate Trump’s financial dealings in the face of his refusal to follow political tradition and release his tax returns. But the story is complex and raises many other questions. Here are five things you need to know about the latest twist.

Biden Paid Over 4,900 Times More in Taxes Than Trump in 2017

  Biden Paid Over 4,900 Times More in Taxes Than Trump in 2017 While Trump's net worth is estimated to be about $2.5 billion, Biden and his wife are worth approximately $9 million.According to Biden's tax returns, which he released publicly in July 2019, the former vice president and his wife Jill Biden paid $1.5 million in federal income taxes in 2016 and $3.7 million in 2017. The New York Times, which obtained nearly two decades of Trump's closely guarded tax returns, reported on Sunday that the president paid just $750 in both years. That means the Bidens paid 2,000 times as much in federal income taxes in 2016 and more than 4,900 times as much in 2017.

IRS beefs up security for Trump ' s tax returns 02:45. Washington (CNN) Happy Tax Day! In honor of this worst of "holidays," here are 10 things you shouldn't forget about Trump ' s taxes . 5 . In January 2016, Trump said this about his taxes : "I have very big returns, as you know , and I have everything

“ Trump wants to abolish the AMT. Now we know why.” 4. Claimed losses remain a mystery. Trump reported a loss of 3 million, which he was able to use to slash his tax bill It’ s one thing to drop a two-page 1040 in the mail, and another to leak a return that could dwarf the New York City phone book.

Donald Trump wearing a suit and tie: President Donald Trump speaks in the White House Rose Garden on Monday. © Evan Vucci/AP Photo President Donald Trump speaks in the White House Rose Garden on Monday.

Is Trump just a bad businessman? The story suggests Trump mostly avoided paying taxes the old-fashioned way: by losing money. Businesses only pay taxes when they generate a profit, and the story indicates the president is hemorrhaging cash. It only cites a few major moneymakers: the television show "The Apprentice," Trump Tower, a few other real estate investments. At the same time, it describes many more that are losing tons of money. His golf courses have lost $315 million, for example, while his hotel in Washington, D.C., has lost another $55 million. That appears to explain much of Trump’s bills because losses from those businesses can be used to offset profits (and businesses can carry those losses forward and backward in time to reduce their taxes in other years as well).

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The revelations about Trump ’ s tax returns and finances unfolded just two days before the first They’d need to have memos in the files or email showing that. The reality is I don’t know if you can “If the Trump children can receive the family fortune without the payment of gift taxes , what does it say

Here are some surprising things we’ve learned about the US president’ s finances.

It’s not just that, though: There are nevertheless lots of red flags in the report, though if Trump is trying to cheat the IRS, he is not being particularly creative. Many of the questionable moves described in the story are ones the IRS has seen many times before. Putting relatives on the payroll and calling them consultants — as the story suggests Trump did with his daughter Ivanka, paying her $750,000 — is a tactic often used to avoid gift and estate taxes (which limit how much the wealthy can pass on to their heirs tax free).

Likewise, the agency has a lot of experience with businesspeople trying to pass personal expenses off as deductible business ones, as the Times suggests Trump did with things like haircuts and make up. (The U.S. Tax Court has specifically ruled that haircuts are not business expenses.) The story also describes Trump using conservation easements — which allow people to claim charitable deductions by agreeing not to develop pieces of land — to reduce his taxes. Unfortunately for Trump, that happens to be an area of the tax code that has been controversial lately, and one the IRS is particularly interested in cracking down upon.

Trump Jr on father's taxes: 'People don't understand what goes into a business'

  Trump Jr on father's taxes: 'People don't understand what goes into a business' President Trump's eldest son, Donald Trump Jr., is pushing back on a recent bombshell story published by The New York Times that reported his father paid no income taxes for 10 of the 15 years that preceded his winning the presidency, and $750 in tax in 2016 and 2017.Trump Jr. defended his father during an appearance on "Fox & Friends" on Monday, a day after the Times published its report, claiming the president, who was a real-estate mogul and television personality prior to his election in 2016 and is currently a billionaire, according to Forbes, has paid "tens of millions of taxes." "People don't understand what goes into a business," Trump Jr.

As Washington tries to figure out ways to mitigate the threats the coronavirus poses to the US economy, President Donald Trump has said he might back a payroll tax cut for workers.

This Trump real estate deal looks awfully like criminal tax fraud. But Trump ’ s income is almost surely from his businesses Five myths is a weekly feature challenging everything you think you know . You can check out previous myths, read more from Outlook or follow our updates on Facebook and Twitter.

The limits of tax returns: While the Times cites questionable deductions, it stops short of calling Trump a tax cheat. That’s probably because, though the president’s tax returns have long been considered a holy grail when it comes to understanding his finances, they can’t tell you everything. Returns are little more than numbers, often with no explanation, which can make it difficult to know for sure whether a deduction is justified.

Take that example of Ivanka Trump apparently being named a consultant. That could be a no-show job — the stuff from which criminal investigations might be born. Or it could be entirely justified. Probably only the IRS could figure that out in an audit, when it has the power to demand people explain themselves. “Those are permissible deductions if her company actually provided services worth $750,000,” said Brian Galle, a law professor at Georgetown University. “There’s no real way to tell.”

“You’d have to hire someone to verify what services that consulting company performed, and then you’d need to an industry survey about what companies paid for that type of service. This is why auditing rich people and complex businesses is really time and resource intensive.”

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Years of President Donald Trump ’ s tax returns were disclosed in a New York Times article Sunday night Well you know I think a lot of these numbers put clothing numeric clothing on things we already knew about Trump . As you mentioned at the top of the show he has never been a great dealmaker.

Here are five things we learned from The New York Times report, which was published just Many of his best- known businesses are losing money. The Times says many of Mr Trump ' s hotels, golf courses and Donald Trump reportedly paid just 0 (£578) in income tax in the year he became president.

Similarly, the report says Trump owes hundreds of millions of dollars — but to whom? Tax returns don’t say. “It’s really unusual that he’s so far in debt, and those debts are going to come due soon – and of course it’s not real clear to whom the debts are owed,” said Marcus Owens, a former top IRS official. House Speaker Nancy Pelosi underscored that issue Monday, calling it a matter of national security because it means his creditors have leverage over him. “He has exposure to the tune of hundreds of millions of dollars — to whom?” she told MSNBC. “The public has the right to know.”

IRS standing up to Trump: In a lawsuit seeking Trump’s tax returns, House Democrats argue they need the president’s filings to know how well the agency is implementing its longstanding policy of automatically auditing every president. They worry the agency is going easy on him, because the president is ultimately its boss. “It is essential that the IRS’s presidential audit program remain free of interference,” said Ways and Means Chair Richard Neal (D-Mass.), shortly after the Times story broke. But the account says the IRS has been fighting with Trump for years over a $73 million refund he claimed. The specifics are hazy, but the mere fact the two sides have been deadlocked for years buttresses something IRS veterans have long claimed: The agency is not afraid to audit the president.

The story also includes a surprise appearance by Congress’s Joint Committee on Taxation. Normally in the business of estimating how much lawmakers’ tax plans would cost, the nonpartisan agency also has a little-noticed job of backstopping IRS audits when they produce refunds topping $2 million. JCT doesn’t have the power to block the payments, but it is given an opportunity to question the specifics of IRS’ examinations. The JCT declined to discuss the issue, citing taxpayer confidentiality laws.

Sorry, rich people: Democrats have been positively gleeful about the Times report because they know it helps their campaign to hike taxes on the rich. They’ve lacked a compelling rich-people-not-paying-taxes bogeyman though, with the closest thing perhaps being large corporations like Amazon. Trump will be a far more effective face for the cause. Expect Democrats to make sure voters hear plenty about Trump’s tiny tax bills — in television ads, in the presidential debates, on the campaign trail — heading into Election Day.

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