U.S. Donald Trump 2018 Midterms Democrats will use their new House majority to demand President Donald Trump’s tax returns as they subject the administration to a tough new regime of oversight. MSNBC’s Ari Melber first reported Tuesday night plans by Representative Richard Neal, ranking member of the House Ways and Means Committee, to use his powers as committee chairman to see the returns. Massachusetts Democrat Neal, who is expected to lead the committee after Democrats took hold the of House in Tuesday's midterms, told CNN in October that he first plans to ask Trump for the tax returns, and if the president refuses, Neal will use an obscure 1924 IRS code law to formally request them. "I think we would all be comfortable if this was done on a voluntary basis," Neal said. "If they would resist the overture then I think you could probably see a long and grinding court case." Trump broke with decades of precedent when he launched his bid for the … [Read more...] about Donald Trump Tax Returns: Democrats Will Demand President’s Records With House Majority
Donald trump tax
opinion Joann M. Weiner Opinion contributor Published 4:00 AM EDT Oct 15, 2018 In the waning days of the 2016 presidential election, we learned that Donald Trump lost nearly $1 billion in a single year. This peek into his tax situation led his opponent Hillary Clinton to charge that Trump was refusing to release his tax returns because they’d show he didn’t pay any federal income taxes. Trump retorted, “That makes me smart!” At a later campaign rally, he said that he used the tax code “brilliantly.” Does paying no federal taxes make Trump the smartest tax guy in the room? That depends on what being smart about taxes implies. If it’s legal tax avoidance, that’s OK, but if it’s illegal tax evasion, that’s not OK. We recently got a glimpse into the tax avoidance/tax evasion conflict when The New York Times charged in an investigative repor that Trump has engaged in suspect tax schemes, some of which were … [Read more...] about Donald Trump, tax genius or tax con man? We need to see his returns.
U.S. Donald Trump The New York State Department of Taxation and Finance shortly after The New York Times published a report Tuesday that President Donald Trump committed tax fraud in gaining at least $413 million from his father's real estate empire, announced that it is “vigorously pursuing” an investigation of the newspaper’s findings. "The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a spokesman for the department, James Gazzale, told Newsweek in an email Tuesday afternoon. In its lengthy investigative piece based on hundreds of thousands of tax and financial documents, The Times reported that Trump received $413 million or more in today’s dollars from his father Fred’s real estate empire, and that he did so largely through dodging taxes in the 1990s. The story runs counter to Trump’s longtime claim that he was a self-made billionaire, which he touted in … [Read more...] about Donald Trump Tax Fraud Allegations Being ‘Vigorously’ Pursued by New York Authorities
Speaker Paul Ryan said Monday that the bombshell report about Donald Trump potentially not paying federal income taxes for up to 18 years won’t really hurt him. “I don’t think it’s that harmful,” Ryan said before a fundraising event in Michigan, according to The Detroit Free Press. “I think people who don’t like him are going to continue disliking him.” Ryan also doubts the story from The New York Times, published Saturday night, will damage Trump’s reputation as a great businessman, according to the report, adding that it’s common in real estate to use net operating losses for tax purposes. “The numbers are big because he’s a multibillionaire,” Ryan said, according to the report. The New York Times reported Saturday that it had received three pages of Trump’s tax returns from 1995 from an anonymous person and the records show that he declared a $916 … [Read more...] about CBS News Logo Paul Ryan predicts Donald Trump tax revelations won’t really hurt him
Last Updated Mar 15, 2017 7:11 AM EDT In 2005, Donald Trump paid $38 million -- or about 25.3 percent -- in taxes on income of over $150 million, the White House said in a statement Tuesday night. In 2005, the tax rate for top earners was 35 percent. Currently, the top rate is 39.6 percent. In addition, the White House said that Mr. Trump paid “tens of millions of dollars in other taxes such as sales and excise taxes and employment taxes.”The White House released the statement in advance of MSNBC’s “The Rachel Maddow Show,” which said that it obtained a portion of his 2005 tax return via Pulitzer Prize-winning journalist David Cay Johnston. Anticipating the public release of the information from Mr. Trump’s return, the White House also said in its statement, “You know you are desperate for ratings when you are willing to violate the law to push a story about two pages of tax returns from over a decade ago” and complained that “it … [Read more...] about CBS News Logo Donald Trump tax returns