Trump release your Taxes! New Evidence Donald Trump Didn’t Pay Taxes (GD)
New Evidence Donald Trump Didn’t Pay Taxes
New Evidence Donald Trump Didn’t Pay Taxes
If the presumptive GOP nominee keeps hiding his returns, Congress could force him to show his hand with a one-line amendment to the tax code.
New questions about the integrity of Donald Trump’s income tax returns, and new indications that he does not pay income taxes, arise from rulings in two tax appeals that Trump filed in the 1990s. Trump lost both cases.
Trump’s 1984 federal income tax return included a Schedule C, the form used by sole proprietors, the decision in the first case shows.
Trump listed no income on that form, yet he deducted $626,264 as expenses. His New York City tax return also showed no income, but listed slightly less in expenses: $619,227.
No receipts, invoices, or other documentation were provided when Trump was under audit or during his appeal from what he argued was an unfair demand for more tax.
“The record does not explain how Petitioner [Trump] had significant expenses without any concomitant income from his consulting business,” wrote H. Gregory Tillman, the city administrative law judge who heard the case on April 29 and May 28 of 1992.
Jack Mitnick, the lawyer and accountant who prepared Trump’s tax returns for more than two decades, was Trump’s only witness. Mitnick testified that he was “thoroughly familiar” with the Trump tax returns and all aspects of the finances of Trump Tower, which were central to the appeal.
continues in link: http://www.thedailybeast.com/articles/2016/06/15/new-evidence-donald-trump-didn-t-pay-taxes.html
David Cay Johnston: New Evidence Donald Trump Didn't Pay Taxes (With Update)
Pulitzer Prize winning journalist David Cay Johnston wrote a terrific piece in The Daily Beast yesterday, that there is New Evidence Donald Trump Didn’t Pay Taxes.
As a tax accountant by trade, an Enrolled Agent (EA) licensed to practice before the Internal Revenue Service, Johnston is one of my heroes. He has been ever since I read Perfectly Legal: The Covert Campaign to Rig Our Tax System to Benefit the Super Rich--and Cheat E verybody Else.
How he discovered this new evidence is telling. As he told Amy Goodman on Democracy Now! this morning, back in the 1920’s, tax returns were public information, and newspapers routinely reported how much prominent citizens earned and how much tax they paid. Today, as an EA, thanks to Internal Revenue Code (IRC) section 7216, I cannot even acknowledge that anyone is even my client , let alone give out any information from a tax return, without having a specific form signed by the client giving me express consent to provide specific information to a specific person or entity, such as a bank looking to approve a mortgage. I can’t do it without the signature. An email isn’t enough. A phone call giving me verbal authorization is not enough. i need the signature.
So how did Johnston find this? Court documents are public record, including tax court. Trump filed two tax appeals in the 1990’s and lost both cases. From these cases, Johnston gleemed some very damaging information.
continues in link: http://www.dailykos.com/story/2016/06/16/1539390/-David-Cay-Johnston-New-Evidence-Donald-Trump-Didn-t-Pay-Taxes
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