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Wed May 11, 2016, 09:25 AM

Trump vows not to release taxes

Source: CBS Marketwatch

Republican presidential candidate Donald Trump on Tuesday said he won’t release his tax returns, saying there is “nothing to learn from them.”

Read: Trump says he will be first candidate since 1976 not to release tax returns

Tax specialists, however, disagree.

There’s no legal requirement for a presidential candidate to make his or her tax returns public but every major party nominee since 1976 has done so — often well before winning the nomination. The likely Democratic nominee, Hillary Clinton, has posted 8 years of returns.

Trump boasts that he pays as little in taxes as possible but he’s not showing, or telling, the voters exactly how he does that.

So what could Trump be worried about revealing?

If Trump releases all the detailed schedules, the tax returns could provide information about his use, if any, of tax avoidance strategies including offshore companies and foreign bank accounts in countries that guarantee secrecy. Trump’s name, however, does not come up in the searchable database of the Panama Papers, the name given to the trove of documents taken from a Panamanian law firm that was publicly released.

ack Blum, a former staff attorney with the Senate Antitrust Subcommittee and the Senate Foreign Relations Committee who now leads the not-for-profit Tax Justice Network USA, says there are a number of things Trump’s tax returns can show voters that campaign disclosure forms, filed in July 2015, cannot.

“Without question a man involved in as many real estate deals as Donald Trump will have taken full advantages of all the real estate loopholes and tax benefits,” said Blum. “His tax returns will show us how far he pushed the envelope to turn ordinary income into capital gains, defer the payment of tax through ‘like-kind exchanges’ and otherwise create an impenetrable maze for IRS auditors.”

The campaign disclosure forms also provide a range of values for Trump’s various intangible assets that generate an estimated $131.25 million in income for lending his name to hotel and condo developments and products including cologne, mattresses, steaks and energy drinks. Trump’s tax returns could verify the licensing and royalty income he put on his disclosure forms and that he provided to Forbes for its recent 400 richest Americans list.

Trump says his personal brand is worth almost $3.3 billion. Forbes, in its most recent 400 richest Americans list, put a value of the assets that generate royalty and licensing income at approximately $375 million. The magazine says it does not give anyone credit for goodwill associated with their name. Forbes’ editors believe the net worth of rich Americans will already incorporate any value derived from their names. After Forbes spoke with 20 brand experts, anonymously, none of them agreed with Trump’s $3 billion figure. However, none of them thought his brand was worthless, either.

Trump’s tax returns would also provide plenty of information about revenue and expense items that were not on the campaign disclosure forms, including personal mortgages, charitable deductions, unusual tax credits, foreign investments including bank accounts in tax havens, and an overall federal tax rate.

For example, the line on the return associated with Trump’s real estate income could be confusing to non-experts, says Andrew Schmidt, a professor of accounting and tax at North Carolina State University. “Trump’s real estate activities likely generate substantial tax deductions: depreciation, interest, and many other legitimate expenses. That means the amount reported on his return for those activities will look lower than most voters expect,” said Schmidt. “In fact, Trump may even report a tax loss for many of his real estate activities. His supporters may unwittingly equate tax losses with financial reporting losses and question Trump’s overall business acumen, especially if some of Trump’s more prominent properties generate tax losses.”

One asset Trump wasn’t interested in arguing with Forbes about was cash. The Trump team told Forbes to use whatever figure they wanted, perhaps to avoid any discussion of whether he has accounts in Switzerland or other banking secrecy havens.

Read more: http://www.marketwatch.com/story/just-what-controversies-could-trumps-tax-returns-expose-2016-03-21

42 replies, 2658 views

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Arrow 42 replies Author Time Post
Reply Trump vows not to release taxes (Original post)
RogerM May 2016 OP
underpants May 2016 #1
jtuck004 May 2016 #2
blm May 2016 #3
turbinetree May 2016 #8
NWCorona May 2016 #12
turbinetree May 2016 #31
Andy823 May 2016 #15
xocet May 2016 #29
Andy823 May 2016 #41
xocet May 2016 #42
thesquanderer May 2016 #4
PatSeg May 2016 #7
LastLiberal in PalmSprings May 2016 #38
Angel Martin May 2016 #5
PatSeg May 2016 #6
vkkv May 2016 #9
Va Lefty May 2016 #10
Kip Humphrey May 2016 #11
joshcryer May 2016 #13
marble falls May 2016 #14
Geronimoe May 2016 #16
dhill926 May 2016 #17
Agnosticsherbet May 2016 #18
Shankapotomus May 2016 #19
George II May 2016 #20
ciaobaby May 2016 #26
xocet May 2016 #30
Codeine May 2016 #40
Jitter65 May 2016 #21
Bayard May 2016 #22
Bernardo de La Paz May 2016 #23
dbackjon May 2016 #24
xocet May 2016 #32
Post removed May 2016 #33
xocet May 2016 #39
ciaobaby May 2016 #25
dbackjon May 2016 #34
ciaobaby May 2016 #37
beachbumbob May 2016 #27
Sunlei May 2016 #28
dchill May 2016 #35
olddad56 May 2016 #36

Response to RogerM (Original post)

Wed May 11, 2016, 09:29 AM

1. A. Not worth as much as he says. B. Hiding that he doesn't support his own charities.

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Response to RogerM (Original post)

Wed May 11, 2016, 09:30 AM

2. Scared little coward.n/t

 

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Response to jtuck004 (Reply #2)

Wed May 11, 2016, 09:35 AM

3. Man-Baby

.

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Response to blm (Reply #3)

Wed May 11, 2016, 09:51 AM

8. man -baby with hands --------------Jon Stewart

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Response to turbinetree (Reply #8)

Wed May 11, 2016, 10:07 AM

12. That reminded me of a scene from Deadpool lol

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Response to turbinetree (Reply #8)

Wed May 11, 2016, 12:17 PM

31. Well I don't know if drumpf has healing powers yet----------------but he has man-baby hands

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Response to jtuck004 (Reply #2)

Wed May 11, 2016, 10:25 AM

15. So has Bernie released his 2015 taxes yet?

I know he put out a partial one for 2014, with a lot of stuff missing, but he also said he would be releasing his 2015 taxes also. Have the been put out to the public yet?

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Response to Andy823 (Reply #15)

Wed May 11, 2016, 12:12 PM

29. Since you're off on a tangent, how about Sec. Clinton's Wall Street speech transcripts? n/t

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Response to xocet (Reply #29)

Wed May 11, 2016, 01:30 PM

41. Tangent? Really?

A simple question is not a "tangent", wow. This isn't about speeches, it's about income tax returns, and how Bernie is a lot like Trump since he too doesn't seem to want voters to see something in those tax returns. If it's so bad for Trump, why the double standard for Bernie?

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Response to Andy823 (Reply #41)

Wed May 11, 2016, 01:42 PM

42. So, a simple question - by your logic: Why the double standard for Sec. Clinton? The issue

is transparency. Her speeches likely show her favoritism for Wall Street over the citizens of the US. What is it that she does not want to be known? It seems that she may actually be a lot like Trump in that respect.

Wow.

At any rate, this is a mocking of your post. The thread is about Trump - not Sen. Sanders and not Sec. Clinton.



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Response to RogerM (Original post)

Wed May 11, 2016, 09:40 AM

4. The people who care about seeing his tax returns aren't going to vote for him anyway.

The people who support him don't care. Just like Hillary supporters don't care about her releasing her speech transcripts. The only people who really make an issue of it are the people who aren't going to vote for her anyway.

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Response to thesquanderer (Reply #4)

Wed May 11, 2016, 09:48 AM

7. Yep

and meanwhile he gets yet more free publicity.

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Response to thesquanderer (Reply #4)

Wed May 11, 2016, 01:16 PM

38. Not releasing his taxes furthers his image as being "outside the system"

and thus his supporters will see it as a sign of strength.

"I could shoot somebody on Fifth Avenue and I wouldn't lose supporters," Trump bragged in January.

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Response to RogerM (Original post)

Wed May 11, 2016, 09:43 AM

5. Given that it's Trump

this may be an attempt at downright refusal, or it may be an opening bargaining position over what info he will reveal, or it may be a deliberate attempt to create controversy and attention to something he wants people to look at...

or a bit of all of the above.

One thing I am sure of, any tax info we get from Trump, he will make conditional on publication of the Clinton Goldman Sachs transcripts.

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Response to RogerM (Original post)

Wed May 11, 2016, 09:46 AM

6. Well then

If Trump says, "there is nothing to learn from them", I guess we just have to take him at his word!

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Response to RogerM (Original post)

Wed May 11, 2016, 09:53 AM

9. It's obvious that he's corrupt, why should he prove it? .. NT

 

This is the DU member formerly known as vkkv.

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Response to RogerM (Original post)

Wed May 11, 2016, 09:54 AM

10. This won't go away

at least it shouldn't. Considering the state of "Journalism" these days who knows.

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Response to RogerM (Original post)

Wed May 11, 2016, 09:54 AM

11. tRump showing us his tax returns would be like his showing us his micro penis -

under performing in every regard.

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Response to RogerM (Original post)

Wed May 11, 2016, 10:08 AM

13. How'd that go for Romney?

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Response to RogerM (Original post)

Wed May 11, 2016, 10:14 AM

14. Because not releasing his tax returns worked out so well for Mitt Romney.

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Response to RogerM (Original post)

Wed May 11, 2016, 10:37 AM

16. Trump plays the media like a stradivarius

 

Another week of 24/7 coverage of the Donald.

If he were a little smarter he would have said he'll only release them when Hillary releases the transcripts of speeches she made to the Banksters.

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Response to RogerM (Original post)

Wed May 11, 2016, 10:40 AM

17. and I'm sure his drool stained supporters....

will cheer him on for this.

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Response to RogerM (Original post)

Wed May 11, 2016, 10:41 AM

18. Just a politician that does not want the world to know how much he has lied about what he makes.

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Response to RogerM (Original post)

Wed May 11, 2016, 10:57 AM

20. That makes two candidates that haven't or won't release their tax returns. Only Clinton has done so.

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Response to George II (Reply #20)

Wed May 11, 2016, 11:37 AM

26. This argument won't work as long as Hillary holds on to her wall street speeches

 

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Response to George II (Reply #20)

Wed May 11, 2016, 12:14 PM

30. Since you're off on a tangent, how about Sec. Clinton's Wall Street speech transcripts? n/t

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Response to xocet (Reply #30)

Wed May 11, 2016, 01:30 PM

40. Is there a long-standing tradition of releasing speech transcripts? nt

 

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Response to RogerM (Original post)

Wed May 11, 2016, 11:09 AM

21. I bet he pays a much lower rate than those blue collars ditto heads who voted for him.

 

And they don't care as long as he is out there trashing Hillary and other Dems.

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Response to RogerM (Original post)

Wed May 11, 2016, 11:11 AM

22. Ahh, that's a big Achilles heel

Ms. Scandal running against Mr. Scandal should prove interesting. And the media will be drooling more than ever. We look ridiculous to the rest of the world.

In the mean time, Mr. Non-Scandal, Bernie, is looking better than ever.

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Response to RogerM (Original post)

Wed May 11, 2016, 11:14 AM

23. Trump is very vulnerable on this issue, even with his base, which why he won't release. . nt

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Response to RogerM (Original post)

Wed May 11, 2016, 11:17 AM

24. Very Sanders like

 

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Response to dbackjon (Reply #24)

Wed May 11, 2016, 12:18 PM

32. Do Sec. Clinton's Wall Street speech transcripts ring a bell with you? n/t

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Response to xocet (Reply #32)


Response to Post removed (Reply #33)

Wed May 11, 2016, 01:30 PM

39. It is ironic that you demean another's ability to think with a misspelled message of your own. n/t


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Response to RogerM (Original post)

Wed May 11, 2016, 11:32 AM

25. and how is this any different from Hillary refusing to release her wall street speeches!

 

Kinda a case of you show me yours and I'll show you mine (or not). Maybe Trump and Hill agreed they would both keep their most damaging information under wraps - works for both of them, don't you think?

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Response to ciaobaby (Reply #25)

Wed May 11, 2016, 12:58 PM

34. LOL - if you think these are the same, then you really, really are clueless.

 

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Response to dbackjon (Reply #34)

Wed May 11, 2016, 01:10 PM

37. I'll take this to mean you don't have an answer.....

 

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Response to RogerM (Original post)

Wed May 11, 2016, 12:02 PM

27. He must be hammered on this all the time....

 

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Response to RogerM (Original post)

Wed May 11, 2016, 12:05 PM

28. Trumps probably scared like Romney, to show how he uses deductions to pay NO income tax.

Pay no income taxes and grab as much "free government state/Federal" money as possible. Game of the fabulously wealthy.

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Response to RogerM (Original post)

Wed May 11, 2016, 01:00 PM

35. I'll give him credit for one thing...

At least he didn't say "I'll look into it..." 'Cause that would have been dishonest, or at least insincere.

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Response to RogerM (Original post)

Wed May 11, 2016, 01:00 PM

36. If I was a crook the caliber of Dirty Donald, I wouldn't release mine either.

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