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In reply to the discussion: He refuses to disclose his tax returns... [View all]csziggy
(34,189 posts)30. I keep remembering that the tradition of presidential candidates relaesing tax returns
Started because Richard Nixon did illegal things on his tax returns.
Nixon's Failed Effort to Withhold His Tax Returns
Aug 2, 2016 3:04 PM EDT
By Stephen Mihm
<SNIP>
But then things unraveled. The best account of Nixons tax travails comes from the historian Joseph Thorndike. Thanks to a deposition in a civil suit connected to the Watergate burglary in 1973, reporters learned that Nixon had taken a rather unusual tax break in 1969.
How unusual? The Washington Post determined that he had deeded his vice-presidential papers to the National Archives and taken a charitable deduction of around $500,000. Amazingly, such practices had been legal until 1969: Presidents and vice presidents donated their public papers and took a write-off. But that year, Congress closed the loophole.
<SNIP>
In 1970, Nixon proceeded to donate his papers, but ordered Morgan to backdate the deed of gift to March 27, 1969, before the law made it illegal for him to take the deduction.
But this wasnt known at the time. In 1973, however, as the Watergate scandal put a spotlight on the secretive president, tax experts called for the IRS to audit Nixon. The agency refused. Then in early October, an employee at an IRS service center in West Virginia leaked information about Nixons tax returns showing that the president had only paid $792.81 in federal income taxes in 1970 and $878.03 in 1971, but reported income in excess of $200,000. The explanation, of course, was the fishy charitable donation.
More: https://www.bloomberg.com/view/articles/2016-08-02/nixon-s-failed-effort-to-withhold-his-tax-returns
Aug 2, 2016 3:04 PM EDT
By Stephen Mihm
<SNIP>
But then things unraveled. The best account of Nixons tax travails comes from the historian Joseph Thorndike. Thanks to a deposition in a civil suit connected to the Watergate burglary in 1973, reporters learned that Nixon had taken a rather unusual tax break in 1969.
How unusual? The Washington Post determined that he had deeded his vice-presidential papers to the National Archives and taken a charitable deduction of around $500,000. Amazingly, such practices had been legal until 1969: Presidents and vice presidents donated their public papers and took a write-off. But that year, Congress closed the loophole.
<SNIP>
In 1970, Nixon proceeded to donate his papers, but ordered Morgan to backdate the deed of gift to March 27, 1969, before the law made it illegal for him to take the deduction.
But this wasnt known at the time. In 1973, however, as the Watergate scandal put a spotlight on the secretive president, tax experts called for the IRS to audit Nixon. The agency refused. Then in early October, an employee at an IRS service center in West Virginia leaked information about Nixons tax returns showing that the president had only paid $792.81 in federal income taxes in 1970 and $878.03 in 1971, but reported income in excess of $200,000. The explanation, of course, was the fishy charitable donation.
More: https://www.bloomberg.com/view/articles/2016-08-02/nixon-s-failed-effort-to-withhold-his-tax-returns
When he tried to deny any problems Nixon said, People have got to know whether or not their president is a crook. Well, I am not a crook.
Maybe history will repeat itself and some employee of the IRS will leak Trump's returns. Unfortunately, history would repeat in that it will be too late to prevent Trump's election. Let's hope this time it will be in time to prevent Trump's re-election!
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Me too -- and our so-called "liberal media" has been playing along with Trump's grotesque
anneboleyn
Dec 2016
#17
Like MM said, when trump said in debate "because I'm smart", voters loved him more because they
Sunlei
Dec 2016
#22
I keep remembering that the tradition of presidential candidates relaesing tax returns
csziggy
Dec 2016
#30
Republicans know-never pays any income taxes & personal expense a tax free charity, just like them.
Sunlei
Dec 2016
#21
the electors NEED to SEE his taxes 1st. no vote if they don't or its NOT RUMP.
pansypoo53219
Dec 2016
#33
The country had the nerve to elect a black President and then run a woman for the job so....
TeamPooka
Dec 2016
#42