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The tax returns, finally!

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1 The tax returns, finally! on 5/3/2017, 9:02 am

According to a Politico article, New York can force Trump to release his New York State tax returns which are probably similar to his Federal return, listing both in-state and out-of-state sources of income and his charitable contributions.

"The idea is a simple one: Each year, Trump files federal income tax returns with the IRS and a similar resident income tax return with New York. The state form doesn’t include all the same information as Trump’s federal filings, but it includes much of it. Trump’s state returns disclose how much income he earns from in-state and out-of-state sources and what deductions he claims for charitable contributions and various other expenses. If Trump uses phantom losses to zero out his federal income tax liability, he almost certainly does the same for state tax purposes. Trump’s state returns also will reveal how much he pays in taxes not only to New York state, but also to New York City—which itself will spend somewhere in the range of $60 million a year protecting the Trump family during his presidency.

"And if New York wants to publish President Trump’s state tax returns, it can. On April 26, State Assemblyman David Buchwald and State Senator Brad Hoylman introduced legislation to release state tax returns filed by the president and certain other elected officials. Specifically, the law would require the state tax authority to post on its website the last five years of returns filed by the president and vice president, the state’s two U.S. senators, as well as the governor, lieutenant governor, state comptroller and state attorney general. The state tax authority would continue to post returns filed by those individuals until they leave office. (Of course, if the president or vice president does not file New York returns, the state tax authority wouldn’t have to post anything from those officials.)"


There's more and you can read it here:

http://www.politico.com/magazine/story/2017/05/02/how-new-york-release-donald-trump-tax-returns-215094

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2 Re: The tax returns, finally! on 5/3/2017, 9:47 am

Eat your heart out Czar Putin. Even the Romanov family didn't have it as good as our own privileged family of 1% snowflakes.

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3 Re: The tax returns, finally! on 5/3/2017, 10:06 am

But... but they're under audit!

I swear, if I worked at the IRS, I'd speed that audit through and say, "All done! Now what's the excuse?"

Trump's whole mystique is a house of cards. I don't think he's anywhere near as rich or successful as he's been claiming, and he's guarding those tax returns because they'll prove he's one big scam.

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4 Re: The tax returns, finally! on 5/3/2017, 10:13 am

Telstar wrote:Eat your heart out Czar Putin. Even the Romanov family didn't have it as good as our own privileged family of 1% snowflakes.

Refresh my memory, how'd things work out for them Romanovs, I forget?

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5 Re: The tax returns, finally! on 5/3/2017, 10:22 am

zsomething wrote:But... but they're under audit!

I swear, if I worked at the IRS, I'd speed that audit through and say, "All done!   Now what's the excuse?"

Trump's whole mystique is a house of cards.  I don't think he's anywhere near as rich or successful as he's been claiming, and he's guarding those tax returns because they'll prove he's one big scam.

Who knows what it is. Trump might be laundering money for Russian oligarchs through that Cypress bank his Secretary of Commerce was tied to. Or he might be in deep hock to Russian banks. Whatever it is, he's worried about it getting exposed.

He owns a ton of property and one can assume all of it is leveraged. After his mess in Atlantic City, he had trouble getting loans from US banks, so maybe that's it. Between his tax returns and his campaign's Russia contacts, I bet this all blows up before 2020.

Sure is fun to watch.

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