Posted on 05/19/2016 4:12:56 AM PDT by RoosterRedux
Donald Trump has reason to be reluctant to release his tax returns. In a New York Times piece about Ben Rhodes, President Obama’s deputy national security adviser, Rhodes cynically explains that today’s journalism consists of young people whom he flat-out describes as ignorant. “The average reporter we talk to is 27 years old,” Rhodes said, “and their only reporting experience consists of being around political campaigns. That’s a sea change. They literally know nothing.”
What do 27-year-old reporters know about how wealthy big-business people file their taxes? In the real world, moguls like Donald Trump hire accountants and tax attorneys to file what are known as “aggressive” returns – seeking every possible deduction, exclusion, tax break or deferral.
Given this, Donald Trump is likely audited nearly every year, with the IRS settling with him on some of these issues, often for less than the IRS initially claimed he owed. If Trump releases his taxes now, the IRS – to avoid embarrassment or public criticism that they are giving a rich guy a break – might be reluctant to negotiate down from what they initially argued he owes. Therefore, Trump is likely telling the truth that his attorneys advised him not to release his tax returns until after the audit had been settled.
(Excerpt) Read more at wnd.com ...
Ping
Because we all know now that the IRS is part of the thug wing of the Democrat party.
BINGO!!!
I don’t know anyone who is particularly interested in a candidates tax returns. Everyone knows that they are much richer than the average person. The only reason Clinton, Romney, etc., are interested in Trump’s taxes is to see if there is ANYTHING in them that they think would be a useful line of attack.
There are different views on this. One is that his tax returns are irrelevant. Another is that the Democrat-controlled IRS could release damaging information at a bad time in the campaign.
Only time will tell how it works out.
There’s a good chance that there is absolutely NOTHING wrong with Trump’s taxes. I think he’s letting the media and his opponents drive this issue to a big crescendo, to let them only fall on their faces when he finally reveals them.
If he is audited every year it stands to reason that he doesn’t get too far out of line...after all, the lefts biggest weapon - the IRS - would have caught him way before now.
This is a red herring.
Certain IRS managers should be fearful.
The new boss might chew up their ass and spit them out to the office in point Barrow
I like Trump’s excuses better.
“My attorney’s advise against it.”
and
“It’s none of your business”
The perception problem of Trump's taxes isn't going to affect most here who are either committed or favorable to Trump. There are some Trump loyalists who would support him no matter what he says or does. It could affect the folks he needs to attract and keep until election day.
My guess is he will use timing to release them. Too early and it could fester. Too late and it becomes an October surprise.
Except he's been saying he would do it in due time.
The reason? ( And FR CPA, Real Estate Investors, etc please chime in ) It is because with his kids running the biz if he get POTUS they will essentially have their margins exposed and how they run their real estate empire and how their competitors with knowledge of said margins can undercut them.
Never got that far in Accounting, my guess this is 300 level and higher stuff, i.e. purchase cost, amortization, etc etc revolving around high end properties either as rentals or for sale, not to mention the golfing end of the business and a bazillion other interest he has...
One of the benefits of being a private company is that your competition is kept in the dark about the details of your operations.
I wouldn't release the details.
I was a CPA early in my career and completely agree.
The only reason Mitt is calling for their release is pure spite. He hates Trump because Trump can win and Mitt choked.
Right. I sort of combined Trumps response too 2 different questions about his returns. The first one about following the advice of his attorney (he is being audited) was in response to the demand he release the returns.
The second one was in response to Stephanopolous asking him at what (tax) rate he pays his taxes.
Thanks RR for your feedback. I wish we had a CPA / Financial wonk Ping List, we have a number of them here but to access them in mass for a question like this would be a Blessing!
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