Don G. Dinsdale wrote:
No Law To Force Trump Top Release Tax Returns
James Mann: President-Elect Trump Should Never Release His Tax Returns
James Mann ~ Jan 17, 2017 ~ Breitbart
Last week Senator Elizabeth Warren introduced a bill that would require President-elect Trump and future presidential nominees to release their last 3 years of federal tax returns. This bill is a partisan ploy — the only co-sponsors are Democrats – and it is clearly meant to shame President-elect Trump, who did not release his. And there are demands for Trump Cabinet nominees to disclose their tax returns, which will inevitably be leaked. But it is worth pointing out that the idea that releasing tax returns somehow promotes rational discourse in election campaigns or confirmation hearings is nonsense.
To begin with, the oft-repeated claim that presidential candidates have released their tax returns since Watergate is absolutely untrue.
For example, John Kerry, the Democratic presidential nominee in 2004, released his tax returns in April of 2004, but no returns for his wife, a billionaire. Under increasing pressure, in late October of 2004, Kerry released the first two summary pages of his wife’s 2003 return – nothing else. Kerry would have been the richest president in history (until Trump), but he felt the details of the wealth that fuels his lavish lifestyle weren’t anyone’s business. No one noticed.
John McCain married up, too. For the 2008 presidential campaign, he released his tax returns but not those of his wife, a beer distributorship heiress. When he relented in May of 2008, he only released the first two summary pages of her returns. For 2006 he made $300,000 and she made over $6 million, but he maintained that the details of her finances were not relevant. No one noticed.
In August of 1984, yielding to increasing criticism of her family’s questionable real estate dealings (you may remember the slogan “Come Clean Geraldine”), democratic Vice Presidential nominee Geraldine Ferraro released 6 years of tax returns. As nearly every tax lawyer understood (and a few of them tried valiantly to explain) Ferraro’s failure to release the partnership tax filings that were the source of her family’s income meant that her return disclosure was meaningless. The journalists naturally reported that she had demonstrated her finances to be above reproach. Her husband later pleaded guilty to fraudulently obtaining bank financing in a real estate transaction.
But even when the full tax returns are released, it doesn’t matter. After Harry Reid falsely accused Mitt Romney of not paying taxes for a decade, Romney released his entire returns for two years for himself, his wife, and his charitable foundations. Nobody bothered to read the hundreds of pages of returns detailing the state of the art complex investments of a successful financier (and extremely generous charitable contributions). Even after the release of the returns, the Obama campaign continued to make dark accusations of hidden details of his wealth, and the charges stuck even though proof to the contrary was in plain sight on the returns.
The best example of the meaninglessness of releasing tax returns is provided by the Clintons in 1992. For a limited period of time, he made available to the press 10 years of his tax returns. Everything we needed to know about Bill and Hillary’s character is in those returns – the desperate get rich quick schemes, the omission of government-provided largesse from income, and the failure to pay withholding taxes on Chelsea’s nanny the few years she wasn’t parked on Arkansas’ payroll are all revealing.
Most telling of all was Hillary’s handwritten itemization of their charitable donations – the aggressively inflated estimates of the values of Bill’s used underwear and sneakers tells you everything you need to know about her values. A clearer picture of the Clinton approach to the rule of law and ethics could not possibly be presented in a tax return. It was entirely ignored by the slothful and innumerate media (except for a prescient, widely ignored, analysis by Lisa Schiffren in the American Spectator).
And that brings us to Donald Trump. What about all of the “conflicts of interest,” tax avoidance and business failures putatively hidden in his unrevealed returns?
The sad fact is most journalists are clueless about taxes or finance. They are incapable of reading tax returns in any way that would yield information. They have little or no grasp of the relative importance or common usage of various tax strategies employed by those with money and good advisors. All they have are pre-ordained “narratives.”
In the case of a real estate fortune this ignorance is more problematic than usual. Real estate investors and builders tend to pay minimal taxes because real estate is highly tax advantaged and depreciation and interest expense typically shelters income from taxes. Were President-elect Trump to release his returns, there is no chance that they would be properly understood or fairly interpreted.
The practice of releasing presidential nominee tax returns has been inconsistent. When complex returns were made available partisans, abetted by a complicit press, willfully misconstrued them. And when disclosure actually worked, it was ignored. President-elect Trump has no reason to disclose his tax. In the alternative, perhaps we should start with requiring federal tax return disclosure for Senators and Congressmen and see how that experiment works.
James Mann, a tax lawyer and former banker, is a former Deputy Assistant Attorney General for the Tax Division of the Department of Justice.
http://www.breitbart.com/big-government/2017/01/17/james-mann-president-elect-trump-never-release-tax-returns/
No Law To Force Trump Top Release Tax Returns br ... (
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There is no law that requires a sitting president to release his/her tax return. None in the Constitution either.
If Warren demands the release of President Trump's tax return, I would insist that all elected officials, or those running for elected office, must release their tax returns as well. In this case we will see who pays a lot of taxes, and who pays nothing.
I'd be interested to see Warren's tax returns and how much she has paid.
President Trump for so many years has filed his tax returns. Year-to-date taxes that he paid amounts to tens of billions of dollars. Taking from an example on his 2005 tax return, it reported on that year, he paid hundreds of millions of dollars for Income tax, for the Social Security and Medicate taxes of his more than 10,000 employees, for the property taxes, for business license and other state taxes. And these are all done every year. His tax returns are prepared by licensed CPA's and lawyers, ensuring that all his tax returns are in compliance and accurate.
The irony is that those people who are demanding release of President Trump's tax return are mostly FREE LOADERS, who don't earn or if they earn, is not even enough to fill their huge bloated greedy mouth. Therefore they beg from the federal government more to fill their bellies up. These are the hungry huge mouthed democrats who basically live on welfare, and depend on all the taxes paid by President Trump, and all those honest Republicans and Conservatives who work hard and pay their federal taxes.
Not true with Hillary or Obama, as you can trace the mess of the accounting system that they run on the Federal government and their private charities in the guise and deceptive means, but in reality, they are avenue to collect billions of dollars from various countries for their own.
Obama's departments run on the federal system, proper accounting and internal control did not exist. No accountability where the money went, no proper recording and documentations, no licensed auditor, no authorization of transactions, no proper reconciliation of accounts, all transactions are purposely done so as not to trace criminal activities. Financial report are NOT RELIABLE!
One department alone as an example is the HUD, that lost $520 billion. This is just a tip of the iceberg. That is true to all departments and federal agencies. Summing up the federal government under Mr. Obama, we lost tens of trillions of taxpayers' money, we don't know where it went because the were no proper accounting procedure and internal control.
These scumbags who do not even pay any dime to the federal system, are the ones demanding more tax from President Trump, so that they have more money to suckle and free load from the federal system. These are the social liabilities and problems of the United States.