I believe Trump should release his tax returns. That is just my belief. There is no law compelling a president to do that.
And given the total failure of Democrats to prove anything of substance in the Russiagate witch hunt, there is no compelling reason for the House to act.
Nonetheless, House Ways and Means Chairman Issues Subpoenas for Trump’s Tax Returns.
Rep. Richard Neal issued subpoenas Friday to the Treasury secretary and IRS chief seeking six years of President Trump’s tax returns and audit records, taking the next formal step in the dispute between House Democrats and the Treasury Department.
Mr. Neal, a Massachusetts Democrat, requested the tax records last month, using a power the tax code gives him as chairman of the Ways and Means Committee. Under that provision, which dates to the aftermath of the Teapot Dome scandal in 1924, the chairman can seek any taxpayer’s returns and the Treasury secretary “shall furnish” them.
The law is clear, but Mr. Mnuchin argued in a letter on Monday that Mr. Neal’s request exceeded Congress’s constitutional authority because it lacked a legitimate legislative purpose. Mr. Mnuchin wrote that the Justice Department would publish a more detailed legal opinion, though that hasn’t happened yet.
Although the tax-code provision requires Mr. Mnuchin to produce any requested documents, it doesn’t outline deadlines or penalties for noncompliance. The subpoenas, which set a May 17 deadline, could help address those issues because courts may treat that deadline like they would treat that of any other congressional subpoena.
Another Witch Hunt?
Of course it is. What else could it possibly be?
Some times witch hunts turn up something, but typically that something is other than the alleged witch.
It would not surprise me in the least for Trump to be hiding something. If he wasn’t, he would release the returns. Yet, perhaps all he is hiding is the fact that he is all talk and little show.
Deep Losses, So what?
Leaked returns show Trump reported Deep Losses for Tax Purposes.
Mr. Trump has bucked decades of tradition set by every sitting president since Richard Nixon by refusing to make public his tax returns. Mr. Trump’s predecessors and many of his potential rivals in the 2020 campaign have released tax returns as a show of transparency, allowing voters to see how they made money and where potential conflicts of interest may exist.
Tradition, So What?
Tradition and law are not the same thing.
There is no legal or compelling reason for another witch hunt. Every president should not be at the mercy of an aggressive opposite-party House for political purposes.
The Democrats already embarrassed themselves massively over Russiagate. They should have learned a lesson but didn’t.
Would it be even a tiny bit surprising to discover the losses were in fact real and Trump is not the great deal maker that Trump pretends that he is?
Tariff policy failures already prove Trump is piss poor at making deals.
That observation does not merit another political witch hunt.
Mike “Mish” Shedlock
Mish for what its worth, if memory serves it was Session that started the whole Russiagate thing, the original Steele file was Oppo research by one of the Candidates to the GOP nomination. Let’s be clear here, none of this Russiagate was started by the Democrats — they, however, certainly cheered on
How about all individuals elected to a political position that allows insider trading show their tax returns before and after office…?
Almost looks like Congress is powerless
Trump has the most cards, and is not afraid to play them – Watch this
First, look at some of these morons in CONgress from my home state of Massachusetts that know they’re safe, they can say and do anything without recourse. Second, I didn’t vote for Trump (I wrote in my dog), but his tax returns will not make my life better, nor anyone else’s.
Its an outrage that government can bully people like this. Yes i get the irony given trump is a big bully, but remember who our real enemy is.
Hmmm . . . since when is getting you to pay for the items you use (roads in this case) classified as bullying. And why should people driving EVs get a pass and be completely subsidized by this that drive vehicles with combustion engines . . . Although I will admit that the only real fair way to asses these is by tracking when and were you drive . . . care to have the government monitor your every move . . .
Next up, why should I pay for the schools in my community . . . I don’t use them.
Illinois might start charging $1000 a year to own an electric vehicle.
Bahaha!
That is about 350 gallons of gasoline.
EVs – not only the biggest scam ever that never made any economic sense for 90% of the folks that owned them…
Now it will actually be a liability just sitting in your driveway!
OK $1000 every X years …. but the argument that the owners owners of electric vehicles should pay for the upkeep of the roads is a valid one . . .As for the “thats 350 gallons” . . . just checked my driving log . . . I burn through 625 gallons or so every year (23K miles in a little Ford Fiesta at 38 gal/mi or so), now I will admit that I may not be typical . . . but the idea that you burn 350 gallons every 2 years (we pay registration every other year) is not at all that ridiculous as most people have a lot worse fuel economy than I have.
Use the “Eric Holder” Defense for ignoring subpoenas…
I thought at least people on this blog would be smarter and more financially literate. But I was wrong. It appears there are no major real estate investors on this blog.
Trump is a real estate guy. There is a thing called “depreciation” in real estate, and even better “accelerated depreciation” which allows you to take a “phantom loss” against income. This is a big reason people own real estate, the tax benefits.
Depreciation and other legal tax planning can allow you to LEGALLY shelter a lot of income. Trump probably pays very little taxes like other rich guys like Romney & Buffett, and he knows the general public is stupid and will not understand that in big business and real estate there are MANY LEGAL ways to shelter income. He saw what happened to Romney when he released his returns. He knows the liberal media will exploit it as another rich 1% guy that pays little taxes. It can only hurt him, why would he want to release them?
In addition there are business loss carry forwards that the financially illiterate general public will misinterpret not understand, and that will be exploited by the liberal media with headlines and buzzwords.
Why would any one not want to use ANY and EVERY legal means to pay the least amount of taxes possible? I’m sure Trump has a top team of CPA’s and tax attorneys handling his returns and has for years. He has probably been audited by the IRA for the last 50 yrs, if he was doing something bad or illegal wouldn’t he have had issues with the IRS?
Exactly.
Every year I try to minimize taxes. There are lot’s of legal ways to do this and the tax code is designed to promote these activities. Section 529 is to promote business investment. If you don’t take advantage of these incentives, you are not a good steward of the capital you are managing.
People think these are loop holes but they really government designed incentives.
Exactly and double.
Trump had the best lawyers and accountants to do his business ans personal taxes.
100% legit. I am sure they took advantage of every loophole and deduction. But still -100% legit.
Right. Can’t fault a guy for following the rule.
Agree 100%.
Tax avoidance = GOOD
Tax evasion = BAD
It seems this subpoena won’t get them anywhere
Trump has the most cards and he is not afraid to play them – watch this –
And there is something known as Recapture of Depreciation, where all the depreciation one used to shield income of the property from taxation is used to reduce one’s basis in the property such that at the time of disposal of the property, the taxable gain is the difference between the sale price and the reduced basis, i.e. much larger. So, one might have a small advantage in terms of total taxes paid over the life of a property investment, but for the most part it is little more than a shell game.
Another reason why Howard schultz is the country’s last real hope. The country needs a legitimate third party and independent in the White House. The only way to break the system is stop supporting either party and marginalize them both. The 2-party system has led the country down the road to ruin. Trump was hail mary for many.
Who says a third part cannot also be controlled by the Deep State / establishment? What’s the difference if the people are given three faux choices instead of two? I suppose if it makes the people FEEL like they actually have a choice, the globalists will allow it.
Besides, Shultz is nothing more than a Progressive who pretends to care about the budget. I’m sorry, but anyone who thinks “we are literally as a world on a collision course with time” due to gloBull warming is not qualified for anything other than being a barista.
The more neccessary change is short term-limits for CONgress, and the selection of judges by their peers, instead of Presidents. The problem is the entrenched establishment, which is being highlighted by the global protests and rise of anti-establishment parties. Short term-limits destroys the ROI of lobbyists, who cannot afford to bribe and dig up dirt on a new candidate every 2-4 years to keep them on the dole.
Ross Perot gave us the Clintons.
Schultz sounds good but he lost me when he stated Russia is our true enemy not China. It must be coincidence that China is Starbucks biggest market as well as there most rapidly growing market. Another sell out for money, god forbid he piss the Chinese off. The only solution to changing our corrupt govt on both sides of the isle is to have a constitutional convention to impose term limits. They should serve only one longer term. Also apply socialism to the election process and ban any campaign contributions having the govt fund all political campaigns with a small budget for each. The one thing I liked about Trump is that he acknowledged this problem and did want to do exactly that. He put it on his to do list as part of the swamp draining. Right now we have the best govt money can buy controlled by special interests and the deep state. The citizens of the US are a mere annoyance.
“Howard Schultz is the country’s last real hope”
Hope is not a very good strategy.
Sometimes you have to make the best use of what is available
As President Andrew Jackson said, “Let’s see them enforce it.”
One of the reasons being touted for producing the tax returns is to check if there is any evidence of collusion with foreign money interests (!!), as if Mueller skipped this line of inquiry. The Dems need to face the reality that a lot of people voted for Trump, and they were not being coerced or fobbed by nigh omnipotent foreign agents and influences. Figuring out why anybody would vote for Trump instead of the Dems may help them get a grip on their own electoral prospects and strategy.
I want to see every democracts taxes to see what is in their taxes what they are hiding
This is getting old. Bottom line….Democrats hate Republicans. Republicans hate Democrats. The elected politicians just fight each other for power and nothing gets done to advance the wants & needs of the general population to advance our country for the better. In my opinion, it is a very sad state of affairs. I think we would be better off sending all of these politicians home. Let them meet in DC for 6 weeks each year to see if they can get anything of substance done. All we see is the continuing infighting that has been going on for years.
Of course they’d still want that lifelong pension for only a few years of service. I hate these people.
I heard a sound bite from Nancy Pelosi complaining about how the “current administration” was horrible and illegitimate and corrupt. The punchline was that the quote was from the Bush II administration.
Tip O’Neill and Reagan got along. Clinton and Gingrich got along (sorta). I have a feeling if they’d get rid of Pelosi maybe some of the partisanship would end.
I think we could pay them MIN WAGE of 7.50/hr (not that 15/hr crap) and ONLY up the min wage when 37 states up it.. And then only 50 cents every 4 years or something like that.. Watch these clowns straighten up !!
Dear President Trump: Stop the Damn Lies.
Dear democracts are the ones to stop the lying. It is them who should be showing their taxes. Why don’t you take a good look at states run by democracts they are a joke.
Shamrock, How did Trump lie???