It's not every day I get to agree with George Will. But I agree with what he wrote back in February. It's time to talk about his tax records.
https://www.washingtonpost.com/opinions/donald-trump-wrecks-the-gop-by-driving-the-campaign-conversation/2016/02/21/b4b6c5b2-d8d4-11e5-925f-1d10062cc82d_story.html
There are a number of theories about why Trump won't release his tax returns. I agree with Paul Krugman that the Fraudulent Success Theory is pretty compelling.
https://twitter.com/paulkrugman/status/731986485336023040
This theory is even more compelling after another revelation.
"News comes today that Donald Trump is digging in his heels on not releasing his tax returns ever, telling George Stephanopoulos "it's none of your business" how much tax he pays or at what rate. But last night TPM Reader JJ sent in a link to a ... well, it's just a harrowing revelation that makes me think that actually releasing his tax returns could be like heading to the ego guillotine for Trump."
"Some clever sleuthing by Crain's New York Business reveals that Mr Trump, as members of the entourage call him, qualified for a tax break that requires your income be less than $500,000 a year. Yes, if you make more than half a million dollars a year, you can't qualify. But Trump did qualify."
http://talkingpointsmemo.com/edblog/wait-what--8
In all fairness, this does not cinch he made less than $500,000 last year. It's also possible that he is a really good and aggressive tax avoider. Indeed, giving the choice, he'd rather tell us that he's a tax avoider.
Though revealing he makes much more than $500,000 per year might interest the those carrying out the tax audit he claims to be in the middle of. No wonder he's been audited every year since 2002 if he really has been claiming deductions like this-assuming he is not entitled to them.
It would seen that if this is so Trump is in a very tough double bind. Either admit he's committed criminal tax fraud or that he is a lot richer than we thought.
"So here's the story. New York state has something called the Star program, the New York State School Tax Relief Program. For a married homeowner to qualify your income needs to be less than $500,000 a year. The benefit itself is pretty measly for a real high roller - just a $302 break on Trump's penthouse apartment in Trump Tower."
"So what's going on? Trump''s manager-the one who put his hands on the female Breitbart reporter-says the City of New York made a mistake. A very generous mistake for Mr. Trump. When was the last time someone made a $302 dollar mistake in your favor?"
"When Crain's asked the Trump campaign about Trump being virtually in the poorhouse, wartime campaign manager Corey Lewandowski said it was "an error on the part of the city of New York." Trump has received the benefit for the last three years even though he never asked for it, according to Lewandowski."
"Shortly after Crain's initial report in March, New York City officials said they believed Trump had received the tax break in error and asked Trump to pay up. But it wasn't clear that New York City was saying he'd received the tax break in error because of his taxable income on file with the state. It seemed either to be because of his publicly professed wealth or because the Trump Tower apartment may not even have been his primary residence. He's apparently listed two primary residences in New York City. So, as Crain's notes, New York City's statement still suggests that Trump's income was at some point in the last three years less than $500k. (This follow up article from Crain's gives the best, though rather byzantine, explanation of how Trump got the tax break in 2014, 2015 and 2016. The key detail is that however Trump got set with the STAR tax break, the "city's Department of Finance ... checks yearly with state tax authorities to ensure STAR participants are earning less than $500,000. A state tax official confirmed that the state receives a list of STAR recipients every year and notifies the city of who is eligible.")"
"So what's up? In real terms, even what we see on TV - the fancy suits, limos, private jets - would be impossible to sustain on $500k a year. But maybe Trump really is only worth $200m or $300m, as biographer Timothy O'Brien reported a decade ago. Or perhaps he actually is a billionaire but has things arranged so aggressively that he managed to report less than $500k in income on his tax returns. Or maybe he's just an inveterate tax cheat who can't resist a minuscule tax break he doesn't qualify for?"
"Of course, it could simply be an error as Lewandowski claims - don't you hate it when the government keeps force feeding you tax breaks you tell them over and over you don't qualify for? That steams the hell out of me. So, could be, but based on the currently available evidence, Trump makes less than $500k a year - the highlife by the standards of us mere mortals but down and out and desperate by plutocrat standards."
So is Trump:
1. Making less than $500,000 per year?
2. An inveterate tax cheat?
3. Or the luck beneficiary of NY City which keeps giving him $302 dollar tax breaks he doesn't qualify for?
In any event, these are the questions Mr. Trump needs to answer. After all, his policies are a joke and he says they're only suggestions, anyway.
So as he's running on being an incredibly successful businessman, we are going to need to vet this claim.
Yes, it's time to talk about Donald Trump's taxes.
https://www.washingtonpost.com/opinions/donald-trump-wrecks-the-gop-by-driving-the-campaign-conversation/2016/02/21/b4b6c5b2-d8d4-11e5-925f-1d10062cc82d_story.html
Of course, the GOP never did much in that regard. But that's what we Democrats are here for-to do the job properly.
There are a number of theories about why Trump won't release his tax returns. I agree with Paul Krugman that the Fraudulent Success Theory is pretty compelling.
https://twitter.com/paulkrugman/status/731986485336023040
This theory is even more compelling after another revelation.
"News comes today that Donald Trump is digging in his heels on not releasing his tax returns ever, telling George Stephanopoulos "it's none of your business" how much tax he pays or at what rate. But last night TPM Reader JJ sent in a link to a ... well, it's just a harrowing revelation that makes me think that actually releasing his tax returns could be like heading to the ego guillotine for Trump."
"Some clever sleuthing by Crain's New York Business reveals that Mr Trump, as members of the entourage call him, qualified for a tax break that requires your income be less than $500,000 a year. Yes, if you make more than half a million dollars a year, you can't qualify. But Trump did qualify."
http://talkingpointsmemo.com/edblog/wait-what--8
In all fairness, this does not cinch he made less than $500,000 last year. It's also possible that he is a really good and aggressive tax avoider. Indeed, giving the choice, he'd rather tell us that he's a tax avoider.
Though revealing he makes much more than $500,000 per year might interest the those carrying out the tax audit he claims to be in the middle of. No wonder he's been audited every year since 2002 if he really has been claiming deductions like this-assuming he is not entitled to them.
It would seen that if this is so Trump is in a very tough double bind. Either admit he's committed criminal tax fraud or that he is a lot richer than we thought.
"So here's the story. New York state has something called the Star program, the New York State School Tax Relief Program. For a married homeowner to qualify your income needs to be less than $500,000 a year. The benefit itself is pretty measly for a real high roller - just a $302 break on Trump's penthouse apartment in Trump Tower."
"So what's going on? Trump''s manager-the one who put his hands on the female Breitbart reporter-says the City of New York made a mistake. A very generous mistake for Mr. Trump. When was the last time someone made a $302 dollar mistake in your favor?"
"When Crain's asked the Trump campaign about Trump being virtually in the poorhouse, wartime campaign manager Corey Lewandowski said it was "an error on the part of the city of New York." Trump has received the benefit for the last three years even though he never asked for it, according to Lewandowski."
"Shortly after Crain's initial report in March, New York City officials said they believed Trump had received the tax break in error and asked Trump to pay up. But it wasn't clear that New York City was saying he'd received the tax break in error because of his taxable income on file with the state. It seemed either to be because of his publicly professed wealth or because the Trump Tower apartment may not even have been his primary residence. He's apparently listed two primary residences in New York City. So, as Crain's notes, New York City's statement still suggests that Trump's income was at some point in the last three years less than $500k. (This follow up article from Crain's gives the best, though rather byzantine, explanation of how Trump got the tax break in 2014, 2015 and 2016. The key detail is that however Trump got set with the STAR tax break, the "city's Department of Finance ... checks yearly with state tax authorities to ensure STAR participants are earning less than $500,000. A state tax official confirmed that the state receives a list of STAR recipients every year and notifies the city of who is eligible.")"
"So what's up? In real terms, even what we see on TV - the fancy suits, limos, private jets - would be impossible to sustain on $500k a year. But maybe Trump really is only worth $200m or $300m, as biographer Timothy O'Brien reported a decade ago. Or perhaps he actually is a billionaire but has things arranged so aggressively that he managed to report less than $500k in income on his tax returns. Or maybe he's just an inveterate tax cheat who can't resist a minuscule tax break he doesn't qualify for?"
"Of course, it could simply be an error as Lewandowski claims - don't you hate it when the government keeps force feeding you tax breaks you tell them over and over you don't qualify for? That steams the hell out of me. So, could be, but based on the currently available evidence, Trump makes less than $500k a year - the highlife by the standards of us mere mortals but down and out and desperate by plutocrat standards."
So is Trump:
1. Making less than $500,000 per year?
2. An inveterate tax cheat?
3. Or the luck beneficiary of NY City which keeps giving him $302 dollar tax breaks he doesn't qualify for?
In any event, these are the questions Mr. Trump needs to answer. After all, his policies are a joke and he says they're only suggestions, anyway.
So as he's running on being an incredibly successful businessman, we are going to need to vet this claim.
Yes, it's time to talk about Donald Trump's taxes.
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