What could be learned from Trump's tax returns

[nitpicker]

https://www.marketwatch.com/story/what-could-be-learned-from-trumps-tax-returns-2019-04-04?mod=francine-mckenna

What could be learned from Trump’s tax returns

Published: Apr 4, 2019 3:07 p.m. ET

There’s a long legal battle brewing now that Rep. Richard Neal, the chairman of the House Ways and Means Committee, has asked for President Trump’s tax returns.

But what would Neal find if successful?

The documents will reveal information about the sources of Trump’s income and any foreign bank accounts in countries that guarantee secrecy, as well as provide more information about his use of tax-planning strategies and offshore companies, says Andrew Schmidt, a professor of accounting and tax at North Carolina State University.

On Wednesday Neal sent his request directly to the Internal Revenue Service, asking for six years of the president’s personal returns and tax info related to eight Trump business entities. The IRS has only three years to audit a tax return but it has six years if a taxpayer left off 25% or more of their income or more than $5,000 of foreign income. Trump owns a number of foreign properties, notably golf courses and hotels.

The information Neal requested, if provided, also would be more than enough to see whether the 2017 tax reform law directly benefitted Trump, Schmidt told MarketWatch. “That might turn some heads in his base. I have read about people being disappointed with the size of their refunds this year, even if they are not paying higher taxes,” Schmidt said.

Neal also requested all the administrative files for Trump’s returns as well, which could answer the question once and for all whether the president’s returns are or have ever been under audit, as he claimed.
(snip)

[no_hypocrisy]

1. What if Trump's tax returns are like Capone's safe, with nothing essential in them?

I mean, he lies about everything. I'm skeptical that he would include anything that would boost his wealth, not that I believe he was ever going to have income tax due from it. Omission, omission, omission.

[Cosmocat]

2. There is a writer who actually has seen them

who says they clearly show the financial ties between him, Russia, the Saudis, ect.

Says that going back only 6 years does not do it all justice, it started about 15 years ago.

[UniteFightBack]

3. If they go back 6 years and see irregularities can't they then go ask for more? nt

[Cosmocat]

4. I would imagine

but, as is, it is going to take a lot of time just to get at them now.

The writer has been on MSNBC before, and he was part of a segment where everyone agreed, Trump Inc. is going to try to run the clock out to post election if at all possible, that they will just not respond to the request, then deny it, then force it into the courts, ending up in the Supreme Court - the law is VERY clear, that this committee can make this request, but you will have the five scumbags who got on the SC saying they were "strict constructivists" who are going to be under a LOT of pressure to deny it to protect 45.

But, to even get this to the SC to make a decision is probably going to take a long time.

[fescuerescue]

6. It's ashame that Mueller didn't get to see that

If he did perhaps their would have been a different outcome.

[Jarqui]

5. One significant problem is they're also getting the financial statements Trump

provided the bank to get financing to buy the Buffalo Bills.

Cohen alleged that Trump inflated his assets to get loans and deflated them to reduce paying taxes.

If the financial statements and backup records for them given to the bank do not agree with his tax returns, that is bank fraud, tax evasion or both.

You cannot suck and blow at the same time. If the numbers do not add up, Trump has some kind of a problem.

The tax returns will also reveal what Trump declared as offshore assets.
Deutsche Bank is providing their records on Trump.
If Trump is wiring money to an asset he did not declare, for example, he has a problem like Manafort - undeclared offshore money.
If Trump is getting money wired to him from say VTB bank, a Russian bank, he may have some other explaining to do - why is he getting Russian money if he claimed during the campaign he had no business going on in Russia?

Financial records are a big problem for Trump because unlike many things he lies about, financial records are hard to lie about.