>

Biden released his tax returns like every president since like Nixon. Except for trump who said he would
For anyone hoping this is going to lead to any sort of criminal offenses for the orange goon, from the article:

If the IRS completes its audit work and validates some of the concerns raised by the report, the likelihood that Trump could subsequently face serious legal trouble — something beyond adjustments or fines — appears to be low. The Manhattan District Attorney’s Office, which has been conducting a criminal investigation of Trump since the summer of 2018, has had access to Trump’s tax returns for more than a year and has not charged him.

This fucking guy. >

They've had enough time to correct my tax stuff after it turns out my employer didn't do withholdings for a year and didn't tell me, but I'm just a tiny nobody and it probably took them 5 seconds to come squeeze me for my unemployment funding back.
I dunno, but it seems like they should do the big guys first? Maybe we should spend a little of that defense budget on more IRS guys to do those folks? Maybe?? >

Ours aren’t complicated at all, though. They probably already know exactly what we should be paying, so of course they’re gonna get the easy money. >

Yeah, I still wish they could just let me know what they know about how much I should pay. >

There are cpuntries that do it like that.
Log in, see what they think you owe, confirm or adjust as needed
But of course in the US tax companies lobbied against this >

You can create an account on irs.gov and pull your transcript and see what was reported by third parties. Just FYI. >

Wait HOW? My wife worked for 2 months this year, at a business that opened up this year. They refused to give any paystubs or ANYTHING ever, and are now no longer in Business. Been stressing about the W2 this year due to that... >

Already seeing Trump supporters saying his lengths to not pay taxes are just "smart" and "good business" but then will bemoan "ThE eLiTeS" when celebrities and other rich do the same. 
They love to feel slighted that they pay taxes and imagine that some strawman millionaire like Pelosi (or whoever else on the left) somehow isn't paying taxes. Yet when you get concrete proof that Trump is not paying his fair share, it's crickets. No morals with these people. >

Here in Illinois it's the same thing except they're absolutely outraged that Pritzker pulled toilets out of a home for a lower tax burden. Apparently when a Dem does it it's those dirty Democrats tricksy little hobbitses.  I'm outraged about it too, but at least I'm pissed about both. >

Because it's all a team sport to them and the rules only apply to one side. 
Its the same as how the right only wants to talk about the left leaning people on Epstein's flight log and black book. Just ignore the sea of GOP politicians, donors, and celebs that were also there. Clinton being in the book makes him a monster, but the fact that Epstein had 5 different contact numbers for Trump doesn't make them bat an eye. Lock them all up ffs, just have a shred of consistency. >

Heck, there is literally a photo of Elon Musk with Ghislaine Maxwell, but when you show it to his far-right fans, they’re dead silent. To my recollection, the only response I have seen is basically asking to see Elon’s court documents because seeing him with someone directly involved in trafficking is not an immediate cause for alarm the way it is with, say, Bill Clinton >

I've heard the argument that Ghislaine was forcing herself into the photo with Elon Musk, and it does seem plausible.
Rich and famous people attend events together all the time and that single photo gave barely any context so I think the benefit of the doubt should be given here even if he is a colossal douchebag >

I’m calling bullshit. I heard Trump supporters claim that there couldn’t have been any collusion between the Trump administration and Russia because there were no photos of Trump and Putin together before Trump took office. But here we have Elon with a confirmed sex trafficker and suddenly we shouldn’t be jumping to conclusions? >


I heard Trump supporters claim that....

None of this anecdote of yours has anything to do with the photo of Elon and Ghislaine.

and suddenly we shouldn’t be jumping to conclusions?

No, not suddenly. We should never be jumping to conclusions. That expression is intended as a tautology. >

On the contrary, the same people who support Trump are the same people who support Elon. Both of them were held up as business geniuses saving us from evil liberals >

He claimed Eric as a tax deduction! >

Too bad "mental age" isn't counted for dependents. >

First thing I noticed, I thought he said he didn't take his $400k presidential income.  Sure enough his income goes from $15k to $400k for 4 straight years.   Literally can't trust a word he says. >

I’m betting on No. >

Oh he probably donated it all right, straight into a slush fund owned by the Trump Organization or something like that. >

The Human Fund. 
Money For People. >

these fraud claims are making me thirsty. >

I'm sure Trump will thank them for finally keeping his campaign promise for him.  
Right guys? >

Now for his Obamacare replacement? >

Funny. His carefully guarded secrets not only got Streisanded, they got open-sourced too and now ten thousand tax accountants get to go through them one line at a time.
What was it the neocons used to tell us about the surveillance state they built...if you've done nothing wrong you've got nothing to hide, wasn't it? >

This is going to be a case study for finance students in the future. >

What? On how to get away with tax fraud? You guys act like he’s in jail lol nothing will happen. >

$750 tax bill is outrageous >

I pay almost that much weekly, yowza >

Here are the Key Numbers from Trump’s Tax Returns >

Tax credits include foreign tax credits, the General Business Credit and other credits:
| YEAR | ADJUSTED GROSS INCOME | TAX BASED ON INCOME AND A.M.T. | TAX CREDITS | FINAL TAX BILL AFTER CREDITS |
|------|----------------------:|-------------------------------:|------------:|-----------------------------:|
| 2020 |           –$4,795,757 |                             $0 |          $0 |                       $0 |
| 2019 |             4,380,714 |                        558,780 |    –425,335 |                  133,445 |
| 2018 |            24,339,696 |                      9,356,232 |  –8,356,766 |                  999,466 |
| 2017 |           –12,916,948 |                      7,435,857 |  –7,435,107 |                      750 |
| 2016 |           –32,409,674 |                      2,234,725 |  –2,233,975 |                      750 |
| 2015 |           –31,756,435 |                      2,127,670 |  –1,485,739 |                  641,931 |

Mr. Trump’s income, by source:
| CATEGORY         |            2015 |            2016 |            2017 |           2018 |          2019 |           2020 |
|------------------|----------------:|----------------:|----------------:|---------------:|--------------:|---------------:|
| Wages            |         $14,141 |            $978 |        $373,629 |       $393,957 |      $393,928 |       $393,229 |
| Interest         |       9,393,096 |       8,994,141 |       6,758,494 |      9,435,377 |    11,332,436 |     10,626,179 |
| Dividends        |       1,729,897 |         337,938 |          21,984 |         60,254 |        71,921 |         25,347 |
| Business income  |        –599,030 |       8,797,393 |       1,433,030 |       –430,408 |      –225,560 |        –29,686 |
| Real estate      |      –7,882,011 |     –15,939,523 |     –16,746,815 |    –11,992,220 |   –16,472,951 |    –15,676,469 |
| Other business   |     –76,909,237 |     –44,955,324 |     –12,306,111 |      4,826,478 |             0 |              0 |
| Capital gains    |      35,835,453 |      10,941,053 |       7,528,298 |     22,015,123 |     9,257,197 |              0 |
| Other gains      |       6,603,042 |        –444,633 |          33,740 |              0 |             0 |       –501,255 |
| Pensions         |          77,808 |          77,808 |          84,351 |         86,532 |        86,532 |         86,532 |
| Refunds          |               0 |               0 |               0 |              0 |             0 |        382,065 |
| Total income | –31,736,841 | –32,190,169 | –12,819,400 | 24,395,093 | 4,443,503 | –4,694,058 | >

The fact that I spent the majority of 2016 unemployed and still had a larger tax bill than this dumpster fire of a person really goes to show how far the scales are tipped in favor of the wealthy. >

You likely made $32 million more than he did that year, why would you expect your tax bill to be lower? >

Net Worth should figure in to your taxes.
"Income taxes" are a terrible system, for precisely this reason. >

The main strategy is, “Buy, borrow, die”. Works like this:

Buy a big asset.
Take out loans against it whenever you want money.
Make your payments, sometimes by borrowing against a different asset.
Make sure you die with max debt.
Congrats, you still own the assets to pass to your kids, and the loans get wiped because you died.
You also didn’t pay tax like you would have if you sold the asset. (Capital Gains) in fact you still haven’t sold it so…now your kids can do it too.

So yeah, I want us to block this strategy by taxing loans over a fixed amount that’s high enough to not catch large but not ludicrous mortgages. >

I've read some about that.  Often the super rich will have big stock investments or the like that they use as collateral for those loans, and because they're such big fancy rich people the banks kiss their ass to offer them extremely low-interest loans.  
Then they live off the loans, which have lower interest % than the % gain on their investments, and their wealth grows while they "make no money" and pay no tax. >

That doesn’t make any sense. They have to repay the loan, so they’d have to sell stocks or assets to pay those loans, so they’d be taxed for that income anyway, and the loan really wouldn’t help reduce anything. >

It does make sense. (I’m a cpa)
So let’s say you bought a stock for $5 many years ago, and that stock is now worth $100.
If you sell it, you owe capital gains tax on the $95 gain. Let’s assume a 15% rate, so you would receive $100 cash from the sale, then owe about $14 to the IRS. So your net cash value is $86.
Now let’s say you don’t want to sell it, so you borrow $100 against the value of that asset. That does not trigger tax, and now you have $100 cash. Now when it’s time to pay off the loan? You don’t pay it off. You extend the term of the loan or borrow from someone else to pay off the first loan.
Then, when you die, your heirs get a “stepped up basis” in the asset equal to fair market value at the time you died. So now if your heirs sell that asset for $100, their basis is now $100, instead of $5, and they owe no income tax since $100-$100=0. So your net cash is $100.
Without step up in basis, they would have a gain $100 - $5 initial purchase price = gain of $95, so your net cash would be $86 >

So it’s always just borrowing more and more money until you die? Why is there still stories of guys like Bezos selling off insane amounts of stock if they could just get loans instead?
And basically once they die heavily in debt, the debt owners just get what they owe in stock with no additional tax paid on that stock, while you’re heirs get the rest? >

Al Capone this guy already. Whsts taking so long?   They should've been working on this internally for years. >

I just want to know why after years of Trump saying you can see my taxes but they are being audited. Why didn’t anyone in the IRS say, uh no they’re not? >

They did.  Several times >

What a fucking joke. Three out of the six years I paid more in taxes and even the other three years he has a lower tax rate. >

Yes. I’m mad at both of them. He should have to pay more and Congress should make it so. >

I agree he should have to pay more. But who pays more than they are legally required? I'm not understanding the hate towards Trump on the tax thing if he's following the tax law as written. >

Well first off he was in one of the best possible positions to influence the changes that would remedy this... And instead was very involved with the push against fixing this. He was the fucking president, he's directly involved in the process of changing it. You're speaking like this was completely out of his hands like he's a teacher or a service tech getting by.
Compare his returns to Biden, Harris, or Obama's 
This guy who constantly talked about how rich and powerful he was, "bringing in billions yearly", sure seems to have lied and fleeced the country on taxes. >

Last paragraph follows:

“I went to 42 states this election cycle, and I had countless people tell me of things that they were concerned with President Biden’s family dealings and how they believed that him and his family is enriched because of his political power,” Representative Jason Smith, Republican of Missouri, said in a transcript of the hearing. “And they are begging for oversight and accountability on that.”

42 states, but how many people, of what demographics, exactly?
As for a political family, or it’s members, enriching themselves? Y’all do it, every fucking one of you; otherwise why kill insider trading legislation and other ethics measures?
In fact I feel those calling loudest for oversight, special committees, masters and prosecutors, do so to escape their real responsibilities; defending the constitution and legislating laws to bolster the nation. >

"...Released by House Democrats." 
Another way to say this, is that every Republican voted to keep Trump's tax returns secret despite all the evidence pointing to fraud and corruption. >

Every president since Carter has been audited yearly and released their returns to the public. Trump's just not that special that he should avoid the same scrutiny. >

Just reminds how fucked up the tax system is. I can’t imagine having the money these rich people make, yet they pay less taxes than me?? Remember vote for tax increases, closure of loopholes, and increased funding for IRS. >

You don't pay taxes on wealth.  You can see how it would be a problem if you bought a house and it went up in value $100k and even though you didn't sell it you owed taxes on that...that would be silly. >

If you buy a house and it goes up in value, you do owe more taxes. Property taxes are a tax on wealth. >

IRS neglected to do its job. 
Trump is a career criminal and was enabled by federal state and local governments. >

I like how Republicans are threatening to release the taxes of other politicians and their family members, or the precedent that this could lead to the release of possibly even Supreme Court justices….
Yea. Do that. That thing you just stated. >

I would be surprised if you found a single thing wrong in a politicians tax returns. The entire system is designed by them, for them to abuse. There’s no reason to cheat that system >

Well would ya look at that... he's a con! >

Should be a requirement of anyone holding office. >

Finally. >

Are they going to be released to the public? Link to them? >

I'm not downloading that, will wait for somebody to post a screenshot. >

(WARNING: it's a 1.1 GB zip file) >

Oh boy! Now they can release Bidens tax returns in revenge!...
Oh wait... >

And yet people want to vote for this man who has cheated and lied so much his entire life and robbed from the government. The people that vote for him don't even make as much money as he gets in a refund from the IRS. I don't understand? I guess it's just the white nationalism that Trump's base is all about that everybody seems to like. >

He should have just complied. >

Al Capone was out in prison for tax evasion. Is any of this any less “bad” than what Capone did? Serious question… >

This should be as telling as Al Capone's vault. >

At most jobs, when you fail to perform mandatory duties for years in a row there are consequences, like being fired from said job. >

I have one question, did Trump donate his entire presidential salary like he told us he did? >

Somewhere out the AL Capone is rolling in his grave so hard we could power the eastern seaboard if we just attached him to an electric motor. >

Ctrl+F, Russia >

The odd part is that most likely, most of the House Republicans want these released also.   After the midterms, Trump is a sure loser and 100% kryptonite to any campaign.   They want to win, more than anything in the world.  They need to send him to the Neutral Zone.
They can all vote against releasing Donalds taxes and - darn it! those Durned DemoRats outvoted us!! - so it looks like Donald's fraudy-tax-records will get out and get rid of him - and there's nothing we could do to stop it! >

I’ll ruin it for you: if anyone else did it, they’d be in jail. Because it’s a very famous incredibly wealthy amazing businessman nothing will happen. >

Dems deliver on his campaign promises >

I hope you're hungry

!For Nothing! !< >

Imagine if Hillary had a Chinese bank account in 2016. Full details should have been known to the electorate. >

All the people in r/conservative saying this should precedent to subpoena other politicians and they want to do Pelosi next, sounds good to me. She was against limiting insider trading in politics, let's see why. Do they think that Democrats are hipacrits that don't want the same scrutiny on D politicians as we do on R? Let's put it all on an even playing field and start by only trusting people who show up with a portfolio ready to report. >

Someone be quick and give me a one sentence sound bite to make me upset. >

He pays less taxes than you do. >

No he followed the tax code. That’s not cheating your taxes. >

You're refuting something I didn't say. I just said that he pays less taxes than him (and me), not that he cheated. The system is rigged though, not Trump's fault. He's still a major asshole. >

Well. Did he do anything illegal? Did they finally get him? They have been trying to years and nothing ever happens from their efforts. So is this it? Is he finally in trouble? >

They have had the records much longer than they were public and no charges. More, of much already, evidence that he's a perpetual lying conman. That's about it. >

“Perpetual lying conman”…he fit right into politics then. >

True but laws of probability are hard. >

Who cares at this point. Damage done, they won't be used to prevent him from running/holding office, nor to hold him accountable for anything in the past.
He's a fraud. Those that don't believe it aren't getting
swayed. >

Even if no legal consequences come from this, the fact that it's after happening after all the time and effort Trump spent to keep it from happening makes it somewhat worthwhile especially if it shows that he's not as rich as he boasts. >

After spending fucking years and probably millions of taxpayer dollars obtaining these, the Democrats turn around and do a Friday news dump. Why the fuck would they minimize media scrutiny of damaging news about their fucking opponent as much as possible?
What.  The.  Fuck. >

Worst “business man” ever. >

Yeah, everyone does, they’re on whitehouse.gov. >

So can we all agree that separate and apart from whatever you think should and/or will happen to DJT… this is a further expose that the tax code needs to be simplified to prevent exploits of loopholes and “sophisticated” accounting practices used by the wealthy on both sides that can pay for tax savants that will minimize their tax loss.
The media reporting on this also makes my brain hurt when trying to objectively understand the details. CNNs article refers to income as “profit” (which it’s not) which doesn’t help the lay person really dissect what’s going on.
There’s a lot of numbers, a lot of accounting, a lot of arcane and not commonly used tax strategies that laypeople use. Getting the specifics correct to help people understand is critical.
Simple tax system would make for simpler understanding… >

the only thing I learned from this is Mazars return quality is garbage lol. >

Someone explain this to someone who doesn’t understand taxes why I should be angry 😡 I’m ready >

You don't have to know specifics about taxes to be angry about Trump withholding his taxes OR angry that Congress released them.
Three generalized statements that I'll bring together later:

If you owe someone money, you typically have to pay it back, whether it be financially or through favors. 

When you file your taxes every year, you basically say "this is how much I made, and this is how I made it" in a very detailed and finalized way. If you make a mistake or lie, it's punishable by law. A neat thing about taxes is that, if you make money (income) but also lose money and/or donate some of that to a charity all in same year, you can balance them out. A VERY rudimentary example to this is if you start a business by spending 200k and make 250k, and you also donate 50k to charity, you've made 0 in the year. You don't pay taxes on the 250k you made, you pay taxes on the 0 that you made.


The President of the United States (POTUS) has arguably an immense level of power and influence over the USA and globally. In theory, this power is checked and balanced by the Supreme Court and Congress (the House and Senate).


All that said, Historically, we've asked public officials, especially Presidents, to release their tax returns to the public to show that they don't have debt concerns so they don't misuse their power for personal reasons.
This is not required, as Trump has demonstrated when he didn't release his. The public's reaction to Trump not releasing his return is ranged, from supporting his personal right to "stick it to the man," to being angry for not demonstrating "good faith" as POTUS, to overall indifference.
It has been alleged recently by the state of New York and by the House that Trump's taxes may not be on the level, and through United State Code (USC) 26 USC 6103, Congress decided to make Trump's tax returns available to the public. The public's reaction to this move is also ranged, from anger that Trump's rights were violated and that Congress is weaponizing his tax returns as a political ploy, to a sense of justice for the visibility, to overall indifference.
What we as the public have learned so far is that the Internal Revenue Service (IRS) has NOT checked all of the former POTUS' returns during his presidency, as per their department policy (though not a law, per se).
We've also learned that Trump made some claims, whether true or not, that essentially reduced how much tax he needed to pay. Understanding this is where you need some accountants, but in general, business losses, charity donations, and other things can reduce your "income" for tax purposes, meaning you can reduce how much tax you owe. These reductions can be validated by the IRS, though they didn't validate it for Trump.
Depending on your stance and/or political affiliation, you can either be angry that Trump never released his returns or angry that Congress made Trump's returns public. 
My thought exercise to you is, if one of Bush, Gore, Kerry, Obama, McCain, Romney, Clinton, or Biden didn't release their taxes when all of the others did, how would you feel about it? Would you be upset if they didn't release their taxes per tradition, and/or would you be upset if Congress released them after being withheld by the candidate/POTUS? >

Who cares. This is just basically admitting he cheated his taxes and seeing zero penalties. —————————————————————————————————————————————— >

See? He told he was going to release the returns. Now what are libs going to complain about? >

and nothing was found 
​
all these years of the TAX RETURNS for nothing >

honest question, how to you know that nothing was found? What evidence makes you say that hours after the returns were released? >

It’s all a wasted effort. What ever happened with this man walking off with classified documents? It’ll be the same with this. >

Taxation is theft >

I don't like trump.... But why is this important? Wouldn't it be about Biden now?