Trumps tax returns show he paid NO taxes in 2020, committee says

I am more concerned with the claim of $300 million in unsubstantiated tax deductions than with him not paying any taxes. The two do not go hand in hand, and it is possible now, without the AMT, that rich people can pay $0 in taxes legally. But the $300 million in unsubstantiated tax deductions on his returns are the more worrisome items and why the IRS did not catch this or ask for further documentation when required to audit the presidential tax returns. Were they forced not to do it or was it a directive by the IRS head or the Department of Treasury Secretary? These questions need to be answered.

 

Congress has set up the tax system where rich people can get richer without showing income. They won't change it because it is yet another wedge issue that gets both sides more funding for their next campaign. Plus, why would they kill their own golden egg laying goose? They would rather gripe about it to the public and take advantage of it in private.

 

You can donate your salary to charity. However, what Trump claimed as a charitable deduction does not meet the rules under 26 USC 170. Generally, donating your salary to any government organization is not deductible. It is deductible if you donate to help resolve the federal debt, but that has to be direct to the Department of Treasury for that intended purpose.

 

there is a fine line between tax avoidance, which is legal, and tax evasion, which is illegal. The question is not the $0 income taxes he paid, the question is the questionable tax deductions he claimed to get to the $0 tax paid. If the questionable tax deductions cannot be substantiated, then they cannot be used on the return. And if that is more than 25% of the gross tax or income, then it is possible it committed tax fraud if it was intentional.

The problem I have is that the IRS automatic audit system for presidential tax returns was not followed and nothing was asked to substantiate those claims. And that could only come from two perople: the Secretary of the Treasury at that time or the head of the IRS. And that needs to be answered.

 

This is like saying a woman is sort of pregnant.

As for business taxes, that will depend on the type of tax structure he has. Traditional corps are separate entities, but Trump is known to have multiple pass-through business entities, S corps or partnerships, that flow through the 1040 series. His payroll company did not pay the proper amount of payroll taxes, as indicated in the state tax fraud case. And state taxes, like New York, usually follow the federal tax system but not all the time.

 

maybe, have to wait and see

when Trump says he donates, we want to see receipts, not just Trump saying it

and this is not charity

"Trump bought a 6-foot-tall portrait of himself with charity money."
https://www.washingtonpost.com/poli...65db82-7a8f-11e6-ac8e-cf8e0dd91dc7_story.html

 

I would say most people don't either nor know the rules of when and when not to use depreciation and expenses. For instance, just because you paid something out of your business account does not mean it is deductible, for instance. And which method to use in Depreciation is where most people get incorrect information, among other things.

 

Let's investigate the tax returns of all politicians and their donors in Washington and prosecute them all. We'd have to build three new federal prisons to hold them all.

 

Actually, I have. And yes, there are plenty of ways to skim off the top in most real estate transactions and not even report those incentives to the IRS. but we do have ways. For starters, i can look at your income and wealth. For instance, if your business accounts are increasing while you are claiming more and more deductions, which means you are technically spending more than what you are receiving, then that is questionable. Either you are not reporting all of your income or you are claiming more deductions than you can. But rest assured, there are ways.

 

By law, he took a salary. What he does with that salary is a matter for debate. If he claimed as a charitable deduction that he donated to federal agencies, IRC 170 does not allow that. If he donated his salary to the Salvation Army, for instance, then that is a qualified 501c3 organization to be deducted. But he will need verification from the Salvation Army because the single donation is more than $250. In fact, it is more than $5000 and the rules are quite specific.

 

Why do you claim that is cheating? Any number of reasons he had no tax liability for one year. Did you note his years of negative income?

But you do illustrate why this is all political and how such information should not be released to partisan politicians who fool people with their misrepresentations.

 

Does the $300 million in unsubstantiated deductions ring a bell Blues?

If he is having multiple years of negative income from businesses, then he is violating the rules of what the IRS considers a business or a hobby. In a hobby, deductions cannot exceed the income received. The IRS has a general rule to distinguish between a business and a hobby. It is under 26 USC 183(d). It is a safe harbor rule. And then you have to look at those deductions in that business to see if they are legit or not. But it is highly probable that he cheated on his taxes intentionally.

 

You don't need to see receipts...lol. You'll be ok.

 

Very true lol. Dems knew when doing this it was strictly to muddy waters lol. Don’t need to have any actual crime for Dems to accuse you of it these days.

 

If it's his only source of income that gets reported on his personal taxes, it's his only source of income.

 

Yes I am sure you are imminently more knowledgeable and qualified than his accounting firm to make that determination. LOL

 

Thanks, you are right. I thought he opted out but actually just donated to different causess. It would have been an easy audit, wonder why they didn't do it.

 

Yeah, that ain't how it works...lol

 

I thought Trump said his tax returns were so long that they could stack up to the ceiling?

 

The same accounting firm that said their previous statements regarding Trump could no longer be considered accurate due to the unreliability of the numbers that Trump turned over to them?

 

I thought Trump supporters said he was going to patch up all these loopholes with his experience of navigating tax laws?

 

Since Trump benefited from this, doubt righties will actually care why he was exempt.

 

Correction, over charged them.

 

The one the determine is it a business or a hobby.

 

Did you have anything besides sarcasm to add to this conversation?

Spoiler alert: Your opinion of me doesn't matter to me.

Why would I ask you for proof when you've already added so much meaningful dialogue to this one?

/smdh