What will we really learn If Donald Trump ever releases his tax returns? While no technical, legal requirement compels him to do so, it is but a time-honored tradition among presidential candidates acting in the spirit of full disclosure. Trump has acted like it’s not a big deal and that little, if anything, will be revealed by any divulgence. If it’s not such a big deal, why doesn’t he simply disclose them like other candidates? What might he be concerned that voters will really learn from the release of his tax returns?
- Trump pays little or nothing in taxes
Trump supporters consider him a savvy businessman, a fact which Trump brashly uses regarding his payment of taxes, as he says, to “. . .fight like hell to pay as little as possible.” But if the truth emerges that Trump pays little or nothing, this may not sit well with his working-class constituents. There is still quite a bit of resentment among working folks against the fortunate 1% like Trump, primarily based upon the perception that these folks pay less than their fair share of taxes.
- Trump gives to causes that may be unpopular with his support base
Trump’s returns may show that he supports causes and organizations that are typically despised by Republicans. Ted Cruz asked whether Trump is concerned with making public his donations to “liberal groups like Planned Parenthood.”
- Trump gives a lot less to charity than he claims
Trump claims he has personally donated $102 million to charities over the past five years. Further, this amount has been spread over 4,844 donations. However, not one of these donations was a personal gift of Trump’s money. Most of these gifts originated from the Donald Trump Foundation, which did not receive any personal funds from Trump himself from 2009 through 2014.
- Trump’s net worth will be revealed and taxpayers will find out he’s not as rich as he claims
Trump claims that he took a $1 million loan from his father and turned it into a $10 billion dollar fortune. However, Bloomberg News estimates Trump’s net worth at only $2.9 billion, while Forbes lists it at $4.1 billion. In 1978, Business Week estimated Trump’s net worth at $100 million. If Trump had invested this money in an index fund such as Standard & Poor’s 500 index, he would be worth $6 billion in 2016. Based upon the foregoing calculations, one might reason that Trump is not the sharpest businessman.
- Questionable business dealings
Trump conducts business on an international level and often claims that he’s rich enough to do his own financing, yet businesses associated with Trump owe over 1/4 billion dollars to banks. Also, Trump is in the midst of defending lawsuits from the Trump University fiasco, including a $40 million suit from the New York attorney general for defrauding students and operating an unlicensed university.
The tax professionals at Thorgood Law can assist any taxpayer with any tax issue. If you have overdue tax returns and need assistance filing them with the IRS, call THE TAX EXPERTS at the Thorgood Law Firm www.thorgoodlaw.com. For a FREE consultation, call 212-490-0704.
