Paul Manafort: No, Trump won’t release his tax returns

[SirLinksALot]

SOURCE: HOTAIR.COM

URL: http://hotair.com/archives/2016/07/27/manafort-no-trump-wont-release-his-tax-returns/

by: Ed Morrissey


In February 2015, Donald Trump promised to release his tax returns at some point during the election cycle, but who cares about pledges these days? Campaign chief Paul Manafort told CBS This Morning that Trump won’t release his returns after all, while insisting that it has to do with IRS audits than any desire to hide his business dealings from the public. Manafort specifically dismissed rumors that Trump has Russian ties he’d prefer to keep quiet:

CLICK ABOVE LINK FOR THE VIDEO

A top aide to Donald Trump said Wednesday that the Republican presidential nominee “will not be releasing” his taxes.

“Mr. Trump has said that his taxes are under audit and he will not be releasing them,” Trump campaign chief Paul Manafort told “CBS This Morning.”

“It has nothing to do with Russia, it has nothing to do with any country other than the United States and his normal tax auditing process,” Manafort added.

The Russia speculation got amplified this week from comments made by George Will. The conservative columnist speculated — admittedly without proof — that his predilection for “dealing with Russian oligarchs” was the real reason for Trump’s sudden shyness:

CLICK ABOVE LINK FOR THE VIDEO

Eh, maybe. The Clintons have their own issues about dealing with Russian oligarchs, the Uranium One deal in particular. No matter how much private-sector dealings Trump has had with oligarchs, it won’t stack up to the smelly circumstances that gave Russians control of American uranium thanks to State Department approval of the deal while Bill Clinton scored a $500,000 speaking deal from the bank involved. That oligarchical dance goes straight to official corruption and personal enrichment at the expense of national security, so it wouldn’t be tough for Trump to counter that kind of attack, and it seems unlikely that the Clintons would be dumb enough to open up that debate.

So what’s going on? Perhaps Trump’s nervous about letting people see why the IRS has been auditing him for more than a decade. It might be that the returns will show Trump’s claims of wealth to be greatly exaggerated, although wealth and income are two different things, and returns don’t necessarily reflect the former. Unfortunately, Trump’s year-long vacillation on this topic removes the argument for the principle of privacy, even though such an argument can certainly be made.

The problem for Trump is that this flip-flop erodes his standing to make the best argument against Hillary — that she can’t be trusted. It doesn’t make it any less true, but his sudden shyness about his business dealings and his backpedal from his early promise makes Trump look less than trustworthy himself, or at least diminishes the contrast between them. That won’t matter to his base, but independents might take this very, very differently.

[Night Hides Not]

Paul Manafort = Floyd Ferris

[catfish1957]

Shooter Manafart McGavin has spoken.

[Night Hides Not]

Shooter Manafart McGavin has spoken.

Well played, catfish. Be advised I'm not in a fight with you for the "most apt metaphor for Paul Manafort."  lol

In addition to my enthusiasm for wine and viticulture, I am a big fan of Atlas Shrugged.

[catfish1957]

I am a big fan of Atlas Shrugged.

Same here, and right now I feel like we are living it.

[sinkspur]

He WILL release his returns.  The Democrats and the media will sound the drumbeat every single day for the rest of the campaign.

Hillary could increase the pressure by releasing the transcripts of her speeches to Goldman-Sachs.

[ABX]

He WILL release his returns.  The Democrats and the media will sound the drumbeat every single day for the rest of the campaign.

Hillary could increase the pressure by releasing the transcripts of her speeches to Goldman-Sachs.

Or they'll show up on Wikileaks.

[guitar4jesus]

Or they'll show up on Wikileaks.

Bingo!

[Neverdul]

Even if under an IRS audit (and for how many years?), there is no reason (and as confirmed by the IRS) for not releasing his returns or at least a summary as others have done in the past.  He is not legally prevented from doing so.  Of course he’s also not legally required to do so either.

But it is a question of transparency and of truthfulness.

I suspect his tax returns would show him taking advantage of every possible loophole and tax credits to pay as little in or next to nothing in taxes.  And in all fairness Trump has said “I pay as little in taxes as possible” and who in their right mind doesn’t.  But also remember that tax “avoidance” using legal means is OK but is not to be confused with tax “evasion” which is not.

As to why according to Trump’s claims that he’s been audited every year for years could be in part because of his highly complex business structures – for example one property may have as many as 4-6 separate companies, a combination of LLC’s and Limited Partnerships associated with it – one for the acquisition, one for the development, one for the sales and marketing, one for the management and another for collecting rents or if not actually owned by him, another to collect the Trump branding licensing fees. 

Not completely unusual for that line of business but from what I understand Trump’s use of so many separate entities have raised some eyebrows even among those knowledgeable in the real estate industry and it said that it is a strategy that makes it difficult for someone to file a lawsuit because the actual responsible entity is so muddled by the sheer number of entities involved.

The other possible reason for the extensive and number of audits would be an unusual and irregular use of tax credits, carry forward losses and deductions.

So I think Trump’s tax returns could show substantial business losses taken as write offs and very little if nothing in personal charitable donations and also in off shore accounts and or foreign investments, not only in Russia but in China, Mexico and the Middle East. 

Not that those would necessarily be illegal but he may well have reasons for not wanting them known before the general election.

I think it may also show that his business valuations and personal income have been greatly overstated.

And in before the Trump supporters saying - “his tax returns would not prove or disprove his overall net worth” -  to a highly knowledgeable business accountant or tax attorney, yes they would, in things like depreciation schedules and carry forward losses.

Keep in mind that most of Trump's business are set up as LLC's, Partnerships or Limited Partnerships. Unlike publically traded corporations, there are no public disclosures required however those LLC’s and Partnerships that are set up in such a way as to provide pass through income or losses to Trump personally could tell a lot about his worth or lack thereof his personal returns.

[Maj. Bill Martin]

Not that those would necessarily be illegal but he may well have reasons for not wanting them known before the general election.

I think it may also show that his business valuations and personal income have been greatly overstated.
 
And in before the Trump supporters saying - “his tax returns would not prove or disprove his overall net worth” -  to a highly knowledgeable business accountant or tax attorney, yes they would, in things like depreciation schedules and carry forward losses.

Keep in mind that most of Trump's business are set up as LLC's, Partnerships or Limited Partnerships. Unlike publically traded corporations, there are no public disclosures required however those LLC’s and Partnerships that are set up in such a way as to provide pass through income or losses to Trump personally could tell a lot about his worth or lack thereof his personal returns.

This is interesting because I think it matters more to Trump's ego than politically.  A lot of that can be deduced, but the inherently imprecise/complicated nature of those calculations and estimates would give him enough room to deny it politically to the point where most voters wouldn't care.  "Hey, he's only worth a few hundred million -- guess I won't vote for him."

But where it may matter to him is the image he's cultivated outside of politics -- that may be what he wants to preserve.

[Sanguine]

Or they'll show up on Wikileaks.

Exactly!

[ABX]

We're actively searching for your tax returns. Just saying :D https://t.co/5cDbjz3GPR

— Anonymous (@YourAnonNews)

July 27, 2016

[txradioguy]

As I said on another thread...I don't think Trump wants to release them because it will show exactly how much money he was still giving to the Dems right up until he decided to pretend to be a Republican for this election.

[Mesaclone]

As I said on another thread...I don't think Trump wants to release them because it will show exactly how much money he was still giving to the Dems right up until he decided to pretend to be a Republican for this election.

Nobody cares who he once donated to as a businessman...to protect his business interests. People only care about what his plan is for governing once in office. Likewise, no one cares what his positions were on issues 10 and 20 years ago, people care where he stands now. You can scream about it all you want, and proclaim that he's lying about his current views...but past is not prologue, and people get that. He's had a paradigm shift in his view of politics and where the nation is going that matches what most Americans have experienced. As for his taxes, who gives two farts...his investments and income say absolutely nothing about his political positions. Nothing.

[txradioguy]

Nobody cares who he once donated to as a businessman...to protect his business interests. People only care about what his plan is for governing once in office. Likewise, no one cares what his positions were on issues 10 and 20 years ago, people care where he stands now. You can scream about it all you want, and proclaim that he's lying about his current views...but past is not prologue, and people get that. He's had a paradigm shift in his view of politics and where the nation is going that matches what most Americans have experienced. As for his taxes, who gives two farts...his investments and income say absolutely nothing about his political positions. Nothing.

[ABX]

Hmmmm I guess we are living in interesting times.

http://www.gopbriefingroom.com/index.php/topic,217935.0.html

[geronl]

As I said on another thread...I don't think Trump wants to release them because it will show exactly how much money he was still giving to the Dems right up until he decided to pretend to be a Republican for this election.

I bet he is still paying interest on those Russian bailouts