Democrats release former President Donald Trump's tax returns

[mystery-ak]

December 30, 2022 10:24am EST
Democrats release former President Donald Trump's tax returns
House Ways and Means Committee Democrats publish Trump tax returns

By Chris Pandolfo | Fox News

The House Ways and Means Committee released a partially redacted version of former President Trump's tax returns Friday, completing a longtime objective of Democrats to make Trump's finances public after the former president unsuccessfully tried to stop them in court. 

The financial documents cover six years of Trump's individual returns filed jointly with his wife, Melania, including his time in the White House. The document dump also includes tax forms for several of Trump's business entities that were investigated by Ways and Means Democrats, a report from the Democratic majority, and a response by Republicans on the committee. There is nearly 6,000 pages of material, including 2,700 pages of individual returns and more than 3,000 pages from Trump's businesses. 

The tax forms provide insights into the state of Trump's finances from 2015 to 2020 as he mounts a third bid for president in 2024. The redactions hide personal sensitive information such as Social Security and bank account numbers. 

The committee voted 24 to 16 along party lines to release Trump's tax returns last week. Democrats argued that transparency and the rule of law were at stake, while Republicans countered that the release would set a dangerous precedent with regard to the loss of privacy protections.

more w/documents
https://www.foxnews.com/politics/democrats-release-former-president-donald-trump-tax-returns

[Right_in_Virginia]

Chad Pergram
@ChadPergram

1) Ways/Means Chair Neal on release of Trump tax returns: Today, the weight of our job is heavy. Congress serves as a check on the Executive Branch, and our Committee is entrusted with oversight of our revenue system.

2) Neal: For four years, the Committee has been reviewing how the IRS enforces the federal tax laws against, and ensures compliance by, a president. A president is no ordinary taxpayer...And with great power comes even greater responsibility.

3) Neal: We are only here today because four years ago, our request to learn more about the program under 6103 was denied. This was the first time that this key oversight function was hampered, and our Committee’s jurisdiction was challenged.

4) Neal: The Committee expected that these mandatory audits were being conducted promptly and in accordance with IRS policies. However, our review found that under the prior Administration the program was dormant.

5) Neal: We know now, the first mandatory audit was opened two years into his presidency. On the same day this Committee requested his returns.

6) Neal: We anticipated the IRS would expand the mandatory audit program to account for the complex nature of the former president’s financial situation yet found no evidence of that. This is a major failure of the IRS under the prior administration

7) Neal: But the evidence is clear. Congress must step in. I’ve proposed legislation to put the program above reproach. Ensuring IRS conducts yearly, timely examinations while publicly disclosing certain information.

8) Neal: Our work has always been to ensure our tax laws are administered fairly and without preference, because at times, even the power of a president can loom too large.

7:11 AM · Dec 30, 2022

[Right_in_Virginia]

Can't perform the oversight without releasing the documents to the public, Neal?   

[catfish1957]

The fact that the precedent of a Private Citizen's returns in their entirety being  made public record without consent should send shivers up the spines of democrat and Republican minions alike.

[Right_in_Virginia]

On Final Day Of Power, House Dems Release 6 Years Of Trump Tax Records; GOP Warns Of Retaliation
Zero Hedge, Dec 30, 2022

We had the preview (which was clearly a nothingburger as no mainstream media entity wrote anything of significant note about it), and we had the summary (which fizzled badly in an already quiet news cycle as no smoking gun was found), and now the Democrat-run House Ways & Means Committee has released the full details of six years of former President Trump’s tax records (and still, establishment reportage has nothing to offer but pure speculation).

Here is how The Hill reported on this release:

While tax experts aren’t expecting huge revelations from the raw returns for 2015 to 2020, the more detailed documents could provide additional information on key areas of interest regarding the former president’s businesses and professional associations.

“Those of us who are interested in his relationship with Russia will be looking for any kind of confirmation of what Don [Trump] Jr. said in 2008 that Trump interests had recei

“With the publicly released transcript of Democrats’ secret executive session, Americans now have confirmation that there was never a legislative purpose behind the public release of these confidential records and that the IRS was conducting audits prior to Democrats’ request,” Ways and Means Republican leader Kevin Brady (R-Texas) said in a statement on Friday.

Finally, we note Bloomberg reporting that Democrats may end up regretting the move, as according to an anonymous aide, Republicans who will take charge of the House Ways and Means Committee in January will face pressure to retaliate by publishing the tax records of Democrats and their allies.

“Going forward, all future Chairs of both the House Ways and Means Committee and the Senate Finance Committee will have nearly unlimited power to target and make public the tax returns of private citizens, political enemies, business and labor leaders or even the Supreme Court justices themselves,” Brady said.


https://www.zerohedge.com/political/final-day-power-house-dems-release-6-years-trump-tax-records-gop-warns-retaliation

[corbe]

   So far they haven't seemed to hurt him as much as BJ Clinton's did, ie... donating underwear to Salvation Army and taking the write-off.
   Though I was waiting to see this...

[Timber Rattler]

A stupid, short-sighted, petty, vindictive act that sets yet another terrible precedent in Congress.

[Right_in_Virginia]

The fact that the precedent of a Private Citizen's returns in their entirety being  made public record without consent should send shivers up the spines of democrat and Republican minions alike.

How long before the courts are hearing cases against prospective employers requesting tax returns as part of their oversight vetting?

[Right_in_Virginia]

There is no statute that requires a Presidential candidate to release tax returns. #Republicans must now employ this political weapon in the new Congress. They have no choice. https://t.co/tuLIeMOnN7— Andrew Wilkow (@WilkowMajority) December 30, 2022


I seem to have smacked the hornets nest with my tweet about #DonaldTrump's tax returns. Good to know that many #democrats want Congress to act on spite and not the rule of law. Again, there is NO LAW that requires a Candidate to disclose PRIVATE tax info.— Andrew Wilkow (@WilkowMajority) December 30, 2022

[Right_in_Virginia]

Catturd ™
@catturd2
·10m

LOL - meathead knows it was a nothing burger and he’s throwing his daily TDS toddler fit.

Rob Reiner
@robreiner

We’re learning nothing that we didn’t already know about Trump’s taxes. It’s time to arrest this Lying Piece of Garbage.

[berdie]

The fact that the precedent of a Private Citizen's returns in their entirety being  made public record without consent should send shivers up the spines of democrat and Republican minions alike.

It absolutely should.

Because I disagree with this action, I haven't read in depth about any of the "findings". But from what I deem, he took allowed deductions. So what? 

[Hoodat]

Cue up Dr. Fauci's tax returns.  Let's see how much payola he received from Pfizer.

[DB]

If they found evidence of crimes then releasing it would make some sense. But I've not seen any claim of finding any crime in his returns. Then the only crime was releasing them.

[berdie]

Cue up Dr. Fauci's tax returns.  Let's see how much payola he received from Pfizer.

I'm not sure payola is reportable.

[Hoodat]

I'm not sure payola is reportable.

Definitely reportable.  Just not reported.

[cato potatoe]

In the first presidential debate, Donald was asked specifically about paying $750 of federal income tax in 2016 and 2017.  He then claimed to have paid millions of dollars, and promised to show us later. 

[240B]

In the first presidential debate, Donald was asked specifically about paying $750 of federal income tax in 2016 and 2017.  He then claimed to have paid millions of dollars, and promised to show us later.

That is because the Democrats know Americans in general are idiots. And they are playing to that weakness.

The average American only knows personal income tax, and that is all. So that is what the Dems are emphasizing. However, when dealing with a multi-corporation billion dollar conglomerate such as Trump was running, there are millions in taxes, fees, and other payments which have nothing to do with 'personal' income. If you look at the total amount of taxes and other payments paid to the government by Trump Industries as a whole, it will amount well into tens of millions. It is like this with all billionaires, not just with Trump.

None of us will ever generate even a fraction of the amount of money Trump (as a billion dollar industrial entrepreneur in total) paid to the U.S. Government.

[Timber Rattler]

I'm not sure payola is reportable.

That's what tripped up Al Capone...he didn't report his illegal earnings.

[cato potatoe]

The average American only knows personal income tax, and that is all. So that is what the Dems are emphasizing. However, when dealing with a multi-corporation billion dollar conglomerate such as Trump was running, there are millions in taxes, fees, and other payments which have nothing to do with 'personal' income. If you look at the total amount of taxes and other payments paid to the government by Trump Industries as a whole, it will amount well into tens of millions. It is like this with all billionaires, not just with Trump.[/size]

But does Trump own any Subchapter C corporations?  If so, I would expect to see some dividends from a source other than K-1s.  Thus far I see a huge pile of losses from the real estate entities ... with the exception of one he inherited from his father ... and positive income from his career as an entertainer. 

[Kamaji]

But does Trump own any Subchapter C corporations?  If so, I would expect to see some dividends from a source other than K-1s.  Thus far I see a huge pile of losses from the real estate entities ... with the exception of one he inherited from his father ... and positive income from his career as an entertainer. 

Not unexpected.  Real estate is normally held through transparent entities, like partnerships, and real estate investments typically generate net tax losses during the operational phase simply due to depreciation on the investment.  It is not uncommon for a real estate investment that generates positive net cash flow during operations to still generate a net loss for tax purposes.

[Cyber Liberty]

Trump started his losses in Net Worth the moment he came down that escalator, because the Leftists with money started divesting in All Things Trump.  He knew it would happen.

Same thing is going on with Elon Musk today.

[Hoodat]

The committee voted 24 to 16 along party lines to release Trump's tax returns last week.

Is anyone else here seeing this?  Democrats control 50.5% of the House, yet they control 60% of the seats on the House Ways and Means Committee.

I would hope that the incoming GOP majority chooses to impose the same rules on the Democrats that were imposed on them for the last two years.

[Cyber Liberty]

Is anyone else here seeing this?  Democrats control 50.5% of the House, yet they control 60% of the seats on the House Ways and Means Committee.

I would hope that the incoming GOP majority chooses to impose the same rules on the Democrats that were imposed on them for the last two years.

LOL!  No, there will be a "New Tone."

[Right_in_Virginia]

I'd ike to see he House Oversight Committee get the tax returns of Pelosi and McConnell for the past 12 years and compare their wealth accumulation with their legislative agenda.

"Tucker: Trumps tax returns show he got poorer in office while Mitch McConnell & Nancy Pelosi got filthy rich"  (Video)

https://mobile.twitter.com/ethan_harsell/status/1606561403237986304

[Wingnut]

LOL!  No, there will be a "New Tone."

Tommy Tutone?