Posted on Dec 17, 2019
What Trump's tax returns might reveal if the Supreme Court allows access
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"The Supreme Court will determine next year whether investigators may finally get a glimpse at President Donald Trump’s tax returns. The court said on Dec. 13 that it would hear three cases regarding the president’s financial records in 2020, with arguments scheduled for March.
While a tax return won’t tell you everything about any one filer’s finances on its own, when combined with other documents including a statement of net worth, it can provide a more complete picture of that person’s bottom line."
While a tax return won’t tell you everything about any one filer’s finances on its own, when combined with other documents including a statement of net worth, it can provide a more complete picture of that person’s bottom line."
What Trump's tax returns might reveal if the Supreme Court allows access
Posted from cnbc.com
Donald Trump
Supreme Court
Finance
Wealth
Posted 5 y ago
Responses: 6
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The issue of President Trump's tax returns has given me many laughs. Here, allow me to alleviate your anticipation. I'll tell you precisely what they'll reveal: Precisely what you want to see, what you expect to see. All of us will see precisely what we expect. How do I know? I've been trained in tax preparation, in law school. I've filed my own for many years, some complex returns inasmuch as I was an entrepreneur most of my working life. One of my vertical markets in my early days with personal computing was tax preparers. I helped many switch from using computer services to using their own desktop computers. (On a side note, I highly recommend that you avoid licensed tax preparers and most CPA's. The really qualified ones are Enrolled Agents, tested and licensed by the IRS. Many are former IRS agents.) However, no matter how well qualified the tax preparer, the IRS codes are so open to interpretation that even the best will disagree. Give any number of IRS agents and/or EA's the same information, and you'll get any number of different returns. And, as the MAJ Chu stipulates, you'll then have to combine the results with other document, also subject to interpretation. As I said, in the final analysis, you'll see exactly what you want to see. Have fun everybody...
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LTC Tom McNew
And to coin a phrase, "what difference does it matter at this point"!?!?!? :-))
The dude is filthy rich.....and probably like a lot of other filthy rich people, stuck a whole lot of his money into places that minimized or eliminated any taxes. That's the advantage of our horrible tax structure.
The left will scream that he didn't pay a high enough percentage on his income in taxes.....the right will point out the millions of dollars of taxes that he did pay. And in the end they both will be right.
Which leads me back to my original question...….
The dude is filthy rich.....and probably like a lot of other filthy rich people, stuck a whole lot of his money into places that minimized or eliminated any taxes. That's the advantage of our horrible tax structure.
The left will scream that he didn't pay a high enough percentage on his income in taxes.....the right will point out the millions of dollars of taxes that he did pay. And in the end they both will be right.
Which leads me back to my original question...….
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LTC David Brown
I do not know how many people would really understand Trump’s returns? I am sure Trump has CPA’s accountants, Tax lawyers etc involved. I am fairly certain the returns fall within legal parameters. The idea the IRS doesn’t know how to audit tax returns is bordering on insanity.
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At this point has it's almost irrelevant because of all of the other civil, political, and societal issues he has. Honestly, I don't care at this point what his net worth it really is. Can't we just move on?
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