nat4900
Diamond Member
- Mar 3, 2015
- 42,021
- 5,965
Trump stated:
“The only one that cares about my tax returns are the reporters. … You learn very little to a tax return.”
Trump is wrong on both counts. A Pew Research Center poll conducted Jan. 4 to 9 found that 60 percent of Americans believed Trump has a responsibility to release his tax returns.
Meanwhile, tax experts say that tax returns provide insight about a person’s finances in several key areas.
First, the tax return reveals a person’s annual income. A person’s net worth is not disclosed, but voters would gain an understanding of a person’s cash flow. Second, voters would understand the sources of a person’s income, such as how much comes from certain businesses, speeches, dividends, capital gains and so forth.
Third, a tax return would disclose how much a person gives to charity. Mitt Romney gave almost $2.3 million to charity in 2011, while Bill and Hillary Clinton gave $3 million to charity in 2014. We know these figures because of information in their tax returns.
Trump claims he has given $102 million to charity in the past five years, but a Post investigation found not a cent in actual cash — mostly just free rounds of golf, given away by his courses for charity auctions and raffles. Trump’s tax return would clear up exactly how much he has really given to charity — indeed, whether he has given anything at all.
Fourth, a tax return would reveal how aggressive Trump has been on his taxes. There is no black-and-white approach to taxes; there are many gray areas subject to interpretation, especially regarding deductions. Trump frequently suggests that he knows how to game the system, so voters would learn whether he takes the same approach to his taxes.
Finally, the tax returns would disclose what percentage of Trump’s income actually goes to taxes.
Fact-checking President-elect Trump’s news conference
“The only one that cares about my tax returns are the reporters. … You learn very little to a tax return.”
Trump is wrong on both counts. A Pew Research Center poll conducted Jan. 4 to 9 found that 60 percent of Americans believed Trump has a responsibility to release his tax returns.
Meanwhile, tax experts say that tax returns provide insight about a person’s finances in several key areas.
First, the tax return reveals a person’s annual income. A person’s net worth is not disclosed, but voters would gain an understanding of a person’s cash flow. Second, voters would understand the sources of a person’s income, such as how much comes from certain businesses, speeches, dividends, capital gains and so forth.
Third, a tax return would disclose how much a person gives to charity. Mitt Romney gave almost $2.3 million to charity in 2011, while Bill and Hillary Clinton gave $3 million to charity in 2014. We know these figures because of information in their tax returns.
Trump claims he has given $102 million to charity in the past five years, but a Post investigation found not a cent in actual cash — mostly just free rounds of golf, given away by his courses for charity auctions and raffles. Trump’s tax return would clear up exactly how much he has really given to charity — indeed, whether he has given anything at all.
Fourth, a tax return would reveal how aggressive Trump has been on his taxes. There is no black-and-white approach to taxes; there are many gray areas subject to interpretation, especially regarding deductions. Trump frequently suggests that he knows how to game the system, so voters would learn whether he takes the same approach to his taxes.
Finally, the tax returns would disclose what percentage of Trump’s income actually goes to taxes.
Fact-checking President-elect Trump’s news conference