{"id":55440,"date":"2022-12-21T11:04:45","date_gmt":"2022-12-21T19:04:45","guid":{"rendered":"https:\/\/lapost.us\/?p=55440"},"modified":"2022-12-21T11:05:53","modified_gmt":"2022-12-21T19:05:53","slug":"five-things-weve-learned-through-the-release-of-trumps-tax-records","status":"publish","type":"post","link":"https:\/\/lapost.us\/?p=55440","title":{"rendered":"Five things we\u2019ve learned through the release of Trump\u2019s tax records"},"content":{"rendered":"

The main tax committee in the House voted Tuesday night to release six years of tax returns belonging to former President Trump as part of an investigation into the presidential audit program at the IRS. The vote was 24-16 and fell along party lines, with Democrats voting in favor and Republicans voting against.<\/p>\n

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The returns include six years of personal returns as well as returns for eight of Trump\u2019s businesses. They\u2019ll be released within a few days following redactions, committee members said Tuesday.<\/p>\n\n\n\n
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The House Ways and Means Committee on Tuesday voted along party lines to publicly release\u00a0former President Trump\u2019s<\/strong>\u00a0tax returns, marking the culmination of a yearslong battle during which Trump defied tradition by keeping his finances confidential.<\/p>\n

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Following hours of debate behind closed doors, the Democratic-controlled committee approved the release of six years\u2019 worth of Trump\u2019s tax returns, but it could take some time before any information is made available to the public.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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This was not about being punitive,\u201d\u00a0<\/em><\/strong>Rep. Richard Neal (D-Mass.), the chairman of the Ways and Means Committee, said after the vote Tuesday.\u00a0\u201cThis was not about being malicious.\u201d<\/em><\/strong><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Democrats have said they needed Trump\u2019s records to assess an IRS program that audits presidents, while Republicans argue that rationale was a pretext for a politically motivated fishing expedition. In 2020, The New York Times reported that Trump paid \u201cno income taxes at all in 10 of the previous 15 years \u2014 largely because he reported losing much more money than he made.\u201d Trump declared a $916 million loss on his 1995 tax return, theoretically allowing him to avoid income tax for nearly 20 years, the paper reported in 2016 (The Hill<\/a>\u00a0and\u00a0The New York Times<\/a>).<\/p>\n

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Rep.\u00a0Lloyd Doggett<\/strong>\u00a0(D-Texas)\u00a0told CNN<\/a>\u00a0that the release of the documents could be delayed for \u201ca few days\u201d to make time for redactions of personal information, such as Social Security numbers.<\/p>\n

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\u201cTrump claimed tens of millions of dollars in losses and credits without the type of substantiation an ordinary taxpayer would likely provide,\u201d<\/em>\u00a0Doggett said in a Tuesday statement.\u00a0\u201cDonald Trump had big deductions, big credits, and big losses\u2014but seldom a big tax bill. Many questions about foreign entanglements and conflicts remain unanswered and unknown.\u201d<\/em><\/p>\n

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The New York Times<\/a>: The release of Trump\u2019s tax returns could herald a new era for taxpayer privacy. Revealing private documents risks a tit for tat with Republicans set to retake control of the House of Representatives.<\/p>\n

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Democratic lawmakers say the 154-page summary of the House Jan. 6, 2021, select committee\u2019s findings \u2014 in addition to the four criminal referrals to the Department of Justice (DOJ) \u2014 provide \u201cmore than enough\u201d evidence for special counsel\u00a0Jack Smith<\/strong>\u00a0to indict Trump,\u00a0writes The Hill\u2019s Alexander Bolton<\/a>. But they acknowledge that at this point, a criminal investigation, prosecution and expected trial are likely to stretch into the 2024 election year, which will thrust the Justice Department into a political maelstrom. Democrats say Attorney General\u00a0Merrick Garland<\/strong>\u00a0will likely face criticism if he fails to act on the Jan. 6 committee’s referrals.<\/p>\n

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The Atlantic<\/a>: The prosecution of Trump runs into some serious First Amendment troubles, but they are surmountable if the government takes into account his other actions on Jan. 6.<\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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The main tax committee in the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-55440","post","type-post","status-publish","format-standard","hentry","category-u-s-a"],"_links":{"self":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55440","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=55440"}],"version-history":[{"count":2,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55440\/revisions"}],"predecessor-version":[{"id":55442,"href":"https:\/\/lapost.us\/index.php?rest_route=\/wp\/v2\/posts\/55440\/revisions\/55442"}],"wp:attachment":[{"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=55440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=55440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lapost.us\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=55440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}