The democrat led Ways and Means committee has leaked former President Trumps taxes to the American public after working hard to obtain them for close to 6 years. I want to go over what we know so far, some interesting insights, Trump aggressive response and demand that the new Republican led house investigate Biden, his family and his taxes and more.
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Ever since democrats got their hands on Trumps tax filings, they’ve had a team of CPA’s and accounts combing through them. With only one week of looking a few key pieces of information have come out that I want to review with you.
First it appears Trump’s taxes are insanely complex. Even with a whole team and a week of daily review of his taxes, the spider web of complexity was not fully broken down. This is likely because Trump and his company manage hundreds of LLC’s, Dozens of properties and then ultimately after all deductions the remaining tax liability rolls on to Donald Trump himself.
The next thing we see is because of the complexity of his returns, the IRS handled Trumps tax situation with velvet gloves. Many at the IRS are not even knowledgeable enough to manage an audit of his taxes so they continually delayed deep dives.
So now democrats are asking is the IRS really this unprepared to handle billionaires taxes or did they show bias and favor towards Trump.
Afterall, former president Obama was audited during his presidency, but the IRS admitted his taxes were very simple since he owned little assets and no businesses. He was a career politician.
So whether the IRS was biased or unprepared will need to be determined in the future.
Trump paid very little in tax while serving as president. In one year he only paid $750. Now Trump said this means he is smart and has people that know the tax codes and he openly admitted he uses the tax code to his advantage like all wealthy people and politicians.
However, from the first week of diving in the team of CPA’s and accounts have deduced Trump doesn’t pay much in taxes because he has businesses losses and a massive amount of write off’s and carry forward losses
It was also learned that Trump has given each of his children large loans to start businesses. The report showed the children have been paying back on the loans and are even paying interest on the loans, but some democrats are questioning whether he should have gifted that money so the IRS could tax it vs give it as a legal loan with interest and only owe tax on the earned interest.
The returns also show Trump donated $21 million worth of land to the state government of New York. There is nothing illegal about this and he had to part with the land but for that he was given a massive $21 million write off. More than most Americans make in 10 lifetimes.
So far its shown Trump has paid $1.8 million in Taxes to the United States and $1.6 million in taxes to other countries where he has businesses.
So these are the bombshells according to Politico and CNN News.
One CNN reporter said he was actually more shocked to see what Trump had paid then what Trump had avoided. For example in 2015 he paid $641,931 in 2015; $750 in 2016; $750 in 2017; $999,466 in 2018; $133,445 in 2019; and $0 in 2020.
There are no details on why he paid $0 in 2020 while paying nearly $1 million while president In 2018, but one report did mention Trumps net worth had dropped by $1 billion while serving as president.
So left leaning news sites continue to point to the $750 he paid in 2016 while right leaning media focuses on how bad democrats are for leaking his taxes.
So I’m sure more will come out after Christmas but many news sites are calling this a nothing burger where he paid more taxes than most humans on the plant some years and no taxes in the years he had more write off’s. I’ll let you decide. But you know its bad when CNN starts defending trumps taxes.
I also found a video today of trump defending himself and calling out President Biden and his family. So I’ll share that and then end the video. But let me know your thoughts in the comments below. Personally I was expecting some massive bombshells but maybe those are still to come.
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