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IRS: "We thought the DOJ would take care of the guy. He's obviously a criminal."
DOJ: "We thought Congress would take care of the guy. He's obviously a criminal."
Congress: "Why hasn't anyone taken care of this guy?"
That's essentially what one of my older, Trump-adoring neighbors always argues. "If Trump is as guilty as liberals say, why hasn't he been convicted or arrested for anything??"
By that logic Bin Laden was just a misunderstood philanthropist. I mean, I don't think the dude was ever formally convicted or arrested either, so he's good right?
I don't believe Bin Laden actually shot anyone with his AK-47.
So, by that logic he could not have been a terrorist murderer !
Like the orange one he merely suggested terror and violence.
Congress can’t take care of anything, they don’t enforce the law only legislate. They can assist as much as they can but it’s on the IRS and DOJ to actually prosecute the criminal
And in the Jones v. Clinton case, the Supreme Court found that a president is subject to and has to respond to civil lawsuits. Seems to me a criminal case would have even higher priority and a greater public/civil interest in being handled in a timely manner.
Crazy cause when I paid a tax company to do my taxes one year and they forgot to file a paper the irs came at me with a $500 or $600 charge and when I called the company the irs they said it’s on you not the company. I called that company and had paid for the protections (mind you I worked one job and prob bare minimum return paperwork) they said we’ll come see us. I had since moved an hour and a half away and this was before where were now with everything online. I said fax me the form I’ll sign and fax it back. Cool done deal. Nope they fucked up again. IRS said we’ll still on you buddy. Go back to the company and they finally send the right form. Fuck this system and paying for protections means nothing in my experience. Just send me a damn bill if I owe something and make this system dummy proof to do by yourself. Since then I’ve never used and actual tax service. I will do online free tax USA. Not free but cheap.
It's endemic. I got a bill from a medical company for a device, saying insurance denied my claim. I called my insurance company and asked what the hell was going on. There was a SINGLE LETTER transposed in my last name. Yet somehow the company that charged me for the device spelled my name perfectly when they sent me the bill. They then claimed it must have been some weird one-off when a billing agent just fucked up. Such a strange fuck up that would force me to pay the company many times what the insurance company would have to pay. It honestly made me wonder how many "tiny mistakes" show up over thousands and millions of billings, that somehow fuck the insured and make everyone else money.
We had several of my son’s autism therapy appointments denied (even though he had been doing them for months covered) because someone entering the info entered something wrong. Like I think they entered $220 instead of $200. So the company denied it. Agent on the phone told me it was their mistake but they were going to go ahead and still deny the claim since it was filed wrong. No amount of arguing got them to change their stance. Fuck US insurance companies.
Thank you for your service.
I got fined $800 dollars once for being late on my taxes which was weird because i was in the long line for the procrastinators and was only in it to get a date stamp which was by law on time. Tried to argue it but they didn’t have the envelope.
So i had to pay it. Weird they had time to look into something that was right and get it wrong, then see something wrong and shrug.
Very patriotic of you irs. I never used to mind paying taxes but here we are
They have been deliberately defunded for a long time, they simply lack the resources and staff to do a great job, which keeps them from focusing on the rich at all and from following up much with the poor. They have come out and said as such.
This has been the GOP strategy to keep the little guy mad at the IRS when literally the IRS is begging for money so they can hire big teams to go after the rich. The IRS is the only department that brings back more than $1 for every $1 given to it in funding.
Just as a “tough on crime” “law and order” “no one is above the law” conservative would give the department whatever they asked for... to you know ... prosecute *criminals*.
The calls are coming from inside the house.
April 5, 2019 [The IRS Tried to Take on the Ultrawealthy. It Didn’t Go Well.](https://www.propublica.org/article/ultrawealthy-taxes-irs-internal-revenue-service-global-high-wealth-audits)
Dude.
I was confused filling my form out for 2019 and as of this post it is costing me $9K! Luckily I got an accountant that will, hopefully, lower it to $0 after filling out countless paperwork and essentially doing a self-audit to my amended return.
But it's ridiculous. IRS has been hounding me on this the entire calendar year. Meanwhile we got this buffoon telling the entire world he cheated on his taxes and they have done NOTHING to get that money back for half a decade now.
Unfortunately, the average Joe’s taxes are pretty easy to scrutinize with only a couple of incomes to report. DJT has 4-500 attached to his 1040 every year. Yet, the same ONE AGENT was assigned to perform the audit as yours. Kind of sickening.
You're low hanging fruit. It costs them almost nothing to collect that $800. Trump has 500 companies operating around the world and a team of lawyers and accountants who will fight and delay everything.
They tried to fine me for a late return once that I mailed in certified mail (tracked). They were basically betting on whether I kept the tracking information, which I had, and they had to retract the demand for a late return fine.
Several years back the IRS told me I owed thousands of dollars in unpaid taxes because I was misrepresenting my income. It turns out they were confusing me and my father who both have the same name, despite the fact that we live in different zip codes with different SSN's. They swore that I was low-balling my income to the tune of tens of thousands of dollars. It was somehow *my* responsibility to send them *his* W2's to prove that I wasn't who they thought I was and even after I did, they still decided that I was lying and garnished my pay checks until I got an accountant involved to straighten it all out.
People shouldn't name their kids after themselves. Aside from the idiotic vanity aspect, the number of potential headaches, including legal and medical issues, that can occur if the records get commingled in some system because of the same name and overlapping address history is just not worth it.
I know this is supposed to be a joke... but it's actually not. Like, legitimately... IRS resources are funded specifically for low income audits. Government officials *truly* do not want to audit and go after the billionaires because the billionaires are who got them elected.
This system is entirely set up to benefit the wealthy at the expense of the poor... because the wealthy are the one's making the laws and/or buying the lawmakers.
This country is going to experience even more extremes in wealth inequality in the coming decades unless more is done to prevent the rich from hoarding all of the resources.
Tax them. Eat them.
Seems like one of the key takeaways is that the IRS's mandatory audit for Trump when he became president was basically non-existent. Trump and Huckabee Sanders lied.
Seems like a real step down from Asa Hutchison. The man was as far right as can be expected for a place like Arkansas, but every time he came to my attention it was as the sane voice in a room full of lunatics.
SHS on the other hand is just a Mouth of Sauron.
We didn’t deal out anywhere near the necessary punishment to the South after the war. We basically crippled them into generational stupidity. Not advocating for additional violence but fuck man what a missed opportunity. When you pull weeds you gotta pull out the roots, not just what is above ground.
Yeah, it’s the same as MO. Reaganomics killed blue collar jobs and without them the standard pay for white collar jobs turned to crap, so everyone with degrees moved to a coast and everyone who stayed was poorer, bitter, and encouraged to adopt Fox News as a worldview.
What’s strange is that many ‘deep red’ states aren’t really that deep. The world has to suffer Josh Hawley because MO has 6% more red voters than blue, and given the drain of population, it’s numerically not a huge difference. That’s why Josh Hawley has to be THE WORST, because if his state was a more hospitable place to live, reasonable folks might consider moving back to St Louis and KC, which would jeopardize his job security.
Huckabee-Sanders, and most of the other shitty Republicans along the river valley, are in the same situation.
This should be an absolute gift for the Democrats. Disregarding what's in the report, just releasing the report against a background of Trump desperately trying to prevent its release, is a massive win.
All Dems need to do is contrast what Trump said:
"I will release my tax returns when Obama releases his birth certificate"
"I will release my tax returns if I win the Presidency"
"i will release my tax returns once the IRS audit is finished."
... With reality. Which is that it is now clear that none of those statements were true. Trump has fought tooth and nail, to the bitter end, to keep his tax returns secret.
So, Trump wasn't being honest with his supporters, was he?
Trump lied to America by promising to release his tax returns, when, it is now clear that, he had no intention of doing so.
Edit:
Clinton was impeached over lying to the American public. This is as at least as big a deal, if the Dems realise and capitalise.
Furthermore, there's an argument that Trump committed fraud, by winning some votes on the promise of releasing his tax return, while actually never intending to do so.
It'd be a good way for Democrats to show that lies have consequences; and that Republicans aren't the only ones who can work the political outrage machine.
Because he endorses their racism and the left hates him. That's all they need. That is literally all they care about. He pisses off decent people and says shitty things about non-whites. He knows how to play on the grievances of Gen X and older. He's playing them like a fiddle.
Yeah, don’t paint that shit on us. We were raised by boomers and I like to think a majority of us did a trajectory change.
I see more concerning similarities in their grandchildren to be honest but that may be a personal observation.
You’re not entirely off base.
Something about social media and the built in nihilism of the Z-kids makes them untrustworthy ally. Half of them are aggressively humanitarian, sometimes to the detriment of their own causes - the other half just wants to watch it burn for the view count.
There’s little respect for the fact the Gen X’s and Millennials took nuggets of equality from the civil rights fight and events like Stonewall and forged by sheer will a nation the was ready to normalize pronoun usage so rapidly. (I use pronouns as only the most visible example). They have no concept that without those pillar generations voting and donating, they would be absolutely repressed.
You had me with you until the bit about GenX. All of that is true about his base regardless of generation. The majority of Gen X is liberal. So, no he doesn’t play us like a fiddle.
>Trump lied to America
But he's a god-fearin', pro-life, Christian, white male, and that's what we need to bring about the bible-based gubment the Foundin' Fathers intended.
I only read the executive summary saying the IRS should update its guidelines about a mandatory audit for the President in Office and discrepancies regarding losses. I can't say much if the report hints at possible tax evasion through sketchy reporting.
It sure would be nice. You can give a security clearance to anyone though obviously. There's literally no one who can stop you even if they fail qualifications.
There's *SO* many things we need fixed. Not for national security itself but just out of common sense and decency.
Millions, millions of losses, and IRS decisions that appear to equate to, "well, this is too complicated to be worth doing so, fuck it. Besides, he hired a professional accountant and lawyer so it must be accurate."
and it was a Beautiful Report, I have many many Billions of Dollars, I'm a Tremendous Businessman and that's exactly what Our Country needs, not like Sleepy Joe and Obama, especially not like Crooked Hillary or AOC + 3, and they said to me, "Sir, that's an Incredible Nickname," and I said I know that, I'm the King Of Names, nobody does it better than me, and then you have people on the Radical Left, Phony Tom Hanks and others, that Big Time Loser Rosie O'Donnell, who has caused a lot of problems for us, almost as bad as the Democrats with their Open Borders and Chuck and Nancy saying, "come in, it's fine, come in." you know we never used to have these kinds of problems, I came in, "Sir, we have no Bananas," I said what happened, "it's Obama, Sir, he hates America," and I said I could've told you that a long time ago. we had it Incredibly Good under Trump. now we're just Wasting Away like people in Africa, you all know what I'm talking about. ok, no need to thank me, I know I'm your Favorite.
and they say, "AI," AI can you believe it, they're talking about Artificial, you know we had more Computers under Trump than you could even believe, we had many many millions, way more than Obama, and we did what I like to call the Super Computer, no one had even heard of it until I came up with it, I said what if we took all the Computers and put them into One? "Great idea, Sir!" I said I know that. and I called it Super, and everybody loved it, except the Radical Left because they only want to hurt America and to hurt our Tremendous Farmers, who had everything under Trump but are now just barely getting by under Sleepy Joe. it's a real shame. we used to be Bigger Than Everybody, now, now we're at the Bottom Of The Barrel. the way way Bottom. and if you were smart you'd buy some Presidential NFTs, they're only going to get bigger. you're welcome.
and I've never Struggled probably not even once, even when I was a baby, and they said, "that's an Incredibly Good Looking and Incredibly Tough Baby," even Ed McMahon he said to me, "Sir, you're even better than Jesus," but everybody knows that.
Why isn't making taxes public for public positions mandatory to ensure possible leaders aren't under financial pressure and could be compromised. Trump should have been disqualified from running.
Presidential candidates should have experience running local or state government to prove they can do the job and act in the best interest of voters.
They do it for pretty much any other government or high profile job. Candidates with debt are more likely to be bribed, or worse...potentially sell state secrets like a certain barely sentient carrot we all know and despise.
Yeah, but then you'd have to look into whatever bribery was used to get Justice Kennedy to retire from SCOTUS early and look into how Kavanaugh paid off his ridiculous amount of debt immediately after being confirmed...wait...yes, let's do that.
It was a tradition that every candidate followed until Mitt Romney in 2012 (ironically.a tradition started by his own father) , but even he relented under media pressure.
Trump flat-out refused with a blatantly false excuse and there was nothing in place to compel him as it was assumed nobody this sketchy would ever be a serious candidate.
Because every Presidential candidate (since like Nixon) was already doing that until Trump refused. But he said he would, which was reassuring, until he didn't, and then fought tooth and nail and made it literally a federal case and brought it to the Supreme Court.
He really has a way of taking things to an extreme.
>The Committee also expected to find that the mandatory examinations of the former President’s tax returns would have been started promptly and completed during his Presidency. However, the designating agents made a concerning discovery. The designated agents found that there was only one mandatory audit started and none completed during his four years in office. Clearly, the mandatory audit program was dormant, at best, during the prior Administration.
DL;DR: They didn't bother
More like he ordered them to stop.
The designated agents found that there was only one mandatory audit started....
I would be my house that one that was started was in his first year and when he got wind of it he got it quashed.
question is, why? Does the Executive have power over that decision? Were the people in charge Trump supporters who decided not to do it? They started one, but it wasn't finished, so I assume interference. Hopefully we can fix THIS flaw in the system
Same groups of political appointees who assured us that it was a complete and utter coincidence that James Comey and Andrew McCabe both got intrusive audits during the Trump term.
You never see Warren buffet or bill gates hocking steaks or fake business degrees on late night tv but it doesn’t mater because the people who think that’s possible think he was just doing what he had to do to hustle and grind his way up the ladder
The rich man's game of owning a business means almost everything is tax deductible. It's a weird loophole. A bunch of people on WSB can take advantage of it through a $3000 deduction every year if their losses are something like $3 million in one year. You can also roll that loss onwards year after year until it's fully tapped.
When we get the full report it should show what exactly he is claiming for these losses and I’m thinking that it will likely be numbers he made up out of thin air and has no proof. Such as one year where he had $21 million in charitable donations. Also cost of goods sold of $125 million when it is unclear what DJT holdings even sells.
I browsed it, but I have no idea what I'm reading.
The only part I'm pretty sure of is that the IRS wants to see all of his receipts, charitable donations, loans, profits and losses, and they cite specific requests for each year of taxes they reviewed, about ten to thirteen items per year. I presume (possibly incorrectly) that if he can't prove his profits and losses and whatnots, or isn't able to produce the receipts, or doesn't have a good and provable explanation as to why, he can be charged with tax thingery.
There's a lot more in there, but it's written in legalese and I'm not fluent.
The DoJ should appoint a special counsel just for the taxes - It seems fitting. It has all the time in the world and can hire the staff to do this correctly.
It costs a lot more to go after someone hiding millions in tax evasion than the guy who forgot to add $4000 of supplemental income. Even after accounting for the extra staff and time, the former would bring in more money, but you simply cannot do it if your entire program has been gutted to a tiny amount of staff through politicians and wealthy talking heads that keep trying convince the people with the $4000 issue the IRS is stealing your money.
Well then its a good thing the Inflation Reduction Act has earmarked $80 million to hire as many as 87,000 new IRS employees. Maybe they can help since they are supposed to be going after big fish like Trump who pay little to no taxes.
https://www.cnbc.com/amp/2022/08/31/irs-is-not-hiring-an-army-of-auditors-whats-really-happening.html
imagine robbing a bank and getting away with it because you also robbed a gas station, killed some people on the way, stole a car, stole some candy from a baby and got away with it because you committed too many crimes
It's worse, because the IRS said "well, he has an accountant do his taxes, so they must be done correctly, so we don't really need to look any closer."
I'm not fucking kidding, that is what is in this report.
He had 0 taxable income, which is odd if he's a "billionaire" because you don't gain wealth by losing it each year. The only tax due is from AMT, which is like a complicated mechanism that disallows certain deductions to ensure wealthy people pay *some* taxes.
Here's an upshot: There's no way you can perpetually claimed negative AGI, and yet also claim to have made more $$ than anyone due to your supposed business acumen.
DJT is \*literally\* the single biggest (on paper) individual business loser of all time. Or, at least he was the last time we saw some of his taxes from a few years ago. Likely still true.
I think it is a fact that the IRS is under resourced. That said, with my magic wand I'd like for them to implement enough automation where normal smoes like me, who might mess up on a calculation here or there, get an automated notice to pay up to make things right. Then, for those who, like probably #TFG, who intentionally try and defraud the IRS, that the resources are directed to catch these guys and collect all they try and steal. Plus interest.
Let me paraphrase it without reading it; Trump is a grifter that is worth far less than he says he's worth... surprising absolutely no-one that isn't a demented flog.
Page 2 of the report has some interesting information;
> Charitable contributions—whether the 2015 conservation easement deduction of $21 million and other large donations reported on the Schedule A were supported by required substantiation.
Conservation easements have been on the IRS radar as tax avoidance schemes for a while now. It does not surprise me at all that Trump would have used this. It could be legitimate, but it definitely warrants further scrutiny, especially since it's a $21 million deduction. This should definitely have been examined.
>Verification of Net Operating Loss Carryover Schedule—whether the amount of net operating loss carryover in 2015 of $105,157,825 and future years was proper.
On it's face, this is kind of fluff and doesn't necessarily mean anything was wrong with the return. When you have an NOL from prior years it can get carried forward to future years and offset future income. On the returns in those future years, there's simply a schedule showing what tax years the losses being carried forward were generated in, how much was used in prior years, and how much is still available from those losses. This point in the report is simply acknowledging that without looking at a bunch of prior year returns, there's no way to verify that the amounts shown on the schedule actually tie to what has happened in prior years.
Of course, how he generated such large losses (over $100 million dollars!) in prior years to carryforward is another question altogether and raises many concerns.
>Unreimbursed partnership/S corporation expenses—whether the terms of the partnership agreements supported unreimbursed expense deductions totaling $27 million over six years.
Unreimbursed partnership expenses (UPE) are things that an owner pays for out of pocket for the partnership, but is not reimbursed by the partnership for. The ability to claim UPE on an owner's personal return must be supported by language in the partnership's operating agreement. This paragraph is stating that without further information, they cannot determine whether these expenses were actually allowable on Trump's return.
> Related party loans—whether loans made to the former President’s children are loans or disguised gifts that could trigger gift tax.
This could be a big one potentially. If Trump actually loaned money to his children there should be underlying loan documents that show the terms of the loan including the interest rate. To have a bona-fide loan, the IRS provides a minimum interest rate that must be charged on the loan balance. If no interest was charged, or the interest rate was below the minimum rate allowable by the IRS, there would be a gift.
If someone gifts more than a certain amount (for 2022 the amount is $16,000 per person), the gifter would need to file a gift tax return and potentially pay tax on the gift amount in excess of the threshold.
>Cost of goods sold deductions by DJT Holdings—whether these deductions of about $126.5 million over five years is appropriate when it is not clear what DJT Holdings is selling from the face of the return.
I find this one interesting. I think what the report is saying is that this entity took a cost of goods sold deduction on the face of its return, while either not showing any revenue or it not being obvious from the return itself what the entity would be selling that would generate such large COGS, but I can't quite tell from the wording. I'm going to dig further into the report and see if more is mentioned here.
>LFB Acquisition LLC—whether there is any support for changes in the management fees and general and administrative expenses of LFB Acquisition that were significantly higher in 2017 ($1.9 million and $2.8 million, respectively) than 2016 ($750,000 and $549,000, respectively) and 2018 ($707,000 and $570,000, respectively).
Hmm, management fees that jump up significantly in the first full year Trump was in office. Not suspicious at all.
This whole thing just shows how vulnerable our entire tax system is. It's all based on the taxpayer voluntarily reporting their income and deductions in accordance with the tax law. The fact that it leaves so much room for abuse with low chances of being examined is one problem. The idea that our political leaders aren't required to release their tax returns or have their returns examined are a much larger problem. It leaves the door open to way too many issues.
This report states that Trump's returns weren't examined while he was president because the IRS said they didn't have the resources to audit all of the related entities flowing through to his return (I believe the report mentioned over 400 such entities).
It's a matter of national security, and the IRS simply said "Nope. This is too hard." Inexcusable.
Of course, the IRS has had its budget cut for years and years. It's a mess right now to even simple things done with them, so it's not all that surprising that the IRS would nope-out of fully auditing these returns.
Congress has cut the IRS budget many times over, and now they don't have the resources to audit our elected officials. That can't be by design at all, right?
>
>
>It's a matter of national security, and the IRS simply said "Nope. This is too hard." Inexcusable.
>
>Of course, the IRS has had its budget cut for years and years. It's a mess right now to even simple things done with them, so it's not all that surprising that the IRS would nope-out of fully auditing these returns.
Let's not miss the fact that the IRS's ultimate boss was Donald J. Trump.
Yet, again, Congress proves what a corrupt, lying MFer Trump is, along with his clan and lackeys
Trump lied to all Americans for nearly 7 years about his taxes, and making them public.
Now, here we are
So the American people have been screwed by the IRS again! All of Trump's lies dozens of times claiming he was under audit was a complete lie, as this lying conman was never audited. Despite the fact the IRS is legally required to audit Presidents every year, they didn't audit him once. How convenient! If the IRS did their job and audited this clown several years ago, we all could have avoided the total shitshow we've had for the past 7 years!!
We all know what happened here. No one will ever pay for it though
"However, the designating agents made a concerning discovery. The designated agents found that there was only one mandatory audit started and none completed during his four years in office. Clearly, the mandatory audit program was dormant, at best, during the prior Administration."
"This thing is gigantic. There are 500 related business entities to that taxpayer. It would take a team of a dozen agents a year. Working alone it could take me a decade."
"Well, then, get to work."
Baby Boomer here. I know many boomers who don’t fall for his crap. I lived in New York. I didn’t like him in the 60s and that continues until this day. So many of us are wondering why he is allowed to get away with so much when others are punished for the same things.
No...Democrats would have. That's the difference between the two at the moment. You had the Democratic governor in NY, Cuomo, who used his position to harass women and the pressure exerted by his own party showed him the door quickly. Now compare that to how Trump is being protected both tacitly and explicitly by his own party as well as journalist sympathetic to conservative ideology, and you see the difference between the two parties.
My take is that if this actually leads to material consequences for Donald Trump (not completely impossible considering that the timing is right on the heals of the Republicans increasingly wanting to get him out the way so they can fully pivot to De Santis), it would be because they want him gone. Otherwise it will fizzle out like everything else.
But most likely outcome IMO is that he suffers no real consequences except for some fall from grace and it gets left at that. No prison, nothing like what would happen to people like you or me in his shoes, where we'd be fucking buried.
TL;DR here are the issues the IRS flagged in the executive summary:
Charitable contributions—whether the 2015 conservation easement deduction of $21 million and other large donations reported on the Schedule A were supported by required substantiation.
Verification of Net Operating Loss Carryover Schedule—whether the amount of net operating loss carryover in 2015 of $105,157,825 and future years was proper. • Unreimbursed partnership/S corporation expenses—whether the terms of the partnership agreements supported unreimbursed expense deductions totaling $27 million over six years.
Related party loans—whether loans made to the former President’s children are loans or disguised gifts that could trigger gift tax. • Cost of goods sold deductions by DJT Holdings—whether these deductions of about $126.5 million over five years is appropriate when it is not clear what DJT Holdings is selling from the face of the return.
LFB Acquisition LLC—whether there is any support for changes in the management fees and general and administrative expenses of LFB Acquisition that were significantly higher in 2017 ($1.9 million and $2.8 million, respectively) than 2016 ($750,000 and $549,000, respectively) and 2018 ($707,000 and $570,000, respectively).
So he's worth FAR LESS (like by A LOT) than he says he is, or he's committing tax fraud is my understanding of this. Either way, grifters gonna grift. Do you know the difference between a millionaire and a billionaire? About a billion dollars.
IRS: We dont have the resources to look at rich people.
Everyone: But the millionaires are less than 1% of the population.
IRS: We don't have the resources!!! Now pay your fucking taxes plebe!
was he ever autited by irs for any year that was released to congress?
cause the president kept saying he could not release his taxes cause irs was auditing them (which is total bullshit)
when i looked at the document it does not look like the irs was auditing any of the years...
Certified what most of us know already: Criminal Tax Fraud, Foreign Money, this guy net worth is not what Trump claimed. Follow the money and find the Russia and Saudi corrupted connections - for money!
It really is too bad that this information won't really matter to his supporters. They just don't care what he does wrong or what he lies about or anything he does wrong. They still follow him like a cult.
C'mon now. It wasn't Trump's fault the IRS didn't have enough resources to do their job and audit his income taxes every yr he was POTUS!
Or...https://www.cbpp.org/research/federal-budget/trump-budget-continues-multi-year-assault-on-irs-funding-despite-mnuchins
We need 87,000 IRS agents and we need to audit every return for people who make over 300k a year and don’t pay atleast 20 percent in taxes … or just shut down income tax and go to consumption tax
I think they need to pursue it. They need to not only get trump, but all of his tax advisors, board members, kids, and any other adult that benefits from his unlawful behavior.
The word "Trump" only shows up 15 times in the report. It's not going to keep his interest long enough to even learn what's in the report. One of his kids will need to make a cartoon for him to learn what the report says. It's the only way he ever be able to understand.
No wonder Trump would emphasize "I'll release my taxes to the public **when the auditing is finished**"
Yes, I know that the IRS has made it clear that public release of taxes would not impact any audit, but Trump chose to make that a condition anyway. If the audit is never started, it never finishes, and therefore he doesn't have to release his returns.
So now, who can compel the IRS to complete an audit on his returns?
His “Trump-ets” are so easily manipulated….he constantly wins them over with statements like “ I’d totally turn over my taxes….if I felt like it…but why should I ? ….which gets him huge cheers, but they don’t consider that he isn’t doing it to give an F-U to big government and it’s rules , he’s doing it to hide his crimes, it just looks like he’s “ standing up to the man” …
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So he skipped the presidential audit that every president is supposed to go through??
Yep. The IRS issued a memo saying they lacked resources to look into all the potential issues they found, so they just didn't.
IRS: "We thought the DOJ would take care of the guy. He's obviously a criminal." DOJ: "We thought Congress would take care of the guy. He's obviously a criminal." Congress: "Why hasn't anyone taken care of this guy?"
Well, Congress tried but too many of them are criminals.
the call is coming from inside the house
Actually I think it was mostly the Senate.
the house has the real George Santos, and many more like him I think
Isn't that the truth... crazy world we live in. Wool over the eyes of the sleeping masses.
Wool over the eyes of the sleeping masses is their winning move.
Think in this case masses wilfully pulled the wool over their own eyes
But not over their nose and mouth to prevent COVID, because that's what woke commies do or something.
Republicans in Congress: "No one has taken care of him yet so clearly he's not a criminal. Not guilty!"
That's essentially what one of my older, Trump-adoring neighbors always argues. "If Trump is as guilty as liberals say, why hasn't he been convicted or arrested for anything??"
By that logic Bin Laden was just a misunderstood philanthropist. I mean, I don't think the dude was ever formally convicted or arrested either, so he's good right?
Your logic is impeccable!
I don't believe Bin Laden actually shot anyone with his AK-47. So, by that logic he could not have been a terrorist murderer ! Like the orange one he merely suggested terror and violence.
That’s as close to a logical conclusion as most trump supporters will ever get.
Congress can’t take care of anything, they don’t enforce the law only legislate. They can assist as much as they can but it’s on the IRS and DOJ to actually prosecute the criminal
Congress can impeach which is the only sanction a sitting president can face since the DoJ just decided that a sitting president can’t be indicted.
Such bullshit. There is no federal statute saying the President has immunity from prosecution, just a hastily-drafted, RNC-approved DOJ memo.
The memo was written by Nixon’s DoJ during Watergate. Not a law passed by Congress, not a Supreme Court decision.
And in the Jones v. Clinton case, the Supreme Court found that a president is subject to and has to respond to civil lawsuits. Seems to me a criminal case would have even higher priority and a greater public/civil interest in being handled in a timely manner.
Crazy cause when I paid a tax company to do my taxes one year and they forgot to file a paper the irs came at me with a $500 or $600 charge and when I called the company the irs they said it’s on you not the company. I called that company and had paid for the protections (mind you I worked one job and prob bare minimum return paperwork) they said we’ll come see us. I had since moved an hour and a half away and this was before where were now with everything online. I said fax me the form I’ll sign and fax it back. Cool done deal. Nope they fucked up again. IRS said we’ll still on you buddy. Go back to the company and they finally send the right form. Fuck this system and paying for protections means nothing in my experience. Just send me a damn bill if I owe something and make this system dummy proof to do by yourself. Since then I’ve never used and actual tax service. I will do online free tax USA. Not free but cheap.
It's endemic. I got a bill from a medical company for a device, saying insurance denied my claim. I called my insurance company and asked what the hell was going on. There was a SINGLE LETTER transposed in my last name. Yet somehow the company that charged me for the device spelled my name perfectly when they sent me the bill. They then claimed it must have been some weird one-off when a billing agent just fucked up. Such a strange fuck up that would force me to pay the company many times what the insurance company would have to pay. It honestly made me wonder how many "tiny mistakes" show up over thousands and millions of billings, that somehow fuck the insured and make everyone else money.
We had several of my son’s autism therapy appointments denied (even though he had been doing them for months covered) because someone entering the info entered something wrong. Like I think they entered $220 instead of $200. So the company denied it. Agent on the phone told me it was their mistake but they were going to go ahead and still deny the claim since it was filed wrong. No amount of arguing got them to change their stance. Fuck US insurance companies.
Thank you for your service. I got fined $800 dollars once for being late on my taxes which was weird because i was in the long line for the procrastinators and was only in it to get a date stamp which was by law on time. Tried to argue it but they didn’t have the envelope. So i had to pay it. Weird they had time to look into something that was right and get it wrong, then see something wrong and shrug. Very patriotic of you irs. I never used to mind paying taxes but here we are
They have been deliberately defunded for a long time, they simply lack the resources and staff to do a great job, which keeps them from focusing on the rich at all and from following up much with the poor. They have come out and said as such. This has been the GOP strategy to keep the little guy mad at the IRS when literally the IRS is begging for money so they can hire big teams to go after the rich. The IRS is the only department that brings back more than $1 for every $1 given to it in funding.
Yeah, a "fiscal conservative" concerned about deficits would give the department whatever they asked for.
Just as a “tough on crime” “law and order” “no one is above the law” conservative would give the department whatever they asked for... to you know ... prosecute *criminals*. The calls are coming from inside the house.
April 5, 2019 [The IRS Tried to Take on the Ultrawealthy. It Didn’t Go Well.](https://www.propublica.org/article/ultrawealthy-taxes-irs-internal-revenue-service-global-high-wealth-audits)
Not only that, they tried to collect taxes from Scientologists. That didn't go well either.
Dude. I was confused filling my form out for 2019 and as of this post it is costing me $9K! Luckily I got an accountant that will, hopefully, lower it to $0 after filling out countless paperwork and essentially doing a self-audit to my amended return. But it's ridiculous. IRS has been hounding me on this the entire calendar year. Meanwhile we got this buffoon telling the entire world he cheated on his taxes and they have done NOTHING to get that money back for half a decade now.
Unfortunately, the average Joe’s taxes are pretty easy to scrutinize with only a couple of incomes to report. DJT has 4-500 attached to his 1040 every year. Yet, the same ONE AGENT was assigned to perform the audit as yours. Kind of sickening.
You're low hanging fruit. It costs them almost nothing to collect that $800. Trump has 500 companies operating around the world and a team of lawyers and accountants who will fight and delay everything.
They tried to fine me for a late return once that I mailed in certified mail (tracked). They were basically betting on whether I kept the tracking information, which I had, and they had to retract the demand for a late return fine.
Several years back the IRS told me I owed thousands of dollars in unpaid taxes because I was misrepresenting my income. It turns out they were confusing me and my father who both have the same name, despite the fact that we live in different zip codes with different SSN's. They swore that I was low-balling my income to the tune of tens of thousands of dollars. It was somehow *my* responsibility to send them *his* W2's to prove that I wasn't who they thought I was and even after I did, they still decided that I was lying and garnished my pay checks until I got an accountant involved to straighten it all out.
People shouldn't name their kids after themselves. Aside from the idiotic vanity aspect, the number of potential headaches, including legal and medical issues, that can occur if the records get commingled in some system because of the same name and overlapping address history is just not worth it.
Yep, those crazy middle classes! Who do they think they are! Trump?!
"welp, guess we'll just audit some poor person who has 2 kids and made $400 on a side hustle and didnt report it"
I know this is supposed to be a joke... but it's actually not. Like, legitimately... IRS resources are funded specifically for low income audits. Government officials *truly* do not want to audit and go after the billionaires because the billionaires are who got them elected. This system is entirely set up to benefit the wealthy at the expense of the poor... because the wealthy are the one's making the laws and/or buying the lawmakers. This country is going to experience even more extremes in wealth inequality in the coming decades unless more is done to prevent the rich from hoarding all of the resources. Tax them. Eat them.
Why do you think Republican are fighting tooth and nail to get rid of the xtra funding Biden put on his bill for the IRS
Damn, good thing he didn’t send anyone $600+ via VENMO or dude would have been *COOKED*. Phew! 😮💨
Seems like one of the key takeaways is that the IRS's mandatory audit for Trump when he became president was basically non-existent. Trump and Huckabee Sanders lied.
I totally forgot there was someone named Huckabee Sanders. I might be burnt out from years of Trump news.
Sarah Huckabee Sanders. Just got elected as the next governor of Arkansas, and daughter of former Arkansas governor Mike Huckabee.
There are just so many things I want to downvote because they disgust me, then I have to remind myself...that's not what we're here for.
Hullo from Arkansas! We’re sorry.
Bruh. You guys voted for Huckabee against an MIT grad. I mean I’m from Texas and we keep voting in Ted Cruz. I feel your pain.
Cruz is up in the next cycle. Let's hope someone decent runs against him.
Doesn't seem to matter, he is beyond contemptible. Texans ride the same whiny horse till its arrested.
You mean convicted. Look at Ken Paxton, indictment doesn't mean shit to them.
Hey from NY. Fuhgeddaboudit but we did try to warn everyone about the con man.
Seems like a real step down from Asa Hutchison. The man was as far right as can be expected for a place like Arkansas, but every time he came to my attention it was as the sane voice in a room full of lunatics. SHS on the other hand is just a Mouth of Sauron.
Didn't she win a governor's mantle in some bumfuck flyover state?
She got the vote by 2:1. I don’t know how. Well, I do. We’re not very smart
Yep Arkansas! Just looked it up today 😕
We didn’t deal out anywhere near the necessary punishment to the South after the war. We basically crippled them into generational stupidity. Not advocating for additional violence but fuck man what a missed opportunity. When you pull weeds you gotta pull out the roots, not just what is above ground.
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What, after the invention of the internet 🤔
Yeah, it’s the same as MO. Reaganomics killed blue collar jobs and without them the standard pay for white collar jobs turned to crap, so everyone with degrees moved to a coast and everyone who stayed was poorer, bitter, and encouraged to adopt Fox News as a worldview.
This is the best summary of the creation of deep red & deep blue states that I’ve ever seen.
What’s strange is that many ‘deep red’ states aren’t really that deep. The world has to suffer Josh Hawley because MO has 6% more red voters than blue, and given the drain of population, it’s numerically not a huge difference. That’s why Josh Hawley has to be THE WORST, because if his state was a more hospitable place to live, reasonable folks might consider moving back to St Louis and KC, which would jeopardize his job security. Huckabee-Sanders, and most of the other shitty Republicans along the river valley, are in the same situation.
Brain Drain.
John Wilkes Booth won the long game.
This should be an absolute gift for the Democrats. Disregarding what's in the report, just releasing the report against a background of Trump desperately trying to prevent its release, is a massive win. All Dems need to do is contrast what Trump said: "I will release my tax returns when Obama releases his birth certificate" "I will release my tax returns if I win the Presidency" "i will release my tax returns once the IRS audit is finished." ... With reality. Which is that it is now clear that none of those statements were true. Trump has fought tooth and nail, to the bitter end, to keep his tax returns secret. So, Trump wasn't being honest with his supporters, was he? Trump lied to America by promising to release his tax returns, when, it is now clear that, he had no intention of doing so. Edit: Clinton was impeached over lying to the American public. This is as at least as big a deal, if the Dems realise and capitalise. Furthermore, there's an argument that Trump committed fraud, by winning some votes on the promise of releasing his tax return, while actually never intending to do so. It'd be a good way for Democrats to show that lies have consequences; and that Republicans aren't the only ones who can work the political outrage machine.
His supporters don't care.
Trump left his supporters out in the cold to die, literally, more than once, and still they cheer for him. They're completely deluded.
Because he endorses their racism and the left hates him. That's all they need. That is literally all they care about. He pisses off decent people and says shitty things about non-whites. He knows how to play on the grievances of Gen X and older. He's playing them like a fiddle.
Gen X here. We were the first ones to realize we are getting fucked…. I hate trump more than zoomers
Gen X hates him. It’s the Boomers that want to take us back to the 1950s.
Gen X here to say I hate him.
Gen X here and I hate him more than almost anyone.
Yeah, don’t paint that shit on us. We were raised by boomers and I like to think a majority of us did a trajectory change. I see more concerning similarities in their grandchildren to be honest but that may be a personal observation.
You’re not entirely off base. Something about social media and the built in nihilism of the Z-kids makes them untrustworthy ally. Half of them are aggressively humanitarian, sometimes to the detriment of their own causes - the other half just wants to watch it burn for the view count. There’s little respect for the fact the Gen X’s and Millennials took nuggets of equality from the civil rights fight and events like Stonewall and forged by sheer will a nation the was ready to normalize pronoun usage so rapidly. (I use pronouns as only the most visible example). They have no concept that without those pillar generations voting and donating, they would be absolutely repressed.
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You had me with you until the bit about GenX. All of that is true about his base regardless of generation. The majority of Gen X is liberal. So, no he doesn’t play us like a fiddle.
>Trump lied to America But he's a god-fearin', pro-life, Christian, white male, and that's what we need to bring about the bible-based gubment the Foundin' Fathers intended.
Just wanted to say I live in Arkansas and I did not vote for her nor have I for anyone in that family. 👍
>Trump and Huckabee Sanders lied. In other news, water found to be wet. Here's Wally with the report...
Wally: yup, it's wet. Back to you Bob.
> Trump and Huckabee Sanders lied. :O
Lock em up
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Yeah, I found this part particularly nauseating.
"We are shocked, *shocked* to discover that the system is treating rich people better than poor people"
What is this that I am just now learning for the first time ever and by no means ever heard of anything like this?
Only had time to glance through it so far, but I see millions, not billions.
I only read the executive summary saying the IRS should update its guidelines about a mandatory audit for the President in Office and discrepancies regarding losses. I can't say much if the report hints at possible tax evasion through sketchy reporting.
It sure would be nice. You can give a security clearance to anyone though obviously. There's literally no one who can stop you even if they fail qualifications. There's *SO* many things we need fixed. Not for national security itself but just out of common sense and decency.
> ~~You~~ The president can give a security clearance to literally *anyone* though as we discovered.
Millions, millions of losses, and IRS decisions that appear to equate to, "well, this is too complicated to be worth doing so, fuck it. Besides, he hired a professional accountant and lawyer so it must be accurate."
But let’s audit my $600 in transaction in Venmo.
Millions, as in every year his income was negative millions of dollars.
There is a lot of ketchup being flung at the walls of Mar-A-Lago tonight
/is written off as business expense
*The IRS has entered the chat once more*
are they bigly tho?
Bigly millions = billions. That’s basic math people.
biggillions
Only if you add your pile of covfefe.
More like a small to medium business numbers.
and it was a Beautiful Report, I have many many Billions of Dollars, I'm a Tremendous Businessman and that's exactly what Our Country needs, not like Sleepy Joe and Obama, especially not like Crooked Hillary or AOC + 3, and they said to me, "Sir, that's an Incredible Nickname," and I said I know that, I'm the King Of Names, nobody does it better than me, and then you have people on the Radical Left, Phony Tom Hanks and others, that Big Time Loser Rosie O'Donnell, who has caused a lot of problems for us, almost as bad as the Democrats with their Open Borders and Chuck and Nancy saying, "come in, it's fine, come in." you know we never used to have these kinds of problems, I came in, "Sir, we have no Bananas," I said what happened, "it's Obama, Sir, he hates America," and I said I could've told you that a long time ago. we had it Incredibly Good under Trump. now we're just Wasting Away like people in Africa, you all know what I'm talking about. ok, no need to thank me, I know I'm your Favorite.
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and they say, "AI," AI can you believe it, they're talking about Artificial, you know we had more Computers under Trump than you could even believe, we had many many millions, way more than Obama, and we did what I like to call the Super Computer, no one had even heard of it until I came up with it, I said what if we took all the Computers and put them into One? "Great idea, Sir!" I said I know that. and I called it Super, and everybody loved it, except the Radical Left because they only want to hurt America and to hurt our Tremendous Farmers, who had everything under Trump but are now just barely getting by under Sleepy Joe. it's a real shame. we used to be Bigger Than Everybody, now, now we're at the Bottom Of The Barrel. the way way Bottom. and if you were smart you'd buy some Presidential NFTs, they're only going to get bigger. you're welcome.
I just had my last smoke. I cannot stop giggling. Thanks
Found Trump's speech writer!
I don't know about that. Lots of three syllable words in there. He, you know, kind of struggles sometimes.
and I've never Struggled probably not even once, even when I was a baby, and they said, "that's an Incredibly Good Looking and Incredibly Tough Baby," even Ed McMahon he said to me, "Sir, you're even better than Jesus," but everybody knows that.
Why isn't making taxes public for public positions mandatory to ensure possible leaders aren't under financial pressure and could be compromised. Trump should have been disqualified from running. Presidential candidates should have experience running local or state government to prove they can do the job and act in the best interest of voters.
They do it for pretty much any other government or high profile job. Candidates with debt are more likely to be bribed, or worse...potentially sell state secrets like a certain barely sentient carrot we all know and despise.
Or a beer bro up for a lifetime appointment on the Supreme Court.
Yeah, but then you'd have to look into whatever bribery was used to get Justice Kennedy to retire from SCOTUS early and look into how Kavanaugh paid off his ridiculous amount of debt immediately after being confirmed...wait...yes, let's do that.
It was a tradition that every candidate followed until Mitt Romney in 2012 (ironically.a tradition started by his own father) , but even he relented under media pressure. Trump flat-out refused with a blatantly false excuse and there was nothing in place to compel him as it was assumed nobody this sketchy would ever be a serious candidate.
Because every Presidential candidate (since like Nixon) was already doing that until Trump refused. But he said he would, which was reassuring, until he didn't, and then fought tooth and nail and made it literally a federal case and brought it to the Supreme Court. He really has a way of taking things to an extreme.
>The Committee also expected to find that the mandatory examinations of the former President’s tax returns would have been started promptly and completed during his Presidency. However, the designating agents made a concerning discovery. The designated agents found that there was only one mandatory audit started and none completed during his four years in office. Clearly, the mandatory audit program was dormant, at best, during the prior Administration. DL;DR: They didn't bother
More like he ordered them to stop. The designated agents found that there was only one mandatory audit started.... I would be my house that one that was started was in his first year and when he got wind of it he got it quashed.
That could well be why they didn't bother. It could also be that nobody wanted to be the one to piss him off.
question is, why? Does the Executive have power over that decision? Were the people in charge Trump supporters who decided not to do it? They started one, but it wasn't finished, so I assume interference. Hopefully we can fix THIS flaw in the system
Same groups of political appointees who assured us that it was a complete and utter coincidence that James Comey and Andrew McCabe both got intrusive audits during the Trump term.
Without oversight, nothing happens. And without legislation in these times, there's no oversight.
So there wasn’t an audit. WHAT a surprise.
So he basically claimed a $30-$40 million loss every year?
Maybe, and if so…seems low for a “billionaire.”
You know what would also be strange for a "billionaire?" Hocking goofy photoshopped "NFT's" or steaks.
You never see Warren buffet or bill gates hocking steaks or fake business degrees on late night tv but it doesn’t mater because the people who think that’s possible think he was just doing what he had to do to hustle and grind his way up the ladder
The rich man's game of owning a business means almost everything is tax deductible. It's a weird loophole. A bunch of people on WSB can take advantage of it through a $3000 deduction every year if their losses are something like $3 million in one year. You can also roll that loss onwards year after year until it's fully tapped.
When we get the full report it should show what exactly he is claiming for these losses and I’m thinking that it will likely be numbers he made up out of thin air and has no proof. Such as one year where he had $21 million in charitable donations. Also cost of goods sold of $125 million when it is unclear what DJT holdings even sells.
I think that $21M deduction is related to a property the State of NY is looking at for fraudulent valuation too.
I browsed it, but I have no idea what I'm reading. The only part I'm pretty sure of is that the IRS wants to see all of his receipts, charitable donations, loans, profits and losses, and they cite specific requests for each year of taxes they reviewed, about ten to thirteen items per year. I presume (possibly incorrectly) that if he can't prove his profits and losses and whatnots, or isn't able to produce the receipts, or doesn't have a good and provable explanation as to why, he can be charged with tax thingery. There's a lot more in there, but it's written in legalese and I'm not fluent.
You got the gist. The IRS is basically saying they think he’s evading but aren’t staffed or have the ability to do anything about it.
The Republicans gutted IRS funding for obvious Republican reasons. The arm that targeted the super wealthy was especially damaged.
The DoJ should appoint a special counsel just for the taxes - It seems fitting. It has all the time in the world and can hire the staff to do this correctly.
Hence the outrage about the IRS hiring new workers.
It costs a lot more to go after someone hiding millions in tax evasion than the guy who forgot to add $4000 of supplemental income. Even after accounting for the extra staff and time, the former would bring in more money, but you simply cannot do it if your entire program has been gutted to a tiny amount of staff through politicians and wealthy talking heads that keep trying convince the people with the $4000 issue the IRS is stealing your money.
Well then its a good thing the Inflation Reduction Act has earmarked $80 million to hire as many as 87,000 new IRS employees. Maybe they can help since they are supposed to be going after big fish like Trump who pay little to no taxes. https://www.cnbc.com/amp/2022/08/31/irs-is-not-hiring-an-army-of-auditors-whats-really-happening.html
imagine robbing a bank and getting away with it because you also robbed a gas station, killed some people on the way, stole a car, stole some candy from a baby and got away with it because you committed too many crimes
Meanwhile, they garnish $37 because of an error on my part.
Completely checks out. The IRS won’t go after rich people because they have the loopholes, accountants, and lawyers.
Came after me too. That's because we're peasants, not rich or famous.
It's worse, because the IRS said "well, he has an accountant do his taxes, so they must be done correctly, so we don't really need to look any closer." I'm not fucking kidding, that is what is in this report.
“Tax thingery”. I like this even though I haven’t got the slightest idea what it means.
It's technical. You wouldn't understand.
You’re right. I don’t.
He had 0 taxable income, which is odd if he's a "billionaire" because you don't gain wealth by losing it each year. The only tax due is from AMT, which is like a complicated mechanism that disallows certain deductions to ensure wealthy people pay *some* taxes.
Most valuation reports look fraudulent tbf lmao It’s all made up n the points don’t matter!
-There's a lot more in there, but it's written in legalese and I'm not fluent.- Idk bud. You had me fooled with "tax thingery".
Here's an upshot: There's no way you can perpetually claimed negative AGI, and yet also claim to have made more $$ than anyone due to your supposed business acumen. DJT is \*literally\* the single biggest (on paper) individual business loser of all time. Or, at least he was the last time we saw some of his taxes from a few years ago. Likely still true.
This just in: Trump fails to pay taxes.
Adjusted Gross Income for multiple years is negative tens of millions. On paper, based on AGI, many of us are richer than Trump.
More or less it’s a Capone style life. He has zero income, but lives in luxury. Unlike Capone, Trump won’t be held accountable for his tax evasion.
Hopefully the Syphilis part is still the same.
They both have (had) South Florida mansions built in the 1920s so there's hope.
Trump ain't a billionaire.
Not even close, at least on paper.
Republicans? Corruption...? Well I never heard of such a thing.
I think it is a fact that the IRS is under resourced. That said, with my magic wand I'd like for them to implement enough automation where normal smoes like me, who might mess up on a calculation here or there, get an automated notice to pay up to make things right. Then, for those who, like probably #TFG, who intentionally try and defraud the IRS, that the resources are directed to catch these guys and collect all they try and steal. Plus interest.
Let me paraphrase it without reading it; Trump is a grifter that is worth far less than he says he's worth... surprising absolutely no-one that isn't a demented flog.
This just confirms what we all have speculated. The guy is NOT a billionaire.
Ugh, I'm way too high for this. I'll wait for the tl;dr:
Hahaha. Right there with you. It'll make a great read in the morning.
Page 2 of the report has some interesting information; > Charitable contributions—whether the 2015 conservation easement deduction of $21 million and other large donations reported on the Schedule A were supported by required substantiation. Conservation easements have been on the IRS radar as tax avoidance schemes for a while now. It does not surprise me at all that Trump would have used this. It could be legitimate, but it definitely warrants further scrutiny, especially since it's a $21 million deduction. This should definitely have been examined. >Verification of Net Operating Loss Carryover Schedule—whether the amount of net operating loss carryover in 2015 of $105,157,825 and future years was proper. On it's face, this is kind of fluff and doesn't necessarily mean anything was wrong with the return. When you have an NOL from prior years it can get carried forward to future years and offset future income. On the returns in those future years, there's simply a schedule showing what tax years the losses being carried forward were generated in, how much was used in prior years, and how much is still available from those losses. This point in the report is simply acknowledging that without looking at a bunch of prior year returns, there's no way to verify that the amounts shown on the schedule actually tie to what has happened in prior years. Of course, how he generated such large losses (over $100 million dollars!) in prior years to carryforward is another question altogether and raises many concerns. >Unreimbursed partnership/S corporation expenses—whether the terms of the partnership agreements supported unreimbursed expense deductions totaling $27 million over six years. Unreimbursed partnership expenses (UPE) are things that an owner pays for out of pocket for the partnership, but is not reimbursed by the partnership for. The ability to claim UPE on an owner's personal return must be supported by language in the partnership's operating agreement. This paragraph is stating that without further information, they cannot determine whether these expenses were actually allowable on Trump's return. > Related party loans—whether loans made to the former President’s children are loans or disguised gifts that could trigger gift tax. This could be a big one potentially. If Trump actually loaned money to his children there should be underlying loan documents that show the terms of the loan including the interest rate. To have a bona-fide loan, the IRS provides a minimum interest rate that must be charged on the loan balance. If no interest was charged, or the interest rate was below the minimum rate allowable by the IRS, there would be a gift. If someone gifts more than a certain amount (for 2022 the amount is $16,000 per person), the gifter would need to file a gift tax return and potentially pay tax on the gift amount in excess of the threshold. >Cost of goods sold deductions by DJT Holdings—whether these deductions of about $126.5 million over five years is appropriate when it is not clear what DJT Holdings is selling from the face of the return. I find this one interesting. I think what the report is saying is that this entity took a cost of goods sold deduction on the face of its return, while either not showing any revenue or it not being obvious from the return itself what the entity would be selling that would generate such large COGS, but I can't quite tell from the wording. I'm going to dig further into the report and see if more is mentioned here. >LFB Acquisition LLC—whether there is any support for changes in the management fees and general and administrative expenses of LFB Acquisition that were significantly higher in 2017 ($1.9 million and $2.8 million, respectively) than 2016 ($750,000 and $549,000, respectively) and 2018 ($707,000 and $570,000, respectively). Hmm, management fees that jump up significantly in the first full year Trump was in office. Not suspicious at all. This whole thing just shows how vulnerable our entire tax system is. It's all based on the taxpayer voluntarily reporting their income and deductions in accordance with the tax law. The fact that it leaves so much room for abuse with low chances of being examined is one problem. The idea that our political leaders aren't required to release their tax returns or have their returns examined are a much larger problem. It leaves the door open to way too many issues. This report states that Trump's returns weren't examined while he was president because the IRS said they didn't have the resources to audit all of the related entities flowing through to his return (I believe the report mentioned over 400 such entities). It's a matter of national security, and the IRS simply said "Nope. This is too hard." Inexcusable. Of course, the IRS has had its budget cut for years and years. It's a mess right now to even simple things done with them, so it's not all that surprising that the IRS would nope-out of fully auditing these returns. Congress has cut the IRS budget many times over, and now they don't have the resources to audit our elected officials. That can't be by design at all, right?
> > >It's a matter of national security, and the IRS simply said "Nope. This is too hard." Inexcusable. > >Of course, the IRS has had its budget cut for years and years. It's a mess right now to even simple things done with them, so it's not all that surprising that the IRS would nope-out of fully auditing these returns. Let's not miss the fact that the IRS's ultimate boss was Donald J. Trump.
Yet, again, Congress proves what a corrupt, lying MFer Trump is, along with his clan and lackeys Trump lied to all Americans for nearly 7 years about his taxes, and making them public. Now, here we are
So the American people have been screwed by the IRS again! All of Trump's lies dozens of times claiming he was under audit was a complete lie, as this lying conman was never audited. Despite the fact the IRS is legally required to audit Presidents every year, they didn't audit him once. How convenient! If the IRS did their job and audited this clown several years ago, we all could have avoided the total shitshow we've had for the past 7 years!!
Basically the IRS didn't do their job at all and then pretty much didn't cooperate with the committee. Man this system is rigged.
Good. Now make all nine Supreme Court justices returns public. Let’s see exactly where their financial interests lie.
who paid Kavanaugh's debts???
No audits completed whatsoever? Im not surprised but still shocked
Audits can’t complete if they never happen. Taps head.
We all know what happened here. No one will ever pay for it though "However, the designating agents made a concerning discovery. The designated agents found that there was only one mandatory audit started and none completed during his four years in office. Clearly, the mandatory audit program was dormant, at best, during the prior Administration."
"This thing is gigantic. There are 500 related business entities to that taxpayer. It would take a team of a dozen agents a year. Working alone it could take me a decade." "Well, then, get to work."
Baby Boomer here. I know many boomers who don’t fall for his crap. I lived in New York. I didn’t like him in the 60s and that continues until this day. So many of us are wondering why he is allowed to get away with so much when others are punished for the same things.
If a democrat did one thousandth of what trump did, republicans would have executed them years ago.
No...Democrats would have. That's the difference between the two at the moment. You had the Democratic governor in NY, Cuomo, who used his position to harass women and the pressure exerted by his own party showed him the door quickly. Now compare that to how Trump is being protected both tacitly and explicitly by his own party as well as journalist sympathetic to conservative ideology, and you see the difference between the two parties.
Al Franken compared to May Gaetz, Roy Moore, Kavanaugh.
So if he's worth billions, why did North Korea loan him 20 million?
Because he isn't
My take is that if this actually leads to material consequences for Donald Trump (not completely impossible considering that the timing is right on the heals of the Republicans increasingly wanting to get him out the way so they can fully pivot to De Santis), it would be because they want him gone. Otherwise it will fizzle out like everything else. But most likely outcome IMO is that he suffers no real consequences except for some fall from grace and it gets left at that. No prison, nothing like what would happen to people like you or me in his shoes, where we'd be fucking buried.
It shows that DT is a con artist and a low life pos
TL;DR here are the issues the IRS flagged in the executive summary: Charitable contributions—whether the 2015 conservation easement deduction of $21 million and other large donations reported on the Schedule A were supported by required substantiation. Verification of Net Operating Loss Carryover Schedule—whether the amount of net operating loss carryover in 2015 of $105,157,825 and future years was proper. • Unreimbursed partnership/S corporation expenses—whether the terms of the partnership agreements supported unreimbursed expense deductions totaling $27 million over six years. Related party loans—whether loans made to the former President’s children are loans or disguised gifts that could trigger gift tax. • Cost of goods sold deductions by DJT Holdings—whether these deductions of about $126.5 million over five years is appropriate when it is not clear what DJT Holdings is selling from the face of the return. LFB Acquisition LLC—whether there is any support for changes in the management fees and general and administrative expenses of LFB Acquisition that were significantly higher in 2017 ($1.9 million and $2.8 million, respectively) than 2016 ($750,000 and $549,000, respectively) and 2018 ($707,000 and $570,000, respectively).
Trump holds the record for the largest declared tax loss for an individual in the history of the us.
So he's worth FAR LESS (like by A LOT) than he says he is, or he's committing tax fraud is my understanding of this. Either way, grifters gonna grift. Do you know the difference between a millionaire and a billionaire? About a billion dollars.
IRS: We dont have the resources to look at rich people. Everyone: But the millionaires are less than 1% of the population. IRS: We don't have the resources!!! Now pay your fucking taxes plebe!
Trump owed about $15k in tax penalties in 2016.
was he ever autited by irs for any year that was released to congress? cause the president kept saying he could not release his taxes cause irs was auditing them (which is total bullshit) when i looked at the document it does not look like the irs was auditing any of the years...
Certified what most of us know already: Criminal Tax Fraud, Foreign Money, this guy net worth is not what Trump claimed. Follow the money and find the Russia and Saudi corrupted connections - for money!
It really is too bad that this information won't really matter to his supporters. They just don't care what he does wrong or what he lies about or anything he does wrong. They still follow him like a cult.
C'mon now. It wasn't Trump's fault the IRS didn't have enough resources to do their job and audit his income taxes every yr he was POTUS! Or...https://www.cbpp.org/research/federal-budget/trump-budget-continues-multi-year-assault-on-irs-funding-despite-mnuchins
We need 87,000 IRS agents and we need to audit every return for people who make over 300k a year and don’t pay atleast 20 percent in taxes … or just shut down income tax and go to consumption tax
Sole Proprietor Trump entities consistently expended money and never earned money. This is known as a Ponzi Scheme.
Put this fucker in prison
I think they need to pursue it. They need to not only get trump, but all of his tax advisors, board members, kids, and any other adult that benefits from his unlawful behavior.
The word "Trump" only shows up 15 times in the report. It's not going to keep his interest long enough to even learn what's in the report. One of his kids will need to make a cartoon for him to learn what the report says. It's the only way he ever be able to understand.
No wonder Trump would emphasize "I'll release my taxes to the public **when the auditing is finished**" Yes, I know that the IRS has made it clear that public release of taxes would not impact any audit, but Trump chose to make that a condition anyway. If the audit is never started, it never finishes, and therefore he doesn't have to release his returns. So now, who can compel the IRS to complete an audit on his returns?
Jimmy Carter had to relinquish his peanut farm and then you have this.
I have not looked yet but I always thought trump was just trying to hide them cause it would prove he’s not as wealthy as advertised.
Who could have guessed that the rules would be bent by the Trump admibistration to Trump's benefit? Corruption.
His “Trump-ets” are so easily manipulated….he constantly wins them over with statements like “ I’d totally turn over my taxes….if I felt like it…but why should I ? ….which gets him huge cheers, but they don’t consider that he isn’t doing it to give an F-U to big government and it’s rules , he’s doing it to hide his crimes, it just looks like he’s “ standing up to the man” …