Sheriff Joe
DA
Trump’s Tax Returns
By Frank Ryan
Liberals did not hear what they wanted to hear in the Mueller report, so now they are waging a different type of battle. The new battle centers on Donald Trump’s tax returns.
The tax return conundrum and the demand that the President release his tax returns has exploded in both the New York State Senate and the U.S. House of Representatives.
The New York Senate has cleverly attempted to circumvent the confidentiality of the tax return by introducing a bill authorizing the release of the returns. New York Senate bill, S2271, requires the disclosure of tax returns by statewide elected officials including the president of the United States. Governor Andrew Cuomo has indicated that he would sign the bill.
Not to be outdone, Congressman Richard Neal, D-MA, chair of the Ways and Means Committee, U.S. House of Representatives, stated in a press release “Last month, the Ways and Means Committee began an investigation into the mandatory audit program at the IRS in an effort to assess the extent to which the IRS audits and enforces the federal tax laws against a sitting President and to determine if those audits need to be codified into federal law. As part of that inquiry, on April 3, I requested six years of the President’s personal and business tax returns, pursuant to my authority under section 6103(f) of the IRS Code. I believed then, as I do now, that reviewing the requested documents is a necessary piece of the committee’s work.”
The New York Senate and the U.S. House of Representatives are vainly attempting to politicize the release of tax returns using the average American’s misunderstanding of the tax code to give the false impression of wrongdoing on the part of the president of the United States.
Any CPA, of which I am one, will tell you that there is limited value to viewing someone’s personal tax return if your goal is to get a full picture of an individual’s financial dealings. The nature of tax laws is so complicated that unless one understands all the intricacies of C corporations, trusts, annuities, real estate, subchapter S entities, Limited liability corporations, and partnerships, a review of an individual’s personal tax return will merely give you an unbelievably inaccurate perspective of a person’s financial dealings and holdings. Unfortunately, the tax laws are so complicated that a review of the tax return may actually be misleading in and of itself. Asking for personal tax returns seems reasonable and prudent when in fact it is irrelevant for the most part.
By Frank Ryan
Liberals did not hear what they wanted to hear in the Mueller report, so now they are waging a different type of battle. The new battle centers on Donald Trump’s tax returns.
The tax return conundrum and the demand that the President release his tax returns has exploded in both the New York State Senate and the U.S. House of Representatives.
The New York Senate has cleverly attempted to circumvent the confidentiality of the tax return by introducing a bill authorizing the release of the returns. New York Senate bill, S2271, requires the disclosure of tax returns by statewide elected officials including the president of the United States. Governor Andrew Cuomo has indicated that he would sign the bill.
Not to be outdone, Congressman Richard Neal, D-MA, chair of the Ways and Means Committee, U.S. House of Representatives, stated in a press release “Last month, the Ways and Means Committee began an investigation into the mandatory audit program at the IRS in an effort to assess the extent to which the IRS audits and enforces the federal tax laws against a sitting President and to determine if those audits need to be codified into federal law. As part of that inquiry, on April 3, I requested six years of the President’s personal and business tax returns, pursuant to my authority under section 6103(f) of the IRS Code. I believed then, as I do now, that reviewing the requested documents is a necessary piece of the committee’s work.”
The New York Senate and the U.S. House of Representatives are vainly attempting to politicize the release of tax returns using the average American’s misunderstanding of the tax code to give the false impression of wrongdoing on the part of the president of the United States.
