“Did He Pay Anything At All?”: Donald Trump Says He Won’t Release Tax Returns
Months after he said he would release his tax returns, Republican frontrunner Donald Trump has decided that the American public doesn’t need to see how much (or little) he has paid in taxes until after the November elections, marking a shift in the vague promises he previously made to release the records to the public.
He solidified his position in an interview published by the Associated Press today, in which he said that “there’s nothing to learn from them.” Trump has also claimed that he is in the process of being audited by the IRS, and that releasing his returns for the year under audit would be imprudent, despite the agency confirming that being audited doesn’t legally interfere at all with the ability to release one’s tax records.
As far back as October 2015, Trump promised to release his tax documents. “I’m not going to say it, but at some point I’ll release it,” he said at the time. In that same interview, he also said, “I pay as little as possible, I’m very proud to tell you.”
In January, Trump said again that he would release his taxes soon. “We’re working on that now. I have big returns, as you know, and I have everything all approved and very beautiful and we’ll be working that over in the next period of time,” he said. Months later, they still haven’t been released.
Then again on May 8, just days before his announcement that he wouldn’t release his returns, he said, “Sure. If the auditors finish. I’ll do it as fast as the auditors finish.You don’t learn much from tax returns. But I would love to give the tax returns. But I can’t do it until I’m finished with the audit.”
But how little does Trump actually pay in taxes? David Cay Johnston, who spent three decades covering Trump as he moved from one business venture to another, noted that in 1978 and 1979 the businessman had paid exactly $0 in taxes.
He further explained how wealthy Americans like Trump use the tax code to their advantage, writing:
It’s all about tax rules that require you to depreciate, or reduce, the value of buildings over time, even if the market value of the structures is going up. If your depreciation is greater than your traditional income from work and businesses, Congress lets you report negative income. If these paper losses are just a dollar more than traditional income, it wipes out your income taxes for the year.
If Trump’s returns show he has paid no income taxes in some years, that could be a reason he has not yet released details.
Congress says most Americans can deduct no more than $25,000 of real estate depreciation against their income. But if you work two days a week managing real estate and own enough that the depreciation exceeds your salary and other income, Congress lets you live income-tax-free. And for as long as you keep buying buildings and depreciating them, the tax does not come due.
There are numerous reasons why Trump wouldn’t want to release his taxes. First, he has amassed his fortune partly by using tax loopholes that allowed him to effectively pay no income tax for years — possibly up to the present day. More recently, he changed his tune, saying, “I am willing to pay more, and you know what, the wealthy are willing to pay more.” America should be thankful Trump wants to pay more than… whatever he’s currently paying. It could be nothing at all.
Second, the tax returns could show that he has far less money than he claims. This possibility was seized upon by anti-Trump Republicans who have tried to coerce Trump into releasing his returns. During the opening shots of the fight against the racist billionaire’s takeover of the party, Mitt Romney raised the possibility, saying, “Either he’s not anywhere near as wealthy as he says he is, or he hasn’t been paying the kind of taxes we would expect him to pay.”
There is evidence to back up Romney’s claim. Forbes calculated Trump’s worth to be $4.5 billion at most. “Trump has filed statements claiming he’s worth at least $10 billion or, as he put in a press release, TEN BILLION DOLLARS (capitalization his). After interviewing more than 80 sources and devoting unprecedented resources to valuing a single fortune, we’re going with a figure less than half that–$4.5 billion, albeit still the highest figure we’ve ever had for him.”
Even harder to explain is the jump in Trump’s cash-on-hand. The National Review wrote that his organization showed documentation for cash and cash equivalents of $307 million in 2014. This year, that number jumped up to $793 million, sans documentation, making it difficult to believe that he actually has that much money. “I’m running for President,” said Trump in an interview with Forbes. “I’m worth much more than you have me down [for]. I don’t look good, to be honest. I mean, I look better if I’m worth $10 billion than if I’m worth $4 billion.”
Trump’s obstruction has not only served his purposes, but that of his likely rival, Hillary Clinton. During the Democratic debate in Brooklyn last month, she responded to a question about her speech transcripts with a criticism of other presidential candidates, namely Trump, who didn’t release their tax returns.
“There are certain expectations when you run for president,” said Clinton. “This is a new one but I will tell you this, there is a longstanding expectation that everybody running release their tax returns.”
By: Saif Alnuweiri, The National Memo, May 11, 2016
“The Making Of An Ignoramus”: Making America Great Again Means Running The Country Like A Failing Casino
Truly, Donald Trump knows nothing. He is more ignorant about policy than you can possibly imagine, even when you take into account the fact that he is more ignorant than you can possibly imagine. But his ignorance isn’t as unique as it may seem: In many ways, he’s just doing a clumsy job of channeling nonsense widely popular in his party, and to some extent in the chattering classes more generally.
Last week the presumptive Republican presidential nominee — hard to believe, but there it is — finally revealed his plan to make America great again. Basically, it involves running the country like a failing casino: he could, he asserted, “make a deal” with creditors that would reduce the debt burden if his outlandish promises of economic growth don’t work out.
The reaction from everyone who knows anything about finance or economics was a mix of amazed horror and horrified amazement. One does not casually suggest throwing away America’s carefully cultivated reputation as the world’s most scrupulous debtor — a reputation that dates all the way back to Alexander Hamilton.
The Trump solution would, among other things, deprive the world economy of its most crucial safe asset, U.S. debt, at a time when safe assets are already in short supply.
Of course, we can be sure that Mr. Trump knows none of this, and nobody in his entourage is likely to tell him. But before we simply ridicule him — or, actually, at the same time that we’re ridiculing him — let’s ask where his bad ideas really come from.
First of all, Mr. Trump obviously believes that America could easily find itself facing a debt crisis. But why? After all, investors, who are willing to lend to America at incredibly low interest rates, are evidently not worried by our debt. And there’s good reason for their calmness: federal interest payments are only 1.3 percent of G.D.P., or 6 percent of total outlays.
These numbers mean both that the burden of the debt is fairly small and that even complete repudiation of that debt would have only a minor impact on the government’s cash flow.
So why is Mr. Trump even talking about this subject? Well, one possible answer is that lots of supposedly serious people have been hyping the alleged threat posed by federal debt for years. For example, Paul Ryan, the speaker of the House, has warned repeatedly about a “looming debt crisis.” Indeed, until not long ago the whole Beltway elite seemed to be in the grip of BowlesSimpsonism, with its assertion that debt was the greatest threat facing the nation.
A lot of this debt hysteria was really about trying to bully us into cutting Social Security and Medicare, which is why so many self-proclaimed fiscal hawks were also eager to cut taxes on the rich. But Mr. Trump apparently wasn’t in on that particular con, and takes the phony debt scare seriously. Sad!
Still, even if he misunderstands the fiscal situation, how can he imagine that it would be O.K. for America to default? One answer is that he’s extrapolating from his own business career, in which he has done very well by running up debts, then walking away from them.
But it’s also true that much of the Republican Party shares his insouciance about default. Remember, the party’s congressional wing deliberately set about extracting concessions from President Obama, using the threat of gratuitous default via a refusal to raise the debt ceiling.
And quite a few Republican lawmakers defended that strategy of extortion by arguing that default wouldn’t be that bad, that even with its access to funds cut off the U.S. government could “prioritize” payments, and that the financial disruption would be no big deal.
Given that history, it’s not too hard to understand why candidate Trump thinks not paying debts in full makes sense.
The important thing to realize, then, is that when Mr. Trump talks nonsense, he’s usually just offering a bombastic version of a position that’s widespread in his party. In fact, it’s remarkable how many ridiculous Trumpisms were previously espoused by Mitt Romney in 2012, from his claim that the true unemployment rate vastly exceeds official figures to his claim that he can bring prosperity by starting a trade war with China.
None of this should be taken as an excuse for Mr. Trump. He really is frighteningly uninformed; worse, he doesn’t appear to know what he doesn’t know. The point, instead, is that his blithe lack of knowledge largely follows from the know-nothing attitudes of the party he now leads.
Oh, and just for the record: No, it’s not the same on the other side of the aisle. You may dislike Hillary Clinton, you may disagree sharply with her policies, but she and the people around her do know their facts. Nobody has a monopoly on wisdom, but in this election, one party has largely cornered the market in raw ignorance.
By: Paul Krugman, Op-Ed Columnist, The New York Times, May 9, 2016
“A Rational Outcome Can’t Be Taken For Granted”: Democrats, Don’t Celebrate Trump’s Nomination. Fear it.
I know the polls say Donald Trump cannot win. But what if we are looking at the wrong poll question?
What if Trump’s overwhelming negatives don’t matter? Or, to put it another way, what if the country’s negatives matter more?
Right now, about 6 in 10 Americans have an unfavorable view of Trump, and only 36 percent view him positively.
But the country is faring even worse. In the most recent average of polls calculated by RealClearPolitics, 26.9 percent of Americans think the nation is headed in the right direction and 64.9 percent think we are heading down the wrong track.
So what if even voters who respect Hillary Clinton’s competence reject her as the embodiment of business as usual? And what if even voters who do not like Trump’s bigotry or bluster care more that he will, in their view, shake things up?
Sure, these voters might tell themselves, he may be crude, or inconsistent, or ill-informed. He may insult women and Hispanics and other groups. But it’s part of a shtick. He probably doesn’t mean half of it. He’s just an entertainer. The desire to send a message of disgust or disapproval, in other words, could lead voters to overlook, discount, wish away or excuse many Trump sins.
Meanwhile, Clinton cannot shake free of the status quo. You may remember how this bedeviled Al Gore when he asked voters to give the Democratic Party a third straight presidential term in 2000. The vice president managed to achieve the worst of both worlds, alienating Bill Clinton and his most ardent supporters without establishing himself as an entirely new brand.
Unlike Gore, Hillary Clinton is not an incumbent. But she is no less associated with the establishment, having served as first lady, U.S. senator and secretary of state over the past quarter-century. Even if she were inclined to do so, she could not afford to distance herself from President Obama, whose backers she will need to turn out in large numbers.
I know there is an element of irrationality in these fears. I understand that not every dissatisfied American will vote for Trump.
About two-thirds of the country may think we are on the wrong track, after all, but Obama’s approval rating is 51 percent and rising.
Meanwhile, only 4.7 percent of eligible voters have actually cast a ballot for Trump in the party nomination process so far, as an analysis by FairVote shows. Many of the remaining 95.3 percent, no matter how unhappy most are with the performance of their government, will take their responsibility seriously enough that they will not vote for someone who casually threatens the faith and credit of the United States, breezily posits the merits of nuclear proliferation and cheerfully espouses torture as an instrument of U.S. policy.
Republicans are divided, the economy is improving, the demographics are increasingly in Democrats’ favor. The likeliest result of a Trump nomination is a Republican washout up and down the ballot.
I do get all that.
Still, when I hear smart people explaining why Trump cannot win, all I can think is: Aren’t you the ones who told us that he couldn’t top 30 percent, and then 40 percent, and then 50 percent in the Republican primaries? Weren’t you confident that he was finished after he called Mexicans rapists, and insulted prisoners of war, and dished out a menstruation insult?
Did you predict his nomination? If not, we don’t want to hear your certainty about his November defeat.
Nor is it reassuring to read how happy the Clinton camp must be to be facing such a weak opponent. They need to be running scared — smart, but scared — now and for the next six months.
I do have faith in the American voter, I really do. But when two-thirds of the country is unhappy, a rational outcome can’t be taken for granted.
By: Fred Hiatt, Editorial Page Editor, The Washington Post, May 8, 2016
“A Nicely Executed Double-Backflip”: If Bobby Jindal Can Support Trump, Any Republican Can
You’d sort of figure that of all the Republican pols who will eventually crawl their way back into the GOP tent after saying (publicly or privately) nasty things about Donald Trump, former Louisiana governor Bobby Jindal would have been last and least conspicuous — you know, maybe signaling an intention to vote for the mogul in a fine-print ad (like a legal notice) published the day before the general election.
But no: The rival who called Trump an “egomaniacal madman,” among other choice epithets, came out for the Donald in The Wall Street Journal about six weeks before the Republican National Convention, and close to a half-year before the general election.
To be sure, Jindal not only acknowledged but repeated some of his abuse.
I was one of the earliest and loudest critics of Mr. Trump. I mocked his appearance, demeanor, ideology and ego in the strongest language I have ever used to publicly criticize anyone in politics. I worked harder than most, with little apparent effect, to stop his ascendancy. I have not experienced a sudden epiphany and am not here to detail an evolution in my perspective.
No, it’s all about Barack Obama and Hillary Clinton, who are in Jindal’s eyes more loathsome and dangerous than a pol he’s described as psychopathic, unprincipled, and “unserious.” Clinton will, says the grotesquely unsuccessful Louisiana governor, continue Obama’s “radical” policies without the “triangulation” that made Bill Clinton tolerable to conservatives.
It’s significant that the first data point Jindal deploys is the impact of the general election on the Supreme Court:
In my lifetime, no Democrat in the White House has ever appointed a Supreme Court justice who surprised the nation by becoming more conservative, while the opposite certainly cannot be said for Republican appointments. Mr. Trump might not support a constitutionalist conservative focused on original intent and limits on the court’s powers. He may be more likely to appoint Judge Judy. However, there is only a chance that a President Trump would nominate a bad justice, while Mrs. Clinton certainly would.
This is a nicely executed double-backflip: Republican presidents are constantly putting godless liberals like John Roberts on the Court; could Trump be a much greater risk? And even Judge Judy would be better than the baby-killing, Christian-hating, tyrant-enablers Hillary Clinton would nominate.
What Jindal’s really doing here is something we are going to see from a lot of Republicans in the very near future: an engraved invitation to Trump to reassure them with some sort of iron-clad public commitment to appoint justices that not only would blow themselves up before allowing Roe v. Wade to stand or Citizens United to fall, but who might bring the whole hog of “constitutionalist conservatism” to the Court, turning back the clock to the 1930s. For people like Jindal, a right-wing Supreme Court would covereth a multitude of Trumpite sins.
You might wonder who on Earth really cares what Bobby Jindal thinks about the general election. But by making his “lesser of evils” argument so absolute, and making it so early, he’s helped create a lot of safe space for other Republicans who haven’t called Trump a madman to cross the boundary into the Trump camp at their convenience, preferably on a slow news day.
By: Ed Kilgore, Daily Intelligencer, New York Magazine, May 9, 2016
“Farewell, Grand Old Party”: GOP Dug Its Own Grave And Dropped One Foot In When McCain Selected Sarah Palin
It wasn’t precisely an act of moral courage, but House Speaker Paul D. Ryan’s (Wis.) comment that he’s not ready to support presumptive presidential nominee Donald Trump was at least . . . something.
Whether it’s a start or a finish remains to be revealed, but it would seem that we’re witnessing the beginning of the end. To wit: A Republican friend, who has abandoned her behind-the-scenes work of getting conservatives elected, called me recently to express her condolences. “I feel sorry for you,” she said, “because you (given your job) can’t ignore the collapse of Western civilization.”
Now a renegade from the nominating process, she is like so many others disillusioned by the Trump movement who’ve slipped the noose of politics in search of meaning beyond the Beltway. But Trump’s triumph, though most insiders thought it impossible, should have surprised no one. He was inevitable not because he was The One but because he’s a shrewd dealmaker with deep pockets and unencumbered by a moral compass. Both his platform and style were crafted to fit the findings of extensive polling he commissioned before announcing his run.
In other words, Trump didn’t write a book you loved; he wrote the book you said you’d love. If people were outraged about immigration, why then he’d build a wall. If they were upset about manufacturing jobs lost overseas, well fine, he’d kill the trade agreements.
Trump was never about principle but about winning, the latter of which he kept no secret. What this means, of course, is that his supporters have no idea whom they nominated. He simply paid to read their minds and then invented a drug that would light up the circuit boards corresponding to pleasure and reward.
“Believe me,” he crooned to the roaring crowed.
“I’m not there right now,” said the speaker, blessing himself in the sign of the cross.
Poor Ryan — a man of conscience in an unconscionable time. He wants to support the Republican nominee, but, at the end of the day, he has to answer to a higher authority. Trump, the party’s standard bearer, isn’t bearing the standard, Ryan said.
But what Ryan expressed as the basis for a desired meeting of the minds isn’t about those standards, except the hope that Trump will behave better in the future. You know, act presidential and all that. Otherwise, Ryan is standing by the phone to hear that Trump will unify the party. How, pray tell? What would satisfy the Ryans of the party? For Trump to say, Hey, I was just kidding?
The problem, as with all relationships, is that certain words, once expressed, can’t be taken back. No amount of backtracking can erase memories of what Trump really thought and said in a particular moment. It isn’t only that his wildly conceived and frequently revised positions are at odds with those of leveler heads, but also Trump has embarrassed those who can still be embarrassed.
Among those with either the gumption or nothing to lose by expressing no-support for Trump are both George W. Bush and George H.W. Bush. Neither will endorse the Republican nominee. Laura Bush, a consistent voice of sanity, recently hinted at a “Women in the World” conference that she’d rather see Hillary Clinton as president than Trump.
This is utterly treasonous to most Republicans. Not only is Clinton a Clinton, notwithstanding her Rodham-ness, but also the next president likely will select up to four Supreme Court justices. Republicans magically think that at least Trump would pick good justices.
But upon what shred of fact or fiction do they base this assumption?
Still other Republicans are expressing disapproval by vowing not to attend the party convention in July. These include the last two GOP presidential nominees, Mitt Romney and John McCain, though McCain is on record saying he’ll support Trump, which can be viewed as loyal or merely sad.
The “sads” have it.
McCain seemingly has forgiven Trump’s remark that he was a war hero only because he was captured. “I like people that weren’t captured,” said the anti-hero who managed to avoid service and once compared his navigation of the sexually risky 1960s to “sort of like the Vietnam era.”
This is the man who would become commander in chief.
Meanwhile, we’re told, the party that adopted Trump without really knowing him is suffering an identity crisis and facing a moment of truth.
Phooey. The GOP began digging its own grave years ago and dropped one foot in when McCain selected Sarah Palin as his running mate. With Trump’s almost-certain nomination, the other foot has followed.
By: Kathleen Parker, Opinion Writer, The Washington Post, May 6, 2016
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