Tue Aug 23, 2016, 09:48 PM
pnwmom (79,720 posts)
George HW Bush's IRS chief calls for Trump to release returns -- and endorses Hillary.
There is, however, a first step that Trump has no excuse for not taking. He can and should immediately release the first two pages of his Form 1040, along with his Schedule A, for the past 20 years. This would tell us how much he makes, how much he pays in taxes, and how much he contributes to charity.
Releasing this information would have no impact on any pending or future IRS audit of Trump. Zero. None. It is a risk-free first step with no downside. While painting a far from complete portrait, it would answer a few of the questions that Trump himself has raised during the campaign: He claims that he makes a lot of money; he claims that he makes significant charitable contributions; and he claims that he reduces his tax liability as far as current law allows.
The first two pages of his enormous tax returns, along with his Schedule A, will shed important light on these claims. The first two pages plus the Schedule A of the Clintons' 2015 tax return tell us they made $10.6 million; that they made charitable contributions of $1.0 million; and that they paid federal taxes of $3.6 million, for an effective tax rate of 34 percent. We have that same information about the Clintons for the past 20 years. The first two pages of Trump's tax returns, together with his Schedule A, would provide us with the same information for him. He can and should share that information with no audit risk whatsoever.
This would be a beneficial first step. His full return, as is the case with any individual having complex business affairs, would provide further important information, helping to paint a more complete portrait of Trump. For example, it could provide insight into Trump's record in business, such as more information about his important sources of income (real estate, domestic and off-shore investments) and the tax impact of debt forgiven in his bankruptcies.
A couple of my own disclosures: I had the honor of being appointed IRS chief counsel by President Reagan, and being appointed IRS commissioner and then Assistant Secretary for Tax Policy at the United States Treasury by President George H.W. Bush. This year, I will be voting for Hillary Clinton. I am confident she will keep us safe and that she could and would work with Republicans in Congress to lead our country to a better future for all Americans.
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George HW Bush's IRS chief calls for Trump to release returns -- and endorses Hillary. (Original post)