Trump tax returns to be released by House panel on Friday

[BumRushDaShow]

Last edited Tue Dec 27, 2022, 05:56 PM - Edit history (1)

Source: CNN Politics

CNN — The House Ways and Means Committee will release former President Donald Trump’s tax returns Friday morning, a source familiar confirmed to CNN. The returns will be placed into the congressional record on Friday morning during a House pro forma session. That pro forma session will occur around 9 a.m. ET on Friday. There will also be a formal announcement Friday from the committee.

The highly anticipated release comes after the panel last week asserted that the IRS failed to properly audit the former president’s taxes while he was in office. The committee released a report that detailed six years’ worth of the former president’s tax returns, including his claims of massive annual losses that significantly reduced his tax burden.

Chairman Richard Neal and fellow Democrats have said that the records they obtained showed that the presidential audit program failed to work as intended. Neal, a Massachusetts Democrat, charged that the complete required audit of Trump’s taxes “did not occur,” as his returns were only subjected to the mandatory audit once, in 2019, after Democrats inquired.

The committee also released a supplemental report from the Joint Committee on Taxation that included details on Trump’s tax returns from 2015 to 2020, ahead of the planned release of the returns themselves. The release of Trump’s tax returns marks the conclusion of a nearly four-year legal battle House Democrats waged against the former president after they took control of the House in 2019.

Read more: https://www.cnn.com/2022/12/27/politics/trump-tax-returns-release-friday

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Article updated.

Original article -

CNN — The House Ways and Means Committee will release former President Donald Trump’s tax returns Friday morning, a source familiar confirmed to CNN.

The returns will be placed into the congressional record on Friday morning during a House pro forma session. That pro forma session will occur around 9 a.m. ET on Friday. There will also be a formal announcement Friday from the committee.

This story is breaking and will be updated.

[MichMan]

1. Are they going to post the entirety of every page ?

The Congressional Record can be accessed by the public, correct?


Does that mean anyone could post a link to them here with no legal consequences ?

[intrepidity]

2. Lawsuit/injunction filed in 3... 2....

I mean, one specifying to block *public* release, not just to the committee.

Or has that issue already been resolved by scotus?

[RipVanWinkle]

3. I am looking forward to downloading his returns.

I'm a retired CPA. I worked for IRS for over 10 years and in public accounting for three years. I've seen thousands of tax returns and prepared hundreds.

It will be a guilty pleasure to read over his returns and see the fraud. I'll probably not catch all the fraud, but it will be interesting to see what he did.

[MichMan]

6. Why aren't those who prepared his returns losing their CPA & facing criminal charges ?

[RipVanWinkle]

16. That's a good question.

His returns should have been audited, and they weren't, until the Congress sent a request to the Treasury Dept. in 2019. That's when the IRS (reportedly) opened an audit.

When I worked at IRS, I did not work in the audit division. However, some of the tax returns I saw had audit involvement, or the taxpayer had been in bankruptcy. I saw the end result of audits and legal proceedings. I saw the work papers. Something tells me an audit of a return like Trump's shouldn't have taken this long.

If I have to take a wild, wild, guess, someone at the IRS or Treasury has been dragging their feet. Most likely due to a threat from the White House when Trump was president.

[PSPS]

20. Trump appointed the head of the IRS, who held the post until last month.

[MichMan]

23. Surely there are some agents that will testify that they were ordered not to audit them

[Funtatlaguy]

10. Please report back your thoughts to us when you see them. Thanx in advance.

[moreland01]

14. How many CPAs are on here?

Y'all should get your own thread going. I'd LOVE to read your (and other CPA's) thoughts as you go along reading the taxes!!

[twodogsbarking]

18. The work papers may be as important as the returns. Details.

From retired CPA, CFO, Yada.

[Skittles]

24. NICE

*PLEASE* post your findings!

[bucolic_frolic]

4. Champagne unavailable at local liquor stores! Bubbly breakout over TDFG's tax filings

I will have such a hangover. All to coincide with New Year's Eve.

[SheilaAnn]

5. Bet he's raging that we'll find out he is not nor has he ever been a billionaire..LOL. n/t

[bucolic_frolic]

7. Yup, you're right, that reality to be confronted

He'll be counting friends, receivables, chits, promises, depreciation - all good as cash! Plus political hedges, golf green bookings, crypto, NFT's, political skimming ... there is a lot of room for growth there!

[Evolve Dammit]

8. and paid no taxes when he claimed to pay "millions in taxes."

[PSPS]

21. Those who have seen the returns say trump's the world's poorest "billionaire."

[Torchlight]

9. Two and a half days for Trump's flock to get their spin on.

Five hundred excuses, four hundred rationalizations, three hundred justifications, and two hundred lies. Followed by Trump's fallback line when his hand is in the cookie jar- one hundred times of "I did nothing wrong!!"

[Justice matters.]

12. Yep. The proverbial "the numbers were sent to Mazars and THEY filed my returns"

See? No malicious 'intent' to defraud the United States here since "all I did was sign where Mazars told me to"

Toddler caught with his tiny hand in the cookie jar. Then it's not his, but his older sister's fault.

[dweller]

13. I see where you're going with that ...

Five hundred excuses, four hundred rationalizations, three hundred justifications, and two hundred lies … and his tiny hand in the cookie jar

(sung to the tune of the 12 days of Christmas)



✌🏻

[maxsolomon]

11. He claimed a 100 million dollar loss around 2010.

That loss has negated all his tax liability for over a decade.

That, and the 70 million dollar IRS refund he got in 2011 (which is still sitting in JCOT-review limbo a decade later), are unlikely to be detailed in these returns.

Every loophole that can be exploited has been, aggressively.

[packman]

15. Talk about a long journey that begins with a single step

Now I'm worried -my son reminded me when I said I'll be dead before they released his tax records.

[forgotmylogin]

17. He wasn't. Even. Being. Audited.

That was his excuse for not releasing them.

[Karma13612]

19. Yay!

Not that I’ll be able to decipher them. But I’ve got lot’s of DU members and reliable news authorities just waiting to share their findings!!!!







P.S. And President Biden has already been audited twice! And the case didn’t even have to go to the SCOTUS!!

[Novara]

22. Maybe he'll have an aneurism

He's gonna lose it when America sees and spends days/weeks poring over his tax fraud.

[gatomedianoche]

25. There is a larger issue that goes beyond Trump's taxes

Our tax system is designed to benefit the very wealthy with clever accountants. Like we say around here, Trump was living “high on the hog” while showing losses of several millions of dollars on his tax forms. We plebeians would be living in our cars had we experienced total loss of income. Looking at Trump’s tax returns should give impetus to calls to scrap the current income tax system replacing it with one in which those who make money from money pay the same rate as wage earners.