As per the leading impartial tax attorneys in Congress, Donald Trump’s tax records contain dozens of audit red flags.
These red flags include debatable private jet expenditures, large unproven charitable contributions, and suspicious payouts to the former president’s family members.
Report Released
This is from a report released from the Joint Committee on Taxation, which discloses data Trump has spent years fighting to remain private. None of these entities have been subject to a thorough audit.
The Joint Committee’s analysis revealed that Trump was capable of minimizing his tax liability by utilizing suspicious deductions and aggressive accounting techniques.
The data also revealed Trump and his companies managed to lose tens of millions of dollars during his presidential campaign and after he assumed office.
The report identifies tens of millions of dollars in expenses assumed by Trump and his businesses, as well as for business expenditures while he was president.
This comes in addition to $126.5 million in write-offs over five years associated with revenues from an organization that did not appear to be attempting to sell anything as items that merit further investigation.
Dozens of audit triggers litter Donald Trump's tax returns, according to Congress's top nonpartisan #tax lawyers: questionable private jet expenses, large unsubstantiated charitable deductions and dubious payments to the former president's children. https://t.co/oqDsjrR6vj
— Accounting Today (@AccountingToday) December 21, 2022
A $21.1 million payment for a conservation easement on Trump’s Seven Springs real estate in Westchester County, New York, was also identified.
This issue was the topic of a fraud suit brought previously this year by New York Attorney General Letitia James, something Trump has characterized as a politically motivated attack.
In a Tuesday press statement, House Democrats blamed Trump’s opposition to transparency and the Internal Revenue Service’s lax routine checks for presidents for the former leader’s possible violation of tax rules he swore to protect.
Red flags in Donald Trump's tax returns: private jet expenses, large unsubstantiated charitable deductions and payments to his children https://t.co/fBNvFH3hVu
— Bloomberg Wealth (@wealth) December 22, 2022
The statement was made public just after the House Ways and Means Committee voted along party lines to disclose the documents, capping a more than three-year means of gathering Trump’s tax records.
Trump’s exact tax returns for the years 2015 to 2020, which may include reams and reams of individual and commercial filings, will be published in censored form in the days ahead.
Richard Neal, chairman of the House Ways and Means Committee, who led the investigation into Trump’s tax returns and the IRS’s presidential audit program, announced he will introduce legislation.
This legislation would mandate that the IRS audit every president within 90 days of assuming office.
Trump Claims He Has Nothing to Hide
Trump has long stated that he’d be happy to present his tax returns, but he is currently being audited on the recommendation of his attorneys.
Despite the fact that House Democrats prevailed in their protracted legal battle to acquire Trump’s tax returns after he drained all of his legal avenues, any potential political gain for Democrats is likely to be minimal.
This is the case, given that the majority of voters have turned their backs on Trump. In the previous three years, larger scandals and other plotlines have risen to the surface.
