President Trump: Tax Protesters Are Paid
The President believes he has a paid protester problem.
Early Sunday morning, the President tweeted his unhappiness with nationwide marches that took place the day before.
The Tax March was held in an effort to force the President to release his tax returns. The event was organized by a network of groups whose support and sponsorship was public on the march’s website. Organizers reported that a total of 100,000 protesters participated in events across the United States.
As a candidate, Trump declined to release his tax returns claiming he couldn’t do so because he was under audit. However, there is in fact no rule that says he cannot release them prior. His refusal to do so has long been a source of contention, with many theories and criticisms as to why he is so reluctant.
Why is Trump so reluctant to release his returns?
In August of 2016, Mark Cuban presented his own theory. In 2013 during a deposition, Trump claimed that he set up single-use subchapter S corporations to develop projects. S-corporation shareholders must “report the flow-through of income and losses on their personal tax returns and are assessed tax at their individual income tax rates.” S-corporations are responsible “for tax on certain built-in gains and passive income at the entity level.”
“His personal tax returns would show the financial performance of his development projects,” Cuban said, “Not good given how much he gets sued.” Cuban continued with, “It may also explain why reducing pass-through taxes is important to him. I say ‘may’ because taxes are only paid if he makes a profit.”
Critics have alleged he refuses to do so because it would expose use of tax loopholes, potential conflicts of interest in his business dealings, or fewer charitable contributions than he publicly claims.
After Trump attacked billionaire Warren Buffett last year over his taxes, Buffett responded with this.
“I have paid federal income tax every year since 1944, when I was 13. (Though, being a slow starter, I owed only $7 in tax that year.) I have copies of all 72 of my returns and none uses a carry-forward.” Buffett didn’t stop there either. As of that time, the billionaire was also under audit and stated this.
“I have no problem in releasing (his) tax information while under audit. Neither would Mr. Trump — at least he would have no legal problem.”
Added to this is an article that ran in The New York Times last fall which reported that Trump reported a massive $916 million loss in 1995, which enabled him to avoid paying income taxes for decades.
Politicians versus Voters.
While the motivation of politicians is obvious, the subject is a more personal one for voters. Even Trump supporters have stated it is a matter of trust. With a President who has already failed to deliver or behave in the way he promised, his taxes are now a trust issue. With that, it could spell much larger problems down the road.
Midterm elections often pass with little attention but considering the current divisions within the U.S., 2018 is shaping up to be an unusual election. To say nothing of the rapidly approaching 2020 election in which the President is already fundraising for. Failure to win over moderate voters could spell disaster for Trump if he does not realize one simple fact.
He serves by the will of the people and the people alone.