Page 33 - Audit Program News Today

Second headline here, what the hell? hes a complicated taxpayer, fine. but not doing it at all and then only assigning one person? and even to this day the irs is basically saying, oh, its so complicated, theyre kind of throwing up their hands. how can poor old us, were outgunned by big mr. taxpayer trump. that is bizarre and not credible. it turns out the very reason that this motion to get the taxes initiated, to find out about the audit program, was very well taken, not withstanding everythin...

Tonight, wolf. >> let our viewers know. thank you. excellent reporting as usual. now to the first public look at donald trumps tax returns. made public by the house democrats earlier today after the former president kept them secret for years. cnn national correspondent kristin holmes takes us through these documents and what they revealed. >> reporter: little or no income tax, foreign bank accounts and eye-browse raying details about loans to his adult children. just some of the findings afte...

Over and over and over issue that we have previously raised in our reporting or othe issues that sort of just didn want to look at it >> i talked to representativ gwen - she was on the committee and she pointed that out what i wa trying to get to is is that an irs problem is that adult from problem because he had greater complexity to his business affairs than a typical president coming in most presidents have a normal tax return that has normal incom and the irs as well equipped t handle that s...

Disclosure of donald trumps tax returns, is it about the irs in the audit program or is it about donald trump? >> its about both. and the reason why it is about both is that when a presidential candidate does not voluntarily release their tax returns, there is also a backup mechanism. there is a monetary, a automatic audit program of the presidents tax returns. so that would make people safe that the audience are current. and one of the things we want to know as democrats, did that happen? and t...

Special set of rules. donald trump has operated as if he was exempt from law for a long time. now hes finally being held to account. >> the top of the economy, or the top of an administration as well. congressman, thank you so much. and please get home safely to michigan. its going to be cold. it was nice talking to you. i want to turn now to cnn chief congressional correspondent manu raju, and someone whos been reporting on donald trumps finances for not years, but decades, everyone, david cay ...

Chance to look at this. if you can, for our viewers, please lay out why it was important for congress to get donald trumps tax returns in the first place and why you want to release these tax returns to the public? >> thank you, great, question so i want to be very clear that the committee was looking at donald trumps taxes or asked to look at them, in the process of reviewing the mandatory audit program that refuses all taxes of every single president and vice president since 1977. but since th...

Presidents. so, what happened here? >> thats right, kristie. there was a major breakdown of the presidential audit program when it comes to donald trump. and i think thats one of the reasons that these returns are being released. the house ways and means committee is putting out a report detailing that there were failures to do the required oversight, that the irs is supposed to do over every president, to make sure that they dont have financial conflicts and theyre following the tax law. and di...

On legislation. they said in a statement the ways and means committee report makes clear the legislative steps that must now be taken to guard the public trust. and we will move swiftly to advance chairman richard neil legislation requiring the internal revenue service that conducted annual audits of the presidents finances. so, expect that to come to the floor here, laura, tomorrow, maybe the day after. but certainly by friday, when the democrats, the final days in power, plan to finish up busi...

Report as well. theres a lot to be learned. its very dense material. what else are you learning from this actual report, aside from what speaker pelosi intends to do to codify some of the shortcomings were talking about? >> yeah, theres two separate reports. theres one in the committees investigation about that annual audit program. this was the one congressman kildee with discussing what you just, out where they found efficiencies in that program. they also showed that in 2018, the white house ...

Presidential audit program that the irs was supposed to do on sitting presidents. and how that was done when donald trump was president. another one is an analysis by the nonpartisan joint committee on taxation looking at six years of donald trumps tax returns as well as tax returns from his businesses. now, in the investigation into the irs mandatory audit program, the committee finds that it was not working, it was dormant as they say at best and concerning during the trump administration. the...