Page 501 - Audit News Today

>> jennifer: just days before republicans take the house, democrats releasing six years of formernt trumps tax returns. they reveal his payments range from a million dollars to nothing. chad pergram live on capitol hill. chad? >> jennifer, $750. thats how much former president trump paid in taxes in 2016 and 2017. nothing in 2020, no taxable incomes in 2015 through 2017 and 2020. house democrats tried to get mr. trumps taxes to see if the irs conducted a proper audit. >> the president countered ...

The collapse of FTX has many asking the old question, "Where were the auditors?"

Taxes subjected to a mandatory audit by the irs, and upon review, whoever happens to lead the ways and means committee, determines that there are serious red flags, that ought to be addressed, 100%, those returns should be subject to absolute scrutiny and potential release. the president of the united states is a unique figure in american government. so the notion that there is some precedent that is being set, ill accept the precedent that the president has potentially failed in a way that it l...

They released it into the congressional record. let me get into some of the nitty-gritty. mr. trump paid $750 in taxes his first year. losses of nearly $13 million. top republican on the ways and means committee characterized the tax release as quote pandoras box. democrats sought his tax information for years. it has been customary for presidents and contenders to release taxes. the former president argued he could not release them because he was facing an audit and said the public would not un...

Wealthy have declined, and the audits of the ultra wealthy have declined by 70%. so they have had less and less resources. this is why democrats put in the inflation reduction bill $80 billion for the irs to restore its functions and to make sure that the ultra wealthy in this country pay their fair share, and by the way, those audits would only be for anybody earning $400,000 or more, but i do think theres another problem as to why this happened, and i think its because there was a lack of will...

Targeted toward finding out of the presidential audit system was working, that it failed and that for people to have confidence in the _ extent of which it failed they need to see the returns. that isjust as public cover—up effort, they blocked my motion for two years to get the returns and then a trump appointed judge help the case for years in addition to that. i think their opposition is weak but if they want more investigation of the way the irs did thisjob or failed to, i am all for it. b...

There is nothing about this that applies to the tax returns of ordinary americans. the president of the united states is unique in his situation, in his power, in his ability to affect what goes on in our government and the world, and he should have been subject to the same audit that applies to joe should have been subject to the same audit that applies tojoe biden, it applied to many presidents before trump, before america ever had the misfortune of trump becoming present president. misfortune...

Trumps empire, it was a facade, a front he put up, this glamorous outside that was hiding machinations where he would try to raise money and float debt and make all these various claims on his taxes, which were, of course, adjudicated by lawyers and accountants to make sure they wrung every dollar out of the system. its not the face he wants to present to the world. in 2011 when he was first mulling an idea of running for president, he said, of course, i will release my tax returns. it will show...

After tax return, and that he is just a wildly bad businessman. and it just undercuts what he ran for president as, as a self-made billionaire. hes not. hes anything but that. >> its extraordinary. that was a pillar of his political identity. on the audit, tell me what you think on the audits. >> yeah, the audit, it is interesting, i wanted to be kind of, there is a lot of misinformation there, but the audit, like everything with donald trump, there is more than one criminal investigation in her...

Done here. i think the irs has some explaining to do. >> right. that is the big question, kind of what happened here and why that wasnt followed. . do you believe -- you kind of eluded to this, but id like to drill down on it. do you think the audit or the release of taxes should be codified into law for future presidents and should there be some sort of -- >> yeah, exactly. i think its good public practice to say the candidates for that office and vice presidency should disclose their taxes. tr...