Page 38 - Deductions News Today

Not auditing him, and that tax laws allow for some of this, you know, dubious deductions? >> i think it could very well be all of the above. there is a lot of stuff in the tax code that is scandalous and yet legal. just because a person pays very little in taxes does not in and of itself mean theyre breaking the law. there are plenty of legal ways to avoid taxes rather than evade them. that said, there is still plenty of dodging material within these tax returns. some of which we knew before. so...

On trumps tax return, author the author of the big cheat. angela, bags assistant watergate prosecutor, coast host of the podcast sisters. lets start with you, you have been reporting on taxes, tax policy, tax policies, and tax cheats, for decades. its only been a few hours, but give me your take so far on what we are learning for the tax returns. >> while, the most important thing is there are clear batches of fraud in the returns, and yet he was not audited. and the reason is a curious iris pra...

But in many instances, in my opinion, not really credible. in some businesses, his income amount was exactly equal to the deductions, which just is going to be difficult for him to prove on audit, in my opinion. >> one of the returns show his business that operates a helicopter claim the same amount in profit and loss, a sta statistical impossibility. and one of them was a random number. what did you make of that? >> its like they werent even trying. it was as if someone who put that return toge...

Deductions, big credit, taking advantage of every loophole, and because of the storage of trumps internal revenue service did we dont know if how many of these were legal loopholes for the rich and how many of them were unjust in the illegal, because the irs didnt do the job of auditing. i think americans should be greatly outraged. >> as the public continues to sift through these never before seen tax returns, its hard to forget this other message that michael cohen is shared with us. heres wha...

Loopholes. would anything in the inflation reduction act affect what donald trump was able to do with these tax returns? >> i think the biggest thing in the inflation reduction act with the roughly 80 billion dollars that are added to the irs. one of the things that comes out of this investigation by the ways and means committee is, that the irs didnt have enough resources to really go through all of these. again, this is such a complicated. stuff for folks to understand it at home, basically th...

The documents include six years of tax information for the time Trump, a Republican, served as US President and campaigned for the White House, from 2015 to 2020.The

Youre going to do that, theoink lets also make sure that people like hillary clinton have to release their medical records along the way. but i think this ruling such d a very dangerous precedent, e rl because why shouldnt the republicans go out and release all these taxt eches returns of the highest echelons of the people? >> mdemocratic party? its a terrible precedent. w yeah.on makes yodeu wonder, whatr abouu the tax returns of the membersde of the house ways and means, th committee? look, ri...

Tax filings that show zero revenue but hundreds of thousands of dollars in expenses. trump did this over his 1984 tax returns and got caught. there were two trials. judges in both cases found that he committed civil tax fraud. that put him on notice that showing you have a business or maybe its an imaginary business with no revenue for which you take expenses to reduce your taxes is a no-no. thats evidence very powerful evidence of criminal intent. >> so kathryn, do some of these fishy things in...

Splaying to do. russ is right about those two ticket items. as the congresswoman pointed out, we have two dozen issues that come up in the deductions which are very poorly documents say the least, and expenses will fishys can be. the w we get to the end of that trail? it seems unlikely to be the full accountability will happen here but looking forward the notion that we just cant permit the already institutional safeguards to be simply demolished and in fact we had to strengthen them. thats got ...

Loss carryovers. but the other thing is that struck me was how much manipulation there wise in terms of his deductions. he had so many questionable deductions that the joint committee on taxation pointed out that should have been investigated, for instance the charitable deduction of some conservation he claimed $21 million in deductions. thats questionable. the loan to the kids was not alone or was it a gift tax and was that he is way of evading a give tax that he wouldve had to pay? and then t...