Trump’s tax returns

Written By: - Date published: 2:47 pm, January 2nd, 2023 - 18 comments
Categories: Donald Trump, politicans, tax, us politics - Tags:

One of the mysteries of the ages has now been resolved.  One of the great mysteries along with who killed JFK and is there life on Mars is how wealthy is the orange one.  And now we know.

And it appears that he is not as wealthy as he made out to be.

Shocked I was at that news, I tell you I was shocked.  It shook me to the core that someone for who honesty is an optional extra had been elected to the highest office in America.  And astounded I am that he has a fighting chance of regaining that office.

From the Guardian:

A House of Representatives report released earlier this month analyzed the documents and showed Trump and his wife Melania paid no federal income tax in 2020, the last full year he was in office.

The couple paid $641,931 in federal income taxes in 2015, the year Trump began his campaign for president. They paid $750 in 2016 and 2017, nearly $1m in 2018, $133,445 in 2019 and $0 in 2020, the year Trump unsuccessfully sought re-election.

Such numbers reflect heavy business losses and undermine Trump’s self-perpetuated narrative of commercial wealth and success – a crucial part of his brand during his successful 2016 campaign.

Trump reported bank accounts in Britain, China and Ireland from 2015 to 2017, and from 2018 only reported a bank account in Britain.

During a presidential debate in 2020, Trump said the Chinese account “was closed in 2015, I believe” and insisted: “I closed it before I even ran for president, let alone became president.”

Surprisingly the Supreme Court including Trump’s appointees had previously refused Trump’s application to stop the release.  He must have fumed.  Again from the Guardian:

The US supreme court will allow a congressional committee to receive copies of Donald Trump’s tax returns, ending a three-year battle by the Democratic-led body to see the documents the former president has famously refused to release since his first White House bid.

The court did not accompany its decision with any public comment, but it rejected Trump’s plea for an order that would have prevented the treasury department from giving six years of tax returns for Trump and some of his businesses to the House ways and means committee.

…

In the dispute over his tax returns, the treasury department had refused to provide the records during Trump’s presidency. But the Biden administration said federal law is clear that the committee has the right to examine any taxpayer’s return, including the president’s.

Lower courts agreed that the committee has broad authority to obtain tax returns and rejected Trump’s claims that it was overstepping and only wanted the documents so they could be made public.

Trump’s income and tax reporting is way different to that of other Presidents.  From RNZ:

In some years, Trump paid a far smaller proportion of his income than other recent presidents. In 2018, he and his wife earned $24.3m (NZ$38.3m) in adjusted gross income. But he paid just under $1m (NZ$1.57m), giving him a tax rate of just 4.1 percent. In America, spouses file together.

In other years, because he reported huge business losses, Trump’s tax burden was actually greater than what he earned on paper. For example, in 2017, he lost money but still paid taxes.

In comparison, Barack Obama and his wife Michelle Obama’s taxable income peaked in 2009, when they took home $5.5m (NZ$8.7m), and paid about 30 percent in taxes. Most of their income came from the sales of Barack’s two books, Dreams from My Father and Audacity of Hope.

As his book sales dwindled, Obama’s taxable income declined considerably – in 2015, the couple earned just $447,880 (NZ$705,364), almost all from his presidential salary, and paid about 18 percent of their income to the IRS.

George W Bush did not write his presidential biography until after he left office – while he was president, he and his wife Laura Bush averaged an income of about $800,000 (NZ$1.25m) a year. About half came from salaries, and the other half came from interest and investments. They had an average tax rate of 27.8 percent.

Bill Clinton and his wife Hillary Clinton started off in 1992 making just under $300,000 (NZ$472,468) a year, mostly from salaries, and paying 23.6 percent of their income to tax. In 1996, Hilary’s book helped the couple earn over $1m (NZ$1.57m), but their tax rate actually declined to 18.5 percent.

But we live in a strange world where there are no repercussions for blatant lies.

18 comments on “Trump’s tax returns ”

  • Comments are now closed

  1. Thinker 1
    2 January 2023 at 11:16 pm

    Who was it who said "Beware of stupid people in large groups"?

  2. Visubversa 2
    3 January 2023 at 8:14 am

    For all his self lauded business skills, the only $$$$ he actually makes is from the businesses he inherited and what he makes from selling his image as a successful business person. The businesses he actually starts are not successful and are used to run up huge losses to offset against tax.

  3. Maurice 3
    3 January 2023 at 11:21 am

    Just what has the release of his recent tax returns done in revealing anythings other than his real level of wealth … and how the wealthy manipulate the tax system for their advantage?

    No "smoking gun" of illegality to be seen?

    The real problem is the precedent now set for the forcing of others tax records to be revealed.

    • Sacha 3.1
      3 January 2023 at 12:58 pm

      Given that every other president has voluntarily released their records, I am not clear what your worry is.

    • Ghostwhowalksnz 3.2
      3 January 2023 at 1:33 pm

      Not new precedent for a tax returns for a President.

      Same happened for Nixons tax returns around 1972….they found $476,000 in errors which he had to repay. Roughly $2.5 mill in todays money

      https://www.washingtonpost.com/business/2019/07/25/irs-turned-over-nixons-tax-returns-same-day-that-congressional-panel-asked-them/

      Maurice, you should really check claims from the US right wing echo chambers first , next thing you might be making claims about an 'election red wave'

      • Maurice 3.2.1
        3 January 2023 at 11:08 pm

        The precedent set is that the Tax returns of anyone in public office are not longer private. Previous Presidents – since about 1970 have voluntarily released their Tax records. Trump chose to not do this and now it is no longe rpossible to make that choice; even after leaving office.

        Individual income tax returns — including those of public figures — are private information, protected by law from unauthorized disclosure. Indeed, the Internal Revenue Service is barred from releasing any taxpayer information whatsoever, except to authorized agencies and individuals.

        Now the Ways and Means Committee can demand the release of any public figures tax returns.

        That is the precedent which has been set.

        Any guesses as to whether this will be weaponised and used selectively by BOTH parties in the future?

        • lprent 3.2.1.1
          4 January 2023 at 1:08 am

          It won't worry people who have nothing to hide? In other words previous presidents since 1970.

          For that matter that ability of congress to demand tax has been enshrined in legislation for decades. It is part of the congressional oversight of the other branches of government in exactly the same way that they can pry into judges, departments, military, etc. They can do it to anyone in the US. That is because, like our parliament, congress is the ultimate court in the US.

          Reuters did an adequate article on the process and underlying legal reasoning.

          The Ways and Means panel had told the Supreme Court in a legal filing that siding with Trump would harm the constitutional authority of a co-equal branch of government "by in effect preventing Congress from completing any investigation involving a former president whenever there are allegations that the investigation was politically motivated."

          The panel in its request invoked a federal law that empowers its chairman to request any person's tax returns from the Internal Revenue Service (IRS). House Democrats have said they need to see Trump's tax returns to assess whether the IRS is properly auditing presidential returns and to gauge whether new legislation is needed.

          In its filing, the committee told the justices that IRS policy "does not address what to do regarding a president who, like former President Trump, owned hundreds of business entities, had inordinately complex returns, used aggressive tax avoidance strategies and allegedly had ongoing audits."

          Incidentally, NZ has been doing Register of members’ interests since 2005. That doesn't appear to have been weaponized. I'm pretty sure that if the need ever arose, then parliament itself would include MP taxes into that. They will probably do it without too much fuss. All it would take is a dodgy member arousing public outrage.

          BTW: There is no automatic privacy on tax returns in NZ. There can't be. Tax returns are often direct evidence in court cases. What protections that are there are in the Tax Administration Act and the Privacy Act. Those protect people who are not of interest to IRD or a number of other agencies via legislation.

          Tax returns are accessible under various circumstances to police, SFO, customs, security agencies, military, WINZ, and probably a host of other agencies through various laws.

          That is before looking at what Inland Revenue can collect about you from banks, credit agencies, etc.

          Frankly, thinking that there is an automatic right to privacy on taxes is kind of daft. After all the IRD will use these for enforcement in open court if it needs to.

        • Ghostwhowalksnz 3.2.1.2
          4 January 2023 at 12:15 pm

          Nixons tax returns was requested by the House committee from the IRS who then reviewed it and found substantial errors

          The link I gave confirms it

          But heres another giving the report of the Comitteee

          Congress Examines Nixon's Tax Returns [Watergate Affair]. United States Congress. Joint Committee on Internal Revenue Taxation. Examination of President Nixon's Tax Returns for 1969 Through 1972. Prepared for the Joint Committee on Internal Revenue Taxation by Its Staff, April 3, 1974

    • Descendant Of Smith 3.3
      3 January 2023 at 2:53 pm

      Seems pretty clear the only reason his tax records were gathered was because he was the President. Not too many people get to be President so I can't see how it is a precedent for anyone else.

      The courts also ruled it was legal to obtain these.

      If there is a concern it was that for some reason which hasn't been outlined IRS did not audit his annual tax returns as they are supposed to do – why is that? Particularly as a couple of businesses the income and expenses exactly matched to the cent – that is highly unlikely to happen in real life.

  4. Tiger Mountain 4
    3 January 2023 at 11:28 am

    Mango Mussolini when it comes down to it is a mirror for inhabitants of the Yoo Ess Ayy. What do they see when the bloated opportunist, assembled in grotesque mockery of the human form squints back at them?

  5. adam 5
    3 January 2023 at 9:40 pm

    So he's not in the pay of the Russians – who would have thought it.

  6. Mike the Lefty 6
    4 January 2023 at 8:07 am

    I would wager that his published returns are not the full story.

    Like most wealthy crooks, he would have bank accounts in the Cayman Islands or some similar tax haven to hide his wealth.

  7. georgecom 7
    5 January 2023 at 8:58 pm

    Trump – blowarse successful businessman who has made billions when it comes time to try and get into office, make some big public noise or get a bank loan. Loser of millions and millions when it comes time to pay his taxes. I guess whichever is true, the blowarse moniker applies. Dishonest Donald.

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    National is promising to bring back offshore oil and gas drilling. Naturally, the Greens have organised a petition campaign to try and stop them. You should sign it - every little bit helps, and as the struggle over mining conservation land showed, even National can be deterred if enough people ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • Don’t accept Human Rights Commission reading of data on Treaty partnership – read the survey fin...
    Wellington is braced for a “massive impact’ from the new government’s cutting public service jobs, The Post somewhat grimly reported today. Expectations of an economic and social jolt are based on the National-Act coalition agreement to cut public service numbers in each government agency in a cost-trimming exercise  “informed by” head ...
    Point of OrderBy Bob Edlin
    6 days ago

  • The stupidest of stupid reasons
    One of the threats in the National - ACT - NZ First coalition agreements was to extend the term of Parliament to four years, reducing our opportunities to throw a bad government out. The justification? Apparently, the government thinks "elections are expensive". This is the stupidest of stupid reasons for ...
    No Right TurnBy Idiot/Savant
    6 days ago

  • A website bereft of buzz
    Buzz from the Beehive The new government was being  sworn in, at time of writing , and when Point of Order checked the Beehive website for the latest ministerial statements and re-visit some of the old ones we drew a blank. We found ….  Nowt. Nothing. Zilch. Not a ...
    Point of OrderBy Bob Edlin
    6 days ago

  • MICHAEL BASSETT: A new Ministry – at last
    Michael Bassett writes – Like most people, I was getting heartily sick of all the time being wasted over the coalition negotiations. During the first three weeks Winston grinned like a Cheshire cat, certain he’d be needed; Chris Luxon wasted time in lifting the phone to Winston ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Luxon's Breakfast.
    The Prime Minister elect had his silver fern badge on. He wore it to remind viewers he was supporting New Zealand, that was his team. Despite the fact it made him look like a concierge, or a welcomer in a Koru lounge. Anna Burns-Francis, the Breakfast presenter, asked if he ...
    Nick’s KōreroBy Nick Rockel
    6 days ago

  • LINDSAY MITCHELL:  Oranga Tamariki faces major upheaval under coalition agreement
     Lindsay Mitchell writes – A hugely significant gain for ACT is somewhat camouflaged by legislative jargon. Under the heading ‘Oranga Tamariki’ ACT’s coalition agreement contains the following item:   Remove Section 7AA from the Oranga Tamariki Act 1989 According to Oranga Tamariki:     “Section ...
    Point of OrderBy poonzteam5443
    6 days ago

  • BRIAN EASTON:  Peters as Minister
    A previous column looked at Winston Peters biographically. This one takes a closer look at his record as a minister, especially his policy record. Brian Easton writes – 1990-1991: Minister of Māori Affairs. Few remember Ka Awatea as a major document on the future of Māori policy; there is ...
    Point of OrderBy poonzteam5443
    6 days ago

  • Cathrine Dyer's guide to watching COP 28 from the bottom of a warming planet
    Is COP28 largely smoke and mirrors and a plan so cunning, you could pin a tail on it and call it a weasel? Photo: Getty ImagesTL;DR: COP28 kicks off on November 30 and up for negotiation are issues like the role of fossil fuels in the energy transition, contributions to ...
    The KakaBy Bernard Hickey
    6 days ago

  • Top 10 news links at 10 am for Monday, Nov 27
    PM Elect Christopher Luxon was challenged this morning on whether he would sack Adrian Orr and Andrew Coster.TL;DR: Here’s my pick of top 10 news links elsewhere at 10 am on Monday November 27, including:Signs councils are putting planning and capital spending on hold, given a lack of clear guidance ...
    The KakaBy Bernard Hickey
    6 days ago

  • Gordon Campbell on the new government’s policies of yesteryear
    This column expands on a Werewolf column published by Scoop on Friday Routinely, Winston Peters is described as the kingmaker who gets to decide when the centre right or the centre-left has a turn at running this country. He also plays a less heralded but equally important role as the ...
    Gordon CampbellBy lyndon
    6 days ago

  • The New Government’s Agreements
    Last Friday, almost six weeks after election day, National finally came to an agreement with ACT and NZ First to form a government. They also released the agreements between each party and looking through them, here are the things I thought were the most interesting (and often concerning) from the. ...
    Greater AucklandBy Matt L
    6 days ago

  • How many smokers will die to fund the tax cuts?
    Maori and Pasifika smoking rates are already over twice the ‘all adult’ rate. Now the revenue that generates will be used to fund National’s tax cuts. Photo: Getty ImagesTL;DR: The devil is always in the detail and it emerged over the weekend from the guts of the policy agreements National ...
    The KakaBy Bernard Hickey
    6 days ago

  • How the culture will change in the Beehive
    Perhaps the biggest change that will come to the Beehive as the new government settles in will be a fundamental culture change. The era of endless consultation will be over. This looks like a government that knows what it wants to do, and that means it knows what outcomes ...
    PolitikBy Richard Harman
    6 days ago

  • No More Winnie Blues.
    So what do you think of the coalition’s decision to cancel Smokefree measures intended to stop young people, including an over representation of Māori, from taking up smoking? Enabling them to use the tax revenue to give other people a tax cut?David Cormack summed it up well:It seems not only ...
    Nick’s KōreroBy Nick Rockel
    7 days ago

  • 2023 SkS Weekly Climate Change & Global Warming News Roundup #47
    A chronological listing of news and opinion articles posted on the Skeptical Science  Facebook Page during the past week: Sun, Nov 19, 2023 thru Sat, Nov 25, 2023.  Story of the Week World stands on frontline of disaster at Cop28, says UN climate chief  Exclusive: Simon Stiell says leaders must ‘stop ...
    Skeptical Science
    1 week ago

  • Some of it is mad, some of it is bad and some of it is clearly the work of people who are dangerous ...
    On announcement morning my mate texted:Typical of this cut-price, fake-deal government to announce itself on Black Friday.What a deal. We lose Kim Hill, we gain an empty, jargonising prime minister, a belligerent conspiracist, and a heartless Ayn Rand fanboy. One door closes, another gets slammed repeatedly in your face.It seems pretty ...
    More Than A FeildingBy David Slack
    1 week ago

  • “Revolution” is the threat as the Māori Party smarts at coalition government’s Treaty directi...
    Buzz from the Beehive Having found no fresh announcements on the government’s official website, Point of Order turned today to Scoop’s Latest Parliament Headlines  for its buzz. This provided us with evidence that the Māori Party has been soured by the the coalition agreement announced yesterday by the new PM. “Soured” ...
    Point of OrderBy Bob Edlin
    1 week ago

  • The Good, the Bad, and the even Worse.
    Yesterday the trio that will lead our country unveiled their vision for New Zealand.Seymour looking surprisingly statesmanlike, refusing to rise to barbs about his previous comments on Winston Peters. Almost as if they had just been slapstick for the crowd.Winston was mostly focussed on settling scores with the media, making ...
    Nick’s KōreroBy Nick Rockel
    1 week ago

  • When it Comes to Palestine – Free Speech is Under Threat
    Hi,Thanks for getting amongst Mister Organ on digital — thanks to you, we hit the #1 doc spot on iTunes this week. This response goes a long way to helping us break even.I feel good about that. Other things — not so much.New Zealand finally has a new government, and ...
    David FarrierBy David Farrier
    1 week ago

  • Thank you Captain Luxon. Was that a landing, or were we shot down?
    Hello! Here comes the Saturday edition of More Than A Feilding, catching you up on the past week’s editions.Also in More Than A FeildingFriday The unboxing And so this is Friday and what have we gone and done to ourselves?In the same way that a Christmas present can look lovely under the ...
    More Than A FeildingBy David Slack
    1 week ago

  • Cans of Worms.
    “And there’ll be no shortage of ‘events’ to test Luxon’s political skills. David Seymour wants a referendum on the Treaty. Winston wants a Royal Commission of Inquiry into Labour’s handling of the Covid crisis. Talk about cans of worms!”LAURIE AND LES were very fond of their local. It was nothing ...
    Bowalley Road
    1 week ago

  • Disinformation campaigns are undermining democracy. Here’s how we can fight back
    This article is republished from The Conversation under a Creative Commons license. Read the original article. Misinformation is debated everywhere and has justifiably sparked concerns. It can polarise the public, reduce health-protective behaviours such as mask wearing and vaccination, and erode trust in science. Much of misinformation is spread not ...
    Skeptical Science
    1 week ago

  • New Zealand welcomes European Parliament vote on the NZ-EU Free Trade Agreement
    A significant milestone in ratifying the NZ-EU Free Trade Agreement (FTA) was reached last night, with 524 of the 705 member European Parliament voting in favour to approve the agreement. “I’m delighted to hear of the successful vote to approve the NZ-EU FTA in the European Parliament overnight. This is ...
    BeehiveBy beehive.govt.nz
    1 week ago

  • Further humanitarian support for Gaza, the West Bank and Israel
    The Government is contributing a further $5 million to support the response to urgent humanitarian needs in Gaza, the West Bank and Israel, bringing New Zealand’s total contribution to the humanitarian response so far to $10 million. “New Zealand is deeply saddened by the loss of civilian life and the ...
    BeehiveBy beehive.govt.nz
    2 weeks ago

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