4 ms·

I'm pretty sure Trump has said he is under audit and will release his tax returns once the audit is finished. What surprises me is that his audit hasn't been fa

by r_smart 10y ago

I'm pretty sure Trump has said he is under audit and will release his tax returns once the audit is finished. What surprises me is that his audit hasn't been fast tracked in order to hold him to that commitment. I don't think doing that would even qualify as dirty pool in this case. It would just be facilitating transparency about something some of the electorate has questions about. *edit: I'm getting a lot of replies saying there's nothing keeping him from releasing his returns while being audited. I'm well aware, but as has been pointed out by talmand, having the IRS sign off on his audit helps shore up his defense if anything in there looks questionable to people. Also, he obviously doesn't see any reason to give people potential ammunition. He stands to gain almost nothing from releasing his tax returns. Even if they're flawless and he's paying 60% tax (we obviously know that isn't the case), at best people would shrug and move on. At worst, they would find something to hammer him on, whether valid or not, and the audit would still be pending, giving him little defense to the accusations.

rrego 10y ago
Being audited by the IRS has nothing to do with releasing returns. Unless the public catches something that the IRS misses. There is nothing legally binding Trump
gboone42 10y ago
The returns are his to disclose. There's no (legal) reason to withhold them if he's truly under audit. He could always release the revised documents if necessary.
- Unklejoe 10y ago
  There may not be a legal reason he couldn't release them now (I don't know if he claimed there was), but there is probably a political reason. My guess: There are probably some questionable things on the return. Perhaps they're perfectly legal, but there's no doubt that anything out of the ordinary is going to be scrutinized by the public, therefore, if he waits until the audit is complete, it gives him another leg to stand on in defending his legality (provided they don't find anything in the audit). "Even the IRS found it to be perfectly legal."
  - mkaziz 10y ago
    It's more likely he's using it as an excuse. Trump was reportedly very critical of Romney releasing his returns (and the subsequent hit Romney took because of his decision to release them).
    - Unklejoe 10y ago
      I was basing my guess on the fact that he's claimed that he will release them after the audit is complete. Of course, there's always the possibility he's just saying that in hopes that we will have forgotten about it by then or that the election will have already taken place. Straight up saying that he is never going to release them would probably be a big problem, which could explain the attempt to slide away from it, if the above theory is true.
  - tzs 10y ago
    His worry is probably that his returns would let people estimate his wealth and income. Trump's business is largely built around licensing his name, and its value comes from the perception that he is very wealthy. If it turns out that he is only worth a billion or less it could greatly reduce the value of his brand.
akavi 10y ago
The IRS has stated that being under audit does not prevent someone from publicly releasing their tax returns[0]. [0]: http://www.usatoday.com/story/news/politics/onpolitics/2016/02/26/donald-trump-internal-revenue-service-audits/80996086/ http://www.usatoday.com/story/news/politics/onpolitics/2016/...
facetube 10y ago
There is no requirement that tax returns be kept secret during an audit. He could release the returns tomorrow. Nixon did it.
ropiku 10y ago
Even if it would be possible to fast track an audit, why should it ? The IRS has confirmed that there's no issue with publishing tax returns while being audited.
thesimpsons1022 10y ago
why would you keep them secret during an audit? that just sounds like you are trying to scam the irs and don't want to accidentaly release anything that could expose you.
the_man_man 10y ago
As others have pointed out, the audit excuse is just that -- an excuse. It holds so little water that others have done it while in office (Nixon released his tax returns while they were under audit in 1973).
whybroke 10y ago
not only has the IRS said "Nothing prevents individuals from sharing their own tax information" as others have observed but also... ...an executive editor at Bloomberg who has seen those reports was sued for libel (which case was dropped) after which Trump obtained a court order banning any revelation of their contents.
talmand 10y ago
For the comments pointing out he can release despite the audit, there's no benefit to releasing right now. For one, he's using it as a negotiating tactic in attempt to get something out of someone else he wishes to be made public. I believe it has come up with "release your medical records" or "release the transcripts" and "I'll release my tax returns". For a guy like this and what he does, it is most likely there is something the IRS will complain about in the return. It could be something small or something big, it does not necessarily mean it is proof of wrong-doing. Mistakes are made all the time with complicated returns. There have been examples of the IRS giving incorrect advice on complicated returns after all. So, why not wait until the audit is done and all the IRS complaints have been addressed before releasing? Why hand over talking points to partisan political hacks that would likely make every little incorrect thing to be an example of alleged illegal activities? For all the conspiracy theories that's he attempting to hide something in his returns assumes that the IRS is complicit or incompetent. I am more than satisfied that if the IRS finds something illegal they will be more than happy to conduct a criminal investigation. They have done so before with much less.
- oso2k 10y ago
  I hear your argument, but then why not release your previous year returns? Presumably, those have already been audited.
  - talmand 10y ago
    Now that is a good question. From the IRS: Generally, the IRS can include returns filed within the last three years in an audit. Additional years can be added if a substantial error is identified. Generally, if a substantial error is identified, the IRS will not go back more than the last six years.

by r_smart 10y ago

rrego 10y ago

Being audited by the IRS has nothing to do with releasing returns. Unless the public catches something that the IRS misses. There is nothing legally binding Trump

gboone42 10y ago

The returns are his to disclose. There's no (legal) reason to withhold them if he's truly under audit. He could always release the revised documents if necessary.

Unklejoe 10y ago
There may not be a legal reason he couldn't release them now (I don't know if he claimed there was), but there is probably a political reason. My guess: There are probably some questionable things on the return. Perhaps they're perfectly legal, but there's no doubt that anything out of the ordinary is going to be scrutinized by the public, therefore, if he waits until the audit is complete, it gives him another leg to stand on in defending his legality (provided they don't find anything in the audit). "Even the IRS found it to be perfectly legal."
- mkaziz 10y ago
  It's more likely he's using it as an excuse. Trump was reportedly very critical of Romney releasing his returns (and the subsequent hit Romney took because of his decision to release them).
  - Unklejoe 10y ago
    I was basing my guess on the fact that he's claimed that he will release them after the audit is complete. Of course, there's always the possibility he's just saying that in hopes that we will have forgotten about it by then or that the election will have already taken place. Straight up saying that he is never going to release them would probably be a big problem, which could explain the attempt to slide away from it, if the above theory is true.
- tzs 10y ago
  His worry is probably that his returns would let people estimate his wealth and income. Trump's business is largely built around licensing his name, and its value comes from the perception that he is very wealthy. If it turns out that he is only worth a billion or less it could greatly reduce the value of his brand.

akavi 10y ago

The IRS has stated that being under audit does not prevent someone from publicly releasing their tax returns[0]. [0]: http://www.usatoday.com/story/news/politics/onpolitics/2016/02/26/donald-trump-internal-revenue-service-audits/80996086/ http://www.usatoday.com/story/news/politics/onpolitics/2016/...

facetube 10y ago

There is no requirement that tax returns be kept secret during an audit. He could release the returns tomorrow. Nixon did it.

ropiku 10y ago

Even if it would be possible to fast track an audit, why should it ? The IRS has confirmed that there's no issue with publishing tax returns while being audited.

thesimpsons1022 10y ago

why would you keep them secret during an audit? that just sounds like you are trying to scam the irs and don't want to accidentaly release anything that could expose you.

the_man_man 10y ago

As others have pointed out, the audit excuse is just that -- an excuse. It holds so little water that others have done it while in office (Nixon released his tax returns while they were under audit in 1973).

whybroke 10y ago

not only has the IRS said "Nothing prevents individuals from sharing their own tax information" as others have observed but also... ...an executive editor at Bloomberg who has seen those reports was sued for libel (which case was dropped) after which Trump obtained a court order banning any revelation of their contents.

talmand 10y ago

For the comments pointing out he can release despite the audit, there's no benefit to releasing right now. For one, he's using it as a negotiating tactic in attempt to get something out of someone else he wishes to be made public. I believe it has come up with "release your medical records" or "release the transcripts" and "I'll release my tax returns". For a guy like this and what he does, it is most likely there is something the IRS will complain about in the return. It could be something small or something big, it does not necessarily mean it is proof of wrong-doing. Mistakes are made all the time with complicated returns. There have been examples of the IRS giving incorrect advice on complicated returns after all. So, why not wait until the audit is done and all the IRS complaints have been addressed before releasing? Why hand over talking points to partisan political hacks that would likely make every little incorrect thing to be an example of alleged illegal activities? For all the conspiracy theories that's he attempting to hide something in his returns assumes that the IRS is complicit or incompetent. I am more than satisfied that if the IRS finds something illegal they will be more than happy to conduct a criminal investigation. They have done so before with much less.

oso2k 10y ago
I hear your argument, but then why not release your previous year returns? Presumably, those have already been audited.
- talmand 10y ago
  Now that is a good question. From the IRS: Generally, the IRS can include returns filed within the last three years in an audit. Additional years can be added if a substantial error is identified. Generally, if a substantial error is identified, the IRS will not go back more than the last six years.