Activists to use Tax Day to tell Trump: Show us your returns

Apr 15, 2017, 01:31
Activists to use Tax Day to tell Trump: Show us your returns

As many have pointed out, every president since the 1960s has released their tax returns, while Trump himself promised to do so on the campaign trail-and has thus far failed to deliver. His taxes would allow the American public to see if his family has any current investments in Russia, and, more important, if the Russians have any current investments in him.

First, the facts. There are various measures of tax burden, but it's generally best to look at overall tax payments instead of just income taxes or federal taxes, as nations have vastly different ways of taxing their citizenry.

Whether he paid taxes to foreign governments: If Trump claims a foreign tax credit, that means he paid tax to a foreign government and that would be subtracted from his USA income tax liability. After all, if he has nothing to hide, there ought to be no reason for the wealthiest president in American history to keep secret just how much he has been paying into the U.S.Treasury.

Massachusetts Peace Action took donations via PayPal to "make the Tax Day Rally as big as possible".

A Pew Research Center survey released 10 days prior to Trump's inauguration found that 60 percent of respondents said the president has a responsibility to release his returns, compared with only 33 percent who said he did not. One ethics expert has noted that numerous foreign businesses with which Trump has struck deals are connected to "unfriendly governments".

"I for one am really, really wary and anxious about getting committed to another land war", he said, adding that "I think Congress would be opposed to that".

City Councilman Corey Johnson announced Thursday he will introduce a measure to the council aimed at forcing Trump to disclose his tax returns.

Finally, how much would Trump personally benefit from his proposed tax overhaul?

Ron Wyden, D-Ore., ranking member on the Senate Finance Committee, and Rep. Maxine Waters, D-Calif., as well as average citizens, including Maura Quint, a humor writer and organizer of Tax Day March.

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He would eliminate the Alternative Minimum Tax (AMT), which prevents rich taxpayers from exploiting excessive tax breaks.

There's no expectation, however, that President Trump will do so.

Trump paid $38 million in federal income tax in 2005 on more than $150 million, for an effective rate of 25 percent, and reported a $105 million write-down, according to a copy of his federal tax return revealed last month.

"Tax returns show a lot of information", Quint tells GOOD. Your business sense - probably along with your attorneys and accountants - is telling you to avoid subjecting your tax information to double-jeopardy scrutiny by the public and IRS.

A spokesperson for the Trump Organization did not immediately respond to a request for comment from Patch.

In Washington, D.C., and cities throughout the country, tens of thousands will be marching on April 15 to demand answers to these questions.

During the 2016 presidential campaign, Trump's tax returns were a frequent subject of conversation, and opponents in both parties called on him to release them.

Frank Clemente is executive director of Americans for Tax Fairness.