Perspective: Trump just gave the House a very good reason to look at his tax returns
President Trump speaks Thursday during a rally in Panama City Beach, Fla. By Daniel Hemel Daniel Hemel is an assistant professor of law at the University of Chicago. May 9 at 8:36 AM The disclosure this week that Donald Trump accumulated a staggering $1.17 billion in losses from 1985 to 1994 was not, in itself, terribly surprising to anyone who has followed Trump’s financial travails.
Never mind that the 1990s were not by anyone’s count “more than 30 years ago” — math has never been our commander in chief’s strong suit. What’s mind-blowing about Trump’s morning tweetstorm is that the president of the United States — who has a constitutional responsibility to take care that the laws, including the tax laws, are faithfully executed — is gloating about his own efforts to skirt the tax code. And he is doing this in full view of his 60.
All of which makes the Times’s revelations — and Trump’s nonchalant response — directly relevant to the escalating battle over his tax returns. The perception that the president is a tax cheat, a perception perpetuated by the president’s own words, presents a genuine difficulty for the federal tax system. Our system relies on voluntary compliance — on the idea that individuals and firms will report their income honestly and pay their taxes promptly without the IRS having to track them down.
The IRS’s special procedure for presidential audits also does not appear to apply to returns filed by Trump before 2017 that were still under examination when he took the oath of office. According to a statement by Trump’s lawyers during the presidential campaign, his returns dating back to 2009 are still under IRS review.
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