A Quote by James B. Stewart
From what little is known of Mr. Trump's tax returns, he used losses to offset virtually all of his taxable income for years by generating something called net operating loss carry-overs.
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Donald Trump is a businessman, not a career politician. He actually built a business. Those tax returns that were - that came out publicly this week show that he faced some pretty tough times 20 years ago. But like virtually every other business, including the New York Times not too long ago, he used what's called net operating loss. We have a tax code that actually is designed to encourage entrepreneurship in this country.
Trump's tax returns - his tax returns showed he went through a very difficult time, but he used the tax code just the way it's supposed to be used. And he did it brilliantly.
Every presidential candidate for decades has released his tax returns, and I've released 33 years of my tax returns. The American people deserve to know about our taxes. And so Donald Trump is standing in the way of precedent that goes back on both sides of aisle Democrats and Republicans, and he clearly has something that he doesn't want us to see.
There's a Russia angle to all this, because remember, we don't have Donald Trump's tax returns. He did a very - relative summary, 104 page campaign financial disclosure. One year of tax returns, reportedly - we've seen the pictures, 12,000 pages. And tax returns are replete with his foreign interests, including, perhaps, his Russian interests. That may be the reason he doesn't want to turn over his taxes.
Security concerns are especially high with regard to the e-filing of Income Tax returns that is rapidly being extended from commercial entities to individuals. Leading IT security experts and tax consultants are unhappy at the lack of security in e-filing of Income Tax returns.
Our federal income tax law defines the tax y to be paid in terms of the income x; it does so in a clumsy enough way by pasting several linear functions together, each valid in another interval or bracket of income. An archeologist who, five thousand years from now, shall unearth some of our income tax returns together with relics of engineering works and mathematical books, will probably date them a couple of centuries earlier, certainly before Galileo and Vieta.
You may have heard that Donald Trum has long refused to release his tax returns, the way every other nominee for president has done for decades. You can look at 40 years of my tax returns. I think we need a law that says, if you become the nominee of the major parties, you have to release your tax returns.
The A.M.T. is a parallel system for calculating tax liability intended to ensure that high-income taxpayers pay a substantial amount in federal tax even if they have large deductions or other items to offset income.
Trump often says he needs to keep his tax returns private until the IRS finishes auditing him. But the IRS itself has said this isn't necessary. And recently, Trump changed his tune, saying he'll release his returns as soon as Hillary Clinton releases the 33,000 emails she deleted from her email server.
If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
The history of taxation shows that taxes which are inherently excessive are not paid. The high rates inevitably put pressure upon the taxpayer to withdraw his capital from productive business and invest it in tax-exempt securities or to find other lawful methods of avoiding the realization of taxable income. The result is that the sources of taxation are drying up; wealth is failing to carry its share of the tax burden; and capital is being diverted into channels which yield neither revenue to the Government nor profit to the people.
I think it's very sad that CNN leads Jeb Bush, down a road by starting off virtually all the questions, "Mr. Trump this, Mister" - I think it's very sad. I watched the first debate, and the first long number of questions were, "Mr. Trump said this, Mr. Trump said that. Mr. Trump" - these poor guys - although, I must tell you, [Rick] Santorum, good guy. Governor [Mike] Huckabee, good guy. They were very nice, and I respect them greatly. But I thought it was very unfair that virtually the entire early portion of the debate was Trump this, Trump that, in order to get ratings, I guess.
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
The Trump Foundation's tax returns are public. That's one thing. So we can look through them in a way that we can't look through his personal tax returns. They're publicly available going back to the beginning of the foundation, which is 1987.
Mitt Romney was treated very unfairly. Mitt Romney didn't want to give his tax returns, because people don't understand returns that are complicated, and complex. And he didn't give it. He fought it, fought it, fought it, all the way into September. A month before the election, he gave his tax returns. And they picked out two items that were absolutely perfect. He did nothing wrong. And his returns are very much smaller than my returns.
It just seems to me that this is something that the American people deserve to see. And I have no reason to believe that [Donald Trump] is ever going to release his tax returns, because there's something he's hiding.
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