Thursday, July 14, 2016

Trump Is Hiding His Wealth and Taxes

http://www.thedailybeast.com/articles/2016/06/15/new-evidence-donald-trump-didn-t-pay-taxes.html

New questions about the integrity of Donald Trump’s income tax returns, and new indications that he does not pay income taxes, arise from rulings in two tax appeals that Trump filed in the 1990s. Trump lost both cases.
Trump’s 1984 federal income tax return included a Schedule C, the form used by sole proprietors, the decision in the first case shows.
Trump listed no income on that form, yet he deducted $626,264 as expenses. His New York City tax return also showed no income, but listed slightly less in expenses: $619,227.

Trump listed no income on that form, yet he deducted $626,264 as expenses. His New York City tax return also showed no income, but listed slightly less in expenses: $619,227.

No receipts, invoices, or other documentation were provided when Trump was under audit or during his appeal from what he argued was an unfair demand for more tax.

“The record does not explain how Petitioner [Trump] had significant expenses without any concomitant income from his consulting business,” wrote H. Gregory Tillman, the city administrative law judge who heard the case on April 29 and May 28 of 1992.