Hillary isn’t the only one wanting those big, really excellent tax returns. Senator Mitch McConnell, R-Kentucky, wants them. So does Mitt Romney, and just about everyone else. Releasing tax returns is a feature of every presidential election. The English are more private, yet as Prime Minister David Cameron recently learned via his Panama Papers connection, taxes are not to be trifled with in any country.
Still, handing over tax returns can make even candidates uneasy. Some tax return summaries (think Rubio and Cruz) tell us little. And Mr. Trump has raised eyebrows over his IRS audit excuse for withholding his. Even so, no one has said that Trump is legally required to turn them over. It is just customary. In contrast, most people agree that Mrs. Clinton violated State Department policies. That wasn’t illegal.
Yet in the ‘cover up worse than the crime’ department, it appears that she thereafter contravened federal record-keeping rules. Of course, the Team Hillary handling of the report’s putative vindication of the Secretary of State is pretty good too. Yet few think anything will happen to her as a result. And Hillary has suggested that Trump is downright dangerous. It surely isn’t Trump’s tax returns they are worried about.
Yet the move to go from the customary etiquette of releasing tax returns v. a legal mandate is afoot. The Presidential Tax Transparency Act here would take care of Trump’s refusal to release his tax returns. The bill would require Trump to hand over his tax returns. If he doesn’t, the U.S. Treasury Secretary will hand them over. He doesn’t do what we want? Let’s change the law.
For alerts to future tax articles, email me at Wood@WoodLLP.com. This discussion is not legal advice.
via The Tax Lawyer http://ift.tt/22zRMh9