Why Trump Doesn’t Want to Release His Tax Records
In recent news, the 2012 Republican nominee, Mitt Romney, demanded Donald Trump to release his tax records. According to Mitt Romney, Trump has delayed the release of his returns. Trump recently won Nevada on Tuesday, which was his third win in a row in the race for the Republican presidential nomination.
Trump’s tax records could reflect on his status as a candidate for the United States presidency so it makes sense that his opponents are attacking him on it just days before the Super Tuesday primaries. Lacking any political experience, he is running on his business success and notoriety and doing very well with it. If his tax records show that his business is not as successful as expected, it could limit his chances of being elected. Which is why Mitt Romney appeared on Neil Cavuto’s show as a hatchet man for the DC establishment when he did. At the heart of this matter is the question: Why is Trump dodging the request to release his tax records? Tax attorney Darrin T. Mish suggests,
“If there is nothing to hide and a taxpayer is conducting his personal financial life in a manner consistent with those principles that he claims to espouse, then publishing the tax returns is simple.”
One of the main reasons for the delay, according to his opponents, is that Trump does not want to reveal how much he actually earns. While Forbes estimates his net worth to be at about $4.5 billion, Donald Trump says that he has a net worth of $10 billion. Is he buying time until the Republican nominee is selected so that news of his lower earnings does not arrive until after the nomination? Many of his opponents are very eager to think as much.
Donald Trump has spoken widely and repeatedly about donating to charities for wounded veterans. The fact that he supports their cause is very well known. This has been a major part of his campaign, and it could derail his campaign if he did not actually donate to it. Even if he did donate to veteran charities, his candidacy could still be harmed if he did not donate as much money as he said that he did.
Another possible reason for the delay could be due to tax cheating. A number of Americans cheat on their taxes, so it is not improbable that Trump could be in this group. The argument is the weakest of the three by far. Donald Trump filed his taxes and paid his taxes and at his level of celebrity and income it is highly unlikely to have gone unnoticed for so long.
It is more probable that he filed his taxes perfectly, but he does not want to reveal the amount that he actually paid. Top earners often have more options for lowering their taxable income, so it could turn out that Trump has been paying a lower percentage than middle-income or low-income households. If this is the case, the blowback over his taxes would be minimal. Every American has the right to pay the least amount of tax they can legally get away with.
A Search for Coverage
Donald Trump is notorious for his talent at getting media coverage. For most of the early primary process, he was able to get free coverage in the media due to outlandish statements and pronouncements. It is entirely possible that Trump does not have any major reason to release his tax records. As long as he delays the release of his tax history, the media will continue to cover the delay and speculate about the reasons behind it. As Trump has shown repeatedly in the past, even bad media coverage can still boost his polling numbers.
According to Trump, his taxes “are extremely complex”. As his rival, Senator Ted Cruz, has adamantly demanded his tax records, Trump has said that he will eventually release his tax records. Meanwhile, fellow candidates like Senator Marco Rubio, Governor John Kasich and Senator Ted Cruz have all promised to release their tax records soon.
Darrin T. Mish, P.A. – Tampa Tax Attorney has years of experience in the tax industry, so we are uniquely able to help with tax returns and are familiar with the many reasons why someone like Trump may not want to release their taxes. Darrin T. Mish has taught tax lawyers, CPAs and agents how to manage their tax demands. From problems with the Internal Revenue Service to IRS debt, Mish is talented at resolving tax problems. To get help with the IRS, contact us today at getirshelp.com.
Darrin T. Mish, P.A. – Tampa Tax Attorney
15421 N Florida Ave
Tampa, FL 33613