Tags: Trump | Brilliance | Tax Return | economy

Trump's Brilliance on Display in Tax Return Kerfuffle

Trump's Brilliance on Display in Tax Return Kerfuffle
(AP)

By    |   Tuesday, 17 May 2016 07:41 AM


Presumptive nominee Donald Trump is refusing to release his tax returns. Despite the deafening criticism, this a decision that demonstrates he is fit to hold the office of president.

Trump is rich and his tax returns will confirm that. But Trump’s income could prove to be shockingly low for those who believe wealth and income are related. In all likelihood Trump has taken advantage of every tax loophole available to him and he might even have a few years where he showed no income. Earning millions and deducting every penny so no taxes are due would be a sign of true wealth.

This confirms the system is badly broken and Trump is right to keep the focus off the tax system right now. If he were to release his returns, every accountant and tax preparer in the country would have an opportunity to criticize Trump. Every local newspaper would seek the opinion of Small Town, CPA, without realizing most accountants are ill-prepared to work for Trump.

Even worse, the IRS would receive unsolicited advice from millions of armchair auditors explaining why Trump is wrong to take some deduction or credit. The agency could then expand those theories to challenge Trump who would then face millions in legal and accounting fees to defend himself. These fees would be tax deductible and lower his income so he paid less in future taxes but would keep Trump and his army of professional advisers from building projects or rebuilding America.

That is the real problem with Trump’s taxes – he has spent a fortune being sure he doesn’t do anything wrong while paying what he owes the government and not one penny more. Most of us do the same but spend far less because we make far less. Yet it’s safe to say most of spend 1 to 3 percent of our time and assets reporting on what we have to the IRS.

Imagine what would happen if we didn’t have that complex tax code. Trump could spend more time developing real estate and we could all spend more time creating or enjoying our income. Until returns can be filed on a post card, Trump should stand firm and refuse to show the world his tax reduction strategies.

Michael Carr, CMT, is a subadviser to a mutual fund family and a chartered market technician. To read more Michael Carr, CLICK HERE NOW.

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Presumptive nominee Donald Trump is refusing to release his tax returns. Despite the deafening criticism, this a decision that demonstrates he is fit to hold the office of president.
Trump, Brilliance, Tax Return, economy
398
2016-41-17
Tuesday, 17 May 2016 07:41 AM
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