Closing the “tax gap,” or revenue owed to the federal government that goes uncollected, has long been a favorite deus ex machina for lawmakers who want more revenue without having to raise rates. But Internal Revenue Service (IRS) Commissioner Chuck Rettig really put dollar signs in lawmakers’ eyes when he claimed the tax gap could be as large as $1 trillion. Always eager to appear knowledgeable on policy issues, Sen. Elizabeth Warren is putting forward a plan to collect extra revenue that only gets worse the deeper you dig into it.
First and foremost, it’s important to understand how far off on an island Rettig is with his estimate. The IRS’s last official estimate of the size of the tax gap placed it at a far, far lower $381 billion. Even considering that this estimate may not have factored in underpayment from cryptocurrencies, offshore holdings, and pass-through businesses, the tax gap still remains far closer to $500 billion than to $1 trillion. Read More
Tax and legal experts say the leaker or leakers who took President Trump’s personal tax returns and gave them to The New York Times, committed a felony punishable by prison.
Joseph diGenova, a former U.S. Attorney for the District of Columbia who has advised Trump on some legal matters, told Just the News that the leaking was “definitely” a crime that could be liable for both criminal and civil legal actions. Read More
The New York Times published a lengthy report over the weekend based, they say, on tax documents they obtained from “sources.”
Breitbart News reports that The Times “found no evidence of any links to Russia,” as has been consistently claimed by multiple news outlets over the course of the Trump’s term in office. However, they add that the documents do show the extent of the entrepreneur’s Russia connections are limited to the 2001 Miss Universe pageant held in Moscow – which were “the most profitable Miss Universe during Mr. Trump’s time as co-owner, and that it generated a personal payday of $2.3 million.” Read More
On Thursday, a federal judge blocked the state of California from enforcing a newly-passed law that was directly targeting President Donald Trump over his tax returns, as reported by Reuters. Read More
by Neetu Chandak The New York state Assembly passed a bill Wednesday to allow Congress to obtain information on state tax returns for elected officials, which would include President Donald Trump’s returns. The bill passed 84-53 and would allow the New York Department of Taxation and Finance commissioner to… Read More
by Chuck Ross President Donald Trump, his three oldest children, and their companies sued Monday to prevent their two banks from complying with congressional subpoenas for personal and business financial records. The Trump lawyers argued in the lawsuit that the subpoenas, which were issued to Deutsche Bank and Capital… Read More
by Robert Romano Only 40 percent of respondents in a recent New York Times-SurveyMonkey online poll thought they had received tax cuts under the 2017 tax cut legislation that was signed into law by President Donald Trump. A separate NBC-Wall Street Journal poll found 28 percent believe they will… Read More
by Nick Givas Sen. Chuck Grassley explained why he wasn’t interested in seeing President Donald Trump’s personal tax returns, on “Fox & Friends” Monday. “Listen, you’re asking me as chairman of the Finance Committee, we would have an opportunity to see [Trump’s tax returns] too. I don’t want to… Read More
by Henry Rogers Acting White House Chief of Staff Mick Mulvaney said Democrats in Congress will “never” succeed in obtaining President Donald Trump’s tax returns. Mulvaney mentioned in an interview with “Fox News Sunday” how Democrats are demanding the IRS to hand over Trump’s tax returns. “Democrats are demanding that the… Read More
Democratic presidential candidate Amy Klobuchar released 12 years of tax returns Monday, saying “transparency and accountability are fundamental to good governance.” The Minnesota senator was the latest 2020 contender to make her returns public. The tax returns date back to 2006, when she first became a candidate for federal office.… Read More