Trump is refusing to release his tax returns because he is being audited. That excuse has no merit.
Nominees to Cabinet and sub-Cabinet level positions in the Treasury Department, Social Security Administration, Department of Homeland and Security, Office of the U.S. Trade Representative and other agencies are required to submit their tax returns to the Senate. This is normally done for the most recent three years.
Trump previously told one interviewer that a question about his taxes was “none of your business”.
Warren Buffett has now joined the chorus asking for some transparency. The “Oracle of Omaha,” who says his tax returns like Trump’s are under audit, offered to share his filings along with Trump’s at a meeting – any time, any place, before the election – where the public could ask questions of both billionaires.
Former Governor of South Carolina and Republican, Mark Sanford, has stated the following:
“I support you, Donald Trump. Now release your tax returns. The Presidency is the most powerful political position on earth and the idea of enabling the Voter the chance to see how a Candidate has handled his or her finances is a central part of making sure the right person gets the job. Voters deserve transparency and in the event Trump does not release his tax returns, then it will set a precedent for County and State elections.”
“Not releasing his tax returns would hurt transparency and our Democratic process, and particularly in how voters evaluate men and women vying to be our leaders. Whether he wins or loses, that is something our country cannot afford.”
With respect to Trump not releasing his tax returns, Mitt Romney stated, “we can only assume, it’s a bombshell of an unusual size.”
Trump’s campaign previously compiled a list of his contributions to charity which totaled $102 million during the past five years. His donations included 2,900 free rounds of golf, 175 free hotel stays, 165 free meals and 11 spa gift certificates. One reason why Trump might not be releasing his tax returns is because those items are not tax deductible.
Another issue could be that Trump’s brand names and trademarks are intangible assets separate from the man himself, which could be owned by an offshore tax haven company.
Sheldon Cohen, former Commissioner of the U.S. Internal Revenue Service stated:
“Taxation, in reality, is life. If you know the persons take on taxes, you can tell their whole philosophy. The tax code, once you get to know it, embodies all the essence of life: greed, politics, power, goodness.”
In order for Trump to be true and honest with the public, he needs to release his tax returns in order to avoid a conflict of interest if he becomes President.