New York prosecutors subpoenaed last eight years of State and Federal tax returns for Trump and his company, the Trump Organization
Monday, September 16, 2019
VietPress USA (Sept. 16, 2019): According to the NEW YORK TIMES, Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades.
Donald J. Trump declared a $916 million loss on his 1995 income tax returns, a tax deduction so substantial it could have allowed him to legally avoid paying any federal income taxes for up to 18 years, records obtained by The New York Times show.
The 1995 tax records, never before disclosed, reveal the extraordinary tax benefits that Mr. Trump, the Republican presidential nominee, derived from the financial wreckage he left behind in the early 1990s through mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan.
Tax experts hired by The Times to analyze Mr. Trump’s 1995 records said that tax rules especially advantageous to wealthy filers would have allowed Mr. Trump to use his $916 million loss to cancel out an equivalent amount of taxable income over an 18-year period.
April 13, 2019, Chairman Richard Neal of the House Ways and Means Committee sent the second letter to the Internal Revenue Service (IRS) to give the deadline on April 23, 2019 for IRS to hand over President Trump's personal and business tax returns for 6 years from 2013 to 2018.
Chairman Richard Neal sent a letter earlier this month to IRS Commissioner Charles Rettig asking that the returns be turned over by April 10. Treasury Secretary Steven Mnuchin responded by the deadline saying he needed more time to review the request and consult with the Department of Justice.
Citing an “unambiguous legal obligation,” Richard Neal said a section of the tax code that allows the chairman of the tax committees to request the returns of any taxpayer, including the president.
“Please know that, if you fail to comply, your failure will be interpreted as a denial of my request,” Neal wrote.
Neal sent a letter earlier this month to IRS Commissioner Charles Rettig asking that the returns be turned over by April 10. Treasury Secretary Steven Mnuchin responded by the deadline saying he needed more time to review the request and consult with the Department of Justice.
In that letter, Mnuchin also questioned the scope of Congress’s investigative authority and Neal’s stated reason for the request -- that he wants them to insure that the IRS is properly auditing presidents.
It's now the New York prosecutors subpoenaed Trump's tax returns. Manhattan District Attorney's Cyrus Vance Jr.'s office recently sent a subpoena to Trump's accounting firm seeking the last eight years of state and federal tax returns for Trump and his company, the Trump Organization.
Why President Trump needs to hide his tax returns?
Read this news from AP on Yahoo News at:
VietPress USA News
www.vietpressusa.us
oOo
AP source: New York prosecutors subpoena Trump's tax returns
NEW YORK (AP) New York City prosecutors have subpoenaed President Donald Trump's tax returns, a person familiar with the matter told The Associated Press on Monday.
Manhattan District Attorney's Cyrus Vance Jr.'s office recently sent a subpoena to Trump's accounting firm seeking the last eight years of state and federal tax returns for Trump and his company, the Trump Organization, the person said.
The person was not authorized to speak publicly about the matter and spoke on the condition of anonymity.
Asked about the subpoena as he left the White House on Monday, Trump said: "I don't know anything about it." A lawyer for the Trump Organization, Marc Mukasey, said he is "evaluating the situation and will respond as appropriate."
Vance, a Democrat, subpoenaed the Trump Organization last month for records related to payments Trump's former lawyer, Michael Cohen, helped arrange to a porn actress who claimed she had an affair with Trump. His office is also pursuing a state mortgage fraud case against former Trump campaign chairman Paul Manafort.
Vance's office declined to comment Monday on the tax returns subpoena, the news of which was first reported by The New York Times .
Trump's accounting firm, Mazars USA, said in a statement that it "will respect the legal process and fully comply with its legal obligations."
Mazars was subpoenaed earlier this year by a House committee seeking Trump financial records. The firm said it believes strongly in ethical and professional rules governing the accounting industry and does not comment on work it does for clients.
Trump, a Republican, is already fighting efforts by several Democratic-led Congressional committees to obtain his tax returns and other records that could give them a window into his finances.
Trump and three of his children filed a lawsuit in April seeking to block two House committees from getting records that his longtime lender, Deutsche Bank, has said includes tax returns. A federal appeals court indicated last month that it would take a hard look at the legality of the subpoenas after Trump's lawyers argued the House committee subpoenas were overly broad and unconstitutional.
In July, Trump sued to block the application of a new state law in New York that could allow a third House committee to obtain his state tax returns. In April, he and his company sued the chairman of the House oversight committee to block a subpoena issued to Mazars seeking financial statements, accounting records and other documents covering 2011 to 2018.
Meanwhile, New York Attorney General Letitia James is investigating whether Trump exaggerated his wealth to obtain loans. She issued subpoenas to Deutsche Bank and Investors Bank in March seeking loan applications and other records related to Trump real estate projects and his failed 2014 bid to buy the Buffalo Bills.
Vance's investigation appears to be covering some of the same ground as two federal probes.
Federal prosecutors in New York and Washington, who spent months probing payments made during the 2016 presidential campaign to two women who said they had affairs with Trump, Daniels and model Karen McDougal.
Cohen, who made one of the payments himself and arranged for American Media Inc., the parent company of the National Enquirer, to pay the other, pleaded guilty to campaign finance violations, tax evasion and other crimes and is serving a three-year sentence at a federal prison in upstate New York.
A lawyer for Cohen declined to comment on Vance's subpoenas.
Trump, who denies any sexual relationship with either woman, has said any payments were a personal matter, not a campaign expense.
The U.S. attorney's office in New York informed a court last month that it was finished investigating the payments. No one besides Cohen was charged, though prosecutors said in public court filings that Trump himself was aware of and directed the payments.
The Trump Organization also reimbursed Cohen for money he paid to Daniels. Cohen has argued that organization officials disguised the true nature of the payments and that it is unfair he is the only one prosecuted.
The federal inquiry looked at whether campaign finance laws were broken.
The New York Times reported, citing "people briefed on the matter," that Vance's inquiry involves an examination of whether anyone at the Trump Organization falsified business records by falsely listing the reimbursements to Cohen as a legal expense.
Falsifying business records can be a crime under state law.
___
Hạnh Dương
www.Vietpressusa.us
