A day late – but hopefully not a dollar short.
* Obviously, the big tax story is the NY Times article on moron Trump’s taxes. Kelly Phillips Erb, while not addressing or commenting on the specific details of the article, discuses “a number of issues raised in the piece that can be confusing for ordinary taxpayers like you and me” in “The Ordinary Taxpayer’s Guide To The Extraordinary Story Of Trump’s Tax Returns”.
* It is clearly obvious that Trump cheated on his taxes (he cheats on everything and everyone), wrongly claiming ridiculous amounts of alleged “business deductions” – including $70,000 for maintaining his pathetic comb-over (as I discussed here).
But one item in the NY Times reporting that was quoted in the USA TODAY article “Top seven revelations from New York Times report on Trump income taxes” caught my attention –
"Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 – a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010.”
The dreaded Alternative Minimum Tax (AMT) is actually federal income tax.
It is implied, and I assume, that at least part of the AMT paid referenced above is included in the $$72.9 million refund that is still being contested by the IRS – so he very likely did not actually “pay” the tax.
It is important to state that I have not seen the tax returns referenced in the article.
* Kay Bell warns us about "A dozen disaster scam warnings" –
“Here are 12 scam avoidance tips, six for catastrophe victims and six for those who want to help.”
* A reminder – questions about the 2020 IRS Economic Stimulus Payment can be answered at the Services’ “Economic Impact Payment Information Center“.
* If you were unable to transmit 2019 Form 1040s electronically via CCH software on September 15th here is an FYI from CURRENT FEDERAL TAX DEVELOPMENTS – “IRS Will Treat Returns Impacted by CCH Outage Electronically Filed by September 17 as Filed on September 15”.
THE LAST WORD
How far the once “Grand Old Party” has fallen in my lifetime.
The Republican Party in 1956 (from the official Party platform) –
“We believe that basic to governmental integrity are unimpeachable ethical standards and irreproachable personal conduct by all people in government. We shall continue our insistence on honesty as an indispensable requirement of public service. We shall continue to root out corruption whenever and wherever it appears.”
The Republican Party in 2020 –
“We don’t care one ounce about integrity, honesty, honor, ethical standards or irreproachable conduct by elected or appointed government officials. These things are not important. The only thing that is important is maintaining the power, feeding the ego and lining the pockets of Trump and pandering to ignorant racists, bigots and white supremacists so they will vote for Republican candidates.”
Every Republican in Congress running for re-election must be defeated in November – especially McConnell and Graham.