Author Archives: redsoxbuff

Does Donald Trump pay no federal tax? Probably.

Why won’t Donald Trump release his tax returns? Maybe because he pays no federal income taxes.

David Cay Johnston, winner of the Pulitzer Prize, has come out with a new book, The Making of Donald Trump, and in an interview with Slate, he says that Trump, “probably hasn’t paid taxes in almost 40 years.”

That’s very possible (and legal), as The New York Times has pointed out in several stories, including this analysis from James B. Stewart.

Whatever he pays, Trump’s returns would in all likelihood be as fascinating as a return could be. Johnston has previously reported that Trump filed a return in 1984 with a Schedule C showing zero self-employment income and more than $600,000 in deductions.

You cannot make this stuff up.

Trump’s tax plan benefits — Trump. Surprised?

Now we know what Donald Trump, the presidential candidate who won’t release his own tax returns, wants to do about taxes: Cut them for people like himself. His August speech in Detroit outlined his plans, which fall in line with what House Republicans, including zombie-eyed granny-starver Paul Ryan (thanks to Esquire’s Charles P. Pierce )have… Continue Reading

IRS excels at beaurocratese when it screws up

If you sent in an employment tax payment at the April 18 deadline, you did what you were supposed to.  But the IRS sent out notices to many filers that the deposits were late. How did the IRS characterize its own screw-up?  Like this: “Many taxpayers who made employment tax deposits on Monday, April 18,… Continue Reading

Don’t believe everything you read about the tax code — even in the New York Times

Reporting in 2014 on a proposed tax overhaul that went nowhere, The New York Times  referred to “the 70,000-page federal tax code.” People, I come bearing good holiday tidings:  The federal tax code is nowhere near that long. As Andrew L. Grossman, an attorney with the Congressional Joint Committee on Taxation, points out in Slate,… Continue Reading

Republican fantasy tax plans all “puppies and rainbows”

Let me paraphrase Josh Barro of The New York Times in summing up the tax talk you’re hearing in the Republican Presidential Debates: It’s all puppies and rainbows. As Barro points out here, Marco Rubio would eliminate all taxes on capital gains, which of course would benefit those in the U.S. who have accumulated the most… Continue Reading