Category Archives: Tax Evasion

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.

Hastert and FIFA cases prove the oldest rule in the book: Follow the money!

What does Dennis Hastert’s indictment on apparently Very Very Bad Horrible Terrible Behavior (kudos to Kaili Joy Gray of Wonkette) and the FIFA bribery and kickback scandal (New York Times version here) have in common? They both in part involve people charged with trying to hide or disguise transfers of money—something that is of tremendous… Continue Reading

“The Situation” is in a not-so-good tax situation

Did you know that “Jersey Shore” reality show personality Michael Sorrentino, aka “The Situation”, and his brother Marc, grossed almost $9 million in a variety of ventures over four years? Me neither, until I read the U.S. District Court indictment, reported inThe New York Times,charging the brothers with conspiracy and filing false tax returns. Michael… Continue Reading

Corporate Cayman Islands tax shelters rip off U.S. taxpayers

*”Corporations are people, my friend.” –Mitt Romney, August 11, 2011 Statistic of the day: A single five-story office building is the registered address of more than 18,000 companies. How is that possible? Well, the building is in the tax haven of the Cayman Islands, and most of those businesses are registered there only for tax… Continue Reading

Multinationals seek tax heavens, er, havens . . . oh, what’s the diff?

More and more U.S.-based corporations are growing wings and flying away from their U.S. tax obligations. Bloomberg puts it as simply as possible: “U.S. companies looking for lower tax bills are heading for the exits, and Congress is doing nothing to stop them.” The immediate impetus for the story was Pfizer’s proposed purchase of AstraZeneca,… Continue Reading

The real IRS tax-exempt scandal is who they DIDN’T go after

The rolling sideshow of hearings and revelations about the IRS department responsible for reviewing organizations applying for 501(c)(4) tax-exempt status might not ever get around to dealing with a larger question: Why were some little organizations steamrolled with questions and scrutiny, while major national operations apparently got a pass? As ProPublica pointed out in a… Continue Reading

Even Hall of Famers whiff against the IRS

Baseball Hall of Famer Duke Snider, who passed away recently, once hit 40 home runs five years in a row. Playing center field for the Brooklyn Dodgers, he was routinely compared in the 1950s with two other New York centerfielders you may have heard of: Willie Mays and Mickey Mantle. But in the 1990s, he… Continue Reading