So their practice on avoiding auditing rich people doesn't apply to Trump? Just to people like Biden, right?

No way I'd release key evidence in a dispute with the IRS. That's like revealing the details of a court case right in the middle of it to the public. But don't worry Trump doesn't expect to be treated fairly.

By the way, most audits are simply letters from the IRS asking about one or several things. You correct it and send in a response.

Then there are the "Compliance Audits" where you are forced to prove every single expense and income item. That's what Obama subjected hundreds of leaders in the Tea Party to. That's the "Weaponized IRS."

A better format would have been to have a computer controlled countdown for each person's talk. Give them a big OLED screen they can watch that has a green bar moving toward completion of the 2 minutes, it could go amber, then red, then blinking red, and then shuts off audio.

At that point the contender could punch a button that gives him another 10, 20 or 30 seconds. But we'd only give him say 600 seconds total on that clock.

That'd shut them up, and let Wallace manage content, not shutdowns.

Hell, I'd even given them a 2nd button which allowed them to interrupt someone else talking, but limit it to 10 10 second interrupts.

And the selective release of parts of documents, creating a false impression with purpose and malice, is called "lying by omission."

But Trump DOES HAVE an audit ongoing. And his complaint all along about releasing his tax returns is that he would, after the audit finalizes the numbers to a correct figure.

For commercial mortgages. 3-10 year terms are very common.

The reason is that the lender just uses works a spread on short term CDs.

In the morass of tax law, both could be simultaneously true.

A revocable trust seems like a proper method of handling the assets, given the term may be four years, or eight, or less than four, if you had believed the impeachment scam. The term was not known, but would come to an end.

Yes, they should. Historically, that's been common and accepted practice.

Although the dumbness MAY be contagious, there is a method to achieve herd immunity even in the midst of the three baboon shoutshow.

Only watch such political porn drunk.

Sounds basically okay.

But that's my point of view, and I did vote for him. People talked about those issues in 2016, of course. They are no different today, so I would wager that those who voted for him before, or who did not but view him favorably now, will not have their minds changed by being reminded of this issue.

Of course, these issues were not issues when the Demos ran John Kerry for president. His wealth has been variously estimated, ranging from around $165 million to as high as $3.2 billion

Actually, the US tax collection system works very well, compared to those in many countries of the work.

I don't know if Trump's business affairs are largely or partly in matters that are subject to different interpretations of tax law.

Suppose that was the case, then it would be totally legitimate and expected to take one stand and expect the IRS to take another, and then to settle up somewhere down the line.

Regardless, it's way different that getting taxed on a salary. However, on that dimension it's Trump that reformed the tax code two years ago, making it much fairer and eliminating a lot of loopholes. Almost everyone pays substantially less than before those changes.

You're obviously not knowledgable about the things you are talking about.

I don't know of information on a security clearance being leaked, EVER. Lying and mistatements on such applications are routinely caught and dealt with.

If The NY Times actually has his tax returns, they can tell you who loaned him the money.

Why we're at it, let's find out which Iranian source paid for Obama's college fees.

This issue reminds me of one aspect of the Affordable Care Act.

When Demos had the power they passed that with a slim majority using a budget trick.

But did it apply to them? Oh, no. Of course not. All of Congress and the Senate have their own health care plans.

And tax law? It's for the little guys like us. Not them.

Which would have been evaluated when he got his security clearance. But I'm dubious that info needs to go to YOU, or that "the public" is competent to evaluate such things.

Anyway, "due to pay back" is false. Those type loans are written for 7 year periods because of some federal banking regulation. The correct phrase is "due to be renewed."

No. Say the IRS wanted 100M in revenue. They could do us for 10k each or one fat cat. They'd have to do 10,000 of us to get it AND THAT'S IF EVERYONE PAID. Some wouldn't, some would make a deal for less, many simply didn't owe the money. So let's say they audit 10 people to get 10,000$.

Then they have to audit 100k people to get the 100M.

Versus one fat cat? Realistically, say they audit 10 fat cats, and tell each they'll settle for 10M. Sounds easier to me that a hundred thousand.

Interesting question, because typically, you'd have no right to know such a thing.

But now, Trump is POTUS. I can see how people would want to know that he was not beholden to foreign powers or agents of them. Russian oligarchs would be a good example.

Typically commercial real estate loans are for a seven year period and are then renegotiated.

But there are many foreign countries that do not allow non-citizens to own property, and so some form of deal must be made with locals to do something like build a hotel.

On becoming POTUS, Trump set the properties aside I believe into a trust, because of exactly these sorts of concerns.

But ORANGEMANBAD!!!!

Disagree strongly. You've got to focus on the actual tax code. They only apply that code. If the IRS applies that code, the IRS has done their job. The tax return can be reviewed, and if there is no tax due, there are deductions that reduced the taxable sum to zero or below. Simple as that. The deductions are either acceptable or not.

The certain case of unacceptable and unfair application of the tax code by the IRS is when Obama used it as a weapon to shut down people who opposed him.

It'd be more meaningful to ask a question like... "What's the debt to equity ratio?"

Oh, wait...

That's way, way too complicated.

It's something a first year college business student might ask. We shouldn't expect that from you, right?

What's hugely problematic is the implicit assumption here that the IRS is NOT DOING IT'S JOB, somehow, for the rich and the powerful.

The IRS certainly did it's job for Obama, when it allowed itself to be a weapon against Obama's political opponents and did his bidding on who to go after.

I don't believe that the IRS gives a pass to the rich and powerful, but it's an interesting question. Who made the IRS regulations that allowed Trump to pay next to nothing?

Congress...

What did Judge Learned Hand have to say about this issue?

"Anyone may arrange his affairs so that his taxes shall be as low as possible; he is not bound to choose that pattern which best pays the treasury. There is not even a patriotic duty to increase one's taxes. Over and over again the Courts have said that there is nothing sinister in so arranging affairs as to keep taxes as low as possible. Everyone does it, rich and poor alike and all do right, for nobody owes any public duty to pay more than the law demands."

Quote by: Judge Learned Hand (1872-1961), Judge, U. S. Court of Appeals
Source: in the case of Gregory v. Helvering 69 F.2d 809, 810 (2d Cir. 1934), aff'd, 293 U.S. 465, 55 S.Ct. 266, 79 L.Ed. 596 (1935)

http://quotes.liberty-tree.ca/quote/learned_hand_quote_6bf7