Showing posts with label tax returns. Show all posts
Showing posts with label tax returns. Show all posts

Thursday, August 26, 2021

Biden's road is rocky, Trump's is rockier -- column of Aug. 26, 2021

By MARSHA MERCER

As bad as things look for President Joe Biden these days, Donald Trump may have it worse.

After seven months on the job, Biden’s job approval ratings have plunged as the debacle in Afghanistan, the raging delta variant, the crisis at the border and other calamities take a toll.

Only 47% of Americans approve of the job Biden is doing as president and 49% disapprove, according to the Real Clear Politics poll average on Thursday.

Such numbers disturb Democrats, but Biden has time and the economy on his side. The midterm elections are more than a year away.

Biden faces an array of crises that challenge his governing skills. Most Americans support getting U.S. troops out of Afghanistan, but the speedy Taliban takeover showed a lack of strategy and preparedness.

Now, however, the administration is working tirelessly to evacuate tens of thousands of Americans and our Afghan allies. Secretary of State Tony Blinken said Wednesday rescue efforts would continue even if U.S. troops leave by the Aug. 31 deadline.

In the war on the pandemic, Biden declared victory too soon. The surge in COVID-19 cases and deaths nationwide has devastated hospitals. But with full government approval of the Pfizer vaccine and others likely soon, more unvaccinated Americans will choose, or be forced, to get the jab, and the vaccinated will get boosters, extending protection.

With luck and barring new variants, the United States should get ahead of the deadly coronavirus and find a new normal way of life next year.

Biden’s massive American Rescue Plan made it through Congress, and House Democrats held together to pass pieces of his ambitious legislative agenda. September will be do-or-die for infrastructure and the budget. The Senate remains a stumbling block, but Biden’s proposals are still on track.

As for Trump, who teases about another presidential bid, he lost the 2020 election by 7 million votes. He also lost his White House megaphone, his favorite social media platforms and much, though not all, the news media coverage he craves.

The sore loser continues to claim falsely he won, and, sadly, many Republicans still believe him, despite numerous recounts and court cases that have turned up no widespread election fraud.

Trump draws large crowds of supporters to his rallies, but his overall approval rating is lower than Biden’s. Only 41% of Americans have a favorable opinion of Trump with 52% unfavorable, in the latest Real Clear Politics’ average of polls.

Trump even got booed briefly Aug. 21 at an Alabama rally, and right-wing talk radio host Alex Jones turned on Trump, for suggesting people might want to get vaccinated against COVID-19. Fewer than 35% of Alabama residents are vaccinated.

“I believe totally in your freedoms. I do. You’ve got to do what you have to do,” Trump said. Raising his voice for emphasis, he said, “BUT, I recommend take the vaccines. It’s good. I did it. Take the vaccines.”

Trump faces mounting personal woes. The Justice Department said in July the IRS must release Trump’s tax returns to a Congressional panel, as some courts have ruled. Trump’s lawyer says they will fight “tooth and nail” to keep the returns private.

The Select Committee to Investigate the Jan. 6 attack on the Capitol Wednesday released a barrage of requests to the National Archives and seven other federal agencies for information on a wide range of topics. They set a deadline of Sept. 9.

The Democratic-controlled committee plans to examine Trump’s Sept. 29 comment that the far-right Proud Boys group should “stand back and stand by” as well as “documents and communications related to any plan for the President to march or walk to the Capitol on January 6, 2021” and “documents and communications related to the metal stability of Donald Trump or his fitness for office.”

And that’s just the first wave of the inquiry. In their zeal to hold Trump accountable for one of the worst days in American history, Democrats risk overreach, yet it may take only one incriminating document to land Trump and some congressional allies in trouble.

Biden has time to tackle and solve the many crises facing the country. He and Democrats will need to make effective use of that time to remind voters why they chose Biden over Trump.

©2021 Marsha Mercer. All rights reserved.

Wednesday, July 31, 2019

A lesson from Tricky Dick on taxes -- Aug. 1, 2019 column


By MARSHA MERCER
“Make sure you pay your taxes,” former President Richard Nixon told David Frost in a television interview in 1977. “Otherwise, you can get in a lot of trouble.”
If Nixon were advising presidential candidates today, he might add: “And release your tax returns.”
Since President Donald Trump took office, dozens of states, including Virginia, have considered – and rejected -- requiring presidential candidates to release their tax returns in order to appear on state ballots.
But California Gov. Gavin Newsom, a Democrat, Tuesday signed the Presidential Tax Transparency and Accountability Act, which passed on party line votes in the legislature.
To appear on the Democratic or Republican primary ballot, presidential and gubernatorial candidates now must release five years of tax returns, which will be posted online.
“These are extraordinary times and states have a legal and moral duty to do everything in their power to ensure leaders seeking the highest offices meet minimal standards, and to restore public confidence,” Newsom said in a signing statement.
“The disclosure required by this bill will shed light on conflicts of interest, self-dealing or influence from domestic and foreign business interest,” he added.
See you in court, replied the Trump campaign, which contends the new law is unconstitutional.
Gov. Jerry Brown, a Democrat, vetoed a very similar bill in 2017, warning of a slippery slope. Next time, it could be a red state demanding a birth certificate or health records, Brown warned.
If the law withstands judicial scrutiny, Trump must release his returns by November for the March 3 primary. The law does not affect the general election in November 2020.
Trump says voters elected him even though he refused to release his returns. He has a point. If voters cared, they could have flocked to rival Jeb Bush, who set a record by releasing 33 years of tax returns in 2016.
The Constitution lists only three qualifications for president: at least 35 years old, a citizen born in the United States and a resident in the United States for at least 14 years. So how did we get here?
The Constitution also gives states authority to decide how their electors are chosen. Each state writes its own laws setting the rules for candidates to appear on state ballots, such as petitions with signatures of a certain number of registered voters.
Federal courts have struck down several state laws involving congressional elections, including term limits. The California law raises questions about what restrictions states can place on presidential candidates.
We see the tax returns of presidential candidates and presidents because of a tradition that began after a scandal involving Nixon, according to Joseph J. Thorndike, director of the tax history project of Tax Analysts and author of several books on taxation, who appeared before a congressional panel in February. 
Newspapers published stories based on leaks of details of Nixon’s tax returns, showing he had paid just $792 in federal income taxes in 1970 and $873 in 1971.
“People have got to know whether or not their president is a crook,” Nixon said at a newspaper editors’ convention in November 1973. “Well, I am not a crook.”
Three weeks later, he voluntarily released four years of tax returns to reporters and asked the Joint Committee on Taxation, Congress’ nonpartisan tax experts, to examine them.
The committee’s audit identified an improper deduction for his gift of his vice presidential papers to the National Archives as well as incorrect capital gains treatment on the sales of his apartment in New York and part of his property in San Clemente, Calif. The president owed $476,451 in back taxes and interest.
To this day, no one knows if Nixon paid up. No check was publicly shown, Nixon resigned because of Watergate and President Gerald Ford granted him a full pardon.
But since 1977, IRS policy has required an audit of every tax return filed by a sitting president and vice president, Thorndike said, and every president from Jimmy Carter to Barack Obama has released his tax returns during audits.
California’s new law is partisan and punitive to the Trump fans, and it could backfire on Democrats.
But Nixon was right: Americans do need to know whether their president is a crook. Like his predecessors, Trump should have released his tax returns, and he should do so now.
©2019 Marsha Mercer. All rights reserved.



Wednesday, April 17, 2019

The populist is a millionaire -- now what? -- April 18, 2019 column


By MARSHA MERCER

At the ripe age of 77, Bernie Sanders finds himself in an enviable predicament.

He lost the Democratic nomination for president in 2016 but became a bestselling author.

His book, “Our Revolution,” was published just after the 2016 election, and “Where We Go from Here” came out last November.

Mostly because of book advances and royalties, Sanders and his wife reported income above $1 million in 2016 and 2017 when they released 10 years of tax returns April 15.

In 2018, the couple had substantially less, but still hefty, adjusted gross income of $561,293, about $393,000 from book income. The Sanderses reported $19,000 in charitable giving last year.

And yet, all is not clover for the independent senator and leading Democratic presidential contender – at least until Joe Biden enters the race.

A headline in The New York Times said of Sanders: “He’s part of the 1%.”

Trevor Noah joked on “The Daily Show” that Sanders’s being a millionaire is like finding out Trump is secretly a Mexican.

Good one. But wait.

Yes, Sanders has railed for years against income inequality, a corrupt political system and “millionaires and billionaires” not paying their fair share. But he did pay his taxes. 


The Sanderses paid $372,368 in taxes in 2016, $343,882 in 2017, and $145,840 last year.

“These tax returns show that our family has been fortunate,” he said in a statement. “I am very grateful for that, as I grew up in a family that lived paycheck to paycheck and I know the stress of economic insecurity.”

He said he won’t apologize for his best seller -- nor should he. In a Fox News town hall interview Monday night, Sanders also called on President Donald Trump to release his taxes, which Trump will never do willingly.

Congressional Democrats hope to force Trump to release his taxes, but the longer Trump delays, the more people wonder what he’s hiding.

Unlike Sanders who seems embarrassed by his own wealth, Trump’s returns might embarrass him by showing he’s not as rich or as charitable as he says, or that he’s found legal loopholes to avoid paying taxes.   

Everyone knows a turn in the White House can unlock a treasure chest. Forbes magazine estimated Hillary Clinton’s worth at $45 million in 2016, almost all amassed after she and President Bill Clinton left the White House. 

Michelle Obama wrote the bestselling nonfiction book of 2018. “Becoming” sold 2 million copies in its first 15 days and still occupies the Times bestseller list 21 weeks later.

Sanders, though, is proof that running – and losing the nomination -- can also boost one’s bottom line. In 2015, the Sanderses had adjusted gross income of about $205,000 – mostly from his $174,000 Senate salary and Social Security benefits for both.

His 2016 campaign captured imaginations with populist, “us versus them” rhetoric. 

Some 13 million Americans voted for Sanders in the primaries and caucuses, and he won 22 states. People wanted to read what he had to say -- and not just in the United States. “Our Revolution” has been translated into five languages, the Sanders campaign says.

Sanders needs to accept his good luck and stop sounding peevish. The self-styled democratic socialist denied on Fox his success is proof capitalism works. So much for winning disaffected Donald Trump voters.

And to The New York Times, Sanders said, “If you write a bestselling book, you can be a millionaire, too.”

It’s doubtful, of course, he’d have had best sellers or that Jane Sanders would have received an advance of more than $106,000 in 2017 to write a book about the couple’s public service, had he not run for president.

Even if he’s uncomfortable, Sanders did the right thing in releasing his returns, as have six other Democratic presidential hopefuls. Kamala Harris is a millionaire, and Elizabeth Warren is close. The other contenders need to release their tax returns, too, 
so voters know who they are voting for.

Populism isn’t defined by how much – or how little – money someone has in the bank. It’s defined by the commitment to creating jobs, improving education and other policies that ensure opportunity for all.    

©2019 Marsha Mercer. All rights reserved.
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Thursday, March 30, 2017

It's time for Trump to release his tax returns -- March 30, 2017 column

By MARSHA MERCER

About once a week, House Democrats try to force President Donald Trump to release his tax returns, and about once a week House Republicans stop them.

Republicans Tuesday blocked a Democratic resolution on the House floor about the same time Republicans in the House Ways and Means Committee defeated a similar Democratic effort.

But why?  

Trump’s tax returns should not be a partisan issue – and if their release becomes a long-running battle, both parties will lose. To move ahead with his agenda, the president needs to release his returns now.

Most people want Trump to release his returns, polls show. Plus, nearly 1.1 million people signed a petition on the White House web site, calling for their release.

Many Republicans wish he had done so long ago, as his predecessors did for the last 40 years.

It’s “disqualifying for a modern-day presidential nominee to refuse” to release his returns, 2012 GOP presidential nominee Mitt Romney said during the campaign.

“Republican voters, GOP officials, and all Americans should demand that Donald Trump release his tax returns, something he refuses to do with the flimsiest of excuses,” National Review columnist John Fund wrote a year ago. 

If it was true then, why not now? Mainly because Trump is in the White House and he doesn’t want to.

“What’s he got to hide?” asked Rep. Bill Pascrell, D-N.J., who has led the effort to force release under a 1924 law that allows Ways and Means to obtain tax returns of executive branch officials.

With Trump about to start on tax reform, Democrats rightly argue that people have a right to know the president’s financial relationships and potential conflicts of interest. Republican House leaders counter that forcing Trump to release his returns would jeopardize his individual civil liberties and right to privacy.

Only two Republicans broke with their party – Reps. Walter Jones of North Carolina and Mark Sanford of South Carolina. Others have tried to have it both ways.

Constituents at a town hall meeting in February cheered Rep. David Young, R-Iowa, when he said: “You run for president, you’re president, you should release your tax returns. It’s a distraction and I think the American people should know,” the AP reported.

In Washington, though, Young voted against the measure. An aide dismissed the vote as a “partisan stunt.”

Trump initially said he couldn’t release his returns because he’s under audit by the IRS, although it’s up to him. Later he said the election proved people don’t care about his taxes.

That’s easy for him to say when people haven’t seen them. 

Trump’s refusal has gotten under Democrats’ skin. They need to be wary, though, of casting theatrical show votes for their base, as House Republicans did when they voted more than 60 times to repeal the Affordable Care Act during the Obama years, none of which succeeded.

Hillary Clinton said of Trump in a debate that “maybe he doesn’t want the American people – all of you watching tonight – to know that he’s paid nothing in federal taxes.”

“That makes me smart,” Trump shot back.

We got a glimpse of one year Trump paid taxes -- 2005. Pulitzer-Prize winning investigative reporter Donald Cay Johnston received two pages of the return anonymously by mail and went on MSNBC’s “The Rachel Maddow Show” March 14.

Trump paid about $38 million in taxes on $153 million in income for an effective tax rate of 24 percent. Even though Trump tweeted the reports were “FAKE NEWS,” the White House confirmed the numbers.

“Thank you Rachel Maddow for proving to your #Trump hating followers how successful @realDonaldTrump is & that he paid $40mm in taxes!” Donald Trump Jr. tweeted.

Trump and his wife Melania paid most of their income tax as an alternative minimum tax, which taxpayers must pay in certain circumstances if they claim many itemized deductions. Trump has called for eliminating the AMT.

It should come as no surprise that Trump favors tax policies that will help him and his supporters. More important is whether the policies also benefit most taxpayers.

Republicans and Democrats should work together to persuade -- or force – Trump to release his tax returns for the sake of trust and transparency in government. The people deserve to know.

©2017 Marsha Mercer. All rights reserved.

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