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Veteran Advisor

"He has the finest tax attorneys in Washington"

A quote from Michael Cohen, special council to Donald Trump, being interviewed on CNN with Wolf.  Wolf was questioning him on at least giving up the tax rate that he paid.


What does, "He has the finest tax attorneys in Washington" say to you?


To me, it says that he probably pays NOTHING in personal income tax.   Probably hasn't for quite some time.  


I know from personal experience how PO people get when people who make less than you overall, pay more - maybe much more in taxes.  Case in point.  I had a good off-the-farm job as an Air Traffic Controller.  I got paid well, and since I also had the farm, I balanced my loses on the farm against my FAA income.  Many years, I paid - guess what? - nothing in tax, federal or state.  Some of these people, especially if they were DINKS (double income - no kids) were in the 30% or more tax bracket.  


I understand that - you on here understand that.  But the bulk of the American people, WILL BE PO when they find out that Trump paid nothing in personal tax.  Someone worth 10+ billion by his own accord, and paying nothing in tax will not sit well with America.  


What my people from work didn't see?  The nearly million dollars I paid in tax the last couple of years after selling my farm.  The difference here though, is that I caught up  -  paid my taxes that I hadn't paid all those years.  I paid more in that last couple of years than many in the US make in a LIFETIME!!!  


The issue - Mr. Trump will probably never have to recoup those taxes like I did, because his tax attorneys, "The finest in Washington", will allow him to keep those taxes he maybe should've paid because of loopholes, special favors, hiding money off shore, etc.  I didn't have any attorney.  Maybe I should have.  But I don't feel bad at all having to pay what I paid.


Under audit - he probably is.  I was audited multiple times, as I was one of those that the IRS looked at closely to make sure that what I was doing was correct.  It was, although I always worried about the 'Super Audit', where they come to your farm or business, and you need to account for everything that is claimed on your returns.  I was always very careful to keep the very best records I could, because of fear of this super audit thing.  Not that I was doing something wrong, but the time and the amount of explaining that would be required, especially if it was from several, or even 5 or 6 years ago.  I always did my own taxes up until the last few years.  I got kudos from the tax professional that I went to for help with the farm sale, to make sure that everything was good.  I didn't feel good enough about it to do it myself.  Maybe next year, I'll  go back to doing it myself.


One of the posters on the internet had this to say:  "I refuse to consider accepting a tax plan from a guy who won't even release his own tax returns, what is he hiding".  It's probably where the bulk of America is at.  Trump is caught between a rock and a hard place on this one.  


Not releasing the taxes could cost him the election, and releasing it could too.  Question is - Will not releasing them take more Republicans down with him, because people suspect what I have outline above?



1 Reply
Veteran Advisor

Re: "He has the finest tax attorneys in Washington"

What - no attacks?   That must mean that you all agree with me on this.  Wow.  We have a consensus.