OK, here we go. The Republican-passed tax cut is heading for Donald Trump’s desk. The president will sign it, probably soon.
He keeps telling us how much of a beating he’s going to take from the tax overhaul. “Believe me. Believe me!” he implores us.
Sure thing, Mr. President. We’re supposed to take your word for it. I mean, your word is your bond, isn’t that right?
Well, here’s the deal. Some independent tax analysts have sung a different tune about the tax plan. They’ve told us the very wealthy are going to do quite well; that would include Donald John “I’ve Made a Lot of Money” Trump.
How in the world can we know for certain whether the president is going to take a beating or whether he’ll benefit bigly from the tax plan?
Oh, I know! How about releasing those tax returns he keeps refusing to disclose for public review? Trump has told the Internal Revenue Service is conducting a “routine audit” of his returns. Let’s see, when he first say that? He said when he declared his presidential candidacy in June 2015. The IRS says an audit doesn’t preclude anyone releasing their returns.
The IRS doesn’t comment on whether it is conducting an audit. Which begs the question: Is the IRS really auditing Donald Trump’s tax returns? We haven’t seen any evidence in the form of a letter from the IRS to the Trump business empire that it would audit the company’s tax returns.
The corporate tax rate under the overhaul declines from 37 to 21 percent. There also are reportedly other perks for businesses involved in, um, commercial real estate.
I am unwilling to take the president at his word that he’s going to get hammered by the tax cut plan. I want proof. I want to see his tax returns.