WWL>Topics>>3-16 Bob Mitchell, do Trump tax returns provide answers or more questions?

3-16 Bob Mitchell, do Trump tax returns provide answers or more questions?

Mar 16, 2017|

Bob in for Tommy. Bob talks to Steve Rosenthal, a Senior Fellow at the Urban-Brookings Tax Policy Center, about President Trump's leaked tax return.

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Automatically Generated Transcript (may not be 100% accurate)

Bob Mitchell drilling into atomic when it was special guest is mourning Steve Rosenthal senior fellow what the urban Brookings tax policies that are. Steve thanks for getting up early and being with us here on WWL. Sure Bob happy to be here. Now when you look at the tax returns that we were able to see which I think is two pages. What overall picture of the Dubuque Donald Trump if any. Well what this is the first top federal income tax return each scene in full. And it shows that at least in 2000 part of our Donald Trump paid a lot of taxes. Are close to prop 36 million dollars of income taxes. And that's much larger than we anticipated. Well. Actually I would say that the one of the surprise it is he was subject to what is known as the AMT. And a Betsy Alternative Minimum Tax. And that that that tax actually disallow the whole bunch of preferences and deductions in the light. And upon champion extra. Thirty million dollars on a character attacks. If you had not insert experience he has regular tax liability would've been only five million so. Do you find it a little strange. That after all this talk about not religion my taxes that. A journalist can just get them in the mail. Well. The poll tax situation is strange. Going back to Victor campaign because in the past a reaching had been released. Our tax returns. Are disseminated widely. To apply for bank loans are you options to major tax regions. Taxpayer has detect future and his sprouts have a tax returns. Accountants and lawyers are tax returns government agencies. Are and credit arrangements. I would have tax returns terrorists attacked agents. These two pages are stamped client copy. So unlikely. These strategic came from the RS but they could come from any number of sources but the strange situation. It would have been a lot where. If Donald Trump at least two to actually churns out for the last dictators. As other presidential candidates have done and as of the presidents do also know. We see piecemeal stuff tripling. How important is that to the public and partially me. I don't give a rats at feet. Ever releases his return I want him to be a good president I want him to help this country. I want to protect this country a lot the economy get better a lot on the debt to go to council I don't care whether he releases as forms. Is both of distrust political. Well I don't think I actually think it's important for Donald Trump to release his taxes. I thought on the campaign it was important and as president it's important it reveals a lot about his finances. Up any potential conflicts. He might. How he approaches taxes. Does use. Taxes. A aggressively. On as a sport as a shared responsibility. A dozen questions or report in the campaign. Now that president. Especially withdraw his sprawling. Business and has there's all sorts of potential conflicts. And in the past presidents have addressed those potential conflicts. And assured the public the director of the public interest not their own transparency into Beijing news and releasing their protective. Up and mr. trump is not done. So. If you don't care about conflicts if you don't care. Well whether it mr. trump is pursuing the presidency to advances on interest and all you want to evaluate. Is performance Wilbon I guess you could. Thought. Well I'm sure if there are conflicts I I cannot see them not coming to the surface and do you believe that. These. Release forms are going to get him to release more or do you think this will color quiet people down a little bit. I think depression two movies on will only continue. This is just two pages. From old tax return it shouldn't. That's a success tech future and its image that the start at war tax liability. Than most people thought largely because of the weepy in Egypt and but it appears. Two. In prior years mr. trump. Apparently paid very little taxes. Yet large on net operating losses we've learned from releases of the New York Times in the mid ninety's. And those that are operating losses have been slowly whittled away. And so in the mid nineties two thousand far right. Fortunately much in the way if taxes. Are bound to justify it was a very good year for a variety of reasons are for mr. trump. Capital gains. Performance of some of his enterprises. Did very well. Beyond his expectations. He had a tree a big penalty for not holding enough taxes during the year he didn't anticipate. Making so much many paying taxes. So the question that is what happens after 2005. Which mr. trump on a profit. And so that he would have continuing its tax liability. Roughly the nature of what we might we saw 2005. Or it's something else occur either but at some way to avoid paying taxes or maybe not be as profitable. We don't know that. All we do go to mr. trump is resisted fiercely ever releasing any of those taxes and so are we can't quite hectic quick ago what's going on here. Steve I appreciate you being on the show host Warren street rules until senior fellow at the urban Brookings Tax Policy Center.

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