- 28 Jul 2016 04:34
#14706086
I was about to leave the office when you asked this and I thought you'd like a better explanation.
It has never been a requirement to release tax returns. Nixon was actually one of the first people to start calling on opponents to release them, but ironically not the first to do so. Nixon knew how to play dirty.
The reason the tax return thing is associated with Mitt Romney this election is because his tax returns would have made him look bad in 2012. Nominally, our progressive tax system requires that anyone earning over $500,000 pay 39.6% in taxes on any income earned beyond that point (here is a helpful calculator I have used when I was curious about a client's tax burden, it is very good at illustrating how our progressive income tax works). When Romney released his taxes I believe it was discovered that he, as a multimillionaire earning millions per year, was paying a hilariously low 14%. And on top of that, it was speculated that he had purposely increased his tax burden the year prior to running, and that after the election he would re-file his taxes to reclaim the money he had overpaid.
This was the speculation as to why Romney, who only released the prior year's tax returns, refused to release his returns from previous years.
However, this election cycle, Trump refuses to do so because he's a bullshitter who isn't that rich. He has allegedly claimed a tax credit that only applies to homeowners who earn less than $500,000 per year. Which sounds plausible, because how many billionaires make their nut by putting their names on steaks?
noemon wrote:Is he not legally required to do so?
I was about to leave the office when you asked this and I thought you'd like a better explanation.
It has never been a requirement to release tax returns. Nixon was actually one of the first people to start calling on opponents to release them, but ironically not the first to do so. Nixon knew how to play dirty.
The reason the tax return thing is associated with Mitt Romney this election is because his tax returns would have made him look bad in 2012. Nominally, our progressive tax system requires that anyone earning over $500,000 pay 39.6% in taxes on any income earned beyond that point (here is a helpful calculator I have used when I was curious about a client's tax burden, it is very good at illustrating how our progressive income tax works). When Romney released his taxes I believe it was discovered that he, as a multimillionaire earning millions per year, was paying a hilariously low 14%. And on top of that, it was speculated that he had purposely increased his tax burden the year prior to running, and that after the election he would re-file his taxes to reclaim the money he had overpaid.
This was the speculation as to why Romney, who only released the prior year's tax returns, refused to release his returns from previous years.
However, this election cycle, Trump refuses to do so because he's a bullshitter who isn't that rich. He has allegedly claimed a tax credit that only applies to homeowners who earn less than $500,000 per year. Which sounds plausible, because how many billionaires make their nut by putting their names on steaks?
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WILL DO RACISM FOR BEER, CASH
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WILL DO RACISM FOR BEER, CASH
HELP A PATRIOT OUT