But he thinks it is. He thinks he won’t ever have to worry about taxes again. He thinks he gamed the system and did an end run around responsibility. There’s a bit of a problem with it. Actually, there’s a large amount wrong with it. Sometimes he really is an idiot. And a liar and a thief. Here we are, a day late. Apologies, as it was too good to let slip by. Thank you, Raw Story:
President Donald Trump reached an unprecedented agreement with his own Justice Department last week in which he, his family and his businesses would be granted broad tax immunity, but some experts say the agreement would be effectively worthless the moment Trump loses power, The Wall Street Journal reported Saturday, kicking off a potential tax reckoning. “[Acting Attorney General Todd] Blanche signed an agreement that is not worth the paper it’s written on – except that government personnel at present will not challenge it,” said Stuart Bassin, a former Justice Department tax litigator, speaking with the Journal.
Now, isn’t that a lovely thing to read? Not worth the paper. That’s harsh. And worth it. When Trump is out of office, he had better watch out. Different things could be done. He wouldn’t like a single one. He’ll flail that piece of paper, and he’ll get steamrolled anyhow. Far be it from us to complain. He probably hasn’t thought that far ahead because he expects to stay in office. That isn’t going to happen. No idea how it could be done. But he will be punted out, and a new president will come in. Then the party starts all over the place. We will be throwing confetti. And streamers. Better not throw the confetti because our household has three cats. That could be bad. Now I will firmly put myself back on topic.
[Blah, blah, lawsuit] In addition to the $1.8 billion settlement, the agreement also ended all pending audits of tax returns of Trump, his family and his businesses, despite the federal government having several “plausible defenses that it never asserted,” the Journal reported. Even so, several experts pointed out several flaws in the agreement. One, the agreement left open the opportunity for states to pursue their own audits of some of the president’s tax filings. “Trump and Blanche can give away federal stuff. They can’t give away the state stuff,” Bassin told the Journal.
Oh, ho! Our first ray of light has shone! They don’t have a defense at the state level? What a great piece of news! Trump could get socked in two states – DC and Florida. Oh, my. His federal piece of paper would be of no use at the state level. You already know that the slush fund is dead. So half of the income tax returns, the non-federal type, could tie Trump in knots. Any lawyers he needs had better get their money in advance in cold, hard cash. We could hope everyone has learned that by now when dealing with him.
Secondly, the IRS has no deadline for unfiled gift tax returns, noted Duke University tax law professor Larence Zelenak, speaking with the Journal. “A future IRS could contend that Trump effectively received the $1.8 billion in the settlement agreement and directed it as gifts to fund recipients,” the Journal wrote, paraphrasing Zelenak’s comments. “Under that argument, which the settlement attempts to prevent, Trump could have taxable income and taxable gifts.” And thirdly, once Trump leaves the White House, the IRS under a different administration could simply perform an audit on Trump’s tax returns, the Journal’s report reads. “But there are exceptions that let the IRS reach further back. The IRS has six years if there are substantial omissions of income, and an unlimited amount of time to pursue tax fraud.”
We all know Trump isn’t submitting tax returns that list all his income. But he has a big tax break that he put in place for the gazillionaires, which is something he’s very close to. He is currently a billionaire. But Trump *hates* letting go of money. Just ask E. Jean Carroll. He owes her a tidy little sum. That’s just one example. We’ll just look forward to getting him out of office, and then the audits will begin (hopefully). The raging screeds he’s posting all night will have a lot of ammunition for him. Too bad that piece of paper is only good for kindling by then. Too bad he’s going to get clobbered by all sorts of things, as we have watched him abuse America and the world, and someone will take him down. Finally, he actually will have to answer for his crimes.
See you tomorrow!
Friends, I know everybody begs you for money. I promise you that, of all the outlets bugging you for spare change, we are the smallest and the hardest-working. We’re a bunch of old, disabled people, except one writer in his mid-50s. But the rest of us are in our sixties and seventies, and this is a labor of love. All we’re asking for is the ability to continue our quest to tell the truth about Trump and help ensure democracy survives. If you can help, please do. Thank you. Ursula
