1/ By suggestion of @STUinSD I have rolled this out as a stand alone thread on the nonsense about @realDonaldTrump taxes and the BS the left is doing to try and tear down this President.
@STUinSD @realDonaldTrump 2/ Trump has still not released his tax returns, breaking a 40-year presidential tradition that first began with President Richard Nixon. And judging by recent comments from his administration, it's safe to assume that they won't be released anytime soon.
@STUinSD @realDonaldTrump 3/ So what will happen if Trump, does not release his tax returns? Legally, nothing. Though "most" presidents and "most" presidential candidates have "chosen" to release their tax returns for the sake of financial transparency, there is no legal obligation to do so.
@STUinSD @realDonaldTrump 4/ Legally, any public release of Trump's tax returns would have to be approved by Trump himself, as federal law prohibits the disclosure of a person's tax returns or return information without their consent.
@STUinSD @realDonaldTrump 5/ So what can be done? Now that Trump is president, there isn't much, But legislators at both the national and state levels are working to complicate matters for future candidates who decide to withhold their returns not to mention Trump's 2020 re-election campaign
@STUinSD @realDonaldTrump 6/ The left thinks the can force him through committee, but they are in for a rude awakening.
@STUinSD @realDonaldTrump 7/ Slobbering Ron Wyden introduced the Presidential Tax Transparency Act, a bill that would require presidential candidates to release their most recent three years of tax returns within 15 days of being chosen as their party's nominee and was struck down.
@STUinSD @realDonaldTrump 8/ Several state legislatures, bills have been proposed in New York, California, Hawaii, Massachusetts, New Mexico and the District of Columbia that require presidential candidates to submit their tax returns in order to appear on the state ballot.
@STUinSD @realDonaldTrump 9/ Bottom line the Internal Revenue Service is barred from releasing any taxpayer information whatsoever, except to authorized agencies and individuals.
@STUinSD @realDonaldTrump 10/ But as I said earlier Like all other citizens, US presidents enjoy this protection of their privacy. Since the early 1970s, however, "most" presidents and "some" vice presidents have chosen to release their returns publicly.
@STUinSD @realDonaldTrump 11/ Trump filed the required financial disclosure forms and you get far more from that than you could ever get from a tax return. The left claims such forms don’t reveal effective tax rates, charitable giving and how the president complies with, or benefits from, tax laws.
@STUinSD @realDonaldTrump 12/ While in part that may be partially true, an accountant with an abacus can figure it out pretty quick. Tax returns are a political talking point. Mddow's embarrassing reveal shut it up for a while but when the left gets low on ammo they fall back on tax returns.
@STUinSD @realDonaldTrump 13/ Again, "most" sitting presidents since Jimmy Carter have released their tax returns, despite the fact that presidents are automatically subject to an annual IRS audit. Yes you read that right, All POTUS are subject to automatic IRS audits.
@STUinSD @realDonaldTrump 14/ Trump refused to release his tax returns, bucking a decades-long tradition. Almost every major party candidate for president since 1980 has released tax returns during the campaign.
@STUinSD @realDonaldTrump 15/ In 1976 campaign, Jimmy Carter publicly released tax returns, while Gerald Ford revealed only a summary of his returns. You want to know another tradition? He not taking his POTUS salary either.
@STUinSD @realDonaldTrump 16/ Neither is Kushner, or Ivanka, and several of his cabinet members, keep that in mind.
@STUinSD @realDonaldTrump 17/ All this political kabuki theater is comical. You’re not going to get a statement of net worth or asset value on a tax return. The ~100 page financial disclosure form does a much better job of telling you how rich someone is.
@STUinSD @realDonaldTrump 18/ The tax returns tell us if and how the president complies with tax laws. It gives you raw annual numbers not actual wealth. And they don't reveal everything, that's why they have audits in the first place, to verify those numbers.
@STUinSD @realDonaldTrump 19/ Neither give you any sense of how he structured his businesses to minimize his taxes. Every person with any sense at all, does everything they legally can to minimize their actual bottom line tax paid.
@STUinSD @realDonaldTrump 20/ rump has filed financial disclosure forms, as the law requires of senior government officials; his form for 2017 was 92 pages long. assets.documentcloud.org/documents/4464…
@STUinSD @realDonaldTrump 21/ I provided a link to save you some work. The form asks for positions held outside the government, employment assets and income, and other assets and liabilities, mostly expressed as a range of value.
@STUinSD @realDonaldTrump 22/ I realize it doesn't reveal Trump’s effective tax rate, charitable donations or other deductions he takes, okay so what. That's the IRS' job not congress, regardless of what they say.
@STUinSD @realDonaldTrump 23/ When they reveal their insider trading numbers and their payoffs through the congressional slush fund, I will start taking them seriously. Congress has done neither so they can GFY.
@STUinSD @realDonaldTrump 24/ Trump signed his tax legislation into law, that likely cost him a fortune given the closure of tax loop holes. He could potentially benefit from a change in the estate tax and pass-through taxes, and the repeal of the alternative minimum tax.
@STUinSD @realDonaldTrump 25/ Estate tax is bullshit anyway, it's double taxing after you're dead. That money has already been taxed once annually, and estate tax is one more pound of flesh after you're gone.
@STUinSD @realDonaldTrump 26/ The Warren Buffett's and Jeff Bezo's of the world get around all that setting up trusts and structuring. Haven't heard a peep about that. They hide behind foundations and trusts. BS 501(c)(3) NPO's are at record levels.
@STUinSD @realDonaldTrump 27/ According to Article 2 currently, the criteria for a presidential candidate, per the Constitution, is that the candidate must be a natural-born citizen of the United States, a resident for 14 yrs, & 35 yrs of age or older. That’s it. Period.
@STUinSD @realDonaldTrump 28/ It would take a constitutional amendment to modify that criteria on a federal level. Congress can’t add to the constitutional criteria through federal legislation.
@STUinSD @realDonaldTrump 29/ If Congress wanted to change the threshold criteria for presidential candidates, it would likely take a constitutional amendment to Article II, which would in turn require ratification by at least three-fourths (currently 38) states.
@STUinSD @realDonaldTrump 30/ Congress does not have unilateral authority to add to Article II and impose this kind of mandated criteria on presidential candidates. That's the way the framers wanted it. It's what solidifies our republic from the banana republic the far left want.
@STUinSD @realDonaldTrump 31/ Since schools stopped teaching real civics, our younger generations have become plain stupid when it comes to basic civics.
@STUinSD @realDonaldTrump 32/ The US Code governing presidential elections is procedural, not substantive, in furtherance of the states’ rights for the electoral process. People have lost complete damn sight of this key point.
@STUinSD @realDonaldTrump 33/ It is similar to Congress’ role in an Article 5 convention of the states, there are absolutely no powers for Congress to control or regulate the substance of the convention, but merely procedurally Congress must call the time and place of the convention.
@STUinSD @realDonaldTrump 34/ If the states wanted to instruct their Electoral College delegates, that’s a very different constitutional question than for Congress to require it, but is still constitutionally dubious. Powell v. McCormick
@STUinSD @realDonaldTrump 35/ U.S. Term Limits v. Thornton make it clear that neither Congress nor the states can add to qualifications for members of Congress. This same damn rationale should apply to presidents
@STUinSD @realDonaldTrump 36/ That's the reason we can't just flippantly add term limits to congress, though I truly wish we could. I think that was one of the great oversights of the original framers.
@STUinSD @realDonaldTrump 37/ But truly they never intended for members of congress to make a career out of it and there wasn't the amount of money involved as there is today. Too damn many carpet bagging broke lawyers come to Washington and leave millionaires.
@STUinSD @realDonaldTrump 38/ Congress has absolutely no constitutional power in presidential elections. The states control the Electoral College and each state has control over its own delegates, in compliance with Article 2 and the Twelfth and Fourteenth Amendments.
@STUinSD @realDonaldTrump 39/ In fact, the only constitutional limitation on service as a delegate in the Electoral College is that any current federal office holder (which includes Congress) may not be an elector.
@STUinSD @realDonaldTrump 40/ The framers drew clear damn boundaries preventing federal interference in presidential elections.
@STUinSD @realDonaldTrump 41/ That wasn't by accident, but last week there are states getting wise to this and are passing laws to try and withhold their electoral votes to apply them to the popular vote but that an entire different argument.
@STUinSD @realDonaldTrump 42/ Any federal legislation requiring candidates to disclose tax returns is likely unconstitutional & definitely undermines federalism & the separation of powers between the federal & state governments.
@STUinSD @realDonaldTrump 43/ Any proposal is infringement upon states’ powers by congressional control of election criteria. Regardless of how many Ben Sasse's or Ron Wyden's pound there chest, they can't just throw out legislation to alter the constitution.
@STUinSD @realDonaldTrump 44/ This is not Congress’ job. If voters actually want that information and Trump was right that clearly not releasing his returns did not dissuade enough voters, then it’s up to the voters to demand it.
@STUinSD @realDonaldTrump 45/ What constitutional authority grants Congress the power to compel presidential candidates’ disclosures? NONE! How far would that supposed authority extend? Could it extend to health records as well? NOPE!
@STUinSD @realDonaldTrump 46/ Voters are free to vote by whatever subjective standards and criteria they prefer in a candidate. The Electoral College delegates are similarly bound by their states’ rules.
@STUinSD @realDonaldTrump 47/ If releasing tax records is important to that many people and is a direct cause of a presidential candidate not being elected, future candidates can certainly take this into account and determine how to run their campaigns and what information to disclose.
@STUinSD @realDonaldTrump 48/ Just because some people may have tax disclosures high on their priority list for voting, that doesn’t mean it’s proper for federal legislation to compel disclosure.
@STUinSD @realDonaldTrump 49/ There are a lot of examples of things some people think would be great ideas and want to happen, but the solution is more often not the government regulating or compelling it.
@STUinSD @realDonaldTrump 50/ That’s a hallmark of conservatism. Private individuals, which include candidates seeking federal office prior to their actually taking office, have a right to be free from government intrusion and over-regulation. The voters are the best solution.
@STUinSD @realDonaldTrump 51/ If the voters demand it, candidates can choose to comply. It is neither a good or constitutional idea for a federal law to intervene in State business.
@STUinSD @realDonaldTrump 52/ Congress must stay out of the states’ powers, that's banana republic bullshit when you neuter the states from their own rights. Those state protects are vital and should stay protected.
@STUinSD @realDonaldTrump 53/ There are those on the left plotting to force the treasury to turn over the POTUS tax returns citing what went on during the Lois Learner hearings, Republicans voted to make private tax information about nonprofit groups public, though not individual taxpayers’ returns, as…
@STUinSD @realDonaldTrump 54/ …part of an investigation into the IRS targeting Tea Party groups and conservative non profits Democrats are prepared for the White House to order Treasury to refuse to release Trump’s returns, forcing lawmakers to go to court to spring the returns.
@STUinSD @realDonaldTrump 55/ When that fails or Steve Mnuchin tells them to piss off, I predict the Democrats will retaliate by cutting Treasury’s budget or by attaching riders into its annual appropriations such as one preventing Steve Mnuchin from using public money to travel.
@STUinSD @realDonaldTrump 56/ They have a stack of games to play and they are in lock step on one issue, going after Trump. The House isn't going to legislate on infrastructure or healthcare like they promised their voters, it's full court press on anything Trump.
@STUinSD @realDonaldTrump 57/ And all the crying left saying unless Trump releases his tax returns, there’s no way to verify his claims about his wealth. So what? He's working for us for free. Bloomberg claims he's lost over a billion of his wealth since taking office. Leave Trump the hell alone
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