More than two years ago then candidate Donald Trump
explained that he was unable to release his tax returns, as was the practice of
most candidates, because they were being audited by the Internal Revenue
Service. His ascendancy to the presidency apparently has not spurred the IRS to
complete its task. So far as we know, that agency is still poring over those
returns and acting with such deliberate speed as may take a full generation to
conclude. Or maybe it finished the job and Mr. Trump simply forgot to let us
know.
I suppose we should applaud President Trump’s
fairness and restraint in not seeking special treatment or expedited action
from an arm of government whose head he appoints. Now, those returns must be
extremely complicated or the audit trail so explosive that the IRS is fearful
of what it might find. Or maybe the agency is unable to enlist a volunteer to
deliver its findings to the president.
Once the audit is completed, the range of possible
outcomes is limited to the following:
1. The
returns are in perfect order, all entries are accurate and all filing
requirements have been met;
2. The
returns contain innocent errors which require amendment and assessment of some
amount of underpaid taxes and penalties;
3. The
returns disclose sources of income which are problematic, questionable or
politically troublesome;
4. The
returns reveal that the taxpayer has used legal devices to pay little or no
taxes;
5. The
returns expose the fact that the taxpayer has far less wealth than he has publicly
proclaimed;
6. The
returns are found to be fraudulent and mandate referral to the Department of
Justice for criminal prosecution.
Which of the above would you put your money on?
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