A billion, or a half-billion
Don Trump refuses to release his tax returns because he is being audited by the Internal Revenue Service for the last five (5) years. Indeed, Trump says he has been audited for the last 12 years.
Trump claims he is super-rich and is a man of vast means. He claims his net worth exceeds ten billion dollars. With financial planning outside municipal bonds, Trump should have a return on capital of 15 percent, or $1,500,000,000 per year. Trump’s annual income may be higher because Trump claims he is a businessman extraordinaire, a deal maker par excellence, a money-maker nonpareil. He makes the best business deals ever. Last week he bragged his company had hundreds of deals negotiated last year.. Let’s put Trump’s ordinary income for the last five years at a 20 percent return on capital per year, or two billion, $2,000,000,000.00 a year.
Pursuant to the tax audit, suppose the amount in dispute is ten percent (10%) of two billion in income, or $200,000,000. The Internal Revenue is auditing Trump for these five years, and the total amount at issue appears to be one billion dollars, $1,000,000,000.00. OR, pursuant to the tax audit, suppose the amount in dispute is five percent of two billion, or $100,000,000.00 in income a year. At five percent the amount in dispute for five years involves a half billion dollars $500,000,000.
Should Americans give Don Trump a pass because he does not want to pay his taxes “let the little, uneducated people” pay the taxes? NO. Should Americans allow Don Trump to fleece the American people to the tune of one billion dollars, or even half that amount? NO.
The American people should be sure that Don Trump pays taxes before he is elected for any public office. If he refuses, Cheatin’ Don should be tossed into prison like other tax evaders.