On Wednesday, Donald Trump lost an important appeals ruling. The U.S. Court of Appeals for the D.C. Circuit ruled against him, saying that his accountants MUST release several years of his tax records.
In other words, the House Oversight Committee – run by Democrats – is going to force a sitting president to provide his tax returns.
This has set Trump up for another appeal to the United States Supreme Court. If the Supreme Court decides not to hear his pleas, then the Democrats will get those returns, and they will – of course – leak them to the world.
This is an extremely dangerous situation. Donald Trump’s tax returns likely show that he paid very little in taxes because he doesn’t run a typical business or have typical income. Most of his interests are in real estate and in complicated holdings that might not even have the income flow through to his personal tax returns.
This means Democrats will have an opportunity to smear the president AND the entire economic system as being unfair.
Trust me, Donald Trump is NOT paying unnecessarily high tax rates. He’s not stupid when it comes to this.
He’s making use of every exemption, subsidy, tax break, previous net operating loss, and depreciation he possibly can.
That’s not a bad thing. That just means he’s financially savvy. Donald Trump is still paying his dues. Plus, a lot of his investments wouldn’t even work if not for favorable tax treatment.
If real estate was taxed the same way W-2 income was taxed, nobody would build apartment buildings anymore.
Either way, this is a dangerous situation. Over the coming months, anyone who cares about defending capitalism is going to passionately desire Trump to win the day on this. Otherwise, the Democrats will smear the entire system with their misleading narratives.
PS: Democrats are now trying to ban premium, high quality cigars – like the ones Rudy Giuliani smokes. I occasionally smoke a premium cigar, so this really annoyed me. I wrote a little rant here that you might find interesting. If you agree with my thoughts, please share the post. I’d really appreciate it.
Here’s the link again. By the way, this is on my personal Facebook page – so feel free to send me a friend request if you’d like to connect. Again, I appreciate it. Talk to you soon.