Donald Trump has refused to follow the tradition of the major party candidate in releasing tax and filings during tax time (April) before the convention and several months to the election. It is not in the law but that lets the public know how charitable and how wealthy the candidates are.
But its two-month ends to election and Trump is still not responding and refusing to the tax issues. He says that several years of returns are being checked by IRS (International Revenue Service) .On the year 1981, as reported by New Jersey gambling regulators analyzed Trump’s finance, as he tried to get a casino license .The reports include Trump’s income and federal tax payments for 1975 through 1979.
It shows he had paid federal taxes for three of those five years. New Jersey’s casino commission reported that he had paid more than $71,000 in federal income taxes on about $218,000 of taxable income for 3 years. In the year 1978 and 1979, he paid no federal income taxes because he said he was in ruin, his business status was broke and reported a negative income. In 1991 and 1993, when he was filed for bankruptcy for Atlantic City Casinos, Trump claimed to avoid income taxes in those years to reduce or avoid federal tax bill for years to come.
Romney was attacked strongly by his opponents in the year 2012 presidential campaign and was disqualified to presidential election because he wasn’t releasing taxes. It was reported he played only 14 percent of his tax and made investments rather than working. He even made a political jargon to Trump, that Trump must be hiding “bombshell” in his returns.
Trump had said he would release tax to be scrutinized by the public but he says it is under an audit and his refusal may show he has seriously fallen short of his tax obligations or rigged economic system of becoming rich.
If the one who doesn’t expose tax releases to the country who is not patriotic, he might not spend any amount for benefits of the military, of infrastructures. If he wants to gain potential voters or even millennials votes, he must prove his good business prowess .In this way, he can still be elected as a president and he can be the epitome of American’s dream to achieve prosperity, to plan job actions and to move substantially in the pathway of more economic outputs like he builds an empire of the bevy of projects.
In the recent presidential debate, however, he stumbles over the tax release questions paraded to him. The mockery of Clinton and uncleansed strategy talks of Trump shows that Trump may lose ground in the polls.
His own views regarding the USA has been bankrupted at times in earlier or now because of the previous political leaders wasting their money can be misleading to his supporters.
People don’t know all of his business dealings, investigative reports show that he owes about $650 million to Wall Street and foreign banks.
So firstly, the tax release has high political risk than legal. This may show that he plays very less to charity or the benefits which will accrue other investments because he has a conglomerate business and maybe it proves he isn’t rich and he has some foreign financial clichés. He needs to release taxes because he has neither involved in the military, public affairs and now 41 days to the election, the opponents may chide Trump for not disclosing his returns.
Trump is claimed to be worth $10 billion. Trump hasn’t paid any taxes o he owes no taxes. Grover Norquist, the president of Americans for Tax Reform and a prominent Trump supporter said, Trump could have answered he pays every dollar to the tax he owes, if it’s true ,maybe Trump has that ethical standards to let his voters value him even more.