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House Democrats1 release former President Trump2's tax returns
The Democrat-led House Ways and Means Committee has released Donald Trump's tax returns, ending the former president's yearslong battle to keep them secret.
A MART?NEZ, HOST:
The Democrat-led House Ways and Means Committee has released Donald Trump's tax returns. And it's unprecedented4 because the former president defied tradition when he refused to release his tax records while in office. And he continued to try and keep them secret after leaving office. In a summary earlier this month, the committee revealed that Trump paid 1.1 million in federal income taxes during his first three years in office. He paid none in 2020. On the line with us now is Philip London. He is a CPA with the public accounting5 firm Wiss. Philip, so why is it significant that we're seeing these returns now?
PHILIP LONDON: It's significant because it's showing us what the IRS has not done in reviewing the returns and to the extent of the losses and questionable6 deductions8 that Mr. Trump has claimed on his tax returns.
MART?NEZ: So that's interesting - what the IRS has not done. And that's something that - I think everyone has been wondering why they haven't done that.
LONDON: That's an excellent question, to which we don't have a definitive9 answer. It could be that political pressure was placed on them, which is not impossible. Although historically, the IRS has not been a political engine for people in power, it appears that now it has been. But the other thing has - goes back to what I once referred to as starving the beast. The IRS since 2000 has had very limited resources and has been unable to allocate10 those resources where necessary. And it is a result of tax cuts and not necessarily reducing spending. So that's a problem.
MART?NEZ: But considering who it is and the uniqueness of the situation, why wouldn't they devote a little more attention to this?
LONDON: Again, an excellent question. How they could only put one auditor11 doing risk assessment12 on what could be one of the most complicated returns that the IRS sees any year - it has 400 passthrough entities13. It has significant expenses, appraisals15 and intercompany transactions that really require a team of auditors16. So they're auditing17 it as if it's an individual when this is really a large business enterprise. And they're not looking at the underlying18 facts that go into the personal return.
MART?NEZ: And it's thousands of pages long.
LONDON: So for example, there were many...
MART?NEZ: Yeah, it's thousands of pages long.
LONDON: Excuse me?
MART?NEZ: It's thousands of pages long. So, I mean, to think that only one person is - was dealing19 with this. But I'm wondering, Philip, as a CPA, what would you be looking for in these actual returns?
LONDON: Well, I would be looking at the easement appraisals. He took charitable deductions on a property in West Chester called Seven Springs. And he made a charitable deduction7 of the use of the property and had that valued at $21.1 million. The IRS eventually looked at that. And they have two alternative approaches to adjusting it, one, to disallow20 it because the appraisal14 was substandard or two...
MART?NEZ: We have to leave it right there. I'm sorry, Philip. That's Philip London, CPA with the public accounting firm Wiss. Thank you very much.
1 democrats | |
n.民主主义者,民主人士( democrat的名词复数 ) | |
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2 trump | |
n.王牌,法宝;v.打出王牌,吹喇叭 | |
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3 transcript | |
n.抄本,誊本,副本,肄业证书 | |
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4 unprecedented | |
adj.无前例的,新奇的 | |
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5 accounting | |
n.会计,会计学,借贷对照表 | |
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6 questionable | |
adj.可疑的,有问题的 | |
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7 deduction | |
n.减除,扣除,减除额;推论,推理,演绎 | |
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8 deductions | |
扣除( deduction的名词复数 ); 结论; 扣除的量; 推演 | |
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9 definitive | |
adj.确切的,权威性的;最后的,决定性的 | |
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10 allocate | |
vt.分配,分派;把…拨给;把…划归 | |
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11 auditor | |
n.审计员,旁听着 | |
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12 assessment | |
n.评价;评估;对财产的估价,被估定的金额 | |
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13 entities | |
实体对像; 实体,独立存在体,实际存在物( entity的名词复数 ) | |
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14 appraisal | |
n.对…作出的评价;评价,鉴定,评估 | |
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15 appraisals | |
估计,估量,评价( appraisal的名词复数 ) | |
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16 auditors | |
n.审计员,稽核员( auditor的名词复数 );(大学课程的)旁听生 | |
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17 auditing | |
n.审计,查账,决算 | |
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18 underlying | |
adj.在下面的,含蓄的,潜在的 | |
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19 dealing | |
n.经商方法,待人态度 | |
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20 disallow | |
v.不允许;拒绝 | |
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