When it come paying taxes, how much is too little? The answer depends on whether you're running for president. Ever since someone leaked portions of Donald Trump’s 20-year-old state tax returns, people have been speculating about the taxes he paid – or didn’t pay, as the case may be.
Tax Analysts Blog
Joseph J. Thorndike, director of the Tax History Project at Tax Analysts is a nationally recognized tax historian. He is a regular columnist for Tax Analysts' publications, including Tax Notes magazine, and a writer for the Tax Analysts blog. A prolific author on the history of American taxation, Thorndlike's latest book is Their Fair Share: Taxing the Rich in the Age of FDR, published by the Urban Institue Press. Thorndlike serves as a visiting scholar in the history at the University of Virginia and teaches tax policy at the Northwestern University School of Law. He holds a BA from Williams College and an MA and PhD from the University of Virginia.
In January 1953 President Dwight Eisenhower crossed party lines and named a Virginia Democrat to be the new commissioner of internal revenue. T. Coleman Andrews brought several virtues to the job, including a reputation for toughness and a set of strong convictions. Among other things, he was committed to bureaucratic reform, fiscal austerity, and vigorous enforcement of the revenue laws.
This Thursday the federal estate tax will turn 100. And that brings to mind one of the most familiar set pieces of modern American politics: Republicans call for repealing the estate tax, and Democrats denounce the idea. This year Donald Trump and Hillary Clinton have dutifully assumed their respective roles. And voters have the pleasure of watching this argument unfold. Again.
Most Americans are still waiting for Donald Trump to release his tax returns. But he’s not the only one dragging his feet. Hillary Clinton, who has generally been very forthcoming with her tax disclosures, hasn’t divulged her 2015 return, either.
Bernie Sanders won’t withdraw and won’t endorse Hilary Clinton. He has promised to vote for the presumptive Democratic nominee – and to campaign against Donald Trump. But for the time being, he’s staying in the “race,” determined to boost his leverage within the Democratic Party.
Donald Trump is a big fan of tariffs. He’s made them a cornerstone of his get-tough trade policy, suggesting (among other things) a 45 percent import duty on Chinese goods and a 35 percent tariff on cars manufactured in Mexico. And as Time magazine recently observed, he’s not the least bit concerned about the potential fallout. “Who the hell cares about a trade war?” he said last month.
Donald Trump likes to compare himself to Ronald Reagan, especially when trying to explain how a former Democrat finds himself at the top of the GOP ticket. But Reagan and Trump have something else in common, too: The Gipper, just like The Donald, wanted to keep his tax returns private.
Donald Trump has now reneged on his promise to release his personal tax returns. That should come as no surprise, given The Donald’s difficulty in keeping his story (and his excuses) straight. But in saying that he expects to disclose no tax returns before the November election, Trump is set to become the first major party nominee since 1976 to elevate his personal privacy over the public interest.
Since 1960, Congress has enacted 66 major tax laws. At more than one major law per year, that makes for a pretty good clip -- and a lot of uncertainty.
Which of these things is not like the others: Donald Trump, Hillary Clinton, Bernie Sanders, Ted Cruz, and John Kasich?
Donald Trump has finally explained – sort of – why he’s been so evasive about releasing his tax returns. Apparently, he’s being audited. But in fact, that’s no explanation at all: Trump is still free to release his returns, and he should do it today.
If Bernie Sanders wins the New Hampshire primary, it’ll be the best thing to happen to American socialism since Eugene Debs placed fourth in the 1912 presidential election.
Everyone likes tax reform. Except liberals, of course. And conservatives, too.
For fans of taxing soda, Mexico is the object lesson. Last year, the country imposed a stiff new tax on sugary drinks. And according to the early data, it's working: The 10 percent tax seems to have cut soda consumption by about 6 percent. You'd think results like that would embolden Mexican lawm...