Trump Taxes: President Files For 2016 Extension
U.S. President Donald Trump’s tax bill may be moving along in Congress, but his personal income taxes appear to be delayed.
Reports this weekend indicate the president missed the April 18 deadline that most Americans met for filing their 2016 income tax returns and instead sought an extension, giving him until Oct. 18 to get the annual task done.
No reason was immediately apparent for the delay.
Read: Former Fed Chair Bernanke Rejects President's Plan
Trump’s taxes were an issue in the 2016 presidential campaign when he became the first candidate in four decades to decline to reveal his returns, citing an ongoing Internal Revenue Service audit. At the time, he said he would release the returns after the audit was completed but has since indicated he never may release his returns.
"The White House response is that he's not going to release his tax returns," Trump adviser Kellyanne Conway said Jan. 22 on ABC’s “This Week” despite a petition signed by more than 1 million people on the White House website demanding their release.
“The unprecedented economic conflicts of this administration need to be visible to the American people, including any pertinent documentation which can reveal the foreign influences and financial interests, which may put Donald Trump in conflict with the emoluments clause of the Constitution,” the petition reads.
Treasury Secretary Steve Mnuchin backed up Conway’s declaration in April, saying: "The president has no intention — the president has released plenty of information and I think has given more financial disclosure than anybody else."
MSNBC released two pages of Trump’s 2005 1040 form in March, showing he made $150 million and paid $38 million in federal taxes and would benefit handsomely from the elimination of the alternative minimum tax. What the two pages did not show is how much of Trump’s income is derived from foreign sources.
Read: Trump 2005 Tax Return Ratings Boon For MSNBC's Rachel Maddow
Critics have been demanding a peak at Trump’s financial history to determine whether he exaggerates his wealth, the impact any tax overhaul would have on his personal wealth and whether his interests influence his decisions in office.
In an interview with the Economist last month, Trump was asked if he’d release his returns to gain support from Democrats for his tax plan.
"I don't know. That's a very interesting question. I doubt it. I doubt it. Because they're not going to ... nobody cares about my tax return except for the reporters," Trump said, adding "Oh, at some point I'll release them. Maybe I'll release them after I'm finished because I'm very proud of them actually. I did a good job."
Trump has proposed cutting the number of personal income tax brackets to three, doubling the standard deduction, cutting the corporate income tax from 35 percent to 15 percent and repealing the inheritance tax but provided just a bare outline to lawmakers who actually have to write the law. The proposal would eliminate most tax breaks for the wealthy but keep such popular deductions as mortgage interest, charitable donations and retirement savings.
During the election campaign, Trump said he knows U.S. tax law so well, he’s the only one who can fix it.
Estimates indicate his tax plan would reduce federal revenue substantially in the next decade.
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