Why Do Presidential Candidates Need to Release Their Tax Returns?

What will you find that the IRS missed?

Every year I do my taxes like every other taxpaying American.

My return says I grossed this much, paid this much in tax, and either overpaid or got a refund.

It’s pretty cut and dried.

Who Needs to See My Return?

No one really.

However, I have had a few instances where my tax returns need to be presented for some services mostly because there was a need to verify my income.

A tax return is the easiest way to do that.

What Will a Candidate's Tax Return Tell Me?

If you want to see presidential tax returns all the way back to FDR they are available here.

So, I have looked at some of the returns on the site listed above.

I’m probably 1 in 1,000 who will ever look at them. For some reason just releasing them seems to calm people down.

People were obsessed with Romney’s tax returns because he was rich. Oh My God, he doesn’t pay enough taxes based on his income.

Or he’s nowhere as rich as he says.

Same with Donald Trump. Rich guy, so we all need to know how much money he has and how much did he pay.

I’m not a tax expert and I don’t need to be to tell gross income, taxable income and whether there’s a refund or payment required.

Why Did Trump Not Release His Return?

Donald Trump shouldn’t release his tax returns for a variety of reasons. Remember he’s a businessman — not a politician.

When he lost the election, he went back to being a businessman.

Sources of income and how much he made or didn’t make would be valuable information to his competitors.

Current or future negotiations could be compromised based on whatever information might be gleaned from those returns.

Here’s my feeling.

If the IRS has no problem with his return, then why should I?

I’m pretty sure there are IRS investigators who vote Democrat who hate Trump and will be happy to scrutinize his return hoping to find the worst.

I realize there is a perception that if you don’t release them then you must have something to hide.

And I believe that Donald Trump has a legitimate, not illegal, reason to keep his tax returns private.

I feel the same way about Hillary Clinton. If the Clinton Foundation passes muster with the IRS and the SEC, then I’m fine with that.

It’s still in operation I looked it up.

Some Final Thoughts

FDR never released his tax returns during his presidency.

Up until Nixon most Presidents did not release tax returns until after leaving office.

John F. Kennedy never released his returns. And he was supposedly worth a boatload of cash.

Some presidents have only released a summary of their taxes. Made this — paid that.

As mentioned earlier I don’t think what someone makes has any bearing on his or her ability to govern.

If they’ve made a few bucks along the way more power to them.

If they’ve used their office or political position to illegally enhance their income that’s why we have an IRS and Securities and Exchange Commission.

Wealth is subjective. There’s cash, investments, property all contribute to net worth but don’t really tell the story of someone’s wealth.

There’s paper rich and cash poor. Are you really going to base your vote or trust of a candidate based on wealth?

How much money do you need or not need to be a good and honest politician?

If the IRS slaps on the cuffs I’m not voting for that person.

I would be a lot more interested in their current level of health both mentally and physically than their tax bill.

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