Trump’s Financial Disclosures Are Meaningless

President Trump has repeatedly argued that there is no need for him to release his tax returns because his financial disclosures give us the same information we would obtain from his tax returns. Specifically, Trump argues through his financial disclosure forms that because he is no longer listed as the head of his numerous companies, he doesn’t have any conflict of interest. Well, now we find out courtesy of CNN’s OutFront with Erin Burnett that Trump’s financial disclosures are deceptive and thus meaningless.

Erin Burnett citing a consumer advocacy group Public Citizen said, “Public Citizen did some digging by looking into Trump’s federal financial disclosures and found that Trump did remove his name as the owner of more than 500 assets once he became President but [that is] on paper, not in reality. The Truth, Public Citizen found, the assets Trump transferred ownership to can be traced back to one person and that one person is President Trump…..Which means Trump still has a vested interest in making sure his businesses are doing well, businesses that receive money every single day from people trying to influence or carry favor from the President.”

Bottom line folks, we do not need Erin Burnett to prove to us that Trump is in serious and constant violation of the constitution’s emoluments clause. The clamor for his tax returns should be an issue of the utmost urgency and Congress must deal ruthlessly with corrupt public officials like Treasury Secretary Steven Mnuchin who continue to abuse their positions to hide Trump’s tax returns. Time has come for Congress to exercise its rarely used powers and jail Steven Mnuchin for contempt of Congress!!

For those of you very happy with @Emolclause’s activism don’t shy away from the “tip jar” below on your way out.

You may reach the author via email at author@grassrootsdempolitics.com or author@emolumentsclause.com

GOP Gutted IRS’ Ability To Go After Rich Tax Cheats

An investigation by ProPublica has revealed that since 2010 congressional Republicans have systematically gutted the IRS’ budget for the express purpose of dramatically reducing its ability to pursue rich tax cheats, while at the same time ramping up the agency’s ability to go after the working poor who claim earned income credit. If there was ever a classic case of GOP’s #WarOnPoverty, this shocking finding by ProPublica certainly is.

Excerpt from ProPublica piece by Paul kiel & Jesse Eisinger dated 12/11/2018

In essence, according to the ProPublica piece, congressional Republicans have gradually and cleverly reduced the number of IRS auditors by shrinking the agency’s budget over the last 8 years(since 2010). As the article correctly points out, congressional Republicans realized that were they to make huge cuts to the IRS’ budget at once, the public/media would catch on to their shameful act. So they cleverly devised the gradual IRS budget cuts that have gone on for the last 8 years, almost totally crippling the IRS’ ability to go after rich tax cheats(usually Republicans).

Excerpt from ProPublica’s 12/11/2018 piece

This troubling ProPublica revelation comes as many working families are getting ready to file their 2018 taxes and yes–claim their earned income credit. It is sickening to learn that as the working poor are looking forward to getting their income tax refunds so they can catch up on their bills, congressional Republicans have primed the IRS to target them with audits, while letting the rich tax cheats avoid IRS scrutiny. This is absolutely sickening and House Democrats and the mainstream media must get to the bottom of this shameful attack on the poor by the GOP.

This chart from the same ProPublica piece says it all. Notice how sharply audits of those who earn $500K or more(typically Republicans) have dropped compared to the other income groups. As the article correctly points out, it is the rich who cheat on their taxes more which means IRS auditors should concentrate more on them as opposed to the poor.

The incoming House Democratic majority owes it to its voters to investigate this troubling state of affairs at the IRS. For the record, the ProPublica piece points out that it is not the IRS that is at fault here but rather congressional Republicans who have made them go after poor filers claiming earned income credit. Nobody is advocating that the IRS turn a blind eye to poor people fraudulently claiming EIC. However it is only fair that the IRS also go after rich tax filers who by far do most of the tax cheating

Bottom line it is in everyone’s interest that the ability of the IRS to go after all tax cheats, rich and poor, is fully restored. Where, as here, Republicans have turned this powerful agency into a weapon to attack poor working families, while at the same time neutering its ability to go after rich tax cheats, House Democrats have a duty to step in and restore the agency to its full investigative capacity. Specifically, House Democrats must fully furnish the IRS with the tools it needs(experienced auditors) to aggressively go after rich tax cheats. It is simply immoral to have this powerful agency go after poor working families while the rich tax cheats get off scot-free.

For those of you very happy with @Emolclause’s activism don’t shy away from the “tip jar” below on your way out.