: The fight for Trump’s tax returns is over, but it could rev up the fight over IRS funding

by | Dec 24, 2022 | Stock Market

The Democrat-controlled Ways & Means Committee report on former President Donald Trump’s tax returns revealed an IRS presidential audit program that was “dormant” and delayed. The majority’s report, released Tuesday, also shined another light on IRS operations and staff that, it says, have been outmatched by sophisticated taxpayers with complex returns — be they presidents or otherwise.

When the IRS has $80 billion in extra funding coming over a decade, but a Republican majority about to control the House of Representatives next year, the findings — and the imminent release of Trump’s tax returns — will do little to patch the partisan divide over future IRS funding, observers say. “It exacerbates the political animosity that Republicans have toward the agency,” said Ben Koltun, director of research at Beacon Policy Advisors. IRS requirements dating back to 1977 mandate audits of presidential tax returns. Ultimately, while Trump was in office, the IRS selected his returns for examination during two years, tax year 2015 and 2016, the report said. The first audit started two years into Trump’s presidency. It was opened on the same date the Ways & Means Committee requested his returns, Democrats noted. Here’s what followed, according to the majority report: “The mandatory audit of the former President was conducted, mostly, by one revenue agent. The individual tax return of the former President included the activities of hundreds of related and pass-throug …

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