Home Don Beyer Video: Rep. Don Beyer Looked at Trump’s Tax Returns, Says “I was...

Video: Rep. Don Beyer Looked at Trump’s Tax Returns, Says “I was just amazed that you could report $100 million in income and have a tax under $1,000”

"...what jumped out at me is almost $300 million worth of unsubstantiated deductions"

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This morning on “Morning Joe,” Rep. Don Beyer (D-VA08) was asked about his vote yesterday to authorize the release of Trump’s tax returns. See here for the video, in which Rep. Beyer said the following:

  • “I spent a couple hours on Monday…going through them page by page by page…As a longtime businessperson, I was just amazed that you could report $100 million in income and have a tax under $1,000”
  • “…This was all about checking the audit procedure…they only audited one of six returns…that was very upsetting. They put one IRS agent on this, so very dramatically understaffed, no way they could actually go through it carefully. And what jumped out at me is almost $300 million worth of unsubstantiated deductions. That’s how you get to paying no taxes, when you can say, you know, I gave $71 million here, $27 million there, but there was no documentation that supported any of it.”
  • “The wrongdoing was the fact that the law, the rule was very clear, that every president’s returns are subject to a mandatory audit. In fact, every president going all the way back to Richard Nixon has voluntarily released his returns. Trump promised to do that and never came through.”
  • “But with a broken audit procedure, you’re not going to be able to go deeper and find out why did somebody with $100 million worth of revenue pay less than $1,000 in taxes.”
  • Why does all of this matter? “Well, I think the fundamental idea for us is that no one should be above the law, and especially a president of the United States. You know, some of our Republican colleagues were worried about the weaponization of the IRS,  but we’re never after private citizens. This was for four years the most important person on the planet, and it’s really important that we know that he’s telling in his tax returns and the audit serves the function it was intended to do.”

 

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