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The Donald to demand tax returns from VP candidates

May 19, 2016

If you had any doubt that Donald J. Trump plays by his own rules, this will convince you that he's totally doing things his, and his only, way.

Goofy Donald Trump mugWhile Trump is insistent that he won't release his own personal tax returns — because the audits, all the never-ending audits! — he expects potential VP candidates to reveal their filing info.

Katy Tur, the reporter covering The Donald for NBC News, confirmed Wednesday, May 18, that Trump will ask all potential vice presidential picks to release, at least to the campaign, their tax returns.

It's part of the presumptive GOP candidate's "political, financial and strategic vetting," said Tur, despite Trump's own, so far, lack of personal tax transparency.

Taking the "normal" veep vetting steps: The campaign also told Tur that the review of a possible veep's 1040s is "normal."

So are "Make America Great Again" staffers saying that Trump, who has not released his tax returns, is not normal? (Sorry. Too easy to let pass.)

Oops! Abby Normal's brain is put into Young Frankenstein's monster.

No audit secrecy rule on candidate's side: While many tax advisers agree with Trump's decision not to publicize his returns while he's under Internal Revenue Service examination, there is no legal requirement preventing such a revelation by the taxpayer.

And given that taxpayer Trump is seeking the United States' highest political office, other tax pros say he should let the electorate see at least some of his filings regardless of audit status.

They note that former President Richard Nixon, under audit while also in the midst of the investigation into the Watergate break-in and subsequent cover-up, made his taxes public.

The IRS' initial query was about a large charitable deduction claimed by the embattled Oval Office occupant.

"People have got to know whether or not their President is a crook," Nixon told reporters in November 1973 in connection with the tax inquiry. "Well, I am not a crook."

Until Trump opens up his taxes and proves that there is no bombshell in his 1040s, many folks will question whether The Donald can make the same tax claim as did Tricky Dick.

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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