Trumps Problems with Taxes 

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Trumps Problems with Taxes 

 

Washington DC – It is being said that the president of the United States hasn’t been paying taxes in the last 10 years. Trump did not want to bring up his taxes during his presidential campaign. The New York Times reports they obtained his tax returns extending over more than two decades for Mr.Trump. The hundreds of companies that make up Mr.Trump’s businesses including detailed information about his taxes from his first two years in the office doesn’t include his personal tax returns for 2018 and 2019. 

      By there very nature, the fillings will leave many questions unanswered. His returns comprise information that Mr.Trump has disclosed to the I.R.S. They report that Mr.Trump owes  hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth, with a monetary sense. 

Freshman Charlize Kirk said “ I think that it is silly for Donald Trump and anyone in general to not pay their taxes because you could get caught and go to jail depending on the situation. If us people in Jerome,Idaho have to pay taxes when we all have less money than Donald Trump, why should we have to pay more taxes than him? This should’ve kicked that Oompa Loompa out of the office.” 

What happens if you don’t pay your taxes? If you fail to file your tax returns on time you could be charged with a crime. The IRS recognizes several crimes related to evading the assessment and payment of taxes. Penalties can be as high as five years in prison and $250,000 in fines.       

However, the government has a time limit to file criminal charges. People may not pay taxes for a variety of reasons. They may think that they will not owe anything and the cost to prepare them will outweigh whatever small return they might receive. A recent divorce or death may make the process confusing. Someone may know that they will owe taxes and may try to avoid tax liability by simply not filing. Whatever the reason, the consequences for not filing taxes can be very serious.