Same-Sex Married Couples Could See Big Tax Refunds As U.S. House Unanimously Approves PRIDE Act

In a rare, wholly bipartisan move, the House of Representatives unanimously approved legislation that would allow same-sex couples to apply for tax refunds going back years if they were married before the Defense of Marriage Act (DOMA) was struck down in 2013.

The bill, known as The PRIDE Act (Promoting Respect for Individuals’ Dignity and Equality Act), passed on a voice vote with zero opposition. The legislation was introduced by Reps. Judy Chu (D-CA) and Andy Levin (D-MI).

Until the 2013 ruling by the U.S. Supreme Court which struck down DOMA, which prohibited the federal government from recognizing same-sex marriages, married same-sex couples were not allowed to file federal tax returns jointly. As a result, those couples potentially lost out on considerable tax benefits.

After the SCOTUS ruling, the IRS allowed those couples to file amended tax returns for the three years before the decision - 2010, 2011 and 2012.

The PRIDE Act, if enacted, would allow same-sex married couples to refile tax returns for the entire period they were legally married if they lived in a state that recognized their marriage.

Before the DOMA ruling, those jurisdictions would include Massachusetts, Connecticut, California, Iowa, New Hampshire, Vermont and the District of Columbia.

Additionally, the legislation would remove gendered language (“husband,” “wife”) from the federal tax code.

The Washington Blade reports the Joint Committee on Taxation estimates those couples could stand to recoup up to $67 million in tax refunds.

Despite the unanimous approval in the House, the issue now moves to the Senate where its fate is uncertain.

Sen. Elizabeth Warren (D-MA) has introduced similar legislation known as the Refund Equality Act.

However, there's no guarantee that Senate Majority Leader Mitch McConnell (R-KY) will allow his chamber to even vote on the bill.

Stay tuned.

(source: Washington Blade)

Trump Sues To Block Congress From Accessing His Financial Records

Donald Trump, Rep. Elijah J. Cummings

The Washington Post reports that Donald Trump is suing to block Congress - specifically House Oversight Committee Chair Elijah Cummings -  from accessing his financial records.

The lawsuit seeks a court order to prevent Trump’s accounting firm from complying with what his lawyers say is an improper use of subpoena power by congressional Democrats.

“Democrats are using their new control of congressional committees to investigate every aspect of President Trump’s personal finances, businesses, and even his family,” the filing by Trump claims. “Instead of working with the President to pass bipartisan legislation that would actually benefit Americans, House Democrats are singularly obsessed with finding something they can use to damage the President politically.”

The filing, in U.S. District Court for the District of Columbia, further escalates a clash between the White House and the Democratic-controlled House over congressional oversight.

Last week, Cummings subpoenaed Mazars USA, an accounting firm long used by Trump.

It's important to note that the House Oversight Committee is specifically charged with oversight of the Executive Branch of government.

Cummings' committee is seeking 10 years of financial records from Trump.

Trump WH constantly touts how many records were turned over to prove no collision. Why does the president fight so hard to keep anyone from seeing his tax returns, business records, bank loans? https://t.co/KLYIv2VeUd

— Greg Miller (@gregpmiller) April 22, 2019

President has nothing to hide and that’s why he’s suing to hide his financial records. https://t.co/mpExrhLRK4

— Molly Jong-Fast (@MollyJongFast) April 22, 2019

IRS Reports 2019 Tax Refund Average Has Dropped By Double-Digits

Donald Trump

Donald Trump promised a lot with his Tax Cuts and Jobs Act, but folks are finding their tax refund checks are getting smaller.

The IRS originally reported that tax refunds were averaging about 8% less than last year, but that figure has been revised to more than 16% less.

From Yahoo News:

The size of the average tax refund continues to drop, according to the latest IRS statistics. The IRS has found that Americans filing returns are now likely to see 16.7% less money than they received last year.

According to the data, the average refund size received in 2018 was $3,169 — while this year’s refunds have shrunk to $2,640.

Previous data released by the IRS showed that refunds had dipped by 8% on average. The refund size casts unfavorable light on the Tax Cuts and Jobs Act (TCJA), the Republican tax reform law championed by President Trump. The bill was criticized as an unnecessary win for large corporations and the rich, who saw their tax rates slashed and refunds increase.

Additionally, CBS News reports the number of tax refunds is down 26 percent.

Tax refund checks represent one of the biggest lump sum payments taxpayers get in a year. And as such, the funds usually add a boost to the economy.

With less or no refunds, economists are concerned about how this will play out in the U.S. economy.

Just remember, the Trumpster and multinational corporations will enjoy their own sweet tax cuts.

Trump Supporters Do Their 2018 Taxes, And They Are NOT Happy

Donald Trump

With tax season now upon us, it's interesting to note that more than a few Trump supporters have taken to Twitter in the past few days angry about their 2018 tax bill.

It seems the promises of a 'middle class' tax cut weren't so accurate.

Thanks to the loss of multiple tax deductions in Donald Trump's tax bill, there are folks paying MORE than they are used to.

Raw Story notes the main culprits seem to be newly-capped deductions for taxes paid to state and local governments, as well as the increased amount of charitable donations you have to make to qualify for the deduction.

Here's just a few of the self-proclaimed Trump supporters had to say:

@RepDonBacon I just finished my taxes and we're paying an extra 4k this year since exemptions are gone. With a High D HC plan, this has not been a good year. I voted for you twice now. What's the plan?

— Jay Wright (@nochcknstrps12r) February 3, 2019

Voted for you . Family of
2 hard working N.Y. cops. Did taxes for years we would pay more and get a refund at the end of the year to help pay debt . First time in 30 years We had to pay more in Federal
Taxes. I’m disgusted

— Nycgirl (@nlnp99) February 5, 2019

@POTUS thank you for screwing the middle class with your tax reform. I have never in my life, I’m 49 years old, had to pay into the IRS until this year. We have a combined income of 150,000. The middle class voted for you. I will not make the same mistake twice.

— Joel Serbin (@JoelSerbin) February 4, 2019

I voted for @realdonaldtrump, but that unfortunately that means I have to pay higher taxes.

— Joshua Curtis (@dcjchris) January 26, 2019

Worse tax return I had in a decade! I admit I voted for @realDonaldTrump but he has officially lost my vote for 2020.

— A9N7G3 (@973angie) January 23, 2019

I voted for you the first time but after you screwed me on my get tax break I won’t vote for you again especially after I started on my 2018 return it’s a joke the taxes you are keeping from a working person good luck in 2020

— Shelby Kuh (@ShelbyKuh) February 2, 2019

Wait til you file your taxes. Middle class just lost half their return. Lowest refund I have ever had and I am 50yrs old. No wall and now this tax reform sucks too!! Starting to doubt Trump. I voted for him and trusted him too.

— Speziale-Matheny (@Speciale3886) January 27, 2019

Sen. Elizabeth Warren Proposes Allowing Same-Sex Marriage Couples To Re-File Taxes For DOMA-Related Tax Refunds

Sen. Elizabeth Warren has filed a bill that would allow same-sex married couples to go back and amend their federal income taxes jointly for the three years before the 2013 SCOTUS ruling which brought federal recognition of legal of marriage equality - if it would result in a tax refund.

From Chris Johnson at the Washington Blade:

Same-sex couples could file an amended return if they feel they would’ve receive a refund in one or more prior tax years for up to three years in the past: 2010, 2011, and 2012. Under some circumstances, such as signing an agreement with the Internal Revenue Service to keep the statute of limitations open, these couple might have been able to seek a refund from an earlier time.

The Refund Equality Act would extend the window period for a refund further back in time. Same-sex couples could file a joint return to seek a refund dating to the time of their marriage, which in Massachusetts could be as early as 2004.

Same-sex couples who wed in jurisdictions with marriage equality more than three years before the DOMA decision — Massachusetts, Connecticut, California, Iowa, New Hampshire, Vermont, and D.C. — could be eligible for a refund under the Refund Equality Act.

I can share that hubby Michael and I filed jointly for the first time in 2013. In that we make different incomes (he's a big deal entertainment publicist, I'm a journalist), we saved a LOT.

At the time, our accountant showed us four different scenarios of what our taxes would have been ranging from "single" to "married - filing jointly." The difference was huge.

I think if a couple's incomes are similar the impact isn't as great.

Michael and I married in California in 2008, so I would definitely take advantage of this law if it comes to pass.

CNN's Chris Cuomo To Trump Spokesman: "Do You Have Any Proof Of An Audit?"

In a tense interview segment with CNN's Chris Cuomo and Trump spokesman Jason Miller, Cuomo asked Miller if he could prove Donald Trump is actually being audited by the IRS.

As we've all seen for the past year, Trump says he can't release his tax returns, as every other presidential candidate has done for 40 years, because he's being audited by the IRS. The IRS has said there's no problem with sharing those files.

Most believe that Trump is merely attempting to hide something - his true wealth, his true charitable giving, or his true tax rate.

Here's part of the exchange via RawStory:

Jason Miller, the Trump advisor, said he did not accept the FBI’s explanation that newly discovered emails were actually duplicates of Clinton messages already examined by investigators.

“No, don’t accept it — they should release all the emails, let us have a look before Election Day,” Miller said. “We think that would be the smart thing to do.”

Cuomo, the host of “New Day,” accused the Trump campaign of hypocrisy.

“You love transparency when it’s not you guys,” Cuomo said. “You don’t see any irony in that?”

Cuomo called on Trump to release his emails — which have not been hacked and then dumped online by WikiLeaks — or his tax records, and Miller said he would do that as soon as an IRS audit was completed.

“You think anybody believes the audit thing going to the polls tomorrow?” Cuomo said. “You have any proof of an audit?”

Miller stammered, and said of course Trump could prove his taxes were under audit.

“Yeah, you do?” Cuomo said. “Have you seen an audit letter?”

Miller tried to change the subject, but Cuomo pressed on.

“That is the fact, right?” Cuomo said. “Transparency only works one way in this election where Trump’s involved.”

Miller tried changing the subject to the Clinton Foundation, and Cuomo offered to demonstrate how easy an audit can be proved.

“I’ll show you an audit letter I got,” he said.

Trump adviser @JasonMillerinDC calls for Clinton email release; @ChrisCuomo asks about releasing Trump's taxes. https://t.co/bFL30OCt2h

— New Day (@NewDay) November 7, 2016

Campaign Ad: Trump's Taxes

Millions of Americans work hard and pay their taxes. So why doesn't Donald Trump pay his? pic.twitter.com/WLSzIz0ewG

— Hillary Clinton (@HillaryClinton) October 3, 2016

Hillary Clinton Asks: "What Kind Of 'Genius' Loses $1 Billion In A Single Year?"

On the campaign trail in Ohio today, Democratic presidential candidate brought up the Sunday talk show defense by Donald Trump's surrogates regarding the weekend revelations of Trump's 1995 tax return.

“What kind of genius loses a billion dollars in a single year?” Clinton asked.

Watch below.

.@HillaryClinton on Trump: "Here's my question: What kind of genius loses $1 billion in a single year?" https://t.co/VLQiBPRjNG

— ABC News Politics (@ABCPolitics) October 3, 2016

Did Marla Maples Leak Donald Trump's 1995 Tax Return?

Marla Maples

As political junkies and pundits wonder who might have leaked Donald Trump's 1995 tax return to the New York Times, some folks have started looking in the direction of Trump wife number two, Marla Maples.

Since she was married to the Donald at that time, her name is on the joint return, and state laws in New York and Connecticut allow taxpayers to release returns to outside parties with only one of the filers signatures.

Medium has more details:

It’s also unlikely that she would be violating her confidentiality agreement with Mr. Trump by leaking these returns. I spoke to two lawyers that specialize in family law and both told me that they have never seen a restriction around tax returns in a prenup or settlement agreement. They have seen such restrictions when it comes to financial statements, investment records but it would be hard for Mr. Trump to demand that Ms. Maples own tax information be kept private. If Ms. Maples did indeed leak these returns, it would also absolve the Times of any criminal or civil penalties.

Despite the fact that the Trump campaign said that the Times is “an extension of the Clinton campaign”, they’re not (after all they broke the email server story in March of 2015). The Times had these returns for ten days and took their reporting on these returns seriously — even going so far as hiring tax experts to analyze the returns. They sought a comment from the Trump campaign, they spoke to the accountant who prepared and signed the returns.

So it would be highly unusual for them to not contact Ms. Maples about the tax returns given that her name is on all of the returns and her signature is on the New Jersey return. Yet the Times, in their story, does not indicate that they contacted Ms. Maples. Even if she didn’t return their calls or emails, they would still indicate that they reached out to her and had not heard back.

(h/t JoeMyGod)

When Donald Trump Criticized President Obama For "Only" Paying 20.5% Tax Rate

In the aftermath of the New York Times' bombshell article showing Donald Trump probably paid no personal income taxes for 18 years, it's amusing to take a walk down Twitter Lane with the Trumpster.

Remember that time he criticized President Obama for "only" paying a 20.5% effective tax rate?

Now we find out Trump pays a 0% income tax rate. That means 0% for our military, 0% for our veterans, 0% for roads, bridges and schools.

And yet, Trump will rant about the poor status of our infrastructure and airports, etc.

Things that make you go "hmm...."

Rudy Giuliani: Trump Is A Genius For Losing $916 Million

Watching Rudy Giuliani on CNN's "State of the Union" this morning was an adventure in twisted logic.

CNN's Jake Tapper attempted get straight answers from Giuliani regarding the latest Trump bombshell concerning his income taxes via the New York Times, but to little avail. Giuliani appeared a bit wild-eyed at times trying to get his approved "talking points" across.

Watch below.

Trump Tax Returns: Business Failures May Have Kept Him From Paying Taxes For 18 Years

An anonymous source has mailed three pages of Donald Trump's 1995 income tax returns to a reporter at the New York Times.

The pages indicate that Trump declared a $916 million loss that year in connection to the "mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan," the newspaper reports.

Trump lost almost $1 billion in one year running casinos??? Think on that for a minute.

According to the NYT, the loss could have allowed Trump to avoid paying federal income taxes up to $50 million for the next 18 years.

Trump's campaign issued a statement which read, in part:

“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required. That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes, along with very substantial charitable contributions.”

"Mr. Trump knows the tax code far better than anyone who has ever run for President and he is the only one that knows how to fix it."

The New York Times has obtained portions of Donald Trump's 1995 income tax returns that indicate he may not have paid any federal income taxes for almost two decades.

The three pages from Trump's tax returns, which were mailed to the NYT by an anonymous source, showed that Trump declared a $916 million loss that year due to "mismanagement of three Atlantic City casinos, his ill-fated foray into the airline business and his ill-timed purchase of the Plaza Hotel in Manhattan," the newspaper reports.

The loss would have allowed Trump to avoid paying federal income taxes on up to $50 million for each of the ensuing 18 years, the NYT notes. One of Trump's lawyers has already threatened to sue the NYT for publishing the returns, but his campaign appeared to confirm the validity of the newspaper's report in a statement.

“Mr. Trump is a highly-skilled businessman who has a fiduciary responsibility to his business, his family and his employees to pay no more tax than legally required,” the statement said. “That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes, sales and excise taxes, real estate taxes, city taxes, state taxes, employee taxes and federal taxes.”

Perhaps the most remarkable thing about the NYT's scoop is the fact that the person who mailed the pages from Trump's tax returns to the newspaper listed their return address as Trump Tower.

Donald Trump Will "Absolutely" Release His Tax Returns

The Hillary Clinton campaign is not letting up on Donald Trump's refusal to release his tax returns even though every presidential candidate for the past four decades has.

The Trumpster says he can't because he's currently being audited. But the IRS says there's no reason he can't release those returns.

Reporters have asked him to release even his 2008 returns - which are not being audited - but the Trump campaign still dodges.

You have to wonder what it is that he's hiding. The Clinton campaign's newest ad asks that question and more.

“If I decide to run for office I’ll produce my tax returns — absolutely,” Trump says at the beginning of the ad, highlighting yet another of his now infamous flip-flops.

When ABC’s George Stephanopoulos asked, “What is your tax rate?" Trump responded, “It’s none of your business.”

Why The Clintons Pay A Lot In Taxes

Mitt Romney On Donald Trump "It Is Disqualifying To Refuse To Release Tax Returns"

The 2012 Republican presidential candidate Mitt Romney took to Facebook today to denounce Donald Trump's refusal to release his tax returns, as every presidential candidate has done since 1976.

It is disqualifying for a modern-day presidential nominee to refuse to release tax returns to the voters, especially one who has not been subject to public scrutiny in either military or public service. Tax returns provide the public with its sole confirmation of the veracity of a candidate's representations regarding charities, priorities, wealth, tax conformance, and conflicts of interest. Further, while not a likely circumstance, the potential for hidden inappropriate associations with foreign entities, criminal organizations, or other unsavory groups is simply too great a risk to ignore for someone who is seeking to become commander-in-chief.

Mr. Trump says he is being audited. So? There is nothing that prevents releasing tax returns that are being audited. Further, he could release returns for the years immediately prior to the years under audit. There is only one logical explanation for Mr. Trump's refusal to release his returns: there is a bombshell in them. Given Mr. Trump's equanimity with other flaws in his history, we can only assume it's a bombshell of unusual size.

(Anticipating inquiries regarding my own tax release history, I released my 2010 tax returns in January of 2012 and I released my 2011 tax returns as soon as they were completed, in September of 2012.)

Hillary Clinton On Donald Trump's Tax Returns: "Why Doesn't He Want To Release Them?"

WATCH: @HillaryClinton: Why doesn't Donald Trump want to release his tax returns? https://t.co/R2J8mzmc3p https://t.co/12GyV9tbl3

— ABC News Politics (@ABCPolitics) May 11, 2016

We were all waiting for this.

Actually, I'm glad to see Hillary's team pouncing on things quickly as they come up. It's the way the game is played now.

As Hillary notes in the video, she's got the past 8 years of her income taxes posted on her website right now.

Pony up, Trumpster.

#ImWithHer