President Trump has undergone some criticism for not releasing his tax returns to the press and public as presidents have done in the past. Here are five reasons why President Trump may not want or be unable to release his returns.
1. Some of President Trump’s returns are under audit. Public opinion on tax returns while the IRS is reviewing the returns would complicate the audit for Trump and the IRS.
2. Releasing returns to the public who often do not understand a simple 1040 would create questions on topics ranging from AMT to NOLs with no definitive answers.
3. Carryforward and carryback losses and gains could be impacted. Oponents of President Trump could recommend IRS action on closed items.
4. It is not legally required that candidates for public office release any tax returns.
5. Trump once suggested the IRS is targeting him. One theory says he ran for president to help reduce the IRS’ harassment of his businesses.
Learn more about what information previous presidents have provided the public at http://www.taxhistory.org/www/website.nsf/Web/PresidentialTaxReturns
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