Trump is squirming under pressure from Bernie Sanders and Democrats on all things taxes

donald trump

  • Taxes. They’re an inevitable reality for working Americans; one
    of the two certainties in life, an often-repeated quote attributed
    to the Founding Father Benjamin Franklin tells us.
  • And they’re a subject that President Donald Trump cannot shake:
    He famously never released his tax returns prior to being elected
    to the nation’s highest office, breaking a
    46-year-old tradition
    , and he along with a
    Republican-controlled Congress passed a major tax bill in 2017 —
    one of his campaign promises.
  • The all-things-taxes scrutiny is also ratcheting up now that
    the 2020 election season has begun. Democratic candidates vying for
    the nomination are doing what Trump has not: making their tax
    returns available to the public.
  • Candidates are also offering a different system, where the
    wealthiest people and corporations would pay higher taxes in order
    to fund other programs. Sen. Bernie Sanders is one of those
    candidates and he offered his ideas to Fox News viewers on Monday
    night.
  • On Tuesday, Trump tweeted his response.
  • Visit
    BusinessInsider.com for more stories.

Taxes. They’re an inevitable reality for working Americans; one
of the two certainties in life, an often-repeated quote attributed
to the Founding Father Benjamin Franklin tells us.

And they’re a subject that President Donald Trump cannot shake:
He famously never released his tax returns prior to being elected
to the nation’s highest office (breaking a
46-year-old tradition
), and he along with a
Republican-controlled Congress passed a major tax bill in 2017.

Questions about Trump’s taxes have only intensified since his
election. Democratic lawmakers, who now control the House of
Representatives, have issued subpoenas for documents related to
several ongoing investigations, including asking for Trump’s
financial information.

On Monday, the Financial Services Committee requested records
from Deutsche Bank, and
last week the House Ways and Means
committee extended its
deadline for the IRS to turn Trump’s tax returns over to the
committee (after the Treasury said it would miss the initial April
10 deadline).

And given that tax day just passed this week — the first one
with Trump’s new tax law in place — the
Tax Cuts and Jobs Act of 2017 is still being scrutinized
. (And
according to Politico, they are
“deeply unpopular.”
)

The tax scrutiny is also ratcheting up now that the 2020
election season has begun. Democratic candidates vying for the
nomination are doing what Trump has not. They are making their own
tax returns public.

Sen. Kamala Harris released 15 years of returns over the
weekend, former Rep. Beto O’Rourke published 10-year’s worth on
Monday, as did Sen. Bernie Sanders, after not releasing his tax
returns during the 2016 election.

Several Democratic candidates are also proposing a different tax
system, one where the wealthiest 1% or
corporations pay
more so that programs
like Medicare for All can be funded
. For example, Sen.
Elizabeth Warren of Massachusetts proposed a wealth tax that would
impose a fee on one’s cumulative net worth, in addition to the tax
on regular income they earned for the year, according
to The New York Times.

Sen. Sanders offered his vision for a new taxation system during
a Fox News town hall on Monday. He also discussed his
newly-released returns and called out Trump on both the tax law and
his still-unreleased tax returns.

“I pay the taxes that I owe.” Sanders said. “And by the way, why
don’t you get Donald Trump up here and ask him how much he pays in
taxes.”

Sanders’ returns revealed that he and his wife made more than $1
million in 2017 and in 2016, and therefore plopping him in the
IRS’s top 1% bracket,
The New York Times
reported, meaning he pays 26%. Sanders made
waves in 2016 for railing against “millionaires and billionaires.”
He has explained his increase in revenue by pointing to his
best-selling book.

During the town hall, Sanders called the tax system “absurd” and
criticized major corporations that don’t pay federal taxes.

“We have an absurd tax system, and while millions of people
today are paying actually more in taxes than anticipated, Amazon,
Netflix, and dozens of major corporations, as a result of Trump’s
tax bill, paid nothing in federal taxes,” Sanders said. “I think
that’s a disgrace.”

On Tuesday night, a day after the Fox News town hall, Trump
tweeted his response.

“Bernie Sanders and wife should pay the Pre-Trump Taxes on their
almost $600,000 in income. He is always complaining about these big
TAX CUTS, except when it benefits him,” he
said
. “They made a fortune off of Trump, but so did everyone
else – and that’s a good thing, not a bad thing!”

“I believe it will be Crazy Bernie Sanders vs. Sleepy Joe Biden
as the two finalists to run against maybe the best Economy in the
history of our Country (and MANY other great things)!” he
continued. “I look forward to facing whoever it may be. May God
Rest Their Soul!”

Trump also tweeted frustration with Fox News, a network he
usually reserves for praise, apparently for having hosted Sanders,
saying in part, “What’s with @FoxNews?”

Sanders quipped back over social media: “Looks like President
Trump is scared of our campaign. He should be.”


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Trump is squirming under pressure from Bernie Sanders and Democrats on all things taxes