Rep. Bill Pascrell: President Trump Tax Report Confirms Our Worst Fears

Calling President Donald Trump “the most corrupt President in our history,” a North Jersey federal lawmaker chairing one of the premier investigative committees in Washington says The New York Times report about the President’s taxes “confirms our worst fears.”

Rep. Bill Pascrell, Jr., chairman of the House Ways and Means Subcommittee on Oversight, said in a press statement Sept. 27 that “Donald Trump has spent his entire life abusing the tax system to lie, cheat, and steal on a scale that is almost unimaginable. The partial findings reveal absolutely staggering theft by Trump before and while he has been in office.” 

“I will not let up on my quest to prove our case and continue to support our efforts at transparency. This is not political. No citizen is above the law.”

Deep Debt

The report by The New York Times is based on tax-return data the newspaper obtained extending over more than two decades for President Trump and the hundreds of companies that make up his business organization. Among the detailed information in the report is the fact President Trump paid $750 in federal income taxes the year he won the presidency and in his first year in the White House.

Besides the sums paid in 2016 and 2017, the story stated President Trump paid no income taxes at all in 10 of the previous 15 years because he reported losing more money than he made. 

Foreign Manipulation

Additionally, the review found President Trump’s finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed, resulting in the Trump depending more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as President.

“As the leader of Congress’s fight to obtain Donald Trump tax returns, this blockbuster report confirms some of our worst fears,” said Pascrell. “To cover his losses, Trump has looted the government and made himself vulnerable to heaven knows what foreign manipulation and blackmail. And Trump’s titanic financial losses confirm that while he campaigned as a so-called brilliant financial wizard, Trump is a cheat, a fraud, and perhaps the worst businessman in the world.”

Oversight Investigation

The published article revealed President Trump has been embroiled in a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he received after declaring huge losses. An adverse ruling could cost him more than $100 million. 

Pascrell believes the report should “stun to the core our nation at Trump’s unfitness and criminality,” promising to sift through the findings as part of his duty as chair of the Oversight committee.

“Trump must release his tax returns as is longstanding practice and is required by law to Congress instead of grandstanding and attacking the media,” said Pascrell.

3 comments

  1. What’s a little scary is how much of the maneuvering is legal according to the tax code (and of course how much is not), but also how much violates the constitution and Trump’s presidential oath to defend and support it. And then there’s the dubious morality of it all.

    So now we have proof of how Trump stiffs our government. We’ve also seen him do it to his own contractors. A telling moment reported on a news broadcast last night: a Trump supporter was asked if he would sign a contract for a job for Trump. He answered, “Only if I got half up front.”

    Again, now we know. The next questions: What are we going to do about it? And how quickly?

  2. Anyone can see that we have a liar-in-chief, a criminal-in-chief and a thug gangsta that has to be removed from office. And if the American people vote this sub-human ego manic back into office, then get ready for a dictatorship! Amerikkka has gone to hell in a handbasket! #VOTEHIMOUT!!!

  3. i hope this same congressman will investigate the same crooked congress. How does a congressman or women make over hundreds of million dollars on a 125,000 salary if they are not crooked

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.