Wednesday, July 15, 2020

Vox explains who really pays the lowest tax rates for a postponed Tax Day plus Supreme Court rules on Trump's tax returns

Happy postponed Tax Day! Today is the day I return to my usual topics for the day.
Maybe conditions will be safer for public assemblies in July, the new tax filing and payment deadline. Either way, that's when I plan on returning to my usual topics for Tax Day of highlighting inequitable taxation and demanding President Trump release his tax returns.
I have videos on both topics, beginning with a follow-up to Vox explains tax reform for Tax Day plus taxes and economics for the eighth year of Crazy Eddie's Motie News, itself an update to Alexandria Ocasio-Cortez and Vox explain how tax brackets work. Watch as Vox asks Who pays the lowest taxes in the US?

There's a common myth about who pays their fair share, and who doesn't.
You might have heard that the poor in America barely pay any taxes. And if you look at a chart of how much every American pays in income taxes, that seems basically true. But income taxes are just one type of the many taxes we pay. So what happens if we add them all up? A new analysis by the economists Emmanuel Saez and Gabriel Zucman did exactly that. And it shows that the American tax system might not be as "progressive" as many people believe.
This is not news to me, but I think it's a point that bears repeating. I hope my readers agree.

On the second topic, CNBC has two reports, beginning with Manhattan district attorney can get President Donald Trump tax records: Supreme Court.

The Supreme Court on Thursday voted 7-2 against President Donald Trump in a case over whether he could shield his tax records from the Manhattan district attorney. CNBC's Eamon Javers reports.
That's good news for public accountability, although not necessarily for transparency. As both the CNBC's Eamon Javers and Treasury Secretary Steven Mnuchin stated, grand jury records generally don't leak, while Congressional evidence does. On that note, here is the next CNBC report Supreme Court throws out ruling allowing Congress to obtain Pres. Donald Trump's financial info.

The Supreme Court on Thursday delivered split opinions in two cases over whether President Donald Trump can shield his tax records from investigators, handing a win to the Manhattan district attorney but rejecting parallel efforts by Democrats in the House of Representatives.

Both cases were decided 7-2, with Chief Justice John Roberts authoring the court’s opinion and joined in the majority by Justices Ruth Bader Ginsburg, Stephen Breyer, Sonia Sotomayor, Elena Kagan, Brett Kavanaugh and Neil Gorsuch. Justices Clarence Thomas and Samuel Alito dissented in both cases.

Both cases are subject to further review by lower courts. The justices rejected the president’s claims that he was immune from state criminal subpoenas in the New York case. In the congressional case, they wiped away rulings in favor of House Democrats, ordering lower courts to more carefully consider concerns about the separation of powers.

The mixed rulings mean the American public is unlikely to learn about Trump’s financial records or tax information before November’s election.
Ah, well, it was a step in the right direction, but only a step. With luck, Trump will lose re-election before Congress receives his tax returns. That written, I'd still like Congress and the American people to know what's in his tax returns, just like they do for the Democratic candidates who are and were running against him.

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