Daniel Shaviro, a veteran tax attorney, lays out 10 takeaways from the New York Times story Sunday about the president's tax returns:
1) Tax is the least of it. The article offers direct evidence of Trump’s impending financial liability to unknown lenders, and of pervasive conflicts of interest as president, that are of grave national security concern.
6) The consulting fees that Trump’s various foreign businesses paid to Ivanka Trump and others look potentially fraudulent.
Based on what the article says, several different types of fraud may have been involved here. Fees paid to family members who did not provide services in return would be improper deductions. Fees paid to “consultants” who were employees might be properly deductible by the business – as salary – but would potentially trigger 3.8 percent payroll tax liability by the recipient under the so-called Medicare payroll tax. Fees that were actually gifts to family members were not properly deductible, and also may have generated gift tax liability on Trump’s part that the mislabeling helped to conceal.
10) There is an old saying that one can never detect tax fraud purely on the face of a tax return – but this comes closer than usual. – Even wholly fraudulent tax returns generally do not proclaim their fraudulence on their face. The Trump returns presumably are no exception, and much of the evidence suggesting possible fraudulence was developed in the Times article through the use of other sources. Nonetheless, with that aid, the Times article makes a powerful initial case, clearly meriting investigation, that substantial tax fraud may have occurred.
Over at the Washington Post, Jennifer Rubin sees this as yet more evidence that "Everything [the president] touches dies:"
Trump will surely need to account for the latest bombshell at the debate on Tuesday, but Democratic nominee Joe Biden should be clear that Trump’s financial losses are far from his most egregious failure. Instead, Biden should point to the loss of more than 200,000 American lives, of millions of jobs, of America’s international prestige, of the Supreme Court’s integrity, of the presidency’s dignity, of the country’s unity and of the justice system’s credibility. Everything Trump touches is made worse. His rallies bring super-spreaders to America; his policies bring one catastrophe after another.
The latest revelations — and those the Times promises are to come — make it much harder, if not impossible, for Trump to find safer terrain in the waning days of the race. He has failed to come up with a coherent (let alone winning) argument against Biden, and worse, has handed Biden one devastating argument after another to deploy against him. He generates devastating stories faster than Biden’s opposition research team can compile them. We have every reason to believe things will get even worse for Trump in the days ahead.
As for tonight's debate, tune in to The Daily Parker. I'll be live-blogging.