This is really quite glorious, Beto O’Rourke has released his tax returns and the WSJ has thus found out that he underpaid his taxes for two years, 2013 and 2014. Given the emphasis the Democrats are putting on getting Trump to release his tax returns is that the end for this little campaign? I mean, it should be, right?
Democratic presidential candidate Beto O’Rourke and his wife appear to have underpaid their taxes in 2013 and 2014 because they improperly claimed the deduction for medical expenses, according to tax returns the former Texas congressman released on Monday.
We could call that cheating on taxes, couldn’t we? Underpayment, whether through error or connivance – well, definitely in the second case – could be called cheating, no?
They took deductions for those costs without regard to the limit that only allowed that break for medical and dental expenses above 10% of income for people their age. Had they not taken the nearly $16,000 in medical deductions, their taxable income would have been higher. In those years it would likely have been subject to the rates they were paying under the alternative minimum tax.
Apparently the missing payment is of the order of $4,000 for each year.
Several of the 2020 Democratic candidates have voluntarily released years of their tax returns in recent weeks, allowing the public opportunities to pore over the details. President Trump has been under pressure by Democrats in Congress to release his own financial documents but has resisted doing so, breaking a longstanding tradition of presidents and candidates releasing their tax returns.
Yeah, now, that pressure on Trump. Is it increased or decreased by this proof that one of those who would run against him underpaid their taxes?