Two weeks ago, the New York Times released three pages of the Republican Nominee for President, Donald Trump's 1995 tax returns for filings in New York, New Jersey and Connecticut. This was the first time any of his actual tax returns have been publicly disclosed and they show him claiming over $900 million in losses that could have allowed him to avoid paying any federal income taxes for up to 18 years.
Trump was been resolutely secretive regarding his taxes during the entire election cycle, and when asked by ABC in May what tax rate he pays on his income, he refused to disclose any significant information, but stating "I fight very hard to pay as little tax as possible." Every major party candidate since Richard Nixon in 1972 has made their returns public before election day. The only competitive candidate that has refused was the billionaire Ross Perot, who won 19% of the vote as an independent in 1992.
Ever since the Republican debates, Trump has claimed that several years of his returns are under a routine IRS audit, preventing him from disclosing his finances until the audit is complete. In late July, his campaign said definitively that Trump will not make his filings public before the election, once again citing the audit, which the Trump campaign expects to extend beyond November 8. The IRS has since publicly statedthat no audits would preclude the release of Trump's taxes; furthermore, fellow billionaire Warren Buffet additionally released years of his own tax returns while under audit to add to the pressure on Donald Trump to disclose his own finances, stating " I have paid federal income tax every year since 1944, when I was 13." Nevertheless, Trump has doubled down and reaffirmed his pledge to make his returns public if he's elected president, following the conclusion of the audit.
Headlining a campaign defined by norm shattering behavior, Trump may have good reason to reject the long standing expectations that candidates for the Presidency release there finances. Primarily, the release of his returns would definitively reveal whether he is as rich as he claims to be. He has publicly claimed to be worth 10 billion USD, though many have begun to doubt the veracity of these claims. Forbes estimates it to be less than half of what he claims at $3.7 billion USD and if this marginalization of his self-worth was verified, it could be damaging to a campaign built on the image of entrepreneurial genius and business savvy. Secondly, the release of his taxes would definitively answer the question: how much money does he donate to charity? The Trump Foundation has come under attack for decidedly uncharitable behavior in the past, and the perception that Trump is uniquely ungenerous has and could continue to unsettle voters. The last plausible reason for Trump's secrecy, though no less significant, is in stark defiance of the traditional reason behind the expectation that public servants disclose their finances. The release of his tax returns could present potentially damning information regarding significant financial ties to foreign governments, primarily Russia, that would present a conflict of interest in serving the role of the Presidency.
Trump's refusal to comply with traditional norms comes as no surprise as the chasm with the traditional ways of the GOP continues to widen. His unorthodox approach to his returns may just be another one of Trump's many idiosyncrasies, but it may also hint at the shifting standards by which voters judge candidates for public office accountable.
