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Talk with a Tax Attorney Talk with a Tax AttorneyPresident Barack and Michelle Obama recently released their joint federal Form 1040 tax return for 2015.
The Obamas had an adjusted gross income of $436,065.00 and paid $81,472.00 in federal taxes, resulting in an effective tax rate of 18.7 percent. The Obamas claimed itemized deductions totaling $145,425.00, including $64,066.00 in charitable contributions.
Democratic Presidential candidate Hillary Clinton has released all of her tax returns through 2014 and a partial summary for 2015. In contrast, Republican candidate Donald Trump has yet to release his. Trump refuses to release his tax returns, stating that he cannot do so because he is under audit by the IRS.
We believe that Donald Trump can release his tax returns, even though he is under audit by the IRS, assuming that this is true. What do you think?
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