Page 2 - aruba-today-20221223

A2 UP FRONT
Friday 23 december 2022
IRS mandatory presidential audit policy goes under spotlight

By FATIMA HUSSEIN only began to audit Trump's
Associated Press 2016 tax filings on April 3,
WASHINGTON (AP) — An 2019, more than two years
IRS policy governing the into Trump's presidency
audits of tax returns filed and just months after Dem-
by U.S. presidents is under ocrats took control of the
new scrutiny after a report House. That date coincides
published by a congressio- with Rep. Richard Neal, D-
nal panel found the agen- Mass., the panel chairman,
cy failed to perform the asking the IRS for informa-
mandatory inspection of tion related to Trump's tax
Donald Trump's returns until returns.
Congress pressed for infor- The report's findings
mation about the process. prompted lawmakers to
The three-point policy recommend a statutory
states that individual re- requirement for the man-
turns for the president and datory examination of the
the vice president are sub- president's taxes, with "dis-
ject to mandatory review, closure of certain audit in-
"should always be kept in formation and related re-
an orange folder," should turns in a timely manner."
be kept from the eyes of IRS Senate Finance Committee
employees and "should be Chair Ron Wyden, D-Ore.,
locked in a secure drawer Information on former President Donald Trump’s tax returns, released in a staff report by the Joint said he will work to pass
or cabinet when the ex- Committee on Taxation, are photographed Wednesday, Dec. 21, 2022. Associated Press the bill through the Sen-
aminer or reviewer is away ate. House Speaker Nancy
from the work area." A spokesperson for former the public eye because the president, and there's a Pelosi said the chamber
The report released Tues- President Barack Obama presidents have traditional- general problem of the IRS would "move swiftly" to ad-
day by the Democratic said Obama was audited ly released their tax-return auditing sophisticated tax- vance the legislation.
majority on the House Ways in each of his eight years in summaries to the public. payers." The issue highlights frustra-
and Means Committee office. "It only became an issue Rosenthal added: "This is a tion with the so-called tax
said the process, which Democrats in Congress are with a president who re- much larger problem than gap, which is the differ-
dates to 1977, was "dor- responding by introducing fused to release his tax Donald Trump — yes, he ence between how much
mant, at best" during the legislation that would cod- returns," Koskinen said. "If makes bad things worse, money is owed to the fed-
early years of the Trump ify the IRS policy into law Trump had been releasing but the situation was bad eral government and how
administration. with more stringent require- his returns, nobody would to begin with." much is paid. IRS data re-
By comparison, there were ments. have raised this issue." A new $80 billion infusion of leased in October projects
audits of President Joe Tax experts say the failure Trump's tax returns being funds through the so-called that for 2017 to 2019, the
Biden for the 2020 and to launch the audit earlier handed over to Congress Inflation Reduction Act is estimated average gross
2021 tax years, said An- is emblematic of a larger recently is the culmination supposed to remedy the tax gap will be $540 billion
drew Bates, a White House problem regarding the IRS' of a yearslong legal fight beleaguered agency's low per year.
spokesman. The first de- capacity to examine high- between Trump and Dem- staffing levels, outdated Treasury Secretary Janet
termined the Bidens were income taxpayers' returns ocratic lawmakers. technology and host of Yellen said in August, and
due an additional federal — and a reminder of Trump Steve Rosenthal, senior fel- other issues. Republicans has repeated at various
income tax refund, Bates as a norm-defying presi- low at the Urban-Brookings who are poised to take speaking engagements,
said by emails. The second, dent. Tax Policy Center, said the control of the House in less that the new funds allo-
for 2021, "found that they John Koskinen, who served IRS' failure to audit Trump than two weeks, however, cated by Congress would
owed an additional $13, as IRS commissioner dur- shows that "the mandatory have said they want to cut be used to increase audits
which could have been ing both the Obama and auditing program is broken, that funding. on high-wealth individuals,
waived under IRS policy Trump administrations, said we cannot rely on the cur- Tuesday's committee re- firms and complex pass-
but they chose to pay." the policy has been out of rent system to fairly audit port revealed that the IRS throughs.q

WTO rejects U.S. ‘Made in China’ labeling

on Hong Kong goods

By JAMEY KEATEN the U.S. violated its obli- Appellate Body is currently
Associated Press gations under the trade inactive because the U.S.
GENEVA (AP) — World body’s rules and rejected has almost single-handedly
Trade Organization arbitra- Washington’s argument held up appointments of
tors concluded Wednes- that U.S. “essential security new members to the court
day that the United States interests” allowed for such amid concerns it had ex-
was out of line in requiring labeling. The panel said the ceeded its mandate. So
that products from Hong situation did not pose an any such appeal would go
Kong be labeled as “Made “emergency” that would into an arbitration void and
in China,” a move that justify such an exemption remain unsettled.
was part of Washington’s under the trade body’s The United States Trade
A man walks past Chinese and Hong Kong flags to celebrate
the 25th anniversary of Hong Kong handover to China, in Hong response to a crackdown rules. The United States or Representative’s office
Kong, on June 24, 2022. on pro-democracy protests Hong Kong could appeal indicated it would ig-
Associated Press there in 2019-2020. the ruling to the WTO’s ap- nore Wednesday’s ruling
A WTO dispute panel found peals court. However, the anyway.q