1. Donald Trump's tax returns show that he is clearly a fraud - a fake businessman who used the impression that he was rich to get people to give him money, which he then effectively set on fire with business failures, which he then used to avoid paying federal income taxes.

2. There are two big angles to the returns: a) the fraud, both in terms of how he lied about his business acumen and how his tax returns raise questions of actual illegal tax fraud; and b) the disqualifying financial conflicts of interest that make him even more unfit for office.

3. The fraud: Trump ran on being a successful businessman who spun straw into gold. In reality, most of the gold he got came from his Dad or from reality TV, which he then invested into his businesses, that lost tens of millions of dollars. Politically, that's devastating.

4. There are also legit questions over whether he committed tax fraud, a felony. The way he paid Ivanka, for example, looks extremely suspect. This also raises questions about politicization of the IRS. Was he using his power to avoid / delay tax investigations? We need to know.

5. Then there's the tiny tax bill. Trump's federal income tax bill of $750 is obscene. It should spark much greater investment in tax enforcement and investigation funding at the IRS and also spur tax reform that limits such shady accounting for the (seemingly) rich.

6. But what I'm more worried about are the financial conflicts of interest. He's beholden to authoritarian governments. And he is about to have massive bills come due that he almost certainly can't pay. The incentives that creates for a president are terrifying & disqualifying.

7. So: Trump is a fraud who used the illusion of wealth as a grift to get money which he then squandered because he was so incompetent, all so that he could avoid paying his fair share of tax. He's deep in debt, is beholden to foreign despots, and may have committed tax fraud.