Trump’s $750 tax bill explained
The New York Times reported recently that President Donald Trump paid only $750 in federal income taxes in 2016 and in 2017. How is this possible for a person who is allegedly making a lot of money?
Simple – the tax code is rigged.
The wealthy hire teams of lawyers and accountants to minimize the tax responsibility of their clients. Not only through creative deductions but also through influencing policy-makers to pass credits, deductions, and loopholes that favor their clients.
Too often, those on the left want to focus on President Trump as corrupt, and while certain deductions might be ill-advised or cross a threshold of ethical standards, it is likely that he took advantage of a tax code designed for the wealthy at the expense of everyone else.
Remember when the wealthy get tax credits and loopholes, it means that our communities have less to invest in our schools, our parks, and other essential community services. It also means that the government is hard-pressed to provide meaningful tax credits to low-wage workers, parents, and college students trying to pay tuition and the bills at the same time.
Should we be shocked by the realization of Trump’s low tax load? No. He practically brags about it. But what we should be surprised about is that our State and Congressional leaders have allowed this upside-down tax system to continue on for so long.