Trump, Taxes, and the Rich
“Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one’s taxes.” ~ Judge Learned Hand, Helvering v. Gregory, 69 F.2d 809, 810-11 (2d Cir. 1934)
The Trump tax bombshell, according to the New York Times, is that the president only paid $750 in federal income taxes in 2016 and 2017 and “paid no income taxes at all in 10 of the previous 15 years—largely because he reported losing much more money than he made.”
First of all, Trump didn’t write the tax code, Congress did.
Secondly, if Trump is cheating on his taxes, then it is up to the IRS to uncover the fraud in an audit.
Third, it is not illegal to legally pay as little in taxes as possible.
Fourth, Trump legally avoiding paying millions of dollars in taxes to the government is old news that is only being brought up again because of the upcoming election.
And fifth, the New York Times is, as usual, not telling the whole truth. As the Times article states:
Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe — $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cove
Article from LewRockwell