During the first presidential debate, Hillary Clinton mentioned Donald Trump has paid no income tax on his profits in two decades.
Trump who has declined to release any of his tax returns says not paying taxes makes him smart.
For the rest of us who pay income taxes, does that leave us as idiots? No, not really. Trump and other millionaires have the advantage of a low tax rate and many loop holes the average working class American doesn’t have the income to take advantage of.
In addition they have the money to hire the best tax attorneys.
Trumps story underscores the unfairness of the economic system. While the rich are getting richer, and most other people are getting poorer.
Billionaires like Trump are able to manipulate the tax system so they avoid paying federal income tax.
Democrats for years have been trying to raise taxes on the rich; the argument against raising taxes is it would hurt the economy; the wealthy create jobs. Yea, overseas.
President Bill Clinton raised taxes on the wealthy which resulted in a robust economy. Republicans lowered the tax rate during the Bush administration. Hillary has proposed raising the tax again on the wealthy.
Trump says he can’t release his taxes because he is under audit; not so says the IRS, his tax preparers and Trump himself have copies of his tax returns.
His tax return shows that he may have used business losses of nearly $1 billion to avoid paying federal income taxes for nearly two decades.
His co-harts, former NY mayor Rudy Giuliani who has prostituted himself this election following Trump all over the country called Trump, “A genius” as how to take advantage of legal remedies that can help your company survive and grow.
Governor Christie of NJ echoed the same sentiments.