A ‘Trumpian’ Tax Scam That’s A Bunch Of Misinformation That Actually Works
- by admin
When Donald Trump took the oath of office, he promised to “make America great again.”
In doing so, he took the country down a new path.
But, as we have seen in the past few weeks, he is a self-serving, dishonest man, who has taken advantage of a crisis of confidence in the economy and the public to make an unearned fortune.
In this new world, Trump has used his office to make himself rich while hurting people who deserve to be helped.
For the past two years, we have watched Trump’s tax returns.
As the president and his allies have made their case for why he should continue to pay his fair share of taxes, the reality has become increasingly clear.
The truth is that Trump has earned an enormous amount of wealth.
This week, the New York Times published a report on how Trump has amassed more than $2 billion in assets, including $2.4 billion in the bank.
This was enough to pay the federal income tax for the next four years, as well as to pay back loans from the Trump Organization for $750 million.
If he had paid his taxes in a timely fashion, Trump would not have made as much money as he did.
That is why he has been so reckless in the pursuit of his economic goals.
The president has taken a number of tax deductions that, while legally sound, have caused real harm to millions of Americans.
They include the ability to deduct charitable contributions that are paid to his charities, as Trump has done, and deductions for mortgage interest and charitable giving.
And then there is the $150 million deduction, which was designed to help him pay for a tax break for his wife, Melania, that she has been using to keep her lavish lifestyle secret from her husband.
In reality, Trump’s deductions have hurt low- and middle-income taxpayers the most.
He has taken deductions for $1,250 in mortgage interest, $1 million in charitable giving, $300 in charitable contributions and $1.5 million in business expenses, according to a review by the nonpartisan Tax Policy Center.
All told, he has taken nearly $3.5 billion in deductions and credits.
Those deductions and credit plans have hurt the middle class the most, hurting low-income families even more.
The Trump tax cuts have been the largest giveaway to the very wealthiest Americans in American history.
The vast majority of these deductions and other tax credits benefit wealthy individuals and corporations.
In 2016, they were worth more than half a trillion dollars.
But the top 1 percent of taxpayers had the largest benefits.
They paid the lion’s share of these benefits, with more than a quarter of all deductions and the most generous credits being for mortgages and charitable donations.
This year, the tax cuts are set to expire.
These deductions and loopholes were not designed to benefit ordinary people, and we can be sure that Trump will continue to exploit the situation to make millions.
The New York Federal Reserve, for instance, has repeatedly warned that the tax bills that Trump and his associates have taken from the middle and working class are damaging the economy.
It is the most effective tool available to him to boost his own financial fortunes.
Trump and others like him have used this crisis to enrich themselves at the expense of the people who are most in need of support, including families struggling to make ends meet, seniors struggling to afford housing and students struggling to find a job.
If Trump wants to help his own economic interests, he should work with Congress to create a tax code that allows him to keep all of the deductions he is entitled to.
But his reckless pursuit of tax cuts for himself and his family is not just hurting Americans.
It also is hurting our nation’s future.
When Donald Trump took the oath of office, he promised to “make America great again.”In doing so, he took the…
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