This year has been one obstacle after another. From the start of the pandemic to killer hornets to the presidential election, the world around us has only proved to be more complicated and difficult than anything we have ever faced before. With the upcoming presidential election and the urge for the truth, President Trump’s taxes came into discussion once again. And people everywhere are furious with the potential outcomes.
President Trump has pulled yet another scandal in the media with the recent exposure of his taxes. The New York Times reported that Trump paid only $750 in federal income taxes in 2016 and 2017… only $750! Someone who works at a fast food restaurant could be paying more than the President of the United States despite the fact that he is far better off financially.
The big question that everyone has been asking themselves is how. How in the world could President Trump get away with paying less than you? How could that even be legal? Well, according to Chris Arnold with National, “How Can President Trump Pay Less Tax Than You?” it helps that he is a real estate developer. Being a real estate developer, he is able to take advantage of the “friendly tax rules” given to him. One of these tax advantages lets him deduct interest on loans that he might have and that will reduce his taxes in total. Another thing that helped him out was reporting millions of dollars being lost in numerous things that he owned. For example, he reported his Trump International Hotel lost $55.5 million since 2000.
All of these things worked in his favor and helped him pay fewer dollars in federal income taxes, but is it fair? Is it okay that the President of the United States is able to get out of the one thing that we are all forced to do each year? Reuven Avi-Yonah, professor of tax law at the University of Michigan, says no. The system isn’t fair in the slightest and there is no justification for the system being the way it is.
Only time will tell before we get all of the information on Trump and his taxes. We won’t know what the IRS will think of the information given but let me tell you…we’re all eager to find out.
What are your thoughts about President Trump’s latest tax scandal? Let us know in the comments below!
This article originally published on GREY Journal.