It took about four years, but we finally some information about what exists on President Donald Trump’s tax returns. I hope to be able to give more a tax layout of what the findings are without making it a political issue. With that being said, it is difficult to make it reflect too positively on the president.
For example, the headline takeaway is how Trump paid no federal income taxes in 10 of 15 years and only paid $750 In both 2016 and 2017 as he ran a presidential campaign and then assumed the country’s highest office. This isn’t due to anything shady or illegal but doesn’t sit well with many when someone who is involved in businesses moving around vast sums of money is experiencing business losses that are big enough to offset income to that degree.
When someone earing $20,000 a year is paying approximately the same amount of federal income tax as the president, it is understandable how something seems off.
But is that fair? Well, that depends on one’s economic view. Some have a view that large businesses and wealthy individuals deserve breaks and that money saved will then trickle down to others. Others believe that those people should be forced to give up a greater deal of their money through direct taxes. No matter what side you are on, remember we are in an election cycle where you can vote to try to move these issues in one direction or the other.
For regardless of how you feel about the expenditures of Trump’s that are getting the most attention (haircuts, payments to his daughter, etc.), the New York Time story that broke the numbers does not accuse him of anything illegal in how the returns were filed. It is difficult to fault anyone for operating within the system they are given. You can disagree with the system, but there is really no fault for utilizing it legally.
This is a big story and everyone owes it to themselves to give the information a real read instead of just accepting headline clips and bits. It is enlightening on both the tax system and the man who used it. Principled stands can be had on either side of the issue. I simply urge people to actually have principles on which to stand.
To close, this is also an example of how tax planning can benefit someone. One may not have the assets that Trump does to leverage in the ways that he does, but nearly everyone has something they can do to improve their situation when it comes time to file taxes. The system can be flawed, but is it then a flaw to use it to your advantage?
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