There has been an ongoing saga around Donald Trump and his taxes ever since he was a candidate. Prosecutors have wanted to get their hands his tax records looking for wrongdoing.
As if it’s not bad enough with 200,00 Americans already dead by his failed Covid-19 policies along comes the New York Time report on his taxes.
Trump has been fighting against releasing his taxes even upto the supreme court and now we know why that is.
You more than likely pay more tax than Trump
The Times reported that Trump paid no federal income tax in the 11 of 18 years looked into. It is not all bad news as Trump did pay $750 in tax after becoming the president.
The last two presidents while in office paid on average $100,000 a year.
No one will most likely be shocked about this new revelation and will probably fall on deaf ears when it comes to his fanataical base. Why would we think that Trump would be any different from thousands of other rich people.
They can afford the best accountants that know the slip holes allowing them to pay very little taxes. Not only that they look great giving money expected for taxes to charity. Which they then throw back at us with their immoral gain in our face.
How many times have you seen a celebrity caught paying very little tax and their agent reports something along the lines of “Trump has done great things for charities”. The corect response by media when rebuffing this is well Trump get’s tax relief on his charity payments.
Trump has been in a bitter dispute with the Internal Revenue Service over a 72.9m tax refund he claimed and most likely has spent since. This claim was down to huge losses he declared.
However, a ruling may end up costing Trump $100m. The Times added “In 2011, the IRS began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.“.
Thick as thieves
The Times reported that Ivanka Trump the presidents oldest daughter also received “consulting fees” helping reduce the family tax bill. The report by the Times read “Trump’s private records show that his company once paid $747,622 in fees to an unnamed consultant for hotel projects in Hawaii and Vancouver, British Columbia. Ivanka Trump’s public disclosure forms – which she filed when joining the White House staff in 2017 – show that she had received an identical amount through a consulting company she co-owned.“.
So it would appear Ivanka who herself has presidential ambitions may have been helping her father avoid paying tax. Hopefully, this can be used in any presidential bid she contemplates in the future.
It would appear that Trump has some considerable loans to the sum of $421m due in the next four years. The times reported thast this may cost him hundreds of millions of dollars. The paper went on to suggest that he is personally responsible for many of those loans.
Trump has a track record of personally securing loans and has regreted them in the past.
Now we know
We now understand why this president is reluctant to hand over in a peaceful transition if he loses in November. It would appear that Trump is between a rock and a hard place. If he loses the Democrats could put pressure for those loans to be possible called in.
If he does not leave, people may be reluctant to foreclose on a sitting president. So Trump really will try anything to stay in power. The last thing he wants is for us all to see how inferior his genes really are.
He will most likely keep on referring the whole thing as fake news. Or convince his base by the falsehood that tax record can not be released during an audit.
He could even double down with his remarks of ‘I do not pay taxes as I am smart’. His audience during the debate will probably cheer at this remark and what else do you expect from the deluded.
The irony is that his base doesn’t really care about his taxes or any other scandal that comes along. No one wants to be proved wrong later on when it comes to your electoral choice. Many ex-voters of Tony Blair still deny he was wrong to go along with Bush on invading Iraq.