Three quarters of Americans pay federal income tax.
If you paid more than $750 dollars in federal income tax per year for any of the last fifteen years chances are you paid more federal tax than out sitting President did as a private citizen millionaire.
Prior to taking the presidential office Trump implemented tax avoidance strategies and reported repeated and chronic financial losses from his various businesses resulting in ten years of no federal income paid.
This is a tax plan for the one percenters. The rich persona tax plan.
- Trump, a billionaire worth $3.5 billion in 2017 per Forbes
- Paid ZERO federal income taxes for 11 out of 18 years between 2000 and 2017
- Paid $750 in 2016 and in 2017
- A typical nurse or schoolteacher paid on average $5,400 in federal income taxes
- A firefighter paid about $3,400
- A bus driver, $2,400
- A childcare worker, $1,150
- Donald Trump is vigorously exploiting a tax system he helped rig
- Trump exploits numerous loopholes that real estate lobbyists—including Trump himself—have crammed into the tax code. Trump made sure his 2017 tax law preserved all those goodies, plus adding a few more. Trump’s $2 trillion tax cut mostly benefited the rich and major corporations, especially the real estate industry.
- Trump’s tax returns show he may be breaking the law. He wrote off as business expenses personal costs like the legal defense of his son in the Russia inquiry and his costly hair care. He paid himself and apparently his daughter Ivanka hundreds of thousands of dollars as “consultants,” even though they both already worked for the Trump Organization, thus artificially upping costs to lower tax bills.
- Trump’s precarious financial situation poses a threat to U.S. national security.
- Donald Trump’s businesses are failing, and his huge debts are a major national security threat. As the Times reports, Trump “is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years.” It is not clear to whom this money is owed or what leverage they have over Trump.
- Experts say that level of debt might block security clearances for most federal employees.
Trump’s 2017 GOP tax law was not a middle class tax cut. In fact it added $1.9 trillion in debt to the tax payers.
Trump also wants to remove healthcare coverage from millions of Americans and make it more difficult and costly to acquire coverage in the future.