Did you know that Donald Trump paid very little in taxes in certain years? Seriously, I read it in the New York Timesseveral times.
The New York Times framed it as some nefarious act on his part, calling it "Years of tax avoidance" in their headline.
Here is a headline from 2016: "Donald Trump Acknowledges Not Paying Federal Income Taxes for Years." Here's another headline from 2018: "Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father." They're both basically the same stories, and they're both from the New York Times.
What is it? To put it in the most basic of terms, since we're dealing with complex tax laws and sums of money most of us don't have, is this: If you're a business owner, you can roll over excess taxes paid in one year to cover future taxes in another future year.
You've technically paid "Nothing" in taxes that year, but you've really already paid that money.
The Times even acknowledges this, "Each time, he requested an extension to file his 1040; and each time, he made the required payment to the I.R.S. for income taxes he might owe - $1 million for 2016 and $4.2 million for 2017. But virtually all of that liability was washed away when he eventually filed, and most of the payments were rolled forward to cover potential taxes in future years."
Everything old is new again when it comes to attacking the President, and nothing new matters at all when it exposes who Joe Biden really is.
Tuesday, September 29, 2020
Trump's Taxes: Everything Old Is New Again
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