The New York Times has come out with a “hard hitting” piece about President Trumps taxes. According to the article, he paid just $750 in federal income taxes in 2016 and again in 2017. This, many progressive pundits want you to believe, is an egregious example of the President’s diabolical nature - he’s a tax evader, a scoff law, and doesn’t care about hardworking American people who supposedly pay more.
But what exactly is going on here? Did he pay less in federal income taxes than he owed? Did he break the law? What was his total tax burden for those or any other year? The article doesn’t seem to care about those questions.
When asked for comment, Trump Organization attorney Alan Garten stated that, “President Trump has paid tens of millions of dollars in personal taxes to the federal government…” The New York Times writes this off as “conflating” income taxes with other federal taxes as if they caught him in a lie. I don’t know how that’s conflating anything - federal income taxes are not the only taxes that an individual pays. If anything the New York Times are the ones conflating, as they compare his federal income taxes (again, not his only tax burden) to the amount he or his organizations paid in countries like Panama and Indonesia. I must have missed the part of tax law that says that all tax laws, everywhere, are the same.
And its not just the New York Times - Bloomberg has jumped into the fray as well. Jumping off from the New York Times article, Bloomberg makes the claim that President Trump is a “serial bankruptcy artist.” This is patently false, as the Trump Organization is comprised of about 500 entities, and only 6 have ever declared bankruptcy. This is a pretty good track record by any standard.
Progressive news agencies and pundits want you to believe that the President has done something wrong, with no proof to back it up, and this also means that all of the wealthy do the same and this is all very unfair.
If we are being honest, we all try our best to pay as little in taxes as possible, using every legal means at our disposal. Even with the most expensive accountants and tax experts available, the top 20% of earners pay 69% of total federal taxes, and 87% of all federal income taxes. In 2017, the top 1% paid more than 38% of the total tax revenue collected, which is greater than the share the bottom 90% paid at nearly 30%.
Does this all sound like the wealthy don’t pay taxes? Of course not. Could they pay more, or could loopholes be closed? Most certainly. But they pay more than their “fair share,” as it currently stands.
And, if you ask me, the government should have no stake in any deal that you make with your employer so income taxes should be abolished all together. They are a fine on productive work and totally immoral - tax that which you want to decrease, and subsidize that which you want to increase.