He has no respect for this country. He hates the USA. He begrudged the country it's rightful income in taxes.
$750 in one year. That is amazing. Most Americans pay that and more in mortgages or rent and he actually only paid that in taxes.
Donald J. Trump paid $750 in federal income taxes the year (click here) he won the presidency. In his first year in the White House, he paid another $750.
He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.
As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million....
Why is $100 million such a tragedy for Trump? He claims he is a billionaire, paying $100 million in taxes sounds right. So, what is the issue? He can't afford to pay $100 million in taxes? Why?
How much of the 2017 tax cuts serve Trump's best interests over that of the country?
The Tax Cuts and Jobs Act (TCJA), (click here) passed in December 2017, made several significant changes to the individual income tax. These changes include a nearly doubled standard deduction, new limitations on itemized deductions, reduced income tax rates, and reforms to several other provisions. In all, these changes simplify the individual income tax by eliminating the need for millions of households to itemize their deductions.
After December 31, 2025, most of the changes to the individual income tax code revert to pre-TCJA status. If Congress allows these changes to go into effect, most households would experience tax increases beginning in 2026. In the meantime, however, individual income taxes will be substantially lower for households across the income spectrum....
I worry about the country and the assault on it's treasury by Trump and the Republicans. Before the arrival of SARS-CoV-2 Trump was running very large deficits.
February 1, 2020
By Chuck Jones
The Congressional Budget Office, (click here) or CBO, published its latest “Budget and Economic Outlook” which covers 2020 to 2030 on Wednesday, January 29. The 88 page report projects the Federal government receipts and expenditures to calculate the yearly Federal deficits and total debt, and it forecasts various economic metrics such as the economies growth rate and employment numbers.
President Obama entered office in early 2009 in the teeth of the Great Recession. Not surprisingly, the deficit exploded from $459 billion in calendar 2008 to over $1.4 trillion in calendar 2009. As the economy recovered the deficits shrank to a low of $442 billion in 2015 and was $585 billion his last year in office.
President Trump on the other hand was handed an economy that was growing. In 2017, his first year in office the deficit grew to $666 billion, was $984 billion last year and is projected to be over $1 trillion in 2020 at $1.02 trillion. This would be a 74% increase in just four years and going forward the Federal deficit could escalate to $1.7 trillion in 2030....
How much did he benefit from his years in the White House? A booming economy as he states existed usually brings down the national deficit. I just don't trust him and this information about his taxes only cements that mistrust.
It is going to be difficult while he is in office to ask the IRS for audits that provide for the monies he owes the US Government. He needs to get used to the idea of writing a check to the USA treasury.
...Most of Mr. Trump’s core enterprises — from his constellation of golf courses to his conservative-magnet hotel in Washington — report losing millions, if not tens of millions, of dollars year after year.
His revenue from “The Apprentice” and from licensing deals is drying up, and several years ago he sold nearly all the stocks that now might have helped him plug holes in his struggling properties....
He bases his questionable investments in personal pleasure. Golf courses, hotels, and casinos are very risky businesses. They have high levels of maintenance in order to maintain their image to attract patrons. There is a high level of cash flow and that is a tempting place for corruption all by itself.
It is so laughable that he doesn't pay taxes. I guess this makes him a TAKER and not a MAKER, as the Republicans would say.
...The Times was also able to take the fullest measure to date of the president’s income from overseas, where he holds ultimate sway over American diplomacy. When he took office, Mr. Trump said he would pursue no new foreign deals as president. Even so, in his first two years in the White House, his revenue from abroad totaled $73 million. And while much of that money was from his golf properties in Scotland and Ireland, some came from licensing deals in countries with authoritarian-leaning leaders or thorny geopolitics — for example, $3 million from the Philippines, $2.3 million from India and $1 million from Turkey....
All of this is supposed be in a blind trust. What a mess. His family has been taking advantage of their influence with Trump as well.
In balance, business people that are honest and have good business practices pay taxes and a lot of them. They don't begrudge the government it's due. I know personally a very successful uncle, now passed away, that paid considerable taxes. He served in the armed forces. His millions were self-made in the transportation industry. He told a story about how his hand was shaking when signing a check for a million dollars to the USA for taxes on the monies he made that year. He never even tried to hide monies and always was honest about his income. He benefited very well from his income. He lived on a golf course and sent his twelve grandchildren to private religious schools. It is just a shame Trump is this kind of man. Other men and women in business will not appreciate the fact he went out of his way to make poor investments. They don't.
