Tuesday 29 September 2020

Trump didn't pay tax shock! Like a lot of wealthy people

Nancy Pelosi says Trump's failure to pay tax over a long period is a national security issue. Somehow I doubt it. Trump like a lot of big-time dollar earners think of crafty ways of getting round their tax liabilities. That's why they employ accountants to see if they can avoid paying tax if there is any loophole around which can make it look lawful. Judging by the revelations in the New York Times which has found some source or sources inside the Inland Revenue Service prepared to hand over masses of confidential Trump tax return documents, the president lost so much money on his multiple property and business ventures that he was able to offset the losses against his tax liabilities for years. But I thought we knew that. So the revelations are not that revealing and not at all surprising. When the first lot of Trump tax "scandal" stories broke some years ago, the president summed up why and how he avoided paying millions of dollars in tax every year. He said he was smart. In other words, smart at avoiding paying tax because he had fancy accountants to skirt round the edges of what is allowed and what is forbidden. Would the American people think more of Trump if he had paid the full whack of taxes every year? Well, possibly. It's a bit like presidents who somehow managed to avoid the draft because they had an in-growing toenail or dodgy hearing. Trump of course escaped being sent to Vietnam because he had bone spurs in his heels. Nasty! But avoiding Vietnam and avoiding paying taxes somehow seems all part of the man who sits in the White House and a lot of Americans don't care very much because they vote for him and will vote for him again in November. The tax issue will come up in tonight's presidential TV debate in Cleveland Ohio, especially after Joe Biden cleverly published his 2019 tax returns on the eve of the debate. Now that's smart. But I doubt Trump will care a fig. Just as he claimed the New York Times tax revelations were "fake news" he will probably say that Biden's tax returns are fake news too.

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