Taxing Trump

Over the weekend The New York Times dropped what should be a bombshell with the publishing of Trump's 1995 tax returns showing over nine-hundred million dollars in losses and setting the stage for not paying federal income tax for up to eighteen years. His unwillingness to release his returns raises eyebrows with those who have a fully functional brain but no so much for others. He has bragged about exploiting the system and paying as little in taxes as he possibly can so I've never understood his reluctance to release his returns. One important thing that I hope we have all learned is that real estate developers apparently have major loopholes provided for them, maybe we should do something about that.

His hardcore supporters, the poor to middle class, don't care that he hasn't paid federal income tax, they think it's cool that he's stiffing the "man", of course he's really stiffing them but good luck making the argument. His chief surrogates Rudy Giuliani and Chris Christie say he's a genious for losing nearly a billion dollars and not paying taxes.

If we could all avoid federal income tax there would be no roads, airports or military. I find the alleged conservatives Giuliani and Christie bizarre in their theories given their love for bombs and warships.

Don't think for a moment that Trump is alone in his tax strategies. Many many years ago when I was at one of my career lowpoints a friend gave me the best-selling book, "Iacocca: An Autobiography". It didn't make me feel better but it was a very good read. In it Iacocca reveals many interesting and horrible things about Henry Ford II but the tax issue is quite revealing. When Iacocca was promoted to President of Ford Motor Company he jokingly complained that now he would be paying a lot more in income tax. Henry replied, "you pay income taxes Lee?" Henry, you see, had never paid them until one year late in his life when he was in a rage ranting to Iacocca about the incompetence of his accountants because he was going to have to pay ten thousand dollars in income tax.

Even during our country's most draconian tax periods when the top rate was 90%, the very wealthy were never contributing their fair share and found numerous ways to dodge their obligations as citizens by legally gaming the system.

Things have not changed.