The president has long refused to release tax return data on both himself and his companies, so what have we learned from the tax returns that cover just over two decades and exactly was the president trying to hide from the American people. He has of course labeled this leak as fake news, but how fake is it really, read on to find out.
The revelation that the president’s tax bill for 2016/17 was only $750 is a shock to be sure. However, what’s even more shocking is the fact that there have been 11 years in which Trump paid no taxes at all despite enjoying the trappings and lifestyle of a (so-called) billionaire. Many rich people use creative bookkeeping and tax loopholes to pay less than their statutory rates but the highest earning .001 percent of tax filers have still contributed an average of 24.1% of their wealth each year, according to the IRS.
A crucial component to his tax avoidance was his application for a $72.9 million tax refund, one he had applied for citing huge financial losses, most likely in relation to failure of his Atlantic City casinos. He had also faced a considerable tax bill after the initial success of his television show “The Apprentice”. However, this tax refund would minimize that considerably and many have, and continue to, question the validity of this refund, none more so than the IRS itself who have been reviewing it’s legitimacy since 2011 and the case still remains curiously unresolved.
