The notoriously nearsighted Mr. Magoo.
As usual this morning I watched the talking head shows to learn how much mud had been slung by our illustrious presidential candidates overnight. Turns out the Democrats are still fuming over the fact that Donald Trump likely pays no taxes at all....nada....zip! *gasp*
And the Republicans are still strutting their stuff, pointing out how brilliant The Donald is at slinking his way through the 75,000 page (and growing) IRS tax regulations. *par-tay!*
And we, the voters, still can't see 2 feet past this "made-for-TV" charade.
Is it scandalous that Trump pays no taxes? YES, of course it is. Does it make Trump a despicable person for not paying any taxes? NO, of course not. He's paying what the IRS says he must, and no more. Both arguments are missing the REAL scandal: HOW IN THE HELL have we allowed so many loopholes, deductions, exemptions, subsidies, etc to be included in our tax code in the first place?
How? We've been outsmarted, and grossly out spent, by the rich and powerful and their hired lobbyists. They knock on the door of an influential Congressman or Senator and say "We'd like a special tax exemption that allows us to blah blah blah. Oh, and here's a $25,000 campaign contribution because you're such a great guy." And down the hall another lobbyist is asking another "civil
Then they all get together and say, "I'll vote for yours if you'll vote for mine." And they agree, and the tax code grows by a few more pages, and we get screwed.
Hillary Clinton isn't about to change this practice if elected. She IS the establishment in this election. Nor will Donald Trump....he and his $$$$buddies have been the ones greasing the aforementioned palms for decades. They have everything to lose and nothing to gain if the system is shaken up.
It's all a big joke. They will win, we will lose. Game, set, match.
Thank you Congressman. May I please have another.
S
What it also proves is that the great Trump isn't the successful businessman he claims to be as he lost almost a billion dollars in one year based on bad investments and bad management. Other than that, I agree with you.
ReplyDeleteYou're right. These giant "loss carried forward" tax laws enable, encourage even, reckless risk taking / gambling.
DeleteI have not watched TV this morning, although I did see a headline about a New York Times investigaiton.
ReplyDeleteI assume that Donald Trump had such extensive business losses 18+ years ago that he has been able to avoid taxes ever since? I don't know whether that qualifies him as "smart". It doesn't change my opinion of him, though.
The good news is that we only have another month of these two. The bad news is that we then have four years of one or the other of them.
I need to believe things will get better, even if it's foolish thinking so.
ReplyDeleteI know what you mean.
DeleteI will do what I feel compelled to do, which is to suggest a vote for Gary Johnson. He wants a complete overhaul of our tax system, replacing the income tax with a national "consumption tax" (which will only kick in after a set amount, thus freeing our poorest from any tax burden and making those who buy the most pay the most.)
ReplyDeleteI'm hoping Trump is is telling the truth when he says he's running to Make America Great Again. If he's lying, it won't be the first time I've been fooled.
ReplyDeleteMy husband is a tax accountant. He was mostly furious with people (and Trump himself) calling Trump "brilliant" and "a genius." He said that any dimwit at H&R Block could tell you about this loophole. Not to insult anyone at H&R Block.
ReplyDeleteSo is it true that Marla Maples is the one who leaked those tax returns?
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