Rumor vs Reality

Published October 16, 2020

“Taxes are what we pay for civilized society” as the saying goes, but it may not go far enough. Taxes also help us to grow, through the development of infrastructure, new technologies, and new medicines, just to name a few. When someone doesn’t pay their share, one of two things happens. Either we don’t make that investment in our future, or we raise taxes on everyone else to pay for it. Experts estimate that 16% of total federal tax owed isn’t paid. That’s enough money to pay for most of the annual budget deficit.

It’s up to the IRS and the courts to determine if the deductions Trump took and the losses he claimed were legal. But these deductions and losses also reflect a tax policy that offered him more loopholes than it allows average Americans.

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