“Trump is engaging in an activity that is very, very incentivized by our current tax code,” said Charles Renwick, a CPA and author of the forthcoming book “All the Presidents’ Taxes.”
Democrats released six years of Donald Trump’s income-tax returns on Friday, providing further insight into the former president’s tax situation. Trump and his wife, Melania, paid $0 in income taxes for 2020, according to a report released late Tuesday by the congressional Joint Committee on Taxation.
“Just like every other American, the President of the United States is obligated to pay taxes owed,” reads an internal IRS memo from earlier this month. “This is a core responsibility of our common citizenship: without tax revenue, our government would cease to exist.” “Disclosures like these are black and white,” he said. “Remember, his former campaign Chairman, Paul Manafort, was convicted of tax fraud for not disclosing foreign bank accounts. This is clearly an important disclosure from the standpoint of providing transparency.”
“Most tax players are focused on tax compliance, and fewer taxpayers are looking at what year-long tax strategy can be employed to reduce their tax bill,” she added. “If you study for a test, you get an A+.” Burtless, who does not profess to be an expert on Trump’s taxes, does see inequities in the U.S. tax system, however. “If we define the ‘very rich’ as Americans with extremely high pretax incomes in the current tax year, I agree with most of my fellow citizens in thinking it disgraceful when ‘very rich’ people pay zero dollars in current income taxes. The theory of our progressive income tax system is that each U.S.
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