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Donald Trump proves tax code spawns risk, debt & speculation for which everybody else pays the price

4 91 0
12.05.2019

The New York Times disclosure that Donald Trump was able “to avoid paying income taxes” for years, while he racked up $1.17 billion in losses, tells you all you need to know about the American system of taxation that rewards risk, debt and speculation because it so completely insulates the greediest among us from the real world consequences of all three.

The Times compared their Trump file “with detailed information the I.R.S. compiles on an annual sampling of high-income earners. His core business losses in 1990 and 1991 — more than $250 million each year — were more than double those of the nearest taxpayers in the I.R.S. information for those years.”

We know that our tax system taxes wages we earn at a much higher rate than the profits the rich earn off their investments. But it’s more perverse than that because it actually incentivizes the most predatory traits of vulture capitalism.

To be sure, over the years the plume of red ink coming out of the Trump corporate octopus has proven toxic for an army of small business owners and investors.

In Atlantic City, corporate entities tied to Trump filed for bankruptcy four times since 1990, allowing the companies to shed hundreds of millions of dollars in debt, but leaving a long list of businesses that did not get paid. The losers included small businesses and tradespeople.

Back in October 2015 when I interviewed Trump for CBS MoneyWatch he was nonchalant about the human carnage of his Atlantic City serial bankruptcies. "That's part of the process," he said. "I wanted to use the bankruptcy law to my own advantage. Should I have used it to somebody else's advantage? These people may have gotten clipped at the end, but they made a lot of money along the way with me."

To plumb the depths of the despair the Donald had wrought all I had to do was cold-call ministers from congregations in and around Atlantic City.

Rev. John Scotland, pastor at the Community Presbyterian Church in Brigantine, near Atlantic City, said Trump........

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