There are only two possibilities: It’s full-on Awesome My Class Is Egg Cellent Kindergarten Teacher Shirt fraud, or he’s the most incompetent moronic ‘businessman’ in history. If only he hadn’t fisted them into a giant prolapse. If only there was a tax system overhaul in 2017 that could have closed some. None of this is a surprise, yet it’s still appalling. I paid more income tax when I was working minimum wage than this Billionaire President did. I think there is something wrong with that. It sounds like you don’t like freedom. Trump’s tax returns highlight a very broken fact about our tax code. What Trump did in this scenario might be completely or partially legal due to loss carryover.
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The way loss carryover works are if you have an Awesome My Class Is Egg Cellent Kindergarten Teacher Shirt net loss of say 10M dollars in a given year, you’re allowed to either report the entire loss that year or divide that loss up to 10 years. So for instance, 3 years after you have that 10M loss, you could have a net income of $900,000 and also avoid paying most if not all taxes on it by carrying forward 1M of that 10M loss from three years ago, therefore legally reporting a 100,000 “loss”. Loopholes like this are what allow literal billionaires only to pay a few hundred dollars in taxes per year. The United States badly needs tax reform otherwise this sort of thing will keep happening.
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