There comes a question that how it is possible and at what policy the rich and millionaire do not pay taxes while the ones who earn less and poor have to pay more. There has been an analysis of the tax return of President Donald Trump and it is also published in NY Times. It presented that Trump had only paid 750 dollars for salary taxes and customs annually.
However, Trump has declined this accusation and said that he paid much in taxes and federal duties but not disclosed his tax returns. In 2017, a normal nurse with a salary of almost 70 thousand dollars annually paid taxes and duties in the federal department of 5,400 dollars.
It is a report according to Americans for Tax justice. It is an alliance of workers group and corporations supporting tax improvements. Trump is able to pay less amount of taxes than any other middle-class individual because he has designed his business in huge line-ups for tax breaking as property developers do.
He also bears the losses of businessmen and gives gifts for public welfare which deducts his profit and consequently the taxes. It is stated by the NY Times. President Trump is not doing this alone but there are many stockholders and big business firms as reported by tax advocates and officials of Tax Policy Authority.
Trump is supposed to be the tax dodger and poor businessman in the world. The rich Americans have greater opportunities to take risks and investments in their businesses. Whenever the risks made them a great loss and if it’s much bigger than their capital then they decline the whole tax and duties of that present year.
Trump has been easily dodging taxes for several years because of a huge cash loss of 900 million dollars approximately in 1995 which has been still making him break the taxes he owes.
The people who earn by property and real estate have many benefits from tax than a regular person who pays taxes. Property related people are accessible to profess their loss and devalued money of their property.