The ongoing tale of what were taxes paid,or not paid by Donald Trump continue in the media and on social media. The New York Times reports that Donald Trump back in 1998 declared a loss of $618 million which meant that he was not required to pay any taxes for the next twenty years. If one is wealthy in this country, there is always a tax loophole which enables the person not to pay taxes. Trump supporters argue not paying taxes simply proves that Donald Trump is a brilliant businessman. After all, only suckers pay taxes.
There is something very true about that belief. Hire a tax accountant and he is able to uncover one or another loophole to either lower the tax rate of ensure no payment of taxes. Warren Buffet, one of the richest Americans has an ongoing promise to give thousands to any businessman who pays at a higher tax rate than his secretary. So far, he has yet to find such a businessman.