A bombshell revelation hit America’s airwaves and social media channels of choice, as the New York Times reported that the President wasn’t being very patriotic when it came to pay his taxes – a fact that he’s also kept hidden since he was inaugurated. Now, people are crying foul at the amount he did pay and how others have gone to jail for much more.
The NYT seemed to get a hold of what has been sought after for years – the President’s tax records. Prior to the year that he was inaugurated, it appears that Trump has paid almost nothing in taxes in 10 of the past 15 years. When he did pay, he paid only $750.
On top of that, the investigation has revealed even more about the true state of the self-proclaimed millionaire’s financial health, and it’s not the rosy picture that he rode into the White House on. The President has been in a battle with the IRS for decades over a $72.9 million-dollar tax refund that he claimed – and received. If that case doesn’t go his way, he could be on the hook for over $100 million dollars.
It’s just a small snippet of the information that the President has tried to at almost every level of government, still in court battling with New York over these same issues – and others, pertaining to his non-profit businesses and other entities based in the state.
With the paper claiming that more articles will be published in the coming weeks, the amount of debt that the President already seems to be under seems crushing – with even more loans and obligations coming due soon enough that would cause worry for anyone who is in business during the global pandemic alone. The information released doesn’t include his 2018 and 2019 personal tax returns.
Other information in the report includes the fact that in 2018, the President announced in his disclosures that he made at least $434.9 million dollars, when his tax records claim that he suffered $47.4 million dollars in losses, a staggering difference and one that may imply the disclosures weren’t truthful – or that the taxes weren’t, leaving more questions than answers.
Social media immediately begin to question how someone with such a tax bill could even escape jail, much less become President. The first examples that people reached for were of course, other celebrities, who had been to jail very publicly for tax evasion – starting with actor Wesley Snipes.
BUZZ BITES: #WesleySnipes is trending because they locked up Ronald Isley, Lauryn Hill, and Wesley Snipes over taxes but @realDonaldTrump paid only $750 in two years, and didn’t file taxes at all for multiple years. pic.twitter.com/GApEGX4BU7— BUZZ (@Buzz_Access) September 28, 2020
In 2010, the Blade star was acquitted of felony federal tax fraud and conspiracy charges but convicted of willfully failing to file tax returns from the years 1999 to 2004. He attempted to appeal the case, the court refused, and he served three years — the maximum sentence — in a federal prison before he was released. So why not Trump?
Many also remembered when singer Lauryn Hill, an artist who still holds a Grammy record, spent three months in jail for tax evasion after failing to pay taxes on about $1.8 million dollars of her earnings between 2005-2007. The singer at the time spoke out about the charges, “I am a child of former slaves who had a system imposed on them,” she said of the charges. “I had an economic system imposed on me.”
Theoretically, the system is supposed to be applied to every citizen in the United States, but the current revelations and others in the past few months have shown that to not be the case. It’s also startling when the amount of taxes paid is compared to other Presidents – with President Barack Obama paying the most.
See the comparison below.
When the candidate or President makes their returns available, we have transparency … Thank you @CNN for doing this visual …#Reagan #Clinton #HWBush #GWBush #Obama #Trump #taxes pic.twitter.com/Pzux07YM0G— Christopher Burgess (@burgessct) September 28, 2020