Saturday, December 31, 2022

THERE IS SOMETHING VERY, VERY WRONG WITH THE TAX LAWS WHEN A BILLIONAIRE PAYS ONLY $750

By Howie Katz


What Donald Trump reported on his taxes

You can't really criticize Donald Trump, or any other billionaire, for taking advantage of the tax laws that allows them to pay as little as $750 a year, or worse yet, zero dollars.

Nevertheless, there is something morally wrong for an ultra-wealthy individual to pay less in taxes than the average taxpayer.

The only solution is to overhaul the tax laws to where anyone earning $200, 000 or more must pay at least 20 percent in federal taxes. And shielding income in foreign accounts must be prohibited. 

Unfortunately, that's not going to happen because our members of Congress welcome hefty campaign donations from the very rich.

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