Rachel Maddow had a YUGE reveal on her show last night – she found Trump’s tax returns from 2005! Yes, someone dug up Trump’s taxes from over 10 years ago. Maddow hyped this up way too much before the airing of her show. When the facts were revealed it claimed that Trump paid $38M in taxes, making over $150M in that year.
The percentage comes out to be a little over 25% of his income. Technically, he was in the tax bracket to pay about 35% of his earnings for that year, but when you make over $150M, you can afford to hire the best people (as Trump would say) to pay the least amount of taxes. Again, the guy just barely making enough to be in the 35% tax bracket may not have this luxury. Most probably wind up paying more in taxes (as a percentage) than Trump. Don’t let a politician fool you into thinking the ultra rich will pay their “fair share”. Whatever that even means.
I’m glad Trump was able to get his taxes reduced, but honestly, he should’ve kept the $38M he paid in taxes. Humanity would have benefitted much more had he done that.
The problem with economic problems, is there what is seen and there is what is not seen. Here we see Trump paying $38M in taxes. What we don’t see is how many more people Trump could have hired if he kept that money.
The rich are the only people to create jobs because they have the capital to do so. Even if you are entrepreneurial minded, if you don’t have the capital you can’t hire anybody. The government doesn’t hire anyone, rather they create perverse incentives for the poor and cunningly cage them in an endless cycle of poverty.
When they steal your money, it’s largely wasted, sometimes even on burying past corruption, as recently happened with the Pentagon. Except it was $125B instead of Trump’s meager (in comparison) $125M.
Imagine how many jobs someone like Donald Trump would create for people with $125B instead of using it to cover up past corruption. The country would have so much more wealth.
And sure, Trump went bankrupt four different times, I know. But how many times would the federal government have gone bankrupt if they couldn’t print or borrow any amount of money whenever they please? My guess is once. They would have never been able to recover from that.