Trump taxes issue has raged questions in everyone’s mind. Donald Trump has been evading taxes and paying only 750 dollars in a year. Trump has been paying a bare minimum of only 750 dollars in a year as federal income tax. He paid this amount during the first two years of his presidency, that is, in the year 2016 and 2017. It costed him as low as just ₹ 50,000 in a year.
Also, he has evaded to pay any income tax in the 10 of the last 15 years. It was when Donald Trump contested the presidency election back in the year 2016 that this issue was a really big thing then. However, he did evade the tax details successfully.
Tax scale evasion in brief: Trump Taxes issue linked
Before we move ahead to understand how Donald Trump did evade his tax, let us understand what it actually is! Well, as per the calculations made by the NYT, Donald Trump did pay more than 400 million dollars less as compared to the combined federal taxes. The tax rates have reduced immensely over the past years, as applicable for the richest Americans. However, the NYT has recently discovered that Trump continued to live a wealthy living just as any other billionaire without paying any federal income taxes in 11 of the 18 years. Trump paid 140 times lesser than what his predecessors, George W Bush and Barack Obama used to pay routinely for federal income taxes.
How did Trump manage to evade taxes?
Trump taxes seem to be really tricky and according to experts, it appears as if Trump has used several ways to either reduce his tax liability or seek a refund on tax paid by some or the other way! According to the NYT, Trump has classified his personal expenses as the cost of business, which in turn, has reduced his taxable income. Trump did categorize his residence to aircraft as his business expenses only. Not just that, he had shown his and his daughter, Ivanka Trump’s hairstyling expenses as business expenses. He had even listed his profits in several projects as none other than unexplained consulting fees. One prominent example of this incident is when he has reported paying 1.1 million dollars of consulting fee for a 5 million dollars hotel deal in Azerbaijan. Certainly, he stands out to be a national threat for the common people.