Trump trumps tax laws, but he’s not the only offender
We’ve all heard and read about Donald Trump’s near billion dollar loss by now, but it turns out that Donald Trump’s tax scandal could be considered small potatoes when we look at how wealthy companies “cheat” the tax system every year.
Through charity spending write-offs, different property schemes, investments and taking private jets to offshore meetings, it seems that the upper class has the upper hand on on the American tax code. Let’s get into some details.
Charity Write Offs
The higher the tax bracket you’re in, the higher percentage of taxes you can get back from the government. You can even donate property.
Investments vs Salary
Higher salary means higher taxes. But investments are taxed at a much lower rate. You could be making millions and enjoy the same tax rate as someone making much less.
A lot of people are able to write off business expenses, but they only make a big difference when there’s big money involved. Wealthy corporations write off big money items like company cars, private jets and buying up the best seats in just about any house to show clients a good time.
You can read a great article about these loopholes and more in greater detail.
The Donald faces scorn and losing voters over his decisions, but the truth is that the tax codes cater to the rich and the rich usually take full advantage. It’s been this way for decades and probably won’t change for decades more.