Looking at Trump's tax returns is only the first step
This opinion from Catherine Rampell in the Chicago Tribune makes these kinds of points:
- The New York Times' report on President Trump's taxes surprised no one. For a while now, we've all suspected that Donald Trump built his fortune by "choosing the right parents and dodging the Internal Revenue Service."
- Even though the report isn't shocking, it still demands action. Obviously, we must demand to see Trump's tax returns. Then, we must "adequately fund the IRS", and make our tax laws "fairer, clearer, and less susceptible to exploitation."
- Some of the worst tax loopholes involve real estate. The grantor-retained annuity trust instrument, which allows wealthy citizens to make large financial gifts to family members without paying a U.S. gift tax, is particularly egregious. Unfortunately, rather than addressing these real estate loopholes, Trump's tax bill has made it even easier for the wealthy to exploit these loopholes.
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