Donald Trump, the welfare king
A generation after Ronald Reagan denounced the “welfare queen,” the Grand Old Party is evidently on the verge of nominating its first welfare king.
Four years ago last week, the party’s 2012 presidential nominee, Mitt Romney, famously wrote off the 47 percent of Americans who don’t pay federal income taxes. Romney, secretly recorded at a fundraiser, said the 47 percent “who are dependent upon government” won’t vote for him because “I’ll never convince them that they should take personal responsibility and care for their lives.”
Now, just one presidential cycle later, Republicans have settled on a presumptive nominee who is himself among the 47 percent of non-taxpayers. Trump has been refusing to release his tax returns, and now we have a pretty good idea why: He has been feeding at the public trough.
The Post’s Drew Harwell reported over the weekend that, for at least two years in the late 1970s (the last time Trump’s tax information was made public), Trump paid no federal income taxes. Several tax experts I spoke with said it’s entirely possible that Trump has continued to report negative income — and therefore not pay taxes — because of loopholes and dubious deductions that benefit powerful real estate interests. They say it’s likely that whatever taxes he does pay would be at a rate lower than the average worker pays.
That’s typical for Trump’s line of work. Because of depreciation, the deductibility of interest and other tax breaks, the effective tax rate on the real estate sector is lower than most industries, and in some cases negative.
https://www.washingtonpost.com/opinions/donald-trump-the-welfare-king/2016/05/23/154310f4-2121-11e6-aa84-42391ba52c91_story.html?wpmm=1&wpisrc=nl_rainbow
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