Money > Tax

The president paid $750 in federal income taxes thanks to an element of the tax code that's working as intended

23 days ago   |   By Business Insider

Summary List Placement On Sunday night, The New York Times released a bombshell report alleging that President Donald Trump paid only $750 in federal income tax in 2016 and the same amount in 2017. The report goes on to say he paid no federal income tax at all in 10 of the previous 15 years.
How is that possible? How could a man worth more than $2 billion pay so little in taxes for so many years?
Well, one answer is to lose money. A lot of money.
How the tax code allows Trump to shrink his tax bill
The loss carryforward provision in the tax code allows an individual to spread current...
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Even the lowest-paid workers in America have a higher tax bill than Trump

Even the lowest-paid workers in America have a higher tax bill than Trump

23 days ago   |   By Business Insider

Summary List Placement
On Sunday, The New York Times released a bombshell report on President Donald Trump's tax returns over the last two decades. Among the many stunning revelations was that Trump, a self-reported billionaire and real estate mogul, paid just $750 in federal income taxes in each of 2016 and 2017.
Business Insider estimated that workers making just under $18,000 a year would have paid a similar amount of income tax as the president, based on listings of tax brackets for 2016 and 2017 by the Tax Foundation, an independent tax policy non-profit.
Estimating a normal worker's...
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