How Donald Trump Turned the Tax Code Into a Giant Tax Shelter

[napi21]

http://www.nytimes.com/2016/10/03/business/how-donald-trump-turned-the-tax-code-into-a-giant-tax-shelter.html?_r=0

At the nadir of his personal financial crisis in the early 1990s, his lenders put him on an annual “budget” of $450,000 in personal expenses — more than enough to sustain his lifestyle of lavish homes, private jets, country clubs and golf courses — even as he was using the tax code to avoid paying any federal income tax.

“If it wasn’t clear before, it is now: The tax code is tilted toward the rich in its statutory framework, its exceptions, and in how it is enforced and administered,” said Steven M. Rosenthal, a real estate tax specialist and senior fellow at the Urban-Brookings Tax Policy Center.

“The American public,” he said, “needs to wake up and send a message that the tax code should be written to generate revenue and enforced to collect it, not to favor wealthy real estate developers and other special interests and their lobbyists.”

The latest revelations, in an article published by The New York Times, make a “compelling” case for more disclosure, said Michael Knoll, professor of law and real estate at the University of Pennsylvania Law School. “If his loss was so massive that he didn’t pay federal income tax for 15 to 20 years, that’s surprising. It’s even more surprising that someone in that situation would run for president.”

These are snips from the article, but tells the American people just of slanted the tax code really is. I HOPE many people wake up NOW and start demanding that Congress completely redo the tax code to make it fair for everyone!