Trump Used the Same Tax Breaks as Amazon to Drastically Reduce His Own IRS Bill
President Donald Trump complains that large corporations, such as Amazon.com Inc., are shirking their tax responsibilities. Yet for at least a decade, Trump paid none or very little in federal income taxes by exploiting some of the same generous tax breaks that the online retail giant and others have used to reduce IRS bills.
Trump used parts of the U.S. tax code to whittle down his tax bill to nothing for several years, the same sections that Amazon has used to pay no federal income taxes for the past two years. The company — led by the world’s richest man, Jeff Bezos, — has been able to get a tax refund for the past two years despite turning a profit. It tapped losses that occurred before it was profitable, for write-offs from building warehouses and distribution centers, in addition to other legal tax breaks.
Trump has boasted that paying no federal taxes makes him “smart.” He emphasized his business acumen in the 2016 presidential campaign and during his presidency. However, according to the Times report, Trump’s losses during 1990 and 1991, which totaled $250 million a year, were more than double those of the nearest individual taxpayer in the IRS’s database of high-income filers.
Neal, a Massachusetts Democrat, is currently consulting with legal counsel on how to proceed, and the clash is likely to turn into a protracted legal battle.
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