Monday, October 10, 2016

THE NEW YORK TIMES has its panties in a twist because Donald Trump may - or may not - have paid federal income taxes nearly 20 years ago.

Yet the NYT is silent on the fact that not only did it not pay taxes in 2014, it received $3.5M in tax welfare. Nor did it mention that in 2015, Citizens for Tax Justice found 15 Fortune 500 companies that paid no federal taxes.

All perfectly legally. And let me point out that for many years this particular tax loophole was available to average taxpayers - you and me. Back then it was called income averaging, and it was repealed in 1986 under President Reagan's second term with a Republican (53/47) Senate and Democrat (253/182) House.

Obviously the tax code is needlessly complex, rife with loopholes, and badly in need of reform. I submit of the two presidential candidates, Donald Trump is the one most capable of reforming it.

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