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We break down how the revelations about former President Trump’s tax strategy reflect a debate over taxes in the U.S. We’ll also look at Sam Bankman-Fried’s latest court appearance and what you need to do to prepare for the 2023 economy.
But first, wondering how long the Speaker battle could last? 1856 offers a stark example.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Trump tax returns raise alarms about US tax code
A preliminary review of the thousands of pages of Donald Trump’s tax returns released by a key congressional committee on Friday confirms that the former president was using business losses in the tens of millions of dollars to reduce his annual tax liability, in some cases all the way down to zero.
While one of Trump’s main businesses was found guilty of criminal tax fraud earlier this month, Trump himself has so far not been accused of doing anything illegal with his taxes and personal accounting.
But that’s raising more urgent questions about the fairness of the U.S. tax code and tax regulations, which number in the millions of words and in the case of Trump proved effectively unenforceable.
Advocates for tax reform say that a shift in mindset is needed, that a flawed conception of taxation as punitive and economically destructive is what allows for the sort of serial tax avoidance on display in the Trump tax returns.
“With the release of Donald Trump’s tax returns we have learned that he did not pay any federal income taxes [in some years],” Frank Clemente, director of tax advocacy group Americans for Tax Fairness, said in a statement to The Hill.
The Hill’s Tobias Burns and Sylvan have more here.
❗LEADING THE DAY
FTX founder Sam Bankman-Fried pleads not guilty to fraud, other crimes
Disgraced FTX founder Sam Bankman-Fried pleaded not guilty on Tuesday to charges of wire fraud, securities fraud and other counts related to the collapse of his cryptocurrency trading platform.
