Veronique de Rugy in dailyherald: Trump's tax returns have resulted in the wrong policy debate.
The recent release of former President Donald Trump's tax returns has triggered two seemingly contradictory reactions. Some people are eager to point out that considering his many heavy losses, Trump might not be as good as legend has it at turning profits. On the other hand, other folks complain about just how few actual dollars Trump paid in taxes.
Now, I agree that our tax system should be revamped. This system is a nightmare of double taxation of income and grotesque horizontal inequities in which -- thanks to a labyrinth of politically motivated tax breaks and credits -- taxpayers earning the same incomes don't pay the same amount of taxes. The result is a system that penalizes work, saving and investment and in turn dampens economic growth.
In addition, these special-interest tax provisions mostly benefit the well-connected taxpayers who lobby for their creation or for their extensions. These provisions also benefit politicians -- Democrats and Republicans alike -- who are rewarded for their cooperation with campaign contributions and votes. The clear losers from this unhealthy marriage are taxpayers who must comply with an out-of-control, complicated 2,600-page tax code, often without the help of a professional accountant.
by signing up you agree to our terms of service Blaming the unfairness of our system on Trump's use of such loss-carryforward provisions, as if these are illegitimate or fraudulent, is silly. It becomes laughably hypocritical when it is offered by the same people who never stop pushing for bigger tax credits for their favorite causes.
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