At this point it seems as though Trump’s electoral magic has worn off as Biden’s lead widens the gap for a 2nd term under the current U.S. President. Now, as reports suggest that President Trump has only paid a mere total of $750 in federal income taxes, polling on the topic suggests that his conduct has further hindered his chances for re-election. A recent polling conducted by the Economist and YouGov had asked the question, “Does it make you angry if this is all Trump paid ($750) in federal income taxes?”. The results expose a remarkable disproportionality in answers, with 68% of American answering “Yes” and 24% answering “No”. This signifies that even many members within President Trump’s own base have found the news behind these tax leaks to be considered unacceptable and grossly unfair.
However, this unearthing should not be entirely surprising with the consideration of a 2018 study dubbed “The Triumph of Injustice”. Conducted by University of California at Berkeley economists Emmanuel Saez and Gabriel Zucman, they presented claims which for the first time in history, U.S. Billionaires paid a lower tax rate than the working class in 2018. Asserting how the average effective tax rate paid by America’s wealthiest 400 families was 23%, whereas the bottom half of households paid 24.2%; effectively forming a regressive tax system. These leaks are uncovered in an tremendously inopportune time for President Trump, especially with election day arriving in less than a months time. Yet, even in the instance where the current U.S. president were to lose this coming election, revelations detail that Trump is personally liable for more than $400 million in debt. This includes more than $300 million in loans that will come due in the next four years. Leaving many questions and posing extreme scrutinization of his coming actions.
CIMA Law Group Blog 