Read this article about Trump’s taxes and found these three sentences: "Trump can write off the interest he pays on his debt and depreciate his properties. This is using a legitimate tax break that allows for the declining value of an asset over time. That’s allowed even though the assets are often growing in value.” Made me wonder who wrote that tax law. A realtor maybe?
The real culprits in this Trump tax story are the generations of Congresscritters who've created such a mess. IMO.
Some pols like to talk about filing tax returns on postcards but I like to think of writing tax law on a postcard. To wit:
If you made x dollars you owe us y dollars, where y is defined by the following formula:
(Don't worry, we have a computer. We can check your math in a nanosecond or two.)Done.
Of course this approach would put a lot of tax accountants out of business so we wouldn't want it to happen for another few years. But then…
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