Wednesday, September 30, 2020

Carney: NYT Attack on Trump's 'Financial Acumen' Is Nonsense

Carney: NYT Attack on Trump's 'Financial Acumen' Is Nonsense

According to the New York Times, Trump paid millions when he filed for an extension in those years and later used business investment tax credits to reduce his tax bills to just $750. The paper says the president did not get a refund for the overpayment. Instead, the extra money will get applied to future tax bills. So the real story here is Trump apparently overpaid his taxes in his first years in the White House.
By the way, Trump has been donating his entire presidential salary back to the government. And this does not reduce his taxes for that income. So Trump is taxed on income he sends back to the government. But he had tax credits in 2016 and 2017 that essentially reduce his tax liability to zero.
Unfortunately, the New York Times mucked up this straight-forward story by claiming that the 18 years of tax data raise doubts about whether Trump is a successful businessman.

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