Due to all the justifiable commotion over Kavanaugh’s confirmation, it is likely you haven’t read the groundbreaking New York Times article about how Trump and his family avoided paying tens of millions of taxes. Next time you have twenty minutes, please search “Trump Engaged in Suspect Tax Schemes as He Reaped Riches From His Father” and just give it a read through. Such an important article shouldn’t fall by the wayside due to other news.
And for those those who cry “FAKE NEWS” at the New York Times, you’ll likely never see the Trumps sue for libel, as everything in the New York Times article is true.
If you don’t have the time to read the full article, let me break it down for you. The wealth Trump received from his father consisted of much more than a “small loan of a million dollars.” To be fair, this loan seems small in comparison to the actual amount lent to Trump by his father, which totals to “at least $60.7 million, or $140 million in today’s dollars;” furthermore, Trump has further “received the equivalent today of at least $413 million from his father’s real estate empire.
While Trump may not have been truly honest about how little work he had to put in to become wealthy, what is truly disgusting is how these non-paid loans and multimillion dollar properties came into his possession. Through the gross underestimation of property values and fraudulent abuse of tax loopholes, Trump’s father was able to avoid paying hundreds of millions of dollars in gift taxes to the United States. In fact, Trump’s father and mother “transferred well over $1 billion in wealth to their children, which could have produced a tax bill of at least $550 million under the 55 percent tax rate then imposed on gifts and inheritances. The Trumps paid a total of $52.2 million, or about 5 percent, tax records show.” The saddest part about this tax evasion is that Trump’s father made most of his wealth off of low-interest, government subsidized real estate development loans. So, while most of their wealth can be traced back to government subsidies (rich people’s welfare), they still refuse to pay their fair share back to one of the sources of their wealth.
Despite all this, the President claims to be a self-made billionaire, saying “I know deals… better than anybody knows deals.” Yet time after time he was bailed out by his father when his business ventures inevitably failed. These bailouts, tax evasions and reliance on government subsidies show that Trump is truly a welfare king born into a lap of luxury.
I find it laughable that Republicans, the “law and order” party, tend to just look away when crimes are committed by the rich and powerful; yet these same people cry afoul at illegal immigrants and minority communities, generalizing them as criminals. Whether it be Trump or Kavanaugh, these men get a pass due to their wealth and political positions. We need an America where white collar crime is treated just a seriously as any other and where justice is applied equally, regardless of class, race, gender or background. As for now, it seems like the House of Representatives, the Senate and even the Supreme Court are willing to allow criminality at the highest levels of government, as long as those in power benefit their agenda. If you want to change things for the better and hold those in power accountable, then it is essential that you to vote on Nov. 6.
Cameron Cantelmo is a campus correspondent for The Daily Campus. He can be reached via email at email@example.com.