The New York Times is at it again—revealing its political biases in a new piece about the President’s tax returns.
Predictably, the mainstream media is eating it up…
“Report of Trump’s tax-dodging strengthens Biden’s ‘Scranton v. Park Ave.’ campaign,” reads the L.A. Times. “Trump Tax Records Show Duplicity. That’s Devastating For his Campaign,” screams NBC News and, “Yes, A Tax Scandal Can Take Down a Politician,” writes Politico.
The headlines are fueled by the mainstream media’s ignorance on tax policy–as well as the media’s inherent bias against Donald Trump.
The real headline here, however, the one that is (not surprisingly) missed by the New York Times and the media elite, is that the political class has done an outstanding job of protecting the incomes and assets of its own uber wealthy donors. Indeed, it was thanks to Obama-Biden tax policies that the now President Trump was legally able to deduct so much income in the first place as I explain in the podcast.
New York Times “Hit Piece” Backfires
Conveniently released just hours ahead of the first Presidential Debate, this New York Times piece is designed to be a kind of “hit piece” on the President…it implies unscrupulous, tax-dodging activity by touting the headline that the President only paid $750 in federal income tax. Yet, what the New York Times fails to properly acknowledge is that if the President declared such little income, it would all be thanks to Obama-Biden era tax policies…tax policies that are perfectly legal, and widely used by wealthy Biden and Obama donors.
Instead of pointing the finger at Trump, smart journalists should be asking “WHY are policies like these allowed?” The headline…again not surprisingly missed by the New York Times… is that the political class has done an outstanding job of protecting the incomes and assets of its uber-wealthy donors. Donald Trump’s tax returns (if the NY Times reporting is correct) are just another example of a tax policy system that is inherently unfair for many Americans. And who do we have to thank?
Obama-Biden Tax Policies to Blame
Barack Obama…and other members of the political class, including Obama’s then Vice-President Joe Biden, who put in place more loopholes that could be easily (and legally) exploited. Thanks to Obama, not only could losses in one business offset income in another (as has been allowed for decades)… but, by November 2009, as part of their great recession recovery effort, Obama and Biden allowed business owners to request full refunds of taxes paid in the PRIOR four years, and 50 percent of those from the year before that!
This meant Donald Trump, when filing his taxes in 2009, could seek a refund of not just the $13.3 million he allegedly paid in 2007 but, also the said to be combined $56.9 billion paid in 2005 and 2006.
Fat Cat Loopholes Created By Left Ignored by Mainstream Media
I don’t have a problem with businesses deducting their expenses…however, instead of pointing the finger at the President for benefiting from this legal allowance…The media should be asking the following:
- Why does Warren Buffett pay less money as a percentage of his income than his secretary? (Because the tax code enables him to do so.)
- Why are so many, including George Soros and the Clintons, allowed to set up “charities” and “foundations” through which money can be funneled to possibly help fund their lifestyles while simultaneously potentially influencing government policy? (Because the tax code enables it.)
- Why can private equity bankers get away with paying only capital gains on actual income? Meaning billionaire private equity professionals often pay less tax (percentage-wise) than a New York City Firefighter? (Because the tax code allows it.)
- Why can Donald Trump get a massive refund from the Federal Government or pay little to nothing in income taxes? (Again, because our tax code permits it.)
If the New York Times wanted to be fully transparent, its story would have been not on how little Trump may or may not have paid, but rather, how little most all billionaires pay. There are fat-cat tax loopholes, put in place by the donor class, that continually benefit the rich. Donald Trump was merely following Obama and Biden’s rules which enabled him to deduct expenses from one business in order to diminish the earnings at another.
But, let’s face it…Judging by recent actions, The New York Times seems to be far more interested in taking down the President than it is in any semblance of fairness and transparency.