President Trump complains that large corporations such as Amazon are shirking tax responsibilities. But for at least a decade, he's paid none or very little in federal income taxes by exploiting similar tax breaks that the online retail giant used.
Donald Trump after opening the Trump Taj Mahal Casino Resort in a show of fireworks and laser lights in Atlantic City, N.J., on April 5, 1990.
obtained by the New York Times. Trump, then a real estate developer, racked up $1.17 billion worth of losses in that time, according to the documents.Trump defended his real estate business tax strategy Wednesday after publication of the Times report, saying he was “entitled” to the benefits. Trump used parts of the U.S. tax code to whittle down his tax bill to nothing for several years, the same sections that Amazon has used to pay no federal income taxes for the last two years. The company — led by the world’s richest man, Jeff Bezos — has been able to get a tax refund for the last two years despite turning a profit. It tapped lossesfor write-offs from building warehouses and distribution centers, in addition to other legal tax breaks.
Trump’s 2017 tax overhaul eliminated the alternative minimum tax for corporations, but the Trump Organization is made up of a series of pass-throughs and was not affected by that change. The AMT for individuals was largely scaled back so it hits far fewer taxpayers.
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