When Donald Trump indicated in Monday night’s debate that perhaps he doesn’t pay any taxes, Secretary Clinton jumped all over him suggesting he does not pay his fair share. This is illustraties the lack of financial education surrounding our tax system.
Our tax system raises about $2.1 Trillion every year. However, it also provides tax benefits of over $17.1 Trillion. The tax law is a series of incentives for business owners and investors to encourage certain activities. One of the most encouraged activities is real estate.
In fact, it would be shocking if, under the current U.S. tax law, Donald Trump pays any taxes at all. While people can argue all day long about whether this is fair, this is the reality and Mr. Trump is not alone. In fact, any U.S. Taxpayer who owns a significant amount of real estate probably pays very little tax.
The tax law punishes employees and rewards employers and investors. This is true in every country, not just in the U.S. The government uses the tax law to encourage people to follow its policies.
– Tom Wheelwright
Rich Dad Advisor
Curled from : www.mybestadvisors.com