A healthy nation isn’t just an atomized mass of individual economic and legal units. A nation is a web of giving and getting. You give to your job, and your employer gives to you. You give to your neighborhood, and your neighborhood gives to you. You give to your government, and your government gives to you.
If you orient everything around individual self-interest, you end up ripping the web of giving and receiving. Neighbors can’t trust neighbors. Individuals can’t trust their institutions, and they certainly can’t trust their government. Everything that is not explicitly prohibited is permissible. Everybody winds up suspicious and defensive and competitive. You wind up alone at 3 a.m. miserably tweeting out at your enemies.
.. There’s a sense of how a lovely society is supposed to be. This means that the economic desire to save money on taxes competes with a larger desire to be part of a lovely world.
.. In a lovely society we all pull our fair share. Some things the government does are uncontroversial goods: protecting us from enemies, preserving the health and dignity of the old and infirm. These things have to be paid for, and in the societies we admire, everybody helps.
.. In a lovely society everyone feels privilege, but the rich feel a special privilege. They know that they have already been given more than they deserve, and that it is actually not going to hurt all that much to try to be worthy of what they’ve received.
.. You can say that a billionaire paying no taxes is fine and legal. But you have to adopt an overall mentality that shuts down a piece of your heart, and most of your moral sentiments.
That mentality is entirely divorced from the mentality of commonality and citizenship. That mentality has side effects. They may lead toward riches, but they lead away from happiness.
Donald Trump Tax Records Show He Could Have Avoided Taxes for Nearly Two Decades, The Times Found
Ordinary investors in the new company, meanwhile, saw the value of their shares plunge to 17 cents from $35.50, while scores of contractors went unpaid for work on Mr. Trump’s casinos and casino bondholders received pennies on the dollar.
“He has a vast benefit from his destruction” in the early 1990s, said one of the experts, Joel Rosenfeld, an assistant professor at New York University’s Schack Institute of Real Estate. Mr. Rosenfeld offered this description of what he would advise a client who came to him with a tax return like Mr. Trump’s: “Do you realize you can create $916 million in income without paying a nickel in taxes?”
.. Nor does the $916 million loss suggest that Mr. Trump was insolvent or effectively bankrupt in 1995. The cash flow generated by his various businesses that year was more than enough to service his various debts.
.. Mr. Trump may have benefited from a tax provision that is particularly prized by America’s dynastic families, which, like the Trumps, hold their wealth inside byzantine networks of partnerships, limited liability companies and S corporations.
The provision, known as net operating loss, or N.O.L., allows a dizzying array of deductions, business expenses, real estate depreciation, losses from the sale of business assets and even operating losses to flow from the balance sheets of those partnerships, limited liability companies and S corporations onto the personal tax returns of men like Mr. Trump. In turn, those losses can be used to cancel out an equivalent amount of taxable income from, say, book royalties or branding deals.
.. He recalled, for example, that when Donald and Ivana Trump came in each year to sign their tax forms, it was almost always Ivana who asked more questions.
.. Mr. Mitnick, though, said there were times when even he, for all his years helping wealthy New Yorkers navigate the tax code, found it difficult to face the incongruity of his work for Mr. Trump. He felt keenly aware that Mr. Trump was living a life of unimaginable luxury thanks in part to Mr. Mitnick’s ability to relieve him of the burden of paying taxes like everyone else.
Whatever is actually in Trump’s tax returns is worse than what the New York Times says
Trump is making clear that whatever is really in his tax returns would be devastating to his campaign.
All the Times has is three pages of Trump’s records from 1995. Everything else is informed speculation, extrapolation, and the word “could,” which appears again and again through the article.
Think about how dangerous that was for the paper. Trump could have released his tax returns and proven them wrong. Trump could have shown their speculation to be mere speculation, and used it as a cudgel to discredit their reporting on his campaign. The Times was far, far out on a limb.But the Times bet correctly. Trump still isn’t releasing his returns. And here’s what that means: whatever is in his returns is worse than what the New York Times is telling the world is in his returns. The Trump campaign has decided it prefers the picture the Times is painting — a picture where Trump didn’t pay taxes for 18 years — to the picture Trump’s real records would paint.
The New York Times risked legal trouble to publish Donald Trump’s tax return
Baquet said during a panel discussion at Harvard that if the Times’ lawyers advised him not to publish Trump tax returns, he would argue that such information is vital to the public interest because the real estate mogul’s “whole campaign is built on his success as a businessman and his wealth.”
.. “The courts could say, if the public thinks the tax returns are so important, let it demand that the candidate authorize the IRS to release them on pain of losing votes,” said Jonathan Zittrain, a privacy expert and professor at Harvard Law School.