President Donald Trump has never been shy about discussing his wealth or using tax loopholes to reduce his tax liability — but a federal income tax bill of $750 just doesn’t add up according to a local tax law specialist.
The New York Times reported Sunday that Trump paid federal income taxes of $750 in 2016 and 2017, and paid no income taxes in 10 of the past 15 years. Professor Richard Ainsworth, a tax specialist at Boston University, said that was more than unusual.
“I think this is well beyond the norm. Folks at that income level usually wind up paying a considerable amount of money,” Ainsworth said, adding it was less than most residents’ tax bills. “Seven hundred fifty dollars is not an awful lot of money, ha ha … I think most people paid more than $750, for goodness’ sake.”
Democratic presidential candidate Joe Biden made similar comparisons in an ad showing typical income taxes for professions like firefighter and construction manager — $5,000 and $16,000, respectively.
Ainsworth said that besides the low income tax payments, the IRS will likely look at the the nearly $750,000 in consulting fees Trump paid his daughter Ivanka to reduce the family tax bill, according to the Times report.
Ainsworth said there is no statute of limitations for tax fraud, and if tax crimes are uncovered, the president could eventually be exposed to criminal prosecution.
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