Based on His Leaked 2005 Tax Data, Donald Trump Should Move to Italy (or the Isle of Man)

Themulti-faceted controversy over Donald Trump ’s taxes has been rejuvenated by a partial leak of his 2005 tax return.Interestingly, it appears that Trump pays a lot of tax. At least for that one year. Which is contrary to what a lot of people have suspected —including me inthe column I wrote on this topic last year forTime.Some Trump supporters are even highlighting the fact that Trump ’s effective tax rate that year was higher than what’s been paid by other political figures in more recent years.But I ’m not impressed. First, we have no idea what Trump’s tax rate was in other years. So the people defending Trump on that basis may wind up with egg on their face if tax returns from other years ever get published.Second, why is it a good thing that Trump paid so much tax? I realize I ’m a curmudgeonly libertarian, but I was one of the peoplewho applauded Trump for saying that he does everything possible to minimize the amount of money he turns over to the IRS. As far as I ’m concerned, he failed in 2005.But let ’s set politics aside and focus on the fact that Trumpcoughed up $38 million to the IRS in 2005. If that ’s representative of what he pays every year (and I realize that’s a big “if”), my main thought is that he should move to Italy.Yes, I realize that sounds crazy given Italy ’sawful fiscal system andgrim outlook. But there ’s actually anew special tax regime to lure wealthy foreigners. Regardless of their income, rich people who move to I...
Source: Cato-at-liberty - Category: American Health Authors: Source Type: blogs