Why Do Some Rich People Pay No Income Taxes? And How Much Does the Average American Actually Pay?
The explosive New York Times report that President Donald Trump didn't pay income taxes in 10 of the 15 years before winning the election has left Americans scratching their heads.
How could a self-proclaimed billionaire with such a wide-ranging empire pay only $750 in taxes his first year in the White House? How did he write off $70,000 for his hair?
The confusion is understandable. Though Trump's personal brand is built around his financial fortitude, his taxes have been a political hot button for years. He broke decades of precedent when he refused to release his tax returns as a candidate back in 2016. There are several ongoing legal disputes over his tax documents and business dealings.
For the record, Trump's camp has decried the piece as inaccurate. An attorney told the Times that "President Trump has paid tens of millions of dollars in personal taxes to the federal government." Meanwhile, Trump himself tweeted that the bombshell was "FAKE NEWS!" and that he "was entitled, like everyone else, to depreciation & tax credits."
If you're still bewildered, you're not alone. Here are five questions and answers that might help you understand the buzz around Trump's taxes — and how average Americans compare.
