I don't think most Americans understand that, for certain very wealthy people, our federal income tax system is a subsidy system that makes them richer.
Maybe Donald Trump doesn't want the American people to know that he's paid nothing in federal taxes, because the only years that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax.
Donald Trump is a - the owner of a lot of real estate that he manages, he may well pay no income taxes. We know for a fact that he didn't pay any income taxes in 1978, 1979, 1984, 1992 and 1994. We know because of the reports of the New Jersey Casino Control Commission. We don't know about any year after that.
We have undocumented immigrants in America who are paying more federal income tax than a billionaire. I find that just astonishing.
The only years [of Donald Trump's] that anybody's ever seen were a couple of years when he had to turn them over to state authorities when he was trying to get a casino license, and they showed he didn't pay any federal income tax.
If you're a full-time manager of your own property - and full-time, according to Congress, is 15 hours a week - you can take unlimited depreciation and use it to offset your income from other areas and pay little in tax. One of the biggest real estate tax lawyers in New York said to me, if you're a major real estate family and you're paying income taxes, you should sue your tax lawyer for malpractice.
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