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Did Donald Trump Cheat on His Social Security and Medicare Taxes?


#1

Did Donald Trump Cheat on His Social Security and Medicare Taxes?

Nancy Altman

In 1995 and other years, has billionaire Donald Trump paid less for Social Security and Medicare than minimum wage workers paid? If he did, he probably cheated. The only way to know for sure is to see his federal income tax returns. But there is indeed evidence already in the public domain that suggests that, on top of being a racist, a misogynist, and a xenophobe, Donald Trump is a tax cheat.


#2

Although I have always admired Altman's deep understanding and advocacy of Social Security, this article only confirms what progressives have known for many years...business owners and the elite play by their own rules when it comes to taxes including FICA.

Unlike employees, even small business owners have choices in how they characterize income that will be subject to FICA. Most weigh in favor of non-FICA categories in characterizing their income.

High income business owners and the 1% at best pay Social Security contributions on only the first $100K or so of annual income. Some CEOs keep their salary below $100K and characterize millions of dollars each year in non-FICA income categories. Three guesses as to which POTUS candidate has ever mentioned getting private money out of politics ?

The biggest travesties to Social Security and Medicare funding were not corporations and individuals gaming the system, but 1) 1986 tax "reform", and 2) Obama's 2011-2012 payroll tax "holiday", both subjecting Social Security and Medicare to more gaming and undermining that we continue to witness.

After its 1985 formation the Democratic Leadership Council"s first major achievement was what Democrats continue to brag was "bipartisan 1986 tax reform", the most regressive tax reform in history that gave corporations and the 1% more loopholes, including reduced FICA contributions, while increasing taxes on most of the 99%.

For decades right wingers wrongfully accused Social Security of spending tax money the US can't afford, when in reality the Social Security trust fund paid benefits. When Obama suspended payroll FICA contributions with his 2011-2012 "payroll tax holiday" the lost funding was taken from the general fund, giving right wingers more leverage to make future cuts in Social Security.

Trump and his ilk spend boatloads of money each year on "campaign contributions" to assure that they pay as little as possible in taxes, including FICA while most of the 99% pay as much as they can squeeze out of us. Trump and millions of other 1%ers are the symptoms of the real problem which is allowing ANY private money in politics.


#4

It is nauseating that he and his ilk can use the tax code to their benefit. So why aren't you folks writing and complaining about our Congress, the folks that writes these laws, but never seem to come together and iliminate the problems. Congress approval rating is currently around 14%. So who's fault is it that trump and others get away with it??
Think about it


#5

Those of us who HAVE been writing to our Congresscritters for the past three decades since the formation of the Democratic Leadership Council (DLC) in 1985 have repeatedly received replies echoing DLC talking points that in nearly all cases can not be described as progressive by any metric.

Congresscritters know that if we vote them out there is a K Street lobbying job with their name on it that pays at least 10 times their salary in Congress.


#6

The reason Obama suspended payroll FICA contributions with his 2011-2012 "payroll tax holiday" was to provide ammunition to his benefactor Pete Peterson. It is also the reason Obama created the Catfood Commission. Pete Peterson is dedicated to destroying Social Security.

I believed in Obama once. But that was a long time ago before I got to see him in action. He even admits to being just like a Republican of the 1980s.


#7

Clinton has followed Obama's lead in quoting Saint Ronny and comparing herself to Saint Ronny whenever the opportunity arises.

Joe Leiberman and Jon Huntsman are spearheading No Labels, a "bipartisan" group that has taken over where Obama's catfood commission left off, just in time for Clinton to continue to undermine Social Security and Medicare when she is elected POTUS..


#8

While I have great sympathy for the intentions of this article, it would be better if the author did due diligence. The FICA cap in 1995 was $61,5000, meaning that SS taxes at 15% (self-employed rate) would be $9,225. This in no way absolves those who cheat.


#9

Another reason not to vote for a continuation of more of the same, aka 'incremental change' under Clinton. Is this the beginning of the end of the American experiment? Or will folks decide to vote 3rd party? Either way it seems we're going off the map here.


#10

Seriously?! It took you 8 years to realize this? And where does this news lead everyone? To Clinton? For gawd sakes NO. Vote Green if you want a path to end this stupid game. The planet you save might be the one that currently gives you life!


#11

Seriously? We've got Obama and Clinton rampaging through the Middle East, violating US and international law by bombing sovereign nations, threatening a war with Russia -- and you really think Trump's finances are worth the newsprint? This country needs to get its priorities straight before the Democrats blow up the whole damn world.