On Wednesday’s episode of “The Michael Knowles Show,” the host breaks down The New York Times’ release of President Donald Trump’s tax information from over a decade ago. Knowles argues that while the media treated it like an exclusive, nothing new was revealed in the documents. Transcript and video below.
What are the conclusions of the documents? The conclusions are that for a little under a decade, Donald Trump paid a low tax rate. When you take into account losses, deductions and all these sorts of things he didn’t have a tax liability. The charitable view of that is that Donald Trump took major business losses. We know there was a huge downturn in New York real estate at that time. We know that the tax code was favorable toward real estate developers, toward people who were building things, so that seems pretty fair. The uncharitable read of that document is that Donald Trump cheated on his taxes, that he paid a rate that was too low. But this one is kind of hard to believe because Donald Trump is under audit currently, I believe, and he certainly was under audit two years ago. This is a very wealthy guy with a lot of business interests who has been audited. If he really underpaid on taxes one would expect that that would already be discovered by now.
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