Note: I am most definitely NOT Donald Trump’s speechwriter, nor am I ever likely to be. I’m not a Trump supporter, nor would I under any circumstances vote for Hillary Clinton. I am, however, the co-author of The FairTax Book and I believe that the current flap over Trump’s tax status is as phony as they come. If it became my responsibility to craft a response by Trump to this controversy here is what I would put in front of The Donald. I’ve written this in the context of an opening statement for Trump at the next debate.
OK Hillary … My taxes are news, and I understand that. The way the media has portrayed me and my tax situation … I understand it … and I also understand that in this debate tonight you are prepared to attack me on this issue. No surprise there.
It’s true. For a number of years … not sure how many … I paid no personal income taxes. There was a legitimate and legal reason for that. A reason that is actually not difficult to understand. I paid no personal income taxes because I OWED no personal income taxes.
So, Secretary Clinton, when you respond to my comments I would very much like to hear if you have ever made a personal decision to pay more personal income taxes than you actually owed. Ever.
Now the media … and you … have said that I paid NO taxes. That, as you well know, isn’t accurate. You know, and I know, that personal income taxes are only part of our tax code.
The New York Times called the ability to apply losses to taxable income a “loophole for the rich.” It’ not for the rich. It’s for everyone … every taxpayer … and it is used every year by taxpayers from the bottom to the top of the income spectrum.
There’s a reason our code allows people to offset losses against income. One of the things that encourages entrepreneurs to attempt new ventures … ventures that have no guarantee of success ... is their knowledge that any losses they might incur can be offset against future taxes they might owe. The law is designed to encourage business expansion and new start ups. Without this tax advantage perhaps people with the means to start new business enterprises might think it safer just to fall back and invest their money in safe investments and face no chances of large losses.
In the world of entrepreneurship you earn money … you lose money … if the result is positive, you pay income taxes. If it’s negative, you don’t.
Now, Secretary Clinton … if you find this aspect of our tax laws to be bad, and if you win, you can work to change it … work for reform … we can see what ideas you have and how they’re received by the Wall Street friends who have paid you millions of dollars in speaking fees.
I understand you also called me a failed businessman. How do you measure failure? By the income taxes you paid or by what you have done to grow both your personal and our national economy?
How about job creation. Yes … I’ve had failures. I failed because I tried. You can’t fail at anything you don’t attempt. But I’ve had successes as well. A CNNMoney analysis has reported that the Trump Organizations have created about 34,000 jobs that can be attributed to my businesses. CNN went to a company called PrivCo that tracks privately held companies. PrivCo says that the Trump Organizations have about 22,450 employees. These people are working in hotels, Golf and other resort facilities, and elsewhere. These are employees who are working, paying taxes, raising families, and fulfilling the American dream.
How many private sector jobs have you created, Secretary Clinton? Don’t you think the voters would love to know that? I know I would. In fact, when have YOU ever worked for the private sector? For decades you’ve been living off the taxpayers in one capacity or another … or living off the donations and speech fees of people who were lining up to benefit from any future position of political power you might acquire. Yeah, I guess your foundation had some private sector positions … positions created to match up donors with government officials to address their wants and desires.
Oh wait … you were in the private sector for a while. You were a lawyer, in Little Rock. The Rose Law Firm, remember them?
The Rose Law Firm was reported to be right in the middle of a giant tax scheme that bilked the U.S. Treasury of what? Millions of dollars in taxes? And there you were, right in the middle of it, Secretary Clinton. You were right there helping to draft the documents used in that tax fraud scheme. Those were the billing records that you hid in the living quarters of the White House … the billing records you lied about, under oath, for over two years until they were accidentally discovered by .. what was it, a cleaning lady?
So now it’s your turn to talk Hillary. We’re waiting for your answers. Have you ever voluntarily paid more taxes than you owe? How many private sector jobs have you created? And just what were you doing with those billing records?
Neal Boortz is a retired nationally syndicated talk show hosts. His “BoortzCasts” can be heard at ConnectPal.com/BoortzCasts. They are not politically correct nor are they safe for radio.