With Donald Trump refusing to release his tax returns, there has been a lot of speculation on Trump’s tax history during the 2016 election season. This has led Bernie Sanders to take action. Sanders has announced a plan for legislation that will make it harder for extremely wealthy Americans to exploit tax loopholes. Sanders will propose the bill to Congress very soon.
“Special tax breaks and loopholes in a corrupt tax code enable billionaires and powerful corporations to avoid paying their fair share of taxes while sticking the burden on the middle class,” said Sanders. He wants to design a tax system that will encourage a more fair payment of taxes.
NEWS: Sanders Announces Bill to Close Tax Loopholes Used by Trump https://t.co/YxaJgJzhy5
— Bernie Sanders (@SenSanders) October 4, 2016
Some of the tax legislation that Sanders proposes will involve the loopholes exploited by real estate developers such as Donald Trump. This includes exemptions for real estate from at risk rules and passive loss rules. Sanders also wants to change like kind exchanges, a practice wherein real estate developers can quickly sell and then reinvest in new properties in order to avoid tax payments.
Although Trump has yet to release his tax returns, the New York Times has gotten a copy of his tax return from 1995. It revealed that Trump filed a $916 million loss, which allowed him to evade federal income taxes for the next 18 years. Sanders hopes to reform tax exemptions such as this.