President Donald Trump has continued a trend of corruption seen throughout the nation’s capitol for decades.
A recent New York Times article citing the President’s newly released tax records stated “Trump has not paid any income taxes in 10 of the past 15 years, mostly because he reported significant losses.”
The article went on to state “That Trump is facing a decade long Internal Revenue Service audit over a $72.9 million tax refund he received that could end up costing him more than $100 million”. The New York Times also claims “President Trump has more than $300 million in loans coming due within the next few years, that he is personally responsible for repaying”.
So why is this situation important?
First, the sum of the campaign promises during Trump’s 2016 run appear to be one big lie.
His constructed persona of a successful businessman with a “sterling” track-record in corporate management has been revealed to be fraudulent. His initial promise to rebuild and successfully manage a working class conveyed through his famous slogan “Make America Great Again” seemingly has no rationale or results. Although the Democrats are running a weak candidate themselves, these latest revelations from The New York Times allow Joe Biden the perfect opportunity to attack Trump’s credibility and business acumen. during future debates.
We as the Black polity are witnessing the skullduggerous side of capitalism.
Dozens of studies confirm Black Americans as the most likely group to be denied access to small business loans and the same studies also confirm that a plurality of recipients in successful funding transactions are mostly White. However, the Times reports that President Trump had a “massive debt of $425 million dollars” at the time and further alluded to him writing off such debt in avoidance of additional taxation. And during the same term Trump owned several different businesses, many of which he received lending capital for. From writing off $70,000 dollar haircuts to receiving massive refunds and not paying any federal taxes in the past 15 years, the President has shown us he has the same tendencies as the rest as the wealthiest class of America.
What can Black Americans learn from this scandal?
The racist lending practices in Corporate America and the government are apparent, so Black Americans need to be prepared to build enough capital individually in order to work with other like-minded Black business people so they can establish their own credit unions. Most credit union charters only require a sum of $100,000 dollars, which may seem mighty upfront, but will allow a thousands of Black men and women access to millions of dollars worth of lending.
The resources of the Black intellectual class are something we need to build so we can sufficiently finance any endeavors the collective might think to undertake.
It can’t go unmentioned that the IRS gave Trump 15 years to avoid tax payments. Any Black business would at the most get 18 months of leeway before the IRS, an organization with a long history of anti-Black racism would begin a preliminary audit. They would attempt to bombard Black owners with stiff penalties for inconsequential discrepancies in hopes of discouraging them from staying in business and pursuing entrepreneurship.
The quickest solution for avoiding these kind of situations is for Black Americans to seek out CPA’s to do a consultation on tax basics. Sessions usually range from $100-$300 per consultation and can save Black business owners thousands in the process.
Black business owners also have an obligation to have a licensed accountant on retainer in case of perilous financial mishaps and potential meddling from competition. Most small accounting firms allow for monthly payment for accountants’ services, and are relatively affordable.
It’s 2020 and yet another entrenched millionaire has been revealed to have a pattern of devilish but legal, gaming of the tax system. Can Black business owners find a way to do the same?
–Anthony Dunham, B1Daily