Tax reform has been a focus of Republican presidential candidate Donald Trump’s campaign, but now his own tax record has become an issue after The New York Times reported he could have avoided paying U.S. federal taxes for nearly two decades. Trump Organization Executive V.P. Eric Trump weighed in on The New York Times report and Donald Trump’s tax plan.
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“The New York Times did this big kill piece, this big story and they may as well be an extension of the [Hillary] Clinton campaign at this point, it’s really, really sad. But then you look back at 2014 and they [The New York Times] took a $30 million tax deduction in the year that they were profitable,” Trump told the FOX Business Network’s Maria Bartiromo.
Trump sees it as smart decision for individuals to take any legitimate and legal deductions in an effort to reduce their individual tax burdens or those of their small business.
“There are legal tax deductions, as a person you take them, you do that for your business. Any business owner, any small business owner, any individual takes the tax deductions that they’re legally allowed to take.”
But Trump then pointed out it should not distract from his father’s view that reform of the U.S. tax code is needed.
“At the same time my father’s come out and said, ‘our tax system is ridiculous in this country.’ It’s ridiculous, A, it’s too complicated, you know, the only people that are making money are the actual tax lawyers. People can’t figure out how to fill out their returns at the end of the year. Why don’t we make our tax returns so we can fill them out on a post card? How about we simplify it greatly so that we don’t have this craziness? But if you are legally allowed to take a tax deduction, you take a tax deduction.”