Absolutely not.
The most expensive bill on any human’s list is not their rent, mortgage or car notes. Taxes are by far the priciest, as they come in all shapes and form and most times we are oblivious when we make these payments, especially in the UK.
The blur that comes with how the tax system works is even more compounded to know that taxes were never designed for employees in the first place.
Employees make up 99% of the economic workforce that help the 1% maintain the vast disparity in the world’s wealth gap. Hence money and taxes will never be taught in schools built by the 1%. Because if employees know how the system works, they will resent their job especially if they don’t own and control it.
The tax system was designed for land owners, business owners, employers and investor.
These group of people keep the economy ticking and in return the government allow them enormous taxes breaks. On top of that, they can write off pretty much anything as expenses and whatever is left is what the government can tax.
When I say write off “anything”, it is not theoretical but literal.
So for example if a business man buys a car for £1000, by next year the car may be worth £800 because it is a depreciating asset. The £200 value the car lost is an amortised expense write off to the business man, something an employee will not be able to do in this lifetime.
In other words, if the business claim not to make any money, the tax man cannot take any taxes.
Enter Donald Trump.
We all know he is a billionaire land owner, business owner, employer and investors. So how come he paid almost no tax at all for 16 years?
The answer is quite simple; his businesses “made no money” all these years. He did nothing wrong, he is just playing the money game by the tax rules.
It maybe unethical at best but certainly not illegal.
Very self explanatory.