The bombshell New York Times report on Donald Trump’s tax returns is a remarkable feat of journalism.
Yet like many other revelations in the Trump era, the tax news falls into the category of “shocking but not surprising.” Many observers had already surmised that Trump paid little or no taxes, that his claims of brilliant business success were a fiction, and that he is deep in debt. Now all of that is virtually confirmed. But what does it mean for America’s future?
Everyone will come at this question from their own angle. When I read the Times report, I quickly found myself thinking about … the theory of business capital structure. No, really.
For many people, no doubt, the main takeaway from the tax revelations will be “$750? Really?” The fact that Trump paid less in taxes than tens of millions of hardworking Americans struggling to make ends meet is