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Financial experts weigh in on tax loopholes for wealthy as president denies tax allegations

Published: Sep. 28, 2020 at 7:52 PM EDT
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GREENVILLE, N.C. (WITN) - A New York Times report is shedding light on President Donald Trump’s tax returns for more than two decades of tax information.

The report shows some years the president paid little and other years nothing. The President is denying these claims.

CPA Terry Monday wasn’t surprised to hear the reports. Monday said, “I wouldn’t say it’s shocking.” Monday says business owners like President Trump have access to lots of tax breaks.

“You can do deferrals. You can do deductions. You can do credits," Monday said. The report also says The President paid nothing for 10 out of 15 years since 2000.

Financial Planner Jim Taunton works with business owners with a great deal of capital. “Well, I always advise clients to take as much in the way of deductions to reduce their tax liability as they possibly can legally," Taunton said, "I don’t see too many people waiting in line to pay higher taxes.”

Many taxpayers think the more money you make, the more money you owe, but Monday says that’s not always the case.

“When all you have is the W2 wage, it’s a little hard to take advantage of the new market tax credit," Monday said.

So, say, a teacher’s salary may not see these exact kinds of benefits. And that’s just how it is. Monday said, “Is it 100 percent fair? Actually, I think the code is pretty good.” Monday says charitable giving is another tax break almost anyone can benefit from. He suggests donating stock to charity and to work hard on your taxes throughout the year, rather than just during tax season.

“When you’re a business owner or you own different types of assets, you’re in a different situation than the average wage earner,” Taunton said, “You can’t compare what you’re doing.”

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