The old Gray Lady ain’t what she used to be, but she can still manage to conjure a story out of nothing. Using stolen tax returns and mirrors, the New York Times manufactured a scandal that will allow Chris Wallace to ask President Donald John Trump about his taxes at tomorrow’s debate instead of asking Biden why he and Obama used the FBI to spy on President Trump.
Like any modern journalist, Wallace is relieved that he will not have to ask a substantive question in this Evening of the Septuagenarians. At 72, Wallace will be the youngest man on stage. Am I alone in wondering how healthy it is for the nation to have its government and media still run by baby boomers? In the case of Biden, McConnell, and Pelosi, it is pre-boomers.
Most Americans are not CPAs and have little understanding of the mechanics of taxes, but we do get the gist of how it works: Rich people hire accountants to minimize taxes. What journalists call loopholes are in actuality the law, and you can bet that Congress accepted plenty of money from lobbyists to insert those provisions into the tax code.
The Times story said President Trump averaged paying $1.2 million a year in federal income taxes over the last 17 or so years, which indicates he makes around $3 million a year. If true, that would confirm my suspicion that he is land rich, cash poor, which makes sense as he is in the real estate business. Hello?