Trump's Taxes vs. Your Taxes Calculator
Recent reports say that Donald Trump only paid $750 in federal income taxes in 2016 and 2017. How does this figure compare with how much tax you paid last year? What extra treats could you buy yourself if you only had Trump's tax bill?
Alternatively, what additional resources could be brought for the US public if Trump paid the same amount of tax as you? Trump's Taxes vs. Your Taxes Calculator will answer all these questions with math and numbers.
Trump's low tax bill explained
So how can a wealthy person have such a low tax bill? They achieve this extraordinary feat by having companies that report losses that offset others that make profits, offsetting income against large loan repayments (Trump currently owes $300 million) and claiming allowances (e.g., Trump claimed $70,000 for the upkeep of his hair).
If you can afford very creative accountants, you can set things up to pay minimal taxes. In fact, Trump paid no federal income tax in 10 out of the last 15 years. Very creative accountants, indeed!
🙋 While Trump's accountants make wonders with his finance, you can learn how to find the answers to many financial questions with Omni's dedicated calculators: from the loan repayment calculator to the ROIC calculator (return on invested capital), we can help you with the numbers!
How to use Trump's tax calculator
It's quite straightforward. You only really need to fill in the amount of tax you paid last year. We've pre-filled this value with the average amount of federal tax paid in 2018 () as a starting figure.
You will then see how many times more tax you paid than Trump. It's probably a lot! Twelve times the amount for the average tax payer.
But what if you didn't have to pay that tax? The calculator lists the number of the following luxury items that suddenly become affordable to you:
- Dom Perignon champagne ($199.97)
- Tiffany rings ($675)
- Pounds of Ossetra caviar ($517.56 per lb)
- Bottles of Trump Premium Vodka ($4,800)
- Rolex watches ($7,575)
Now let's look at it another way. What could the US government provide for the American public if Trump paid the same taxes as you? We show you the number of:
- N95 masks ($5.55)
- Litres of Purell handwash ($10)
- COVID tests ($127)
- Food stamps ($129.83 per month per person)
- Textbooks (an average student spends $1,000 a year on them)
🙋 Our hand sanitizer calculator and coronavirus mask calculator will help you find the balance on your protection devices!
That's a lot of extra resources the US could do with right now.