For those of you who follow me on Twitter, you know that this issue has absorbed a large portion of my sanity since Sunday. Hopefully this post will get it out of my system. An excerpt:
If you still feel like Trump is cheating, realize you too can take advantage of this “vast benefit.” I’ll show you how you can avoid paying all federal income tax next year. First, figure out your annual income; let’s say it’s $85,000. Then start a consulting business, and spend $85,000 buying printer paper and hiring a receptionist. During the course of the year, do absolutely nothing with this business, but you instruct your employee (who is getting paid a salary) to rip up the paper and throw it in the garbage, before she goes to the store to buy some more. Come tax time, when your accountant tells you that your new business suffered an $85,000 operating loss, use that to offset your $85,000 in other income. Your net income is $0 and so you owe nothing. Voila! Hey man, don’t hate the player, hate the game.
P.S. Tyler Cowen is the only blogger I’ve seen making (one of) my obvious points. The guys at Vox (not to mention the NYT) really did not have a good moment on this one.