Just because Vermont Senator Bernie Sanders is no longer in the presidential race does not mean he’s stopped going after Republican nominee Donald Trump.
Since his campaign ended, Sanders has been a major supporter of Democratic nominee Hillary Clinton, and has been urging his massive following to get behind the former Secretary of State. But that’s not all he’s doing to save America from Trump – Sanders recently announced his plan to introduce legislation that will make it impossible for Trump continue to take advantage of tax loopholes.
Trump’s taxes have been a major topic throughout this entire campaign, as the business mogul continues to hold them hostage from the American people. However, the truth has been coming out little by little. Recent reports have stated that in 1995, Trump claimed a loss of almost one billion dollars on his tax returns, which may have enabled him to use legal tax loopholes to avoid paying federal income tax for 18 years! On Tuesday, Sanders said he would put an end to this:
“Special tax breaks and loopholes in a corrupt tax code enable billionaires and powerful corporations to avoid paying their fair share of taxes while sticking the burden on the middle class. It’s time to create a tax system which is fair and which asks the wealthy and powerful to start paying their fair share of taxes.
I will be introducing comprehensive legislation at the beginning of the next session of Congress to do just that.”
Sanders believes his legislation will take care of the following loopholes that have been taken advantage of by people like Trump:
- Exemption for real estate from passive loss rules. (Section 469)
- Exemption for real estate from at-risk rules. (Section 465)
- Like-kind exchanges. (Section 1031)
- Debt and Depreciation.
For Trump, who bragged about how “smart” he was for not paying any taxes during the first presidential debate last week, this will be devastating.