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Donald Trump has managed to take advantage of a tax loophole for his New Jersey golf course that has allowed him to avoid paying millions of dollars in taxes over the years. By separating his property into two parts, each controlled by a different organization, he allows goats to eat one side of the property while the other is used as a golf resort, taking his tax liability down from hundreds of thousands per year to just a few hundred. Trump isn't the only golf course owner doing this, and the fact that loopholes like this exist is all the evidence you should need to want to overhaul the tax code. Ring of Fire's Farron Cousins explains what's happening.
Link - https://www.businessinsider.com/trump-used-goats-to-save-millions-of-dollars-in-local-taxes-2021-9
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*This transcript was generated by a third-party transcription software company, so please excuse any typos.
If you were looking for more reasons to think that tax codes across the United States need to be revamped, then this is the story for you because it turns out that Donald Trump's luxurious golf resort up in New Jersey Bedminster is able to save millions of dollars on their taxes over the almost 20 years it's been open, uh, by using goats by allocating about a hundred or so acres of the property to goats. And last year, because of this, Donald Trump paid only $700 in property taxes on 119 acres connected to Bedminster. On the Bedminster course itself, he paid, what was it, $400,000 in property taxes on that. So he should have been paying roughly $200,000 for the goat property. But thanks to a New Jersey's farmland assessment reduction, because he occasionally allows goats to go onto that property and eat up the grass and, you know, shrubbery, he gets to write it off as basically being a farm and it's 100% legal.
And the worst part about this story is that he's not the only golf club owner in that city that does the same thing. There are at least two other golf courses that are doing this same scheme. You know, bringing out goats to eat up overgrown parts of the property and then, hey, we don't have to pay hundreds of thousands of dollars in taxes because we saved money on lawn mowers by bringing out the goats. Now Bedminster, and these other golf courses are situated in a very small town of about 8,900 people. These property taxes that they should be paying, but are not again because of goats, would be used to repair roads, help fund schools, do all kinds of things for this very small community. But instead Donald Trump and these other wealthy golf resort owners are taking advantage of every possible tax loophole they can find in order to starve these areas of much needed revenue.
Now, again, this is 100% legal. Donald Trump is doing nothing wrong here. And that's the problem. The problem is that this is written into the tax code to a point where wealthy people who have very good accountants can find these loopholes, figure out ways around them, bring in a couple of goats every now and then, and pay $700 in property taxes instead of $200,000 in property tax. This is nuts folks, and yes, this is New Jersey state tax code. But the United States tax code, other states tax codes are all written the same way. They all have ridiculous loopholes that the super wealthy are able to take advantage of not just because they have great accountants, but because they have the money to take advantage of them. See, that's the other side of the coin here. You got to have the money to be able to take advantage of these tax write-offs because you and I couldn't go to New Jersey, buy a big piece of property and bring in goats.
Oh no, no, no, because that costs money to do it. And for us, you know, it wouldn't be financially viable for us to do this, but for the wealthy elite, it is. You spend a couple of hundred dollars on goats a few times a year, pay a couple hundred and taxes and that still comes out to be a hell of a lot less than $200,000.
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