Monday night’s presidential debate was likely the most watched in history. Viewers and commentators focused, naturally, on the big gotcha moments, the big lies and how Democrat Hillary Clinton and Republican Donald Trump interacted with one another.
Some of the most revealing — and disturbing — moments, however, came from quick asides Trump made while Clinton was talking. Taken together, Trump’s bragging about not paying federal taxes and profiting from the housing bust reaffirm that he has no concern for America’s working class, the very voters to whom he appeals. Instead, Trump confirmed directly, in his own words, that he’s all about enriching and praising himself.
This is a dangerous and disqualifying quality in a presidential candidate.
Clinton pressed Trump on why he won’t release his tax returns, which she said may show that he’s not as rich as he says he is. “Or maybe he doesn’t want the American people, all of you watching tonight, to know that he’s paid nothing in federal taxes,” she said during the debate at Hofstra University. She then described a few years of returns, that were required by state authorities when Trump was attempting to get a casino license, that showed Trump paid no federal income taxes in those years.
“That makes me smart,” Trump interjected.
Of course, no one likes paying taxes. But millions of Americans don’t have the resources to find ways to escape this obligation. In fact, many middle-class wage earners pay a higher effective federal income tax rate than the super rich, who accumulate much of their wealth through investment earnings, which are taxed at a lower rate than wage income.
Even billionaire Warren Buffett calls this unfair. In 2011, he called on Congress to raise taxes on millionaires in the name of “shared sacrifice.”
That’s because taxes, particularly income taxes, are what fund the U.S. government. Federal income taxes account for nearly half of U.S. government revenue.
As Clinton said Monday, “So if he’s paid zero, that means zero for troops, zero for vets, zero for schools or health.” It is hard to imagine a president who would be less invested — literally — in the U.S. and its success.
At another point in the debate, Trump, referencing his company’s bankruptcies, clearly outlined his priorities. No surprise, taking care of himself topped the list. “I take advantage of the laws of the nation because I’m running a company. My obligation right now is to do well for myself, my family, my employees, for my companies.”
It is unclear where doing well for the rest of us — his potential constituents — fits on this list.
Earlier in the debate, Clinton referenced Trump’s perspective on the housing crisis, which cost millions of Americans their homes and their jobs. “Donald was one of the people who rooted for the housing crisis. He said, back in 2006, ‘Gee, I hope it does collapse, because then I can go in and buy some and make some money.’ Well, it did collapse.”
“That’s called business, by the way,” Trump said.
For Trump, it may just be business, but for millions of Americans, the housing collapse was devastation. Many, especially minorities, have yet to recover.
Because of falling home values, the wealth of American families fell by nearly a third as a consequence, consumer spending dropped, depressing the economy as a whole. Nearly 9 million jobs were lost.
According to an analysis by the National Association of Realtors, 9.3 million Americans went through foreclosure between 2006 and 2014. Many former homeowners, especially blacks and Hispanics, have been unable to secure new mortgages after banks tightened eligibility requirements following the housing crisis.
The U.S. needs a president who understands economics, health care, foreign policy, military strategy and much more. The nation also need a president who truly cares about Americans’ well-being. Someone who brags that he’s smart because he doesn’t share in the federal tax burden and profits from the misfortune of others isn’t fit to be president.
