In an extensive article published on his website, the author also named, alongside Trump (2017-2021), the owner of the automaker Tesla and CEO of Twitter, Elon Musk; and the cryptocurrency entrepreneur Sam Bankman-Fried.
For them, and for all those who still consider them heroes, there is no morality in business or economics. Profits are for the most ruthless, he noted as he insisted that, in the absence of any moral code, greed is a public danger.
He commented that Trump’s recently released tax returns revealed that he applied false deductions so as to reduce his tax liability to zero, in 2020.
In total, he declared $60 million in losses during his presidency, while still bringing in a lot of money, he stressed.
All other presidents since Richard Nixon (1969-1974) released their tax returns, however, Trump told America that he could not because he was in the middle of an Internal Revenue Service (IRS) audit.
But now we have learnt,” Reich said, “that the IRS never audited him during his first two years in office, despite being required to do so by a law dating back to the Watergate political scandal (1972-1974).
Adam Smith, the so-called father of modern capitalism, would have lamented the growing inequalities, corruption and cynicism engendered by this system and three of its leading exponents-Trump, Bankman-Fried and Musk, he concluded.