Transcript for What If We All Stopped Paying Federal Income Tax?
Finally, a billionaire real estate mogul playing less in taxes than a middle-class sanitation worker? ABC's nick watt in our new series is asking, "Watt's up?" As a businessman and real estate developer I of hall used the tax laws to my benefit. Reporter: According to leaks returns in the "Times" trump declared a billion-dollar loss in theory could have paid zero in federal taxes for 18 years on a $50 million a year income. I have brilliantly used those laws. Reporter: Could I do the same? As a TV reporter in the top 5% offerers who is relosing to release my tax returns? Married, two kids. Could simboa Wright, sanitation worker, married, three kids? Hi, David, are you are you? Reporter: Firm handshake, David Rae, tax wizard. Half the American population are not paying any federal income taxes. How do they get away with that? Reporter: Including the retired, disabled, very low income, and super-rich. Like my trump. He didn't pay any federal income tax. That major makes me smart. Zero for troops -- What if all of us stopped paying federal tax? Our defense, gone. Who pays the military? Our roads, our bridges. Are the loopholes that he legally uses, are they open to us? Good question. Technically they're open to you but wouldn't apply to you. Real estate business owner -- A lot of the loopholes are put there for people making tons of money. I want to make sure there's nothing else I can do. Opening an offshore account in Liechtenstein, can you do that? You can't, you'll end up in jail. Other people don't end up in jail, rich people don't end up in jail. Rich people have millions to spend on attorneys and tax planners and financial plan there's wouldn't be a smart investment for you. Reporter: Basically there's no point in either of us consulting you on your taxes. Not on your taxes, but on your finances. Reporter: I'm nick watt in
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