Trump’s tax returns reveal what we knew long ago. He’s a tax cheat who’s not even good at business.

The New York Times recently released an extensive investigation into president Donald Trump’s tax returns. The report shows what has long been apparent to even the most casual observer of US politics – that Trump is a serial tax dodger and also a lousy businessman who has lost billions.

But there is something even worse going on. Much of the shady tax manoeuvring that the New York Times uncovered is perfectly legal. And that, in turn, raises deeper, structural questions about the prevailing modern taxation system in the US and further afield.

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