Lots of people making these points, but let me join the chorus. The revelation that Trump paid almost no taxes, while easy to explain, is the least important part of the scandal. 1/

The revelation that Trump has always been a lousy businessman, that he has never shown the ability to do anything well besides self-promotion, is a bigger deal. And we should ask why so many Americans were taken in by such an obvious fraud 2/

But it’s Trump’s huge unpayable debt that’s the real killer. It’s not just a question of who he owes the money to. It’s the incentives: if he loses office, he faces personal ruin. And he won’t even give lip service to the idea of losing peacefully 3/

Unless Biden wins in a landslide, a constitutional crisis is baked in by the combination of Trump’s desperation and his party’s contempt for democracy. That’s the real bottom line 4/