It’s not just Trump dodging taxes -- it’s a system that lets the ultra-rich avoid paying their fair share.

In 2016, while running for president, Donald Trump paid $750 in federal income tax. The following year, his first as president, his income tax again totaled $750. Those two years were unusual for Trump, because normally in the past decade he hasn’t paid income tax at all. In a blockbuster report, the New York Times found that in 11 of 18 years, Trump paid no taxes. That’s a remarkable achievement for a putative billionaire.

Trump avoided taxes with actions that skirt the edges of the law and demand investigation, notably the practice of paying consulting fees to the three adult children (Ivanka, Donald Jr. and Eric) who also help manage the Trump Organization. This self-dealing is combined with many questionable write-offs for personal expenses, including $70,000 for haircuts.

While this chicanery is keeping Trump afloat, the Times observes that his business empire is suffering a heavy debt load that could capsize it. “What’s more, the tax records show that Mr. Trump has once again done what he says he regrets, looking back on his early 1990s meltdown: personally guaranteed hundreds of millions of dollars in loans, a decision that led his lenders to threaten to force him into personal bankruptcy.

“This time around, he is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years. Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.”

This $421 million only includes short-term debt due in the next few years. Commenting on the Times story, Dan Alexander of Forbes calculates, based on public records, that Trump has $1.1 billion in debt.

That Trump is sitting on a mountain of debt raises the disturbing question: Who owns the president? As Sarah Longwell, publisher of the conservative magazine The Bulwark, argues, “People are focused on how little Trump paid in taxes, but to me this is the bigger story. He was deeply in debt and looking for a way to reinvigorate his brand. So he ran for president. And he’s been a walking conflict of interest ever since.”

Four years into the Trump presidency, many of his opponents have become too jaded to believe that any new revelations can hurt him. But the tax scandal helps undermine a myth that has been a core part of Trump’s success: that he’s a successful self-made businessman.

There’s ample political reason for the Biden-Harris campaign to start advertising Trump’s tax corruption. But this scandal clarifies larger problems. As Senator Elizabeth Warren notes, “This is about more than one man’s personal tax scams. Donald Trump is a liar, a cheater and a crooked businessman, yes. But he’s also taking advantage of a broken, corrupt, and unequal system that’s built for people like him to do what he did.”

As the old adage goes, the real scandal is usually what is legal. Much of what Trump has done is standard operating procedure for the American rich. That’s a problem that needs more than an election to fix. If Biden wins, he should appoint Warren to help craft a wealth tax.

JEET HEER is a national affairs correspondent at The Nation.