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Sunday, New York Times Published An intense investigation into President Trump’s tax returns, revealing years of stringent write-offs, tax evasion and staggering losses. The report comes at an inappropriate time for a president facing an uphill reelection battle Potential investigation On charges of tax fraud by the Manhattan District Attorney. Here are the top takeaways from Times‘Reporting Trump’s financial pressures Extended debt.
Although the president has it claimed That he had nothing to hide in the tax returns that he refused to release to the American public, it probably wouldn’t please him. TimesHe revealed that he hadn’t paid federal income tax in 10 of the past 15 years – and only 11 times in the past 18 years. Trump reported losing more money than he earned in the years he didn’t pay, a detail that undermines his business A claim is already false It’s a business landmark.
President Trump paid only $ 750 in US taxes in 2016, the year he ran for president, and then paid the same meager amount in the first year of his presidency. Additionally, according to Times, It appears that this only happened because “his accountants apparently made a provision for a small tax liability” in those years, given that Trump had enough tax credits to not pay any taxes at all. For a little context, Dylan Matthews from Vox Notes That “a single adult will only need to earn $ 17,900” to pay $ 750 in federal income taxes.
The amount he paid in US taxes in 2017 was significantly less than what his business paid to some other countries abroad. for every TimesTrump companies paid more than $ 145,000 in taxes to India that year, more than $ 156,000 to the Philippines, and more than $ 15,000 to Panama.
Such as Nation Reporter Jet Hare notes that Trump’s 2016 tax liability has diminished in the face of other concerns:
as such Times He notes that Trump decided to run for president in 2015 after – and perhaps in part – because his core businesses have reported losses of over $ 100 million over the past two years, or, as the report makes clear, the point of “the celebrity-driven income river that has boomed for so long.” [his businesses] It was drying. “
as such Times Frame it politely, “Mr. Trump classifies a lot of spending on his personal lifestyle as business cost.” Perhaps the most terrible example of this trend is the $ 70,000 he spent styling hair while it was going the Apprentice, Although more expensive examples include the cost of his plane and a high five-figure sum being paid to one of Ivanka Trump’s hair and makeup artist.
Because of the dubious ways in which he reduced his tax liability, the Times Reports indicate that Trump is currently under the audit of the Internal Revenue Service for a $ 72.9 million tax refund. According to the investigation, Trump claimed a total loss from one of his disastrous casinos, despite receiving a 5 percent stake in the company that emerged from bankruptcy. Since federal law states that investors can only claim such a loss if they get nothing in return, a full tax refund – which largely eliminated the $ 95 million in federal income taxes it had paid over the past 18 years – He may be at risk:
In 2011, the IRS began conducting an audit to review the legality of the refund. Nearly a decade later, the case remains unresolved for unknown reasons, and it could eventually end up in federal court, where it could become a public matter.
The Times Reports indicate that since 2000, Trump has reported losing more than $ 315 million on his family’s golf courses, especially after the post.Someone learns a trade Golf buying spree, resulting in the Trump Organization having 15 golf courses by the end of 2015, up from two before the premiere Someone learns a trade (And all the leverage his new reality TV stardom has given him.)
The majority of the losses came from the Trump National Resort Doral in Miami, which it bought for $ 150 million in 2012 – and where it tried to pump cash last year by proposing a G7 contract there. By 2018, despite pumping $ 213 million into this resort, Trump had reported losses of over $ 162 million. Trump also reported total losses of $ 63.6 million from his family’s three European golf courses (two in Scotland and one in Ireland), moreover, while Trump tried to make clear that the heavy losses for his company are not as bad as they seem to be deserved. For consumption:
[T]The tax records of Mr. Trump’s actions show, however, that he lost parts of his fortune even before the currency devaluation was accounted for. The three European golf courses, the Washington Hotel, Doral and Trump Corporation, reported a total loss of $ 150.3 million from 2010 to 2018, without including depreciation as an expense.
While it was previously reported that the president owes Deutsche Bank Hundreds of millions of dollarsThe investigation reveals the ensuing crisis if the president wins re-election and tries to avoid the $ 421 million loans that he bears personal responsibility, and loans that are due within the next four years. If Trump was president at the time, one can’t help but wonder how he would use the federal government as a defense against any lenders who choose to lock him up.
But as New YorkLast year, Josh Barrow recalled when Times Hinge How does Trump mentioned More than a billion dollars in losses from 1985 to 1994, it is very likely that he did not actually lose all that money, but rather claimed “a credit on his taxes for losses already borne by other people or entities, such as the banks that lent him the money or his business and not yet” Pay it off in full. “
It’s completely false news. Trump responded Sunday night when asked about the bomb Times The report, specifically paying taxes in only hundreds of dollars per year. suggest Times He was trying to harm him politically, again claiming that he was under scrutiny, and complained about it because “the IRS is treating me so badly.”
Trump also noted, without providing any specifics, that he “paid a lot of government income taxes as well.”