Home Business Leaked Trump Tax Claims President Paid $ 750 in 2016, 2017; Deductions under discussion

Leaked Trump Tax Claims President Paid $ 750 in 2016, 2017; Deductions under discussion


Updated: September 27, 2020 – 10pm EST

President Donald Trump paid just $ 750 in U.S. income taxes in both 2016 and 2017, reported losing millions of dollars from his golf courses, and has hundreds of millions in debt to come in the coming years, according to a report from the New York Times.

Trump has not paid income taxes in 10 of the past 15 years because he has generated large losses that offset the money he made, according to the Times analysis of at least two decades of Trump’s personal and corporate tax returns.

The documents show that many of Trump’s businesses are in trouble, with him investing more money in companies than he is taking out, the report said. He also said he earned $ 73 million overseas in his first two years in the White House, including from authoritarian-leaning countries like the Philippines and Turkey, despite promises that he would not pursue new deals with foreign countries while he was president.

Trump said in a press conference on Sunday that the report was “completely false news,” adding “I pay a lot” without offering details.

“I’m under control and when I’m not, I’d be proud to show it to you,” Trump said.

Trump has opposed the tradition by refusing to release his personal tax documents, which had become the standard among candidates for office in recent decades. Democrats in the House have issued subpoenas for the documents, which have been mired in legal battles for more than a year. The Supreme Court in July said lower courts must do more to review tax return requests.

The Times did not disclose how it obtained the documents, but said the documents came from sources with legal access to the information. A Trump Organization lawyer told the Times that “most, if not all, the facts appear to be inaccurate.” Bloomberg News did not verify any of the documents reported by the newspaper.

The revelations about Trump’s financial life are likely to be a key point of contention towards the final month of the presidential campaign. Trump, who has built his public image as a successful businessman and billionaire, faces a number of financial challenges, according to the Times.

Loans expiring

Its revenues from the NBC television series “The Apprentice” and licensing deals are running out. Several years ago, he sold nearly any stock that could now help him plug holes in his troubled properties, the Times reported. Within the next four years, more than $ 300 million in loans will come – bonds for which Trump is personally responsible – the newspaper said.

Trump has already stated that his tax returns are “very nice”, but he cannot release the documents while they are under scrutiny with the Internal Revenue Service. Trump’s choice to manage the agency, Chuck Rettig said there is no ban on making documents public while an audit is underway.

The report found that Trump crossed out a long list of things he classified as business expenses, including $ 70,000 to his hairdresser while appearing in “The Apprentice,” and more than $ 95,000 for hair and makeup services for his daughter. Ivanka Trump, who is now one of the best aides in the White House.

The Times also reported that Trump treated an estate in Westchester County, New York, as a real estate investment for tax purposes, despite listing it as a “haven for the Trump family.”

Consultancy fees

The Times report also found that Trump may be using counseling fees as a way to pay for his children. Between 2010 and 2018, Trump deducted $ 26 million in “consulting fees” as a business expense. In her financial disclosure forms, Ivanka Trump reported advisory income that matched the tax return figures. This could potentially conflict with IRS rules that prohibit overpayment of consultants or regulations against the avoidance of gift and inheritance taxes.

“It appears the president played the tax code to his advantage and used legal struggles to delay or avoid paying what he owed,” House Ways and Means chairman Richard Neal said in a statement. Neal’s committee is engaged in an ongoing litigation to obtain Trump’s tax returns.

Since becoming president, Trump has seen an increase in demand from some corporate groups for events and conferences at his Mar-a-Lago resort in Palm Beach, Florida, his hotel in Washington, and the Doral resort in Miami. Bank of America, the United States Chamber of Commerce, and the Billy Graham Evangelistic Association are among the organizations that have hosted events at Trump’s properties in recent years, Times documents show.


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