Trump tax information obtained by the New York Times and revealed in a bombshell article shows that the president has avoided paying federal income taxes for years, has lost money on his businesses and properties for decades, and has hundreds of millions in loans coming due in the next four years.
Among the revelations in the article are that Trump paid just $750 in taxes for 2016 and 2017, and paid no income taxes in 10 of the 15 years prior to winning the presidency. Trump is being audited by the IRS over a $72.5 million tax refund that could cost him $100 million.
The tax information obtained by the NYT does not reveal any connections to Russia, or his true wealth, just millions in assets. There are no new revelations about the Stormy Daniels payment.
Trump has earned $427 million from The Apprentice and its related income. That income is drying up. And most of Trump’s businesses lose tens of millions year after year.
Trump avoided taxable income by classifying his daughter Ivanka as a “consultant”: “The ‘consultants’” are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.”
$300 million in loans comes due in the next four years.
The NYT: “The picture that perhaps emerges most starkly from the mountain of figures and tax schedules prepared by Mr. Trump’s accountants is of a businessman-president in a tightening financial vise.”
Trump responded to the story before having seen it during a Sunday press conference.