Trump's Tax Returns Show Huge Business Failures, Deep Debt, and Disgraceful Tax Cheating

Even though taxes on wealthy Americans have fallen sharply in recent decades, most still pay a lot to the federal government. A typical billionaire pays tens of millions of dollars in federal income taxes each year.

President Trump, however, is different.

Trump paid no taxes in 11 of the 18 years between 2000 and 2017. In both 2016 and 2017, he paid only $750.

He was able to do so both because many of his businesses report losing large amounts of money — which reduces his taxable income — and because he has engaged in questionable tax practices. Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.

The investigation also found that:

As president, he has received more money from foreign sources and U.S. interest groups than previously known.

Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.

Trump is facing a series of large looming bills in the next few years, and it is not obvious how he will cover them.

He reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.

The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.

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Comments

  • Obama and biden spied on trump in 2016. That's a fact! We talking about taxes!!!
  • Did the taxes lead to Russia???
  • Federal taxes paid 2016 & 2017, Trump : $750
    Federal taxes paid, average US taxpayer: $12,200

    Abraham Lincoln paid more income tax in 1864 ($1,279.13) than “billionaire” Donald Trump did in 2016 ($750).

    In 2016, Trump paid $129,250 more to Stormy Daniels than to the USA government.

    Trump decided to run for president in 2015 after his core businesses had reported more than $100 million in losses over the previous two years


    When he took office, Mr. Trump said he would pursue no new foreign deals as president. Even so, in his first two years in the White House, his revenue from abroad totaled $73 million.

    And while much of that money was from his golf properties in Scotland and Ireland, some came from licensing deals in countries with authoritarian-leaning leaders or thorny geopolitics — for example, $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.

    Trump wrote off $70,000 in haircuts as business expenses.

    Trump is currently subject to an Internal Revenue Service audit of a $72.9 million tax refund. According to the investigation, Trump claimed a total loss from one of his disastrous casinos, despite getting a 5 percent stake in the company that emerged from the bankruptcy. Since federal law dictates that investors can only claim such a loss if they get nothing in return, the whole tax refund — which largely canceled out the $95 million in federal income taxes he did pay over the last 18 years — could be in jeopardy.

    Trump’s debt is massive, and will soon get worse
    While it’s been previously reported that the president owes Deutsche Bank hundreds of millions of dollars, the investigation reveals the ensuing crisis if the president wins reelection and tries to avoid the $421 million in loans he is personally responsible for repaying, loans which are coming due within the next four years.

    Trump’s tax records reveal that he has failed to pay back a whopping $287 million to his lenders since 2010. So much for the record of the self-described “king of debt.”

    If the NYT story is "fake news," Trump can prove it by releasing just one page of his 2016 and '17 returns, that critical last page of Form 1040 that includes his signature and total tax paid.

    One page, & he could thoroughly humiliate the media. He won't, and we all know why.
  • Let's be honest, a serious country would fix the loopholes in the legislation that permit these behavioursimageimage
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