Trump only paid $ 750 in taxes for 2016 and 2017

Topline

President Donald Trump paid just $ 750 in federal income tax for the years 2016 and 2017, as he successfully ran his 2016 campaign for president and began his first term as president of the United States, according to tax records obtained by The New York Times, revealed in a report Sunday that claims Trump spent years avoiding paying federal income taxes because he lost more money than he earned.

Highlights

Prior to 2016, Trump paid no income tax in 10 of the previous 15 years, according to The New York Times.

The New York Times claims to have obtained tax data dating back nearly two decades and covering hundreds of companies that make up the president’s business empire.

According to The New York Times, most of Trump’s “core businesses”, such as his golf courses, report losing millions and sometimes tens of millions of dollars a year.

Since 2000, Trump has reported $ 315.6 million in losses on his golf courses, while his Washington hotel has reported more than $ 55 million in losses through 2018, according to records, just two years after the opening of the hotel.

Trump denied the information in the report at a press conference on Sunday, saying, “I pay a lot and I pay a lot in income taxes.” What are no credit check loans?

The collection of documents does not show any previously unknown financial ties to Russia or its president, Vladimir Putin, nor does it reveal any more information about a $ 130,000 non-disclosure agreement payment to pornographic actress Stormy Daniels, with who Trump allegedly had an affair in 2006, with payment being the focus of the Manhattan District Attorney’s investigation into Trump’s tax history.

Large number

$ 72.9 million. This is what the government paid Trump in a tax return, which returned all of the federal income tax he paid from 2005 to 2008, plus interest. Trump’s $ 72.9 million payment stems, in part, from a loss of over $ 700 million that Trump reported in his 2009 tax return, according to The New York Times. This claim could be crucial for an ongoing audit the IRS has of Trump’s files to determine whether Trump will manage to keep the $ 72.9 million given to him by the government. This refund, and all refunds over $ 2 million, require approval from IRS auditors and an opinion from the Congressional Joint Committee on Taxation. This case has been open for years, but if Trump is ultimately tried against, he would have to repay the refund, including interest and potentially penalties, which could cost him more than $ 100 million.

To monitor

Trump is personally responsible for $ 421 million in debt, most of which is owed over the next four years, according to The New York Times, setting up a potential scenario where a lender might have to seize the President of the United States. Trump’s assets to repay those debts have also dried up considerably in recent years, especially his investments in stocks and bonds. Since 2014, Trump has sold over $ 200 million worth of securities, The New York Times reported, leaving him with perhaps only $ 873,000 in stocks and bonds, a recent financial disclosure showed.

Key context

Throughout his presidency, Trump has refused to make his tax returns public, fueling speculation about what information the tax records might contain. Trump says he will release them after the audit, but being under audit doesn’t legally prevent him from disclosing his tax records. Democrats in Congress have continuously pushed Trump to release his tax returns, while continuing the legal efforts which have so far failed. Another attempt to get Trump’s financial information is made by Manhattan District Attorney Cyrus Vance Jr., a Democrat who has assigned Trump for tax returns, which the president has yet to cede, saying the subpoena is too broad and constitutes a political attack. A panel of judges from the U.S. Circuit’s Second Court of Appeals is due to rule on the subpoena after Trump’s lawyers appealed a lower court ruling upholding it. A hearing was held in the case on Friday and it is unclear at this point when a decision could be made.

Chief critic

Alan Garten, a lawyer for the Trump organization, thwarted The New York Times’ says in a statement that “most, if not all, of the facts seem inaccurate,” claiming that Trump has paid millions to the federal government in “personal taxes,” which may refer to taxes such as social security and taxes on Medicare. – no income tax.

Surprising fact

Trump’s net worth is not on the tax records, The New York Times reported. Forbes trump list net value to $ 2.5 billion.

Further reading

LONG-DISTANCE FILES SHOW TRUMP’S CHRONIC LOSSES AND YEARS OF TAX AVOIDANCE (The New York Times)

Supreme Court won’t let House Democrats speed up pursuit of Trump’s finances (Forbes)

Trump tries to defer tax filing subpoena again after judge rules in favor of Manhattan DA (Forbes)

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About Kristina McManus

Kristina McManus

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