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Tax records uncovered by the New York Times show that Trump’s business may not be doing too well.
8:02 pm, September 28, 2020
He barely paid income tax, made huge losses on his business, and deducted $ 70,000 (60,168.47 euros) in taxes on his hairstyle: Less than five weeks before the US presidential election, the New York Times made explosive revelations on the president’s fiscal practices Donald trump caused quite a stir.
The most important findings at a glance:
– Time runs when there is debt
According to the New York Times, Trump took out a $ 100 million mortgage on his Trump Tower in New York in 2012, and has apparently paid almost nothing so far. The amount is due in 2022. According to the report, Trump personally guaranteed loans totaling $ 421 million. Therefore, most of the debt will mature in the next four years.
– $ 750 in income taxes for one year
According to the “NYT,” Trump paid no federal income tax in eleven of the 18 years examined between 2000 and 2017. In other years, he paid very little: 2016, the year he won the presidential election, and 2017 only $ 750 each. Trump responded that he paid high taxes at the New York state level.
– Controversial tax credit
As of 2010, Trump received a tax refund of $ 72.9 million for alleged business losses, according to “NYT.” That’s about three-quarters of the $ 95 million federal income tax it would have paid over the 18 years studied.
According to the report, the IRS has been investigating for years whether the tax refund was justified, a case that could end up in court. If the decision ultimately turns out in Trump’s favor, it could cost him around $ 100 million including interest, according to “NYT.”
– $ 70,000 for hairstyle and other cancellations
Trump also cut his tax burden, according to the report, with numerous sometimes questionable write-offs by deducting the costs of his lavish lifestyle as business costs. During his time on the reality show “The Apprentice” he settled for $ 70,000 to style his hair. They treated their private residences like commercial real estate and financial investments, and accommodated their flights between their homes as business trips.
– High loss business
Real estate legacy has been in the spotlight as a highly successful entrepreneur for decades. According to the “NYT”, many of its companies are suffering heavy losses. Since 2000, Trump has reported losses of more than $ 315 million from his numerous golf clubs alone. Millions of graves include the Trump National Doral Golf Club near Miami and its Trump International Hotel in the capital Washington. In turn, the losses help you save taxes.
Trump rejects tax accusations
US President Donald Trump has rejected a newspaper report that he has paid little or no federal tax for years. He paid “many millions of dollars in taxes,” the Republican wrote on Twitter Monday. However, like everyone else, you are entitled to depreciation and tax refunds. Your debts are small relative to your assets.
Trump accused the media of “like before the 2016 election, taking out my taxes and all kinds of shenanigans with illegal information and only with malicious intent.” The first presidential debate before the November 3 elections will take place on Tuesday (local time; Wednesday CEST).
