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If Donald Trump were re-elected in November, his financial situation should come into focus even more. Because the president of the United States not only has problems with the tax authorities. Loans are also owed. And business is not going well.
Donald Trump’s finances should continue to provide plenty of talking points over the next year, regardless of whether he wins the presidential election or not. Because according to the “New York Times” Trump has to fight at least with financial challenges: his golf courses and hotels record losses year after year, millionaire loans are due next year and a dispute with the IRS tax authority could be very costly for him. President.
The litigation involves a tax refund of nearly $ 73 million. Trump received this in 2010. This is all the federal income tax he paid between 2005 and 2007.
Background: In the US, companies can claim losses for tax purposes and partially offset them with profits made elsewhere. Until 2009, this was only possible for two years. Then, faced with the deep recession triggered by the financial crisis, then-President Barack Obama signed a law that extended the term to four years.
Trump took advantage of this and claimed a loss of $ 700 million retrospectively. According to the “New York Times”, the available documents do not reveal what business went wrong. Most likely, it’s the bankruptcy of your Atlantic City casinos.
Losses in core business
In 2008, Trump did not pay any income taxes, but after the change in the law, he was now able to claim the money that he had transferred between 2005 and 2007. If the President of the United States will be able to keep it, it is open. In the IRS’s view, you didn’t meet an essential requirement for the tax refund: You should have given up your stake entirely and no longer had to make a profit on it. However, according to the “NYT”, Trumps has received a stake in the new company that arose out of bankruptcy and therefore lost the right to claim the losses. If authority prevails, Trump would have to pay more than $ 100 million, he said.
Also, Trump’s top investments don’t bring in money, on the contrary. Between 2000 and 2018, its golf department losses totaled $ 315 million. His hotel in Washington is also in deficit. Additionally, more than $ 300 million in loans will mature over the next four years, commitments for which Trump is personally responsible, not his corporate network, according to the newspaper. Overall, Trump is $ 421 million in debt. And it’s not clear whether Trump is really worth billions of dollars, as he claims.
Trump keeps his tax returns under lock and key, contrary to US presidential practice. He had not released his tax return during the 2016 election campaign, including the reference to the ongoing IRS audit. The tax authority itself emphasizes that an ongoing audit does not get in the way of publications.
Meanwhile, Trump curses the IRS. “You treat me terribly,” he said on a Fox News talk show in July. “It is a pity”.
