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A New YORK Times report indicates that US President Donald Trump paid just $ 750 (€ 643) in federal income taxes the year he entered the White House and, thanks to colossal losses, no Income tax in 11 of the 18 years the Times reviewed – it served to raise questions about Trump’s self-image as a canny and successful businessman.
Here are some key points from the Times report:
1. Trump paid only $ 750 (€ 643) in taxes in both 2016 and 2017
The newspaper said Trump initially paid $ 95 million (about € 81 million) in taxes during the 18 years he studied.
But he managed to recover most of that money by claiming and receiving an impressive $ 72.9 million (€ 62.5 million) federal tax refund.
According to the Times, Trump also pocketed $ 21.2 million (€ 18.2 million) in state and local refunds, which are generally based on federal filings.
Trump’s huge refund became the subject of a long-standing Internal Revenue Service audit of his finances. The audit was widely known.
Trump has claimed that was the reason why he cannot publish his statements. But the Times report is the first to identify the issue that was primarily in dispute.
As a result of the refund, Trump paid an average of $ 1.4 million (€ 1.2 million) in federal taxes from 2000 to 2017, the Times reported.
By contrast, the average American taxpayer in the top 0.001% of earners paid about $ 25 million (€ 21.4 million) annually over the same time period.
2. Trump has financed an extravagant lifestyle with the use of business expenses
From his homes, his plane, and $ 70,000 (€ 60,000) in hairstyles during his TV show The Apprentice, Trump has capitalized on the costs incurred by his businesses to finance a luxurious lifestyle.
The Times noted that Trump’s homes, planes, and golf courses are part of the Trump family’s business and as such, Trump also classified them as business expenses.
Because businesses can write off business expenses as deductions, all of those expenses have helped reduce Trump’s tax liability.
3. Many of your best known companies lose money.
The president has frequently singled out his far-flung hotels, golf courses and resorts as evidence of his success as a developer and entrepreneur. However, these properties have been draining money.
The Times reported that Trump has claimed $ 315 million (270 million euros) in losses since 2000 at his golf courses, including Trump National Doral near Miami, which he has described as a crown jewel in his business empire.
Trump International Doonbeg in Co Clare and its two hotels and courses in Scotland have suffered a joint loss of $ 63.3 million (€ 54 million).
Likewise, his Trump International Hotel in Washington has lost 55 million dollars (47.2 million euros), reported the Times.
4. Foreign Visitors Have Helped Support Trump’s Properties
Since Trump began his presidential career, lobbyists, foreign governments and politicians have lavished significant sums of money on his properties, a spending spree that raised questions about his ownership and legality.
The Times report illustrates how much that expense has been.
Since 2015, his Mar-a-Lago resort in Florida has received an additional $ 5 million (€ 4.3 million) a year from an increase in membership.
The Billy Graham Evangelistic Association spent at least $ 397,602 (€ 341,000) in 2017 on the Trump Hotel in Washington.
Overseas projects have yielded millions more for Trump: $ 3 million (€ 2.6 million) from the Philippines, $ 2.3 million (€ 1.97 million) from India, and $ 1 million (€ 857,600) from Turkey.
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5. Trump will face financial pressures as debts fall due
Trump seems certain that he will face severe financial pressure from the huge amount of debt he has absorbed.
The Times said the president appears to be responsible for $ 421 million (€ 361 million) in loans, most of which are due in four years.
On top of that, a $ 100 million (€ 85.8 million) mortgage on the Trump Tower in New York will expire in 2022.
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