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However, above all, the figure of a man struggling to survive, politically and financially– Back at the polls, investigated by the tax collector, covered in debt. Their exploits may not survive, explains the Times at the end of the article: lose money and Trump has to pay back loans of more than 300 million dollars that expire within the next four years and for which they are personally responsible. In addition, he sold millions of dollars worth of shares, and according to public data, there may be fewer than a million shares left in his portfolio. Not to mention that the pandemic has devastated the hospitality and leisure sector., on which many of its properties rest, and which the tax collector’s investigation hangs over his head: If the Internal Revenue Service, the American Revenue Agency, canceled the refund it gave you 10 years ago, Trump would have to pay more than $ 100 million.
Mom let’s go in order. When in the early 2000s you are offered the opportunity to participate in the reality show The newbie, Trump was financially adrift. Despite this, he managed to get a particularly advantageous agreement with the producers, which allowed him to collect half of the profits: The success of the show launches Trump as a television personality, takes nearly $ 197.3 million in your pocket and helps you adjust particularly advantageous licensing agreements around the world, from Azerbaijan to Turkey, which was worth more than $ 230 million between 2000 and 2018. No license was too small, and Trump has lent his name to everything from Oreo cookies to Domino’s pizza to Serta mattresses and ties., write the Times. During that time, the future president was declaring earnings of $ 427 million.
If until then you had enjoyed a tax exemption for losses of one billion dollars suffered in the 1990s, the wave of successes forced Trump to pay taxes for the first time in a long time: starting in 2005 paid $ 70 million over three years to the IRS. In the following decade, declaring once again heavy losses for their companies, the payments practically ceased: for five years he paid nothing and in 2017, the first year of his presidential term, he paid only $ 750. In addition to the character built with the reality show, in fact, Trump’s empire was born – thanks to his father Fred – and is based on the real estate sector.
In part, the accounts are fine. Between 2000 and 2018 the commercial spaces of the Trump Towersymbol of his rise among the powerful of New York, generated profits of 336.3 million dollars, and another 167 million came from Trump World Tower, on the East Side of Manhattan. Among the most profitable investments there is also a 30% participation in two office buildings owned by Vornado Realty Trust, which was worth 176.5 million dollars until 2018. From here, however, the problems begin. Most of her properties are at a great loss, starting with the golf courses – bought with the proceeds of The newbie and licensing deals, which have weighed $ 315.6 million on the budget since 2000: Trump National Doral, Florida alone, posted losses of $ 162.3 million. To these losses are added those generated by American and European resorts and by the hotel It opened in the old Washington Post Office.
Why Go back to the tax collector to ask for another exemption. Losses: specify the Times – are totally real, and some are even quite large. Between 2008 and 2009, for example, the future president again declares a billion losses, mostly related to bankrupt investments in the Atlantic City casino in New Jersey: for this reason you ask the IRS a tax refund of $ 72.9 million, basically everything I had paid in the years of the successes of The newbie. The IRS grants it, but this time it decides to perform verifications, which after 10 years are still not completed. In total, between 2000 and 2018, Trump claims losses of $ 174.5 million..
In 2015, when he announced his candidacy for the presidency, the river of money generated by reality shows and licensing deals has all but dried up. This detail, after all, would only confirm the gossip of the time, that they wanted Trump only seeks notoriety to relaunch a brand in trouble: His extraordinary talent as a showman and the ability to produce continuous shots that obscure other candidates derail the plan, whatever it is, and lead him to the White House. As various books say, starting with Fire and fury in Michael Wolff, On election night, no one in his entourage, starting with Trump himself, expected a victory.: At that time there were rumors of the possible launch of a right-wing television network, or of a new reality show with Trump as president in a parallel White House.
All the rumors, which remain so because Trump, in fact, wins. His statements, especially about immigrants, are beginning to cost him: if not politically, at least economically. Nbc leave the show The newbie and the Miss Universe pageant, of which she was a co-owner with the New York businessman: His role as a reality star was worth less than 10 million in 2017 and just 2.9 million in 2018.. The presidency, however, also brings some financial benefits: The Mar-a-Lago club, which will become the White House in the winter, enrolls several new members in search of relationships and influence, which In 2016 alone, they earned the president $ 7.8 million. Behind those $ 750 of federal taxes paid in the year he was elected and in the following year, when he entered the White House, in short, there is more: the difficulties of a paper empire founded on debt and great losses, and especially the fears of a president who, on November 3, can not only lose the White House.
September 28, 2020 (change September 28, 2020 | 13:07)
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