Top 7 facts about the short tax scandal: a porn star paid 173 times more than federal taxes in a decade

The president classified the reports in the daily category as fake news, but when asked to finally disclose the earnings, he refused to do so. Trump became the first US presidential candidate to declare income in four decades.

The most important message sent by the newspaper is that the amount of taxes that Trump paid during his career as an entrepreneur was surprisingly small, the financial losses were quite high and some of the maneuvers related to the payment of taxes received police attention.

The portal eu.usatoday.com examined the material published by The New York Times and presented seven key findings:

The amounts of income taxes that Trump paid, however, were very small

It is true that in some years Trump did not pay any taxes because supposedly the business stalled, so he had to write off a particularly large amount of losses, which is already in doubt.

“In the year he won the presidential election, the amount of federal taxes Trump paid was $ 750 (645 euros). When he moved into the White House, he paid the same amount in his first year. Up to 10 of the last 15 years have not paid income taxes: generally, they reported losing much more money than they made, ”writes The New York Times.

It is worth mentioning that Stormy Daniels Donald Trump entered into a “nondisclosure agreement” with the pornographic actress Stormy during the 2016 election campaign and paid her 130,000 for silence. dollars The contract was signed after reports in the press of a possible romance with D. Trump with the actress in 2006, when his wife was expecting a child.

For other countries, Trump paid more than the United States

“Trump’s contribution to the US government budget ($ 750) in 2017 seems simply deplorable compared to the amounts received by other states from him or his companies, namely $ 15,598 (€ 13,407) for Panama , $ 145,400 ($ 124,979) to India and $ 156,824 (134,798 euros) to the Philippines, ”writes The New York Times.

The financial crisis is imminent

After an audit by the US Internal Revenue Service (IRS), D. Trump may be ordered to pay a large amount of taxes and still cover millions of delinquent credits that he himself has guaranteed and whose payment expires soon.

“Financial [D. Trumpo] the situation is quite tense with losses and hundreds of millions of dollars in arrears, which he himself guaranteed and which will soon have to be covered. Also above his head is a decade-long dispute with the audit IRS over whether he was eligible to request $ 72.9 million. dollars (62.7 million euros) in tax refunds that were paid to him. [D. Trumpo atžvilgiu] an unfavorable settlement of the dispute could cost you another 100 million. dollars (almost 86 million euros) ”, writes The New York Times.

Requested for 72.9 million. disbursement of dollars

A decade ago, D. Trump requested $ 72.9 million. dollars as the amount of tax refunds. This return was, in fact, the primary reason for the IRS audit.

“According to confidential records, since 2010 [D. Trumpas] began to request a refund of the fees paid and, in response to its requests, a total of 72.9 million euros was paid to it. a dollar amount that represents all federal taxes you paid during 2005-2008, as well as interest. The legitimacy of the refund request is at the center of a long-standing secret dispute with the IRS auditing in the public eye, ”writes The New York Times.

Up to 26 million. were paid as consultation fees

An analysis of the Trump Organization’s tax records revealed the following interesting: From 2010 to 2018, approximately 26 million. “D. Trump canceled $ 22.3 million as unexplained consulting fees recorded as overhead incurred on almost all projects,” writes The New York Times.

The reason for the high tax amounts is the obligation to pay alternative minimum taxes

“Alternative minimum taxes have been introduced as a means of preventing wealthy citizens from benefiting from the large benefits available, for example in the case of business transactions at a loss, and thus avoiding tax obligations altogether.

D. Short paid the alternative minimum taxes for the seven years that covered the 2000-2017 period and paid a total of $ 24.3 million. dollars (20.9 million euros) if we do not take into account the refund that occurred at your request. For 2015, he paid $ 641,931 (€ 551,771), the first time he has paid federal taxes since 2010, according to The New York Times.

Cancellation of large operating expenses

Huge amounts of operating expenses were deducted for several Trump companies, such as the Mar-a-Lago resort in Palm Beach, Florida.

“As a company, Mar-a-Lago also has millions of expenses incurred, for example, in the purchase of bedding and cutlery and in the payment of environmental services (in 2017 they amounted to $ 109,433 and $ 197,829 respectively (€ 94,063 and € 170,043)), a means of deducting from taxable income, ”writes The New York Times.