The New York Times (NYT) article contains a lot of hitherto unknown information about Trump’s economy.
What are the biggest points of what the NYT has discovered?
In 2016 and 2017, Donald Trump paid $ 750, just over 7,000 Norwegian kroner, in federal income taxes.
In the 10 years between 2000 and 2015, Trump paid no federal income taxes at all.
Overall, Trump’s business has run a large deficit. In the period 2000-2017, the total loss was $ 174.5 million, about NKr 1.7 billion.
The Guardian summarizes the revelations as follows:
- Trump is not a good businessman.
- Trump is very good at avoiding paying taxes.
- Trump may have serious conflicts of interest with other countries in mind.
What has Trump gained and what has he lost?
The New York Times shows that the reality series “The Apprentice” has brought Trump big income.
Over the years, the series has brought him revenues of 197.3 million dollars, about 1.9 billion crowns. In 2005 alone, Trump made $ 47.8 million on the reality series.
The success has given Trump the opportunity to “sell” his name to various products and projects around the world. In total, it has brought him an income of 230 million dollars.
He has also had large rental income at Trump Tower and Trump World Tower in New York. In total, Trump has made more than $ 500 million on the two buildings over the years.
Trump’s biggest losses on golf courses he bought with “The Apprentice” proceeds. He has lost a total of $ 315.6 million on golf courses since 2000. The Trump National Doral golf resort in Florida alone has given him a loss of $ 162.3 million.
Trump has also lost a lot at the Trump International Hotel in the capital Washington D.C. From the hotel opened in 2016 to the end of 2018, Trump lost $ 55.5 million on the hotel.
The summary also shows that Trump is heavily in debt. It owes a total of 421 million dollars, just over 4 billion crowns. Trump is personally responsible for the loans that must be repaid over the next four years.
How has Trump reacted?
NYT has asked Trump to comment on the information before publishing the case. Therefore, for some time you have known what to expect.
On Sunday night, Trump held a press conference at the White House where he was asked about the information.
At the press conference, he described the information as “fake news”, something he repeated on Twitter.
Trump said he would like to publish his tax returns, but cannot do so because they are being audited by the IRS.
You’ve also previously noted that auditing means you can’t get away with the information. That explanation has been refuted by the tax authorities.
Trump also criticized the IRS. -They have not treated me well, they have treated me very badly, said the president.
A Trump spokesman said Sunday night that the president had paid “tens of millions of dollars in taxes” – however, he did not deny the specific information in the New York Times.
How did NYT get the information?
The newspaper affirms that they have received the information from people who have legal access to it. NYT will not display the documents because it wants to protect the sources.
The newspaper writes that it has verified the content of the information with other sources.
According to the newspaper, the journalists behind the revelation have been working on Trump’s finances and taxes for four years.
Will the disclosures affect the election?
It is unclear if and how the revelations will affect the November 3 presidential election.
Several Democratic politicians hope ordinary voters will react to the fact that Trump has barely paid taxes.
One of them is Richard Neal, chairman of the House committee that has been trying to get Trump’s tax returns delivered.
“This case sheds a bright light on the huge difference between people with power and influence and the average American when it comes to the tax system,” says Neal.
At the same time, Trump has previously been criticized for not paying taxes. When that was the issue during the 2016 election campaign, Trump responded that it “shows how smart I am.” That explanation can work; In the United States, the tax system is very unpopular with large sections of the population.
Worst for the president may be that the new information destroys much of the myth that surrounds Trump as a successful businessman. Much of what has supported Trump is precisely the belief that he knows how to make money.
The New York Times writes that there will be increasingly detailed cases about Trump’s economy and taxes in the days ahead. Alex Conant, a senior adviser to the Republican Party, believes that attention to money is Trump’s biggest problem.
Trump is clearly behind Joe Biden in the polls today. Most voters, for better or worse, have largely decided on Trump.
Conant tells the AP that to win the election, Trump must focus more attention on Biden and what he stands for.
The New York Times revelations mean that Trump will continue to receive most of the attention.
– This is directly focused on Trump’s personality, says Conant.
Thus, the most important effect of the New York Times revelations may be that they stifle the message that Trump and his followers wanted to convey.