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WASHINGTON: President Donald Trump has relied on large losses in his business empire to help nearly erase his federal income tax bill, according to a report from the New York Times on Sunday (September 27).
Citing never-before-seen tax return data dating back more than 20 years, the New York Times shed new light on Trump’s finances. Trump dismissed the story as “fake news” at a press conference on Sunday. Here are some highlights:
SMALL TAX ACCOUNT
In 2016 and 2017, Trump paid just $ 750 in federal income taxes, according to the Times. In 10 of the previous 15 years, Trump paid no federal income taxes. Despite reporting hundreds of millions of dollars in revenue, Trump effectively erased his tax bill by reporting large losses on his business interests.
HIGH PROFILE LOSSES
Some of Trump’s top real estate properties have also been less profitable, the New York Times reported. Trump reported losing more than $ 315 million on golf courses since 2000, with much of that money going to Trump National Doral, near Miami. The hotel that opened in the heart of Washington in 2016 has posted losses of more than $ 55 million.
READ: Trump Paid Income Taxes In 10 Of The Past 15 Years: Report
A GREAT AUDIT
The New York Times report also found that Trump has been fighting with the Internal Revenue Service for the past decade over a nearly $ 73 million tax refund he previously claimed. If the IRS prevailed in its audit, which has apparently stalled in recent years, Trump could be responsible for paying more than $ 100 million to the government.
BRAND IMAGE
The New York Times found that a large amount of Trump’s profits came from the sale of Trump himself. It reported that the former reality star reported making a total of $ 427.4 million from 2004 to 2018 by selling his name and image through various endorsements and licensing deals.
AGGRESSIVE SCRIPTURES
Trump has been aggressive in claiming certain business expenses that further lowered his tax bill, according to the New York Times. That includes deductions on residences, aircraft and $ 70,000 in hairstyling expenses tied to The Apprentice, his old television show, and the classification of a New York property described by the Trump Organization as a family retirement as an investment property for write off millions in property taxes.
DUE LOANS
Hundreds of millions of dollars in loans that he personally guaranteed will soon have to be repaid. The New York Times reported that Trump appeared to be responsible for $ 421 million in loans maturing in the next four years.
