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Top seven revelations from New York Times report on Trump income taxes

The New York Times on Sunday published the first in a series of stories based on President Donald Trump's tax returns, citing tax documents and data spanning two decades.

The president dismissed the reports as "fake news" but demurred when asked if he would finally make his returns public. Trump is the first presidential candidate not to share his tax filings in four decades. 

The bottom line from the Times report: Trump has had small federal tax bills and major financial losses during his business career, and some of his tax maneuvers have come under legal scrutiny.

Trump taxes:Trump refuses to discuss returns after report he paid only $750 in income taxes in 2016 and 2017

Among The New York Times' findings:

Trump paid very little to no federal income taxes

In some years Trump paid no taxes at all, thanks to business losses and write-offs that have come into question.

The Times: "Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750. He had paid no income taxes at all in 10 of the previous 15 years – largely because he reported losing much more money than he made."

Trump paid more to other countries than US

The Times: "In 2017, the president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines."

Trump faces a crunch

The IRS audit could force Trump to pay a massive tax bill, on top of millions in personally guaranteed loan debts that are coming due soon.

The Times: "His finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million."

A decade ago, Trump claimed a $72.9 million refund and that refund is the prime subject of an IRS audit.

The Times: "In fact, confidential records show that starting in 2010 he claimed, and received, an income tax refund totaling $72.9 million – all the federal income tax he had paid for 2005 through 2008, plus interest. The legitimacy of that refund is at the center of the audit battle that he has long been waging, out of public view, with the I.R.S."

Trump wrote off up to $26 million in 'consulting fees'

The Times: "Examining the Trump Organization’s tax records, a curious pattern emerges: Between 2010 and 2018, Mr. Trump wrote off some $26 million in unexplained 'consulting fees' as a business expense across nearly all of his projects."

Trump paid high taxes other years, due to AMT 

The Times: The alternative minimum tax was "created as a tripwire to prevent wealthy people from using huge deductions, including business losses, to entirely wipe out their tax liabilities. 

"Mr. Trump paid alternative minimum tax in seven years between 2000 and 2017 – a total of $24.3 million, excluding refunds he received after filing. For 2015, he paid $641,931, his first payment of any federal income tax since 2010."

Trump writes off massive 'business expenses' 

Trump's deducted high operating costs from his various companies, such as the Mar-a-Lago resort in Palm Beach, Florida.

The Times: "As a business, (Mar-a-Lago) is also the source of millions of dollars in expenses deducted from taxable income, among them $109,433 for linens and silver and $197,829 for landscaping in 2017."

 

https://www.usatoday.com/story/news/politics/2020/09/27/top-revelations-report-trump-income-tax/3557530001/

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Six key findings from the New York Times' Trump taxes bombshell

The president pays little, faces hefty audit costs as well as loans coming due soon, and Ivanka is not in the clear

The publication of Donald Trump’s tax records by the New York Times is one of the biggest bombshells to hit a 2020 election campaign already buffeted by a litany of scandals, a bitter fight over a supreme court nomination and a pandemic in which 7m Americans have been infected and more than 200,000 have died.

The president’s taxes have long been the great white whale of political reporters in America as well as prosecutors keen to find evidence of wrongdoing. Democrats too were eager to seize on them as a potentially game-changing stick with which to beat the Trump campaign.

The Times, with its shock report published on Sunday evening, appears to have won the race. Its publication of details from the documents could send shock waves through the campaign as the key first debate between Trump and challenger Joe Biden looms, in Ohio on Tuesday night.

Here are some of its key findings:

Trump pays little tax

The Times reported that Trump paid no federal income taxes in 11 of 18 years the newspaper looked at. In 2017, after he became president, his tax bill was only $750. This is despite Trump often railing against taxes in America and ushering through a series of tax cuts that critics say mostly helps the rich and big business.

A long audit – with potentially hefty costs

Trump is involved in a decade-long audit with the Internal Revenue Service over a $72.9m tax refund he claimed, and received, after declaring huge losses. A ruling against him could cost him more than $100m, the Times reported.

It added: “In 2011, the IRS began an audit reviewing the legitimacy of the refund. Almost a decade later, the case remains unresolved, for unknown reasons, and could ultimately end up in federal court, where it could become a matter of public record.”

Ivanka helps reduce Trump’s tax burden

The president’s oldest daughter, while working as an employee of the Trump Organization, appears to have received “consulting fees” that helped reduce the family’s tax bill, the Times said. Such a revelation might further tarnish the reputation of Ivanka, a senior White House adviser married to another, Jared Kushner, who often tries to distance herself from some of the biggest scandals of her father’s administration. She is widely believed to harbor political ambitions of her own after Trump leaves office.

The Times reported: “Trump’s private records show that his company once paid $747,622 in fees to an unnamed consultant for hotel projects in Hawaii and Vancouver, British Columbia. Ivanka Trump’s public disclosure forms – which she filed when joining the White House staff in 2017 – show that she had received an identical amount through a consulting company she co-owned.”

Trump businesses lose money

The Times was brutal in its assessment of Trump’s businesses, about which he often boasts and on the back of which he sought to promote a carefully curated image as a master businessman. “Trump’s core enterprises – from his constellation of golf courses to his conservative-magnet hotel in Washington – report losing millions, if not tens of millions, of dollars year after year,” the newspaper said.

It detailed how since 2000, Trump has reported losing more than $315m at his golf courses, with much of that coming from Trump National Doral in Florida. His Washington hotel, which opened in 2016 and has been the subject of much speculation regarding federal ethics laws, has lost more than $55m.

Trump has a big bill to pay

The newspaper also reported that Trump is facing a major financial bill, as within the next four years, hundreds of millions of dollars in loans will come due. The paper said Trump is personally responsible for many of those obligations.

The paper reported: “In the 1990s, Mr Trump nearly ruined himself by personally guaranteeing hundreds of millions of dollars in loans, and he has since said that he regretted doing so. But he has taken the same step again, his tax records show. He appears to be responsible for loans totaling $421m, most of which is coming due within four years.”

In a blunt summary of the problem, the Times speculated: “Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.”

Trump businesses profit from his presidency

The issue of whether Trump’s businesses benefit from his position in the White House has been one of the long-running themes of reporting on the Trump presidency. The global nature of the Trump Organization and its portfolio of hotels, resorts and other interests has left Trump open to speculation that lobbyists, business leaders and foreign powers could spend money in them to try and peddle influence in the US.

The Times report on his tax returns is clear that Trump’s businesses have indeed benefited from his political career.

“Since he became a leading presidential candidate, he has received large amounts of money from lobbyists, politicians and foreign officials who pay to stay at his properties or join his clubs,” the newspaper reported, before detailing monies paid at his Mar-a-Largo resort in Florida, his Washington hotel and other locations.

https://www.theguardian.com/us-news/2020/sep/27/new-york-times-trump-tax-returns-key-findings

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$70,000 on hairstyling – Donald Trump's taxes in numbers

  • $750 – federal tax Trump paid in 2016, when he won the presidency.

  • $750 – federal tax Trump paid the following year.

  • Zero – federal tax paid by Trump in 10 of the previous 15 years, including 2014 and 2015.

  • $100,000 a year – by comparison, the kind of figure regularly paid in federal taxes by Trump’s predecessors, Barack Obama and George W Bush

  • $70,000 – paid to style Trump’s hair for television, claimed as expenses.

  • $95,464 – the total sum nine of Trump’s companies have paid as expenses to style Ivanka Trump’s hair.

  • $210,000 – the amount written off as expenses to hire a photographer taking photographs at the Mar-a-Lago club.

  • $26m – “consulting fees” charged as a business expense between 2010 and 2018, at least some of which appears to have been directed to a company co-owned by Ivanka Trump.

  • $434m – what Trump declared his earnings to be in the 2018 presidential public annual financial disclosure.

  • $47.4m in losses – what he had declared to the Inland Revenue Service (IRS) for tax purposes over the same period.

  • $421m – outstanding loans that Trump owes, most of which becomes due within the next four years.

  • $73m – revenue generated from outside the US, presenting a potential conflict of interest with US foreign policy.

  • $13m – earned in one licensing deal for Trump Towers in Istanbul, including $1m since he became president.

  • $72.9m – the tax refund Trump claimed and was awarded, which is now the subject of a decade-long audit battle with the IRS. It covered all the federal tax he had paid between 2005 and 2008.

  • $1.4m – the annual average amount of federal tax paid by Trump between 2000 and 2017. It compares with the $25m in federal income taxes the average American with similar declared earnings could expect to pay.

  • $100m – the amount Trump could now have to pay back to the IRS, including penalties, if it finds against him in the audit.

  • $315m – the sum reported “lost” by Trump’s golf courses since 2000.

  • “Tens of millions of dollars” – what Alan Garten, a lawyer for the Trump Organization, claims the president has paid in personal taxes since 2015.

  • More than 500 – the number of individual companies, many bearing the Trump name, that make up the nebulous corporate network generally referred to as the Trump Organization.

https://www.msn.com/en-us/news/politics/dollar70000-on-hairstyling-–-donald-trumps-taxes-in-numbers/ar-BB19uYe6?li=BBnb7Kz

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19 minutes ago, Blitzkrieg said:

$72.9m – the tax refund Trump claimed and was awarded, which is now the subject of a decade-long audit battle with the IRS. It covered all the federal tax he had paid between 2005 and 2008.

 

Interesting.

You forgot to highlight the key part. It has not passed muster.

classic-grey-poupon-commercial_100436634

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Don't know if it passes muster.....but "It doesn't pass the smell test."

Tax bombshell reveals Trump's image is a sham

Quote

"I don't care what his excuses are. It doesn't pass the smell test. It's not going to disrupt those people who were for him totally. It's those people on the fence," Kasich said.

"I'm telling you there are people out there, and I know, I come from blue collar, hard-working, these folks are scraping to make a living and they're going to wake up and find this incredible mogul paid $750," said former Ohio Republican Gov. John Kasich, who is now a CNN political commentator.

https://www.cnn.com/2020/09/28/politics/donald-trump-taxes-election-2020-joe-biden-debate/index.html

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34 minutes ago, Spur's Addiction said:

You forgot to highlight the key part. It has not passed muster.

classic-grey-poupon-commercial_100436634

So why did the IRS award him the refund then?  But hey, we can all agree that it hasn't been resolved yet which means nothing one way or the other unless you don't believe in the concept of being innocent until proven guilty.

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5 minutes ago, gamecock88 said:

He could just be transparent and prove all this wrong but....

 

This country is in terrible shape with the options we have for leaders at almost every level.  He tops them all though with issues at every turn.

Do you believe this type of scrutiny helps recruit future quality people or causes many potential candidates to decide it's just not worth it?

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12 minutes ago, Blitzkrieg said:

Do you believe this type of scrutiny helps recruit future quality people or causes many potential candidates to decide it's just not worth it?

Neither.  I believe the system is so screwed up, legitimate winning politicians are bought and sold so much, that we get this kind of candidate from either side (not to the severity of Trumps laundry list).  Maybe at the lower state/local levels you get some level of integrity still but not anything in Washington.  It's comical to hear them talk about blue collar workers, minorities, middle class, like they truly care.  It's all about the vote and keeping/obtaining more power and paying back those they owe their souls to.  I'm not sure what's worse - the morally bankrupt lifetime cheats like Trump or the career politicians pandering to groups to get the same votes they've had for decades and done nothing to change.

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4 minutes ago, gamecock88 said:

Neither.  I believe the system is so screwed up, legitimate winning politicians are bought and sold so much, that we get this kind of candidate from either side (not to the severity of Trumps laundry list).  Maybe at the lower state/local levels you get some level of integrity still but not anything in Washington.  It's comical to hear them talk about blue collar workers, minorities, middle class, like they truly care.  It's all about the vote and keeping/obtaining more power and paying back those they owe their souls to.  I'm not sure what's worse - the morally bankrupt lifetime cheats like Trump or the career politicians pandering to groups to get the same votes they've had for decade and done nothing to change.

Hard to argue with that.   IMO term limits is the one thing that has a chance of fixing some of that.

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18 minutes ago, Blitzkrieg said:

So why did the IRS award him the refund then?  But hey, we can all agree that it hasn't been resolved yet which means nothing one way or the other unless you don't believe in the concept of being innocent until proven guilty.

Do you know how audits work?

You file a return, they issue the refund, They may come back an audit you on that refund several several years after the fact. Just because you got a refund, does not mean the IRS has deemed it passed muster. It's because they haven't looked into it yet.

Years ago, after we adopted on of our kids, we claimed the "adoption tax credit' on our return and got our refund. About a year or so later, I get a letter from the IRS asking me for more documentation on the adoption tax credit. I sent it in and it was fine. But they can and will audit people after the refund checks have been issued. You whole argument that it passed IRS muster because he got a refund, is just on ignorance.

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9 minutes ago, Blitzkrieg said:

Do you believe this type of scrutiny helps recruit future quality people or causes many potential candidates to decide it's just not worth it?

"Quality" people?? 

All this does is discourage future scam artists from not signing up to steal from the US taxpayers - IF we can get him out of the Oval Office and tried for his many crimes.

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2 minutes ago, Spur's Addiction said:

Do you know how audits work?

You file a return, they issue the refund, They may come back an audit you on that refund several several years after the fact. Just because you got a refund, does not mean the IRS has deemed it passed muster. It's because they haven't looked into it yet.

Years ago, after we adopted on of our kids, we claimed the "adoption tax credit' on our return and got our refund. About a year or so later, I get a letter from the IRS asking me for more documentation on the adoption tax credit. I sent it in and it was fine. But they can and will audit people after the refund checks have been issued. You whole argument that it passed IRS muster because he got a refund, is just on ignorance.

Having never been audited I concede that I don't know all of the ins and outs.  I would think giving you an extra couple of thousand would be handled much differently than giving someone a 70+ million dollar check but hey, maybe they handle it exactly the same, I don't know.

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I hope nobody is surprised by all this.  It's what the rich and privileged do, bitch about paying taxes while doing everything they can not to pay . I'm sure they spend more than would like on tax attorneys, accountants, starting shell companies and who knows what else but certainly not paying their fair share.  Such patriots,.

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12 minutes ago, TKE226 said:

Wonder what the penalty and interest alone on that size dollar amount is?

 

Just because you are fighting an audit doesn't mean they still aren't incurring penalties and interest on that money...I would know...

It depends on when it settles and how much of the 72.9 million he has to pay - the number that is being thrown out is 100 million, but that is a worse case scenario.

The question is whether he can come up with the money. Covid-19 has hit his business hard, but I am sure that he has been treated well by the PPP - which is why the Treasury Department is keeping that information under wraps.

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More lies from the left wing media New York Slimes. Trump's returns have not been released, but he was under audit the whole time Obama was in office. If the IRS had found anything, they would have nail him, they would have.

https://www.dailywire.com/news/totally-made-up-trump-fires-back-at-tax-reports-says-everything-was-wrong

https://www.breitbart.com/politics/2020/09/28/joe-biden-allegedly-exploited-s-corporation-loophole-to-avoid-paying-medicare-social-security-taxes/

https://www.breitbart.com/politics/2020/09/27/new-york-times-we-have-trumps-tax-returns/

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18 minutes ago, SwampFox said:

More lies from the left wing media New York Slimes. Trump's returns have not been released, but he was under audit the whole time Obama was in office. If the IRS had found anything, they would have nail him, they would have.

https://www.dailywire.com/news/totally-made-up-trump-fires-back-at-tax-reports-says-everything-was-wrong

https://www.breitbart.com/politics/2020/09/28/joe-biden-allegedly-exploited-s-corporation-loophole-to-avoid-paying-medicare-social-security-taxes/

https://www.breitbart.com/politics/2020/09/27/new-york-times-we-have-trumps-tax-returns/

Yeah - I'm going to take Trump's word on this. 

 

 

 

 

 

 

 

 

 

 

 

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4 hours ago, Spur's Addiction said:

Oh an another thing, He's got about 100's of Millions in loans coming due in the next four years. 

His entire billionaire image is just a big scam. Of course this is no surprise to anyone that hasn't been MAGA brainwashed. 

I don't disagree that he inflates his wealth.  I've said the same for years going back to the 2016 primaries. However, his loans coming due will likely be extended, and they're secured by the value of the building.  That's not a big deal unless you expect the real estate market to go belly up. 

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