Trump’s tax returns were recently released by the New York Times, here are some key points from the lengthy report:
Trump has only paid $1,500 in taxes in the last ten to 15 years. Trump paid $750 in taxes the year he was elected, and then another $750 his first year being in the white house.
Trump was able to avoid paying taxes for ten to 15 years prior because he was reporting major income losses. He reported that he was losing more money than he was making.
In 2018, he announced that he has made at least $434.9 million. The tax records show that he actually lost $47.4 million. Most of Trump’s core enterprises reported losing tens of million dollars year after year.
In the years from 1985 to 1994, according to his 1040, Trump lost more money than almost every single American taxpayer. In 1995, Trump lost $915.7 million dollars, which allowed him to avoid taxes for the next two decades.
One of Trump’s campaign strategies is that it’s “all about being made in America”. However, his income report says otherwise. It is reported that Trump is actually making large sums of money from foreign countries. His records show that he earned $73 million abroad in the first two years in office.
Trump's revenue included $5 million from a hotel deal in Azerbaijan, $3 million from the Philippines, $2.3 million from India, and $1 million from Turkey.
However, Trump has paid more taxes in foreign countries than he has in the United States. In 2017, Trump or his companies paid $15,598 in Panama, $145,400 in India, and $156,824 in the Philippines. That same year, he only paid $750 in US federal taxes.
Trump is currently in an on-going argument with the IRS over a $72.9 million tax refund after declaring the major losses. An audit has now questioned the legitimacy of the refund, and Trump might have to pay back the $72.9 million, plus an extra $100 million from interest.
Trump wrote off large sums of consulting fees, which also helped lower his tax bills. Between 2010 to 2018, Trump wrote off $26 million in unexplained “consulting fees” as a business expense. In most cases, the fees were estimated to be around one-fifth of his income.
Trump also used Ivanka as a consultant. Some of Mr. Trump’s fees included $747,622 to an unnamed consultant for hotel projects in Hawaii and Vancouver, British Columbia; which corresponded directly with Ms.Trump’s income listed in public disclosures.
Even though Trump was recording huge income losses, he was able to keep up with his lavish lifestyle by writing it off as business expenses, which can be written off in his taxes. Therefore, which explains the private jets and other luxurious items.
Donald Trump write-offs of lavish business expenses include $70,000 for his hair during the famous TV show, “The Apprentice”. Together, nine Trump entities have written off at least $95,464 paid to a hair and makeup artist of Ivanka Trump.
For the IRS to allow business write-offs, the expenses have to be “ordinary and necessary,” which business owners can create a loosely defined standard
In the most recent debate on Tuesday, Trump claims that his tax returns are “fake news”, and that he has paid millions in US federal taxes. However, it has been proven that he was lying.
Trump is just a businessman who used the election to boost his financial success, while he was losing millions, to help hide the fact that his empire is falling apart.