Last night, the New York Times released a detailed rundown of President Trump’s financial dealings based on tax return data spanning more than two decades.
Go ahead and slap the “bombshell” label on this investigation, because the president’s tax returns are some of the most sought-after documents in the world. Trump, who ran a sprawling business operation before running for president, broke precedent by becoming the first president since the 1970s to keep his tax returns under wraps.
For a billionaire, Trump paid very little income tax. In 10 of 15 years leading up to his 2016 election, Trump paid $0 of federal income tax “largely because he reported losing much more money than he made,” the NYT writes. In 2016 and 2017, he paid $750 each year.
He made a lot of money from saying “You’re fired.” Trump’s TV show The Apprentice brought in $427.4 million including licensing and endorsement deals associated with his personal brand.
- The NYT also found that he took tax deductions on $70,000 he spent on hairstyling for his television appearances.
Golf is a tough business for Trump. The report found that many of the president’s signature properties, including his various golf courses and hotels, have been losing millions of dollars every year, resulting in lower taxes.
A bill looms. More than $300 million in loans that Trump is personally responsible for will come due in the next four years, per the NYT.
What Trump is saying
Trump’s camp is beating the “fake news” drum once again. “Most, if not all, of the facts appear to be inaccurate,” a Trump Organization lawyer told the NYT, going on to say in a statement that President Trump has paid “millions in personal taxes since announcing his candidacy in 2015.”
- In a press conference last night, Trump echoed his lawyer, saying that an IRS audit of his taxes is currently underway and will paint a more accurate picture. “It’ll all be revealed,” he said.
Looking ahead…you can bet this report will be brought up in the first debate between President Trump and Joe Biden tomorrow night. The NYT also promised to release additional investigations related to these tax documents in the coming weeks.
Via Morning Brew