A blockbuster New York Times report on president Donald Trump’s taxes came out and it has loads of bombshell revelations. For the four years since Trump took office, he has shied away from releasing his tax returns even though he promised his supporters that he would so after the election.
The NYT report shows us just why Trump was hesitant. According to the newspaper, Donald Trump paid only $750 in federal taxes between 2016 and 2017. This is despite the fact that the president according to his own admissions is worth billions of dollars.
But that’s not all. There were still other shocking revelations from this report. For instance, the source examined the president’s tax returns dating for a period of roughly 18 years. For all this time, Trump paid zero dollars in federal taxes. It’s not just this that makes this bombshell report shocking.
The amount of losses Trump has incurred in his many businesses is incredibly serious. The newspaper notes that since 2000, the Trump Organization has lost over $315 million dollars in its golf courses. The losses didn’t stop when he became president. The report also indicates that Trump’s hotel in Washington DC lost around $55 million between 2016 and 2018.
The president also seems like he’s in a lot of debt. Although he was paid millions of dollars for his successful show The Apprentice, it’s noted that Trump has nearly $300 million in loans that need to be covered over the coming few years.
Despite the fact that the president hasn’t paid federal taxes in years, it’s reported by the NYT that he received a $75 million tax refund from the IRS back in 2010. The refund was given because Trump and his organization claimed they made heavy losses. But it’s clear the IRS isn’t buying it. In fact, the refund is currently being audited by the federal body.
If indeed it’s determined that Trump falsified information to get the refund, he will be required to pay an additional $100 million to the IRS. To put this story into perspective, NYT in its analysis found that in Trump’s first year as president, he actually paid more taxes in India, Panama, and the Philippines than he paid in the US.
Despite what looks like a series of loss after loss for his businesses, Trump and his family have largely enjoyed a very luxurious lifestyle. The newspaper notes that during the production of The Apprentice, the president paid nearly $70,000 for hair styling.
Trump has also earned millions of dollars in international licensing deals in countries like India. It’s also reported that during the first two years of his presidency, the president made about $73 million from foreign deals. These are of course some of the highlights in the NYT report. The paper has promised that it will publish more stories on the same soon.