Sep 28, 2020
On Sunday, September 27th, The Times revealed that Donald Trump has only paid $750 in federal income taxes in 2016, which was the year he won the election. He then paid another $750 in his second year as president. No income taxes were paid in ten years of the previous fifteen years, which was due to the fact that Trump reported he was losing much more money than he made.
The records are said to have revealed “chronic losses and years of tax avoidance.”
— Donald J. Trump (@realDonaldTrump) September 28, 2020
Donald Trump is the first POTUS since the 1970s to not make his tax returns public and has been accused of hiding tax records for quite some time. Trump has even faced legal challenges when it comes to sharing documents related to his fortune and income.
“Actually, I paid tax. And you’ll see that as soon as my tax returns – it’s under audit, they’ve been under audit for a long time”. Trump commented after the story was published on Sunday, “The IRS does not treat me well… they treat me very badly,” he said.
According to the Times, Trump portrays himself to the IRS as “a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes”. Trump boasted that he made $434.9 million in 2018, yet his tax returns show that he allegedly had $47.m in losses.
The Trump Organization joined Donald Trump in declining the allegations, with Alan Gurten, who is the company’s CEO, stating that “most, if not all, of the facts, appears to be inaccurate.”
What else do we know about Trump’s wealth?
The Times suggests that most of Trump’s large businesses, such as his hotels and golf courses, are “losing millions, if not tens of millions, of dollars year after year”. The report also suggests that the POTUS has over $300 million in debt that most of his money was received from “lobbyists, foreign officials and others seeking face time, access or favor” from the president. Apparently, Trump made approximately $73 million from abroad during his first two years at the White House, mostly from his golf courses in Scotland and Ireland. The Times does not agree, claimed that most of the money came from “licensing deals in countries with authoritarian-leaning leaders or thorny geopolitics”. The Times asserts that the licensing deals brought Trump $3m from the Philippines, $2.3m from India, and $1m from Turkey.
Teachers paid $7,239
Firefighters paid $5,283
Nurses paid $10,216
Donald Trump paid $750 pic.twitter.com/5YE1cbYsBN
— Team Joe (Text JOE to 30330) (@TeamJoe) September 28, 2020
President Trump also made $427.4m in 2018 from The Apprentice US series, as well made $176.5m by investing in two office buildings that year. Despite that, the Times claims that the President did not pay any taxes on those revenues since his businesses reported major losses. Trump’s opponent, Joe Biden, did not yet comment. His campaign team did, however, say that “teachers, firefighters, and nurses all paid much more than $750 in tax.”