The Most Shocking Revelations From the New York Times Report About Trump's Tax Returns
September 28, 2020
| Money, Wealth
Trump reportedly paid just $750 in federal income taxes in both 2016 and 2017. In 11 of the 18 years that were examined by The Times, Trump paid $0 in federal income taxes.
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September 28, 2020 3 min read
This story originally appeared on Business Insider
In a blockbuster report on President Donald Trump’s taxes released by The New York Times on Sunday, numerous financial figures stood out as especially damning, from a controversial $72.9 million income-tax refund to a stream of funding from foreign sources.
Here are the most shocking facts revealed in Trump’s tax records, as reported by The Times:
- Trump paid only $750 in taxes in both 2016 and 2017.
- In 11 of the 18 years that were examined by The Times, Trump did not pay any income taxes to the federal government.
- In his first year as president, Trump or his companies paid more taxes to India ($145,400), Panama ($15,598), and the Philippines ($156,824) than to the US.
- Since 2000, he has lost over $315 million at the golf courses that he owns and promotes. Last October, Trump tried to steer the Group of 7 summit to Trump National Doral, his course near Miami, before dropping the idea.
- From 2016 through 2018, Trump showed losses of $55.5 million at the Trump International Hotel Washington, DC. Even before he was inaugurated, there were ethical concerns were about foreign dignitaries staying at the hotel, along with events that the federal government could possibly be funding.
- Trump’s campaign and presidency have been fantastic for business at Mar-a-Lago, the Trump-owned resort in Palm Beach, Florida. From 2015 to 2018 there was a surge in membership, with the president able to get $26 million, or nearly triple his usual amount, out of the historic property over the same time period.
- In 2010, Trump received a $72.9 million tax refund that is being audited by the IRS. He received the sum after claiming heavy losses, but if he loses his appeal with the IRS, he will have to pay over $100 million to the federal government.
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- Trump made millions of dollars as the star of NBC’s “The Apprentice,” but revenue streams from that highly successful franchise and other licensing agreements are waning. Within the next few years, he will have to cover $300 million in loans.
- Even with his shaky finances, Trump has still lived an opulent lifestyle, declaring tax deductions on personal expenses, including a litany of residences and expensive airplanes. He also wrote off more than $70,000 for payments to style his hair during “The Apprentice.”
- Trump has earned millions from foreign licensing deals. From 2017 to 2019, he received $3 million from the Philippines, $2.3 million from India, and $1 million from Turkey.
- He made $73 million from foreign countries during his first two years as president.
The Times has promised additional articles from Trump’s tax returns in the coming days and weeks.
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