Monday, September 28, 2020

Breaking - NYTimes reports Trump's tax info

The NY Times obtained Trump’s tax information and reports 18 Revelations From a Trove of Trump Tax Records. Times reporters have obtained decades of tax information the president has hidden from public view. Here are some of the key findings reported by David Leonhardt.

The New York Times has obtained tax-return data for President Trump and his companies that covers more than two decades. Mr. Trump has long refused to release this information, making him the first president in decades to hide basic details about his finances. His refusal has made his tax returns among the most sought-after documents in recent memory.

Among the key findings of The Times’s investigation:

  • Mr. Trump paid no federal income taxes in 11 of 18 years that The Times examined. In 2017, after he became president, his tax bill was only $750.
  • He has reduced his tax bill with questionable measures, including a $72.9 million tax refund that is the subject of an audit by the Internal Revenue Service.
  • Many of his signature businesses, including his golf courses, report losing large amounts of money — losses that have helped him to lower his taxes.
  • The financial pressure on him is increasing as hundreds of millions of dollars in loans he personally guaranteed are soon coming due.
  • Even while declaring losses, he has managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and $70,000 in hairstyling for television.
  • Ivanka Trump, while working as an employee of the Trump Organization, appears to have received “consulting fees” that also helped reduce the family’s tax bill.
  • As president, he has received more money from foreign sources and U.S. interest groups than previously known. The records do not reveal any previously unreported connections to Russia.

It is important to remember that the returns are not an unvarnished look at Mr. Trump’s business activity. They are instead his own portrayal of his companies, compiled for the I.R.S. But they do offer the most detailed picture yet available.

Below is a deeper look at the takeaways. The main article based on the investigation contains much more information, as does a timeline of the president’s finances. Dean Baquet, the executive editor, has written a note explaining why The Times is publishing these findings.

In some teasers I give you details on just a few of the above mentioned takeaways.

His tax avoidance also sets him apart from past presidents.
Mr. Trump may be the wealthiest U.S. president in history. Yet he has often paid less in taxes than other recent presidents. Barack Obama and George W. Bush each regularly paid more than $100,000 a year — and sometimes much more — in federal income taxes while in office.

His daughter appears to have received some of these consulting fees, despite having been a top Trump Organization executive.
The Times investigation discovered a striking match: Mr. Trump’s private records show that his company once paid $747,622 in fees to an unnamed consultant for hotel projects in Hawaii and Vancouver, British Columbia. Ivanka Trump’s public disclosure forms — which she filed when joining the White House staff in 2017 — show that she had received an identical amount through a consulting company she co-owned.

Seven Springs, his estate in Westchester County, N.Y., typifies his aggressive definition of business expenses.
Mr. Trump bought the estate, which stretches over more than 200 acres in Bedford, N.Y., in 1996. His sons Eric and Donald Jr. spent summers living there when they were younger. “This is really our compound,” Eric told Forbes in 2014. “Today,” the Trump Organization website continues to report, “Seven Springs is used as a retreat for the Trump family.”
Nonetheless, the elder Mr. Trump has classified the estate as an investment property, distinct from a personal residence. As a result, he has been able to write off $2.2 million in property taxes since 2014 — even as his 2017 tax law has limited individuals to writing off only $10,000 in property taxes a year.

Thanks to Scriber’s Editor-at-Large Sherry.

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