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. (our emphasis)
Some initial reactions --
Holy crap.
— The Hoarse Whisperer (@TheRealHoarse) September 27, 2020
The New York Times got its hands on Trump’s long-hidden tax info. Blockbuster reporting.
The punchline:
Trump is in bad financial shape, is in massive debt, may owe the federal gov $100 million, and shows all kinds of tax fraud red flags.
https://t.co/YJlFhNV5q8
Federal income taxes paid in 2017 (jointly with spouse):
— Max Kennerly (@MaxKennerly) September 27, 2020
Joe Biden - $3,742,974
Kamala Harris - $516,469
Bernie Sanders - $343,882
Elizabeth Warren - $268,484
Donald Trump - $750 https://t.co/1KkuViDUCe
.@JoeBiden & @DrBiden paid 6160% more in federal income taxes in ‘08 than pretend billionaire @realDonaldTrump did in ‘16.
— Kevin Cate (@KevinCate) September 27, 2020
How do you lose 915.7 million dollars in a year?
— Molly Jong-Fast🏡 (@MollyJongFast) September 27, 2020
No wonder he didn’t want to release his taxes
— Molly Jong-Fast🏡 (@MollyJongFast) September 27, 2020
The inability to run a casino was perhaps a clue.
— Richard M. Nixon (@dick_nixon) September 27, 2020
Old enough to remember when John Edwards’s $400 haircut was a huge scandal in American politics.
— Matt Fuller (@MEPFuller) September 27, 2020
Guessing Donald Trump writing $70,000 off his taxes for hairstyling won’t even register, let alone him not paying taxes most years in the last two decades! https://t.co/Co3OwAjJkg
This has to come up at Tuesday's debate. When and if it does, there'll be flop sweat rolling from Mango Mussolini like a waterfall. This throws him off any script he might have right before this critical head- to- head with Joe Biden. Biden should definitely pound him and remind taxpayers what he must think of them ("suckers" and "losers") at every opportunity.
