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Long-concealed Records Show Trump's Chronic Losses and Years of Tax Avoidance

W_Heisenberg

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The Times obtained Donald Trump’s tax information extending over more than two decades, revealing struggling properties, vast write-offs, an audit battle and hundreds of millions in debt coming due.

By Russ Buettner, Susanne Craig and Mike McIntire

Sept. 27, 2020

Donald J. Trump paid $750 in federal income taxes the year he won the presidency. In his first year in the White House, he paid another $750.

He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

As the president wages a re-election campaign that polls say he is in danger of losing, his finances are under stress, beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed. Also hanging over him is a decade-long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Mr. Trump has long fought to keep private tell a story fundamentally different from the one he has sold to the American public. His reports to the I.R.S. portray 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. Now, with his financial challenges mounting, the records show that he depends more and more on making money from businesses that put him in potential and often direct conflict of interest with his job as president.

The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks.

The returns are some of the most sought-after, and speculated-about, records in recent memory. In Mr. Trump’s nearly four years in office — and across his endlessly hyped decades in the public eye — journalists, prosecutors, opposition politicians and conspiracists have, with limited success, sought to excavate the enigmas of his finances. By their very nature, the filings will leave many questions unanswered, many questioners unfulfilled. They comprise information that Mr. Trump has disclosed to the I.R.S., not the findings of an independent financial examination. They report that Mr. Trump owns hundreds of millions of dollars in valuable assets, but they do not reveal his true wealth. Nor do they reveal any previously unreported connections to Russia.
Well, well, well...

At long last...
 

apdst

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Trump gamed the tax code and save millions in taxes. Good for him. This is a nothingburger.
 

Hatuey

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Trump gamed the tax code and save millions in taxes.
Gaming the tax code isn't legal.

Ask Al Capone.


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apdst

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Gaming the tax code isn't legal.

Ask Al Capone.


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Thought had by person at the White House: If you can remember, man, woman, car, camera, TV, you are fit to lead a country and no one has anything to worry about
Sure it is. Capone didn't game the tax code, he just didn't pay taxes. Big difference. ;)
 

Rexedgar

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Sure it is. Capone didn't game the tax code, he just didn't pay taxes. Big difference. ;)


****ing genius, bet there is a Trump Tower coming to Bagdad..............😁
 

Cardinal

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A couple of immediate takeaways here:

1)All of his businesses were bleeding money. He was relying on the Presidential campaign to revive his marketability since his Apprentice royalties were drying up, along with everything else.

2)He's profiting from the Presidency to stem the bleeding.

3)The truth is much sadder and yet more mundane than what we were expecting. Trump is just a terrible businessman with no business acumen.

4)He is running for a second term in which he would be $421M in debt. Hey, good luck on collect that debt if he wins!

Also...who the hell is he $421M in debt to??

5)In 2018, Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses.

6)He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

This is the guy everyone is hoping will dig us out of the recession.
 
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apdst

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Don’t post generalities........show me, apdst..........
I did show you, Rexedgar. If you're too lazy to read the information provided, that's your problem.
 

apdst

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A couple of immediate takeaways here:

1)All of his businesses were bleeding money. He was relying on the Presidential campaign to revive his marketability since his Apprentice royalties were drying up, along with everything else.

2)He's profiting from the Presidency to stem the bleeding.

3)The truth is much sadder and yet more mundane than what we were expecting. Trump is just a terrible businessman with no business acumen.

4)He is running for a second term in which he would be $421M in debt. Hey, good luck on collect that debt if he wins!

Also...who the hell is he $421M in debt to??

5)In 2018, Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses.

6)He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

And it looks like he was playing an accounting game by moving money around in a way to falsify his income and therefore avoid more taxes. And not the legal kind of money moving, either. More will be coming out.
You people have no clue how the tax code works, when it comes to corporations. I guess that's to be expected from folks who filled out the 1040EZ their entire lives, and/or qualified for the Earned Income Credit every year.
 

apdst

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By the way, did I mention that he's got $421 million in debt due within the next two years?
Trump does, or his business entity does. There's a difference, ya know.
 

calamity

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GDViking

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Well
You people have no clue how the tax code works, when it comes to corporations. I guess that's to be expected from folks who filled out the 1040EZ their entire lives, and/or qualified for the Earned Income Credit every year.
Well it seems that your business genius got 72.9 million in not so earned income.
How much money do you have to lose to get that kinda return???

At least this finally puts that bullshit that he is a billionaire to rest...
 

Citizen

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A couple of immediate takeaways here:

1)All of his businesses were bleeding money. He was relying on the Presidential campaign to revive his marketability since his Apprentice royalties were drying up, along with everything else.

2)He's profiting from the Presidency to stem the bleeding.

3)The truth is much sadder and yet more mundane than what we were expecting. Trump is just a terrible businessman with no business acumen.

4)He is running for a second term in which he would be $421M in debt. Hey, good luck on collect that debt if he wins!

Also...who the hell is he $421M in debt to??

5)In 2018, Trump announced in his disclosure that he had made at least $434.9 million. The tax records deliver a very different portrait of his bottom line: $47.4 million in losses.

6)He had paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made.

This is the guy everyone is hoping will dig us out of the recession.
He is a great businessman
 

apdst

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Well

Well it seems that your business genius got 72.9 million in not so earned income.
How much money do you have to lose to get that kinda return???

At least this finally puts that bullshit that he is a billionaire to rest...
He did, or his business entity did? Do you people honestly know this little about how the tax code works? Does it change your mind about a flat tax?
 
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