Entertainment Trump's Tax Records Show Hundreds of Millions of Dollars in Debt, New York Times Reports

02:31  28 september  2020
02:31  28 september  2020 Source:   thewrap.com

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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 Losses reported by businesses Mr. Trump owns and runs helped wipe out tax bills on hundreds of millions of dollars in celebrity income.

The New York Times obtained records from 1995 showing that Donald J. Trump “That being said, Mr. Trump has paid hundreds of millions of dollars in property taxes , sales and excise taxes Reports by New Jersey’ s casino regulators strongly suggested that Mr. Trump had claimed large net

Donald Trump wearing a suit and tie © TheWrap Donald Trump

The New York Times has obtained Donald Trump's tax information covering the past two decades and found that the president has paid a total of $1,500 in federal taxes since taking office and paid no income tax at all 10 of the previous 15 years because he reported losing more money than he made each year.

President Trump has avoided releasing his tax records since before he secured the Republican nomination, but the New York Times reported Sunday that his tax information reveals his finances have been in trouble for 20-plus years.

CNN's Poppy Harlow Shuts Down Trump Spokesperson Who Tries to Deflect Tax Inquiry: 'I Ask the Questions' (Video)

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The NYT also claims the documents show Trump losing millions of dollars from his golf courses, "vast write-offs, an audit battle and hundreds of millions in debt coming due" and that Trump earned million abroad. Combined, Trump initially paid almost million in federal income taxes over

By claiming losses, Mr. Trump apparently saved millions of dollars in taxes that he would otherwise have owed. The White House responded without even Limited information about Mr. Trump ’ s tax returns from other years has surfaced in court and regulatory records . A 1981 report by New Jersey

Among the issues, the New York Times says Trump is "beset by losses and hundreds of millions of dollars in debt coming due that he has personally guaranteed" and an audit disagreement with the IRS over the legitimacy of a $72.9 million tax refund that he received after claiming a loss.

The tax return data the New York Times obtained covers the hundreds of companies that fall under Trump's business organization's umbrella and does not include his personal returns from 2018 or 2019.

If the IRS rules against him, it could cost Trump more than $100 million, the Times reports.

The filings show what 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."

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The Times reported : “ Trump ’ s private records show that his company once paid 7,622 in fees to an unnamed consultant for hotel projects in The newspaper also reported that Trump is facing a major financial bill, as within the next four years, hundreds of millions of dollars in loans will come

His federal ethics filings show hundreds of millions of dollars in outstanding loans and a business network owned through a web of corporate For example, as The New York Times reported last year, Mr. Trump and his siblings set up a sham corporation in the early 1990 s to disguise millions of

"Most, if not all, of the facts appear to be inaccurate," Alan Garten, a lawyer for the Trump Organization, told The Times in a letter summarizing its findings. Garten requested a copy of the documents on which the report is based but the outlet declined the request.

"Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015," Garten said in a statement.

That assessment is struck down by The Times, which says Garten is combining income taxes with other federal taxes Trump paid, such as Social Security, Medicare and taxes for his household employees. Garten also stressed that some of what the president owed was "paid with tax credits."

The Times writes, "Together with related financial documents and legal filings, the records offer the most detailed look yet inside the president's business empire. They reveal the hollowness, but also the wizardry, behind the self-made-billionaire image — honed through his star turn on 'The Apprentice' — that helped propel him to the White House and that still undergirds the loyalty of many in his base."

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President Donald Trump ' s businesses have hemorrhaged hundreds of millions of dollars over the last two decades, according to The New York Times . He is personally responsible for more than 0 million in debt , most of which is coming due within the next four years, according to the Times .

New York Times : Tax documents show Trump businesses lost more than billion in a decade. The Times previously reported that Trump helped "his parents dodge taxes " in the 1990 s , including "instances of outright fraud," and that he and his siblings helped his parents hide millions of dollars

It adds, "Ultimately, Mr. Trump has been more successful playing a business mogul than being one in real life."

The team of New York Times reporters combed through the personal and corporate tax records for President Trump and his businesses in the U.S. and abroad, stretching from his time as a New York real estate developer to the beginning of his presidency. Additional articles are to come as they uncover more information in the documents.

"We are publishing this report because we believe citizens should understand as much as possible about their leaders and representatives — their priorities, their experiences and also their finances," New York Times executive editor Dean Baquet said in a letter to the public.

"As a candidate and as president, Mr. Trump has said he wanted to make his tax returns public, but he has never done so. In fact, he has fought relentlessly to hide them from public view and has falsely asserted that he could not release them because he was being audited by the Internal Revenue Service," Baquet went on.

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The Times also reported that Trump has hundreds of millions of dollars in debt coming due, and is still engaged in a decade-long dispute with the Internal Revenue Service over a .9 million tax refund that he claimed after reporting business losses. Trump reportedly could be on the hook for

The New York Times ’ findings raise new questions about Donald Trump ’ s refusal to release his income tax returns, breaking with decades of practice by past How Fred Trump transferred 1,032 apartments to his children without incurring hundreds of thousands of dollars in gift taxes is unclear.

"The records show a significant gap between what Mr. Trump has said to the public and what he has disclosed to federal tax authorities over many years. They also underscore why citizens would want to know about their president's finances: Mr. Trump's businesses appear to have benefited from his position, and his far-flung holdings have created potential conflicts between his own financial interests and the nation's diplomatic interests."

The New York Times had previously obtained Trump's 1995 tax records, which suggested his $916 million loss on his 1995 income tax return could have "allowed him to legally avoid paying any federal income taxes for up to 18 years." According to its reporting, the mismanagement of three Trump Atlantic City casinos, his failed venture in the airline business and a badly timed purchase of the Plaza Hotel in Manhattan caused the massive financial loss — but equally massive tax break.

Video: NYT obtains two decades of Trump’s tax returns revealing years of tax avoidance (MSNBC)

Debate Will Be 'Quite Easy' for Trump, Kayleigh McEnany Predicts (Video) .
White House Press Secretary Kayleigh McEnany told "Fox & Friends" Monday morning that President Trump will find Tuesday's debate against Joe Biden "quite easy." After mentioning Trump's coronavirus economic response and fast-tracking of a (still-unavailable) vaccine, McEnany said, "His results tell the story, which will make it a debate that is quite easy when you have so many accomplishments to share." McEnany confirmed that she, former New Jersey Gov.

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