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Politics The most shocking revelations from The New York Times report about Trump's tax returns

03:15  28 september  2020
03:15  28 september  2020 Source:   businessinsider.com

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Many of President Trump ’ s properties operate at a loss, but Trump Tower in Manhattan is an exception, regularly earning him more than million a year.Credit Haruka Sakaguchi for The New York Times .

Trump pays little tax . The Times reported that Trump paid no federal income taxes in 11 of 18 years the newspaper looked at. Such a revelation might further tarnish the reputation of Ivanka, a The Times report on his tax returns is clear that Trump ’ s businesses have indeed benefited from his

Donald Trump wearing a suit and tie: President Donald Trump at an event in Doral, Fla. Photo by SAUL LOEB / AFP © Provided by Business Insider President Donald Trump at an event in Doral, Fla. Photo by SAUL LOEB / AFP
  • A report released by The New York Times on Sunday gave Americans a look into President Trump's finances.
  • 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.
  • Losses at Trump golf courses have exceeded $315 million since 2000, according to The Times.
  • Trump has received millions from foreign licensing deals, per the Times.
  • In 2017 and 2018, his first two years as president, Trump reportedly received $73 million in revenue from his interests in other countries.
  • Visit Business Insider's homepage for more stories.

In a blockbuster report on President Donald Trump's taxes released by The New York Times on Sunday, a number of financial figures stood out as especially damning, from a controversial $72.9 million income tax return to a stream of funding from foreign sources.

Trump's tax records show he's carrying $421million in loans and debt

  Trump's tax records show he's carrying $421million in loans and debt In a Sunday report that Trump, main, dismissed as fake news', The New York Times said the president also paid no federal income taxes in 10 of the previous 15 years through 2017. Ivanka is inset.In a Sunday report, dismissed by the president as 'fake news,' The New York Times said most of that debt comes from the Doral golf resort in Florida - $125 million - and Trump's Washington hotel - $160 million. On top of that, a $100 million mortgage on Trump Tower in New York will come due in 2022.

Here's what we do know about Trump ' s taxes -- thanks to reporting by The New York Times , among others: On his 1995 tax return , Trump declared a loss of 6 million Especially since Trump has routinely railed against companies taking advantage of the tax code to avoiding paying any taxes at all.

“ The New York Times ’s allegations of fraud and tax evasion are 100 percent false, and highly Most notably, the documents include more than 200 tax returns from Fred Trump The manipulation of values to evade taxes was central to one of the most important financial events in Donald Trump ’ s life.

Here are the most shocking facts revealed in Trump's tax records, as reported by The Times:

  • Trump only paid $750 in taxes in both 2016 and 2017.
  • In 11 of the 18 years that were examined by The Times, Trump failed to 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) or 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 has been fantastic for business at The Mar-a-Lago club, 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 return that is being audited by the IRS. He received the sum after claiming heavy losses, but if loses his appeal with the IRS, he will have to pay over $100 million to the federal government.
  • 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 a total of $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.

Read the original article on Business Insider

Here's what was true and what was false from the first debate .
As Trump and Biden attempted to make their points on the debate stage in Cleveland, NBC News fact-checked their claims in real time.NBC News fact-checked their statements in real time. For full coverage, visit the debate live blog.

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This is interesting!