The New York Times article (which I read) says Trump paid $750 in taxes in 2016 and again in 2017 but no taxes at all in 10 of the last 15 years. “A devastating picture of a president who is counting on the presidency to prop him up.”
That assessment is consistent with the reasons that were given back in 2016 about why DJT finally did what he had often threatened to do and ran for president. He didn’t expect to win, but he felt it would burnish his fading brand.
Keep in mind that Trump has $421 million coming due within 4 years, including a possible $100 million (plus interest) penalty on the refund he got in 2010 for $72.9 million on the $95 million he had paid over 18 years. (Now in dispute with the IRS). It seems that, if you were really and truly wiped out in a bankruptcy, with nothing to show for your former business, you could request a tax refund, BUT, DJT claimed to have lost everything in the financial collapse of his casino when, in reality, he got 5% of the new casino company, which presents a problem for the refund he received.
Trump has always been bailed out by his wealthy father. But Daddy is dead and Trump has not been a good steward of his money, let alone of our country’s money (The national debt has risen by $6.6 trillion on Trump’s watch.)
Very few of the 500 or so companies that make up Trump’s holdings are money-makers. After his good year on “The Apprentice” in 2014, for which he received 50% of the revenue, he bought many properties (something like 12 golf clubs) which was ill-advised. Only Trump Tower of all of his purchases seems to have made money ($20 million a year) and he still has paid none of the principal on the $100 million that is due in 2022. Trump personally guaranteed $300 billion in loans, and they are coming due.
True, there were temporary gains from his run, including an uptick in memberships to Mar A Lago which brought in an extra $5 million a year, but owning country clubs is not a very lucrative proposition and they have consistently lost money for him, including $315 million lost by such courses as Doral in Miami, which he bought in 2012. Trump’s Washington Hotel has also not been doing well, despite the unwritten rule that those paying court to the U.S. President should stay there. It has lost $55 million since opening in 2016.
One of the more troubling bits of information, besides the fact that Trump paid almost no taxes in over 15 years, is the additional information that he paid taxes to other foreign entities, such as the $156,824 he paid on his $3 million in income from the Philippines, or the $145,400 he paid to India on the $2.3 million he made there, or the $15,598 he paid to Panama. He also earned $1 million from Turkey in 2012. At one point, Trump was selling stocks and bonds to raise more money (he only has $873,000 left to sell) and he has always licensed his name ($427.4 to license his name and the image of Trump). The Donald used to like to brag that he “owned the Empire State Building.” He did own the land on which it sat once, but no more.
Then there was the practice of calling Seven Springs in Westchester County (Bedfford, NY) an investment property some of the time and a residence some of the time.
Also troubling: taking a $22 million property tax deduction when a 2017 law says you can only deduct $10,000 a year. Most millionaires in Trump’s neighborhood financially end up paying 24.1% of their wealth to the government, but Trump has always claimed that he has lost so much money that it wiped out his need to pay anything into the treasury. Practices like paying Ivanka “consulting fees” ($747,622) to travel to Hawaii and Vancouver, British Columbia are probably not going to fly with the IRS. Neither will the $1.1 million in “consulting fees” or the $5 million collected from the hotel deal in Azerbaijan.
As historian Douglas Brinkley said, “He’s an outlaw that’s in trouble.”
How quaint to realize that it was Nixon’s only paying $792.81 on his 1970 income of $200,000 that caused it to be considered routine for presidents to release their tax records, something which, until Trump, had occurred with regularity since 1973.