WTF Community

Day 1348

1/ Trump paid $750 in federal income taxes in 2016 and 2017, and $0 in federal income taxes in 10 of the last 15 years because his businesses routinely reported losing more money than they made, according to two decades of tax data obtained by the New York Times. Trump further reduced his tax bill by claiming a $72.9 million tax refund in 2010 when he declared $1.4 billion in businesses losses, which the IRS has challenged. If auditors disallow Trump’s refund, he could be forced to pay more than $100 million. Trump is personally responsible for more than $300 million in loans that have to be paid off over the next four years. Most of Trump’s signature businesses, including his golf courses, reported losing large sums of money, which have helped to lower his tax bills. Trump also classified personal expenses, including his residences, aircraft, $70,000 in hairstyling for TV appearances, and more than $95,000 for hair and makeup services for Ivanka Trump, as business expenses. The tax data suggests that Trump also lowered his tax liability by paying his children as consultants for the businesses. As president, Trump has earned $73 million abroad in his first two years from foreign sources, despite pledging that he wouldn’t pursue new foreign deals while president. The records, however, do not reveal any previously unreported connections to Russia. In response to the report, an attorney for the Trump Organization said that “most, if not all, of the facts appear to be inaccurate,” but only took direct issue with the amount of taxes Trump had paid. (New York Times / Washington Post / CNN / Bloomberg / Daily Beast / The Guardian / New York Times / CBS News)

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