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The biggest takeaways from the NYT's bombshell report on Trump's Taxes
In a bombshell report by the New York Times, they reveal a radically different image of President Trump as a fledgling businessman with a habitual avoidance to paying taxes, personal business dealings that are hemorrhaging cash, and as a debtor who owns hundreds of millions of dollars.
Here are the takeaways:
One startling discovery is before ascending to the presidency, Mr.Trump "paid no income taxes at all in 10 of the previous 15 years — largely because he reported losing much more money than he made," The Times wrote.
The Times alleges that President Trump only paid $750 in federal income taxes in 2016 and another $750 in 2017. And, Trump has technically paid more in taxes to foreign governments than to the US.
Trump made $427.4 million from his time at "The Apprentice," from licensing and endorsement deals, then spent most of his earnings on a "collection of businesses, mostly golf courses, that in the years since have steadily devoured cash."
To lower his tax liabilities, Mr.Trump hires family members as consultants. When the Times cross-checked documents, they found that Ivanka Trump was receiving "consultants' fee."
Within 2010 and 2018, "Mr. Trump wrote off some $26 million in unexplained "consulting fees" as a business expense across nearly all of his projects."
Trump is personally responsible for loans and debts totaling $421 million, nearly all due within the next four years. "Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president."
Another revelation from the article is that President Trump is in a legal fight with the IRS over a $72.9 million tax refund that he received in 2010; if Trump loses the case, he could pay up to $100 million.
What they're saying: