DCR Finance & Politics:New report claims Trump didn’t pay taxes for years, because his business empire reported losing more money than it made. ☕☕☕

Ayyyeee… What’s Goodie Everyone. So I got some tea and it involves a New Report of Trump not paying taxes for years. Here is why.

Donald Trump

Trump paid $750 in federal income taxes the year he won the presidency. But in his first year in the White House, he paid another $750. He had paid no income taxes at all in 10 of the previous 15 years largely because he reported losing much more money than he made. This is all according to The New York Times exclusively;

Now that the president wages a reelection campaign; polls say that he is in danger of losing, his finances are under stress, by losses and hundreds if not millions of dollars in debt coming due that he has is personally guaranteed. Also hanging over him is a decade long audit battle with the Internal Revenue Service over the legitimacy of a $72.9 million tax refund that he claimed, and received, after declaring huge losses. An adverse ruling could cost him more than $100 million.

The tax returns that Trump has fought to keep private tell such a different story from the one he has told the American public. His reports to the I.R.S. portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes. And with his financial challenges stacking up, the records show that he depends more and more on making money from businesses that put him in potential direct conflict of interest with his job as president.

The New York Times obtained tax return documents extending over more than two decades for Trump and the hundreds of companies that make up his business organization, which includes detailed information from his first two years in office, but doesn’t include his personal returns for 2018 or 2019.

In response to a letter about The Times’s findings, Alan Garten, a lawyer for the Trump Organization, said that “most, if not all, of the facts appear to be inaccurate” and requested the documents on which they were based. This is after The Times declined to provide the records, in order to protect its sources, Mr. Garten took direct issue only with the amount of taxes Mr. Trump had paid.

“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,” Mr. Garten said in a statement.

The tax data examined by The Times provides revelations, from write offs for the cost of a criminal defense lawyer and a mansion used as a family retreat to a full accounting of the millions of dollars the president received from the 2013 Miss Universe pageant in Moscow together with related financial documents and legal filings, the records offers a detailed look inside the president’s business empire. reveal the hollowness but also the wizardry, behind the “self made billionaire” image 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.

“The Apprentice,” along with the licensing and endorsement deals that flowed from his expanding celebrity, brought Trump a total of $427.4 million, The Times’s analysis of the records found. He invested much of that in a collection of businesses, mostly golf courses, that in the years since have steadily devoured cash much as the money he secretly received from his father financed a spree of quixotic overspending that led to his collapse in the early 1990s. According to The New York Times;

As the legal and political battles over access to his tax returns have intensified, Trump has often wondered aloud why anyone would even want to see them. “There’s nothing to learn from them,” he told The Associated Press in 2016. There is far more useful information, he has said, in the annual financial disclosures required of him as president which he has pointed to as evidence of his profitable, business universe.

At the Mar-a-Lago club in Palm Beach, Florida, a flood of new members starting in 2015 allowed him to pocket an additional $5 million a year from the business. In 2017, the Billy Graham Evangelistic Association paid at least $397,602 to the Washington hotel, where the group held at least one event during its four day World Summit in Defense of Persecuted Christians.

The Times was also able to take the time to measure to date of the president’s income from overseas, where he holds ultimate sway over American diplomacy. When he took office, Trump said he would pursue no new foreign deals as president. Even so, in his first two years in the White House, his revenue from abroad totaled $73 million. And while much of that money was from his golf properties in Scotland and Ireland, some came from licensing deals in countries with authoritarian leaning leaders or thorny geopolitics for example, $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.

He reported paying taxes, in turn, on a number of his overseas ventures. In 2017, the president’s $750 contribution to the operations of the U.S. government was dwarfed by the $15,598 he or his companies paid in Panama, the $145,400 in India and the $156,824 in the Philippines.

All of the information The New York Times obtained was provided by sources with legal access to it. While most of the tax data has not previously been made public, The New York Times was also able to verify portions of it by comparing it with publicly available information and confidential records previously obtained by The New York Times.

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