This must be a nightmare for Donald Trump, no matter how much he denies. However, the truth is, the ugly tale of Donald Trump’s taxes is the ostensible end of Trump’s political career. Of course, if he doesn’t end up swindling the votes this time.
This is the last news that President Trump would expect to go out weeks before the US elections 2020. New York Times released an astounding report on Donald Trump’s tax record for the past two decades which says-
Donald Trump paid $0 federal taxes in the 10 of the 15 last years and paid only $750 federal tax after occupying White House as the President of the United States.
In the past 18 years, President Trump has only paid federal taxes 11 times and what he should be more worried about is the fact that this is not all. The New York Times wrote that they have more research to be released later in the coming weeks.
The reason being stated here for the non-payment of taxes is largely because Trump lost more money than he made which is itself, a question mark itself on the much hailed image of Donald Trump as a business pioneer.
When asked about the same, Trump refused to accept the allegations and said they are all false. And Don’t tell us you didn’t see it coming!
Was contesting for election a way to escape tax liabilities by Donald Trump?
Trump’s business was saturated with losses of almost $100 million when in 2015 he decided to run for the oval.
As per Time’s report, there was a major increase in the monthly receipts of the Trump International Hotel in Washington D.C, — “from $3.7 million in December 2016 shortly after it opened, to $5.4 million in January 2017 and $6 million by May 2018.”
This information was extracted from Internal Review Service who was reported by third party firms, about the monthly credit card receipts. It also reflected the increased interest by consumers in his businesses during his presidency campaigns.
Here are some more points from the report that will give you a clearer overview of how Presidency campaign worked out for Trumps businesses:
- Within three months of announcement of Trump’s candidacy, his credit card revenue at Trump National Doral in Miami reported two times more increase.
- Remarkable number of new members after the presidential campaign of Donald Trump resulted in dramatic profit increase for Mar-a-Lago.
To quote Times– “The membership rush allowed the president to take $26 million out of the business from 2015 through 2018, nearly triple the rate at which he had paid himself in the prior two years.”
- 40 Wall Street building, Manhattan, owned by Donald Trump witnessed a jaw-dropping increase in its rental income by $12 million from 2014-2018.
And how the U.S. government suddenly became the guardian of Donald Trump’s business
According to a report by The Washington Post, $1.1 million of taxpayer’s money has been deflected to Trump’s properties since the beginning of his term in White House.
To quote Washington Post:
“Those documents show that Trump’s own actions caused much of this spending: the president has visited his properties more than 270 times, bringing along Secret Service agents and aides whose rooms were paid for by the government. The Trump Organization charged taxpayers rates as high as $650 per night for their rooms.”
Time’s report also talks about how Donald Trump managed to reduce his tax responsibilities through unscrupulous means. He will undergo IRS audit of tax refund worth $72.9 million.
Trump’s Golf Course Properties, His Star Assets, Are In Major Loss
One of the star member in all Donald Trump assets are his Golf Course properties. And one can gauge the grave amount of losses he is under by the fact that all his golf course properties are facing drastic losses.
Three golf course properties owned by Donald Trump in U.K. are Trump Doonbeg in Ireland, Trump Turnberry and Trump International Golf Links Aberdeen in Scotland. During the official visit to Turnberry in 2018, Trump and his administrative staff stayed in his resort. Expenses were financed by the U.S. government.
NY Times repost reveals that all the three properties were in grave losses of $63.6 since 2010 till 2018.
Increase in foreign receipts, especially from countries with authoritarian leadership
There has been a drastic upsurge in income from foriegn countries for Trump then the previous years. In the intial two years of his term in White House, he recieved $73 million worth revenue from outside world.
This involved 5 million from a hotel deal in Azerbaijan, $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.
Huge income from outside world further implies that Donald Trump ended up paying more taxes in the foriegn countries than the U.S.
To be more specific, his companies paid $15,598 in Panama, $145,400 in India and the $156,824 in the Philippines while only $750 in US federal income taxes. This was in year 2017.
President Donald Trump or King Of Tax Evasion?
Here is some information that might be too hard to swallow- Donald Trump has failed to pay back his lenders, a sum of whopping $287 million since 2010. It has already been reported that Trump owes hundreds of millions of dollars to Deutsche Bank but here is what you should know-
If Donald Trump wins 2020 U.S. Presidential Elections, he will exploit federal laws to turn away lenders worth $42i million of loans. With taxpayers money or discrepancy in government funds? Who knows, but he will.
Unexplained consulting fee, allegedly transferred to Ivanka Trump
Under unexplained consulting fees, Donald Trump wrote off $26 million in the years 2010-2018. Evidence suggests that this unnamed consultant was none other than his daughter, Ivanka Trump.
To quote Time’s magazine:
The “consultants” are not identified in the tax records. But evidence of this arrangement was gleaned by comparing the confidential tax records to the financial disclosures Ivanka Trump filed when she joined the White House staff in 2017. Ms. Trump reported receiving payments from a consulting company she co-owned, totaling $747,622, that exactly matched consulting fees claimed as tax deductions by the Trump Organization for hotel projects in Vancouver and Hawaii.
Ms. Trump had been an executive officer of the Trump companies that received profits from and paid the consulting fees for both projects — meaning she appears to have been treated as a consultant on the same hotel deals that she helped manage as part of her job at her father’s business.
If you think this can’t be worse, here is another one for you —
New York Times also revealed in its report that Trump wrote of his lifestyle expenses as the business expenses in the books. This includes expenses like his $70,000 haircut, cost of his aircraft and six-figure hair and dress stylist’s expenses of Ivanka Trump.
With uncensored remarks and intentions pouring from the controversial President were already digging his grave in the U.S. elections. This report is sure to assist with a shovel or two.