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Trump's tax records show he's 'carrying $421million in loans, his properties are in debt and he wrote off 70K for his haircuts on The Apprentice and 100K for Ivanka's favorite stylist'

Donald Trump's tax records show he's carrying $421million in loans and debt

  • The report by The New York Times was dismissed as 'fake news' by Trump 
  • Most of the debt comes from the Doral golf resort and Trump's Washington hotel 
  • Trump paid just $750 in federal income taxes in both 2016 and 2017, report says 
  • The Republican found took tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed The Apprentice
  • A $95,464 payment to Ivanka's favorite hair and makeup stylist was also listed
  • The report also suggests 'consulting fees' were given to the president's eldest daughter, which appear to have helped lowered the family's tax bill

Donald Trump's tax records show he is carrying a total of $421 million in loans and debt with a number of his properties said to be struggling financially. 

In a Sunday report, dismissed by the president as 'fake news,' The New York Times said most of that debt comes from the Doral golf resort in Florida - $125 million - and Trump's Washington hotel - $160 million. On top of that, a $100 million mortgage on Trump Tower in New York will come due in 2022.

Trump paid just $750 in federal income taxes in both 2016 and 2017, after years of reporting heavy losses from his business enterprises to offset hundreds of millions of dollars in income, the Times reported, citing tax-return data.

The Republican found multiple ways to reduce his tax bills, taking tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed 'The Apprentice.' A nearly $100,000 payment to daughter Ivanka's favorite hair and makeup stylist was also listed as a business expense.

The report also suggests 'consulting fees' were given to the president's eldest daughter, which appear to have helped lowered the family's tax bill. 

Trump has fiercely guarded his tax filings and is the only president in modern times not to make them public. He paid no federal income taxes in 10 of the past 15 years through 2017, despite receiving $427.4 million through 2018 from his reality television program and other endorsement and licensing deals.

Losses in the property businesses solely owned and managed by Trump appear to have offset income from his stake in 'The Apprentice' and other entities with multiple owners.  

A lawyer for the Trump Organization, Alan Garten, told the Times that 'most, if not all, of the facts appear to be inaccurate.' He said in a statement to the news organization that the president '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.' 

Donald Trump's tax records show he is carrying a total of $421 million in loans and debt with a number of his properties said to be struggling financially

Donald Trump's tax records show he is carrying a total of $421 million in loans and debt with a number of his properties said to be struggling financially

The report also suggests 'consulting fees' were given to the president's eldest daughter Ivanka, pictured, which appear to have helped lowered the family's tax bill

The report also suggests 'consulting fees' were given to the president's eldest daughter Ivanka, pictured, which appear to have helped lowered the family's tax bill

The details of the tax filings complicate Trump's description of himself as a shrewd and patriotic businessman, revealing instead a series of financial losses and income from abroad that could come into conflict with his responsibilities as president.

Trump's financial disclosures indicated he earned at least $434.9 million in 2018, but the tax filings reported a $47.4 million loss. 

The disclosure, which the Times said comes from tax return data it obtained extending over two decades, comes at a pivotal moment ahead of the first presidential debate Tuesday and weeks before a divisive election against Democrat Joe Biden.

The Times emphasized the documents reveal only what Trump told the government about his businesses, and did not disclose his true wealth. It did not have information about his personal returns from 2018 or 2019.

Trump has frequently pointed to his far-flung hotels, golf courses and resorts as evidence of his success as a developer and businessman. Yet these properties have been been draining money.

The Times reported that Trump has claimed $315 million in losses since 2000 on his golf courses, including the Trump National Doral near Miami, which Trump has portrayed as a crown jewel in his business empire. Likewise, his Trump International Hotel in Washington has lost $55 million, the Times reported.

Since 2015, his Mar-a-Lago resort in Florida has taken in $5 million more a year from a surge in membership. 

The Billy Graham Evangelistic Association spent at least $397,602 in 2017 at Trump’s Washington hotel. Overseas projects have produced millions more for Trump — $3 million from the Philippines, $2.3 million from India and $1 million from Turkey. 

Speaking at a news conference Sunday at the White House, Trump dismissed the report as 'fake news' and maintained he has paid taxes, though he gave no specifics. 

He also vowed that information about his taxes 'will all be revealed,' but he offered no timeline for the disclosure and made similar promises during the 2016 campaign on which he never followed through.

In fact, the president has fielded court challenges against those seeking access to his returns, including the U.S. House, which is suing to get Trump's tax returns as part of congressional oversight.

He is currently in a legal battle with New York City prosecutors and congressional Democrats who are seeking to obtain his returns. 

In a Sunday report, dismissed by the president as 'fake news,' The New York Times said most of that debt comes from the Doral golf resort in Florida, pictured - $125 million - and Trump's Washington hotel - $160 million

Trump’s Washington hotel, pictured, is said to be struggling financially

During his first two years as president, Trump received $73 million from foreign operations, which in addition to his golf properties in Scotland and Ireland included $3 million from the Philippines, $2.3 million from India and $1 million from Turkey, among other nations. 

The president in 2017 paid $145,400 in taxes in India and $156,824 in the Philippines, compared to just $750 in U.S. income taxes. The Times said the tax records did not reveal any unreported connections to Russia.  

During the first two years of his presidency, Trump relied on business tax credits to reduce his tax obligations. 

The Times said $9.7 million worth of business investment credits that were submitted after Trump requested an extension to file his taxes allowed him to offset his obligations and pay just $750 each in 2016 and 2017.

Income tax payments help finance the military and domestic programs.

Trump, starting in 2010, claimed and received an income tax refund that totaled $72.9 million, which the Times said was at the core of an ongoing audit by the IRS. The Times said a ruling against Trump could cost him $100 million or more.   

The Republican found multiple ways to reduce his tax bills, taking tax deductions on personal expenses such as housing, aircraft and $70,000 to style his hair while he filmed The Apprentice
A nearly $100,000 payment to daughter Ivanka's favorite hair and makeup stylist was also listed as a business expense. Trump is pictured with Ivanka and son Don Jr.
Trump attacks NYT and IRS after $750 tax return for 2016 released

Richard Neal, D-Mass., the chair of the House Ways and Means Committee who has tried unsuccessfully to obtain Trump's tax records, said the Times report makes it even more essential for his committee to get the documents.

'It appears that the President has gamed the tax code to his advantage and used legal fights to delay or avoid paying what he owes,' Neal wrote in a statement. 'Now, Donald Trump is the boss of the agency he considers an adversary. It is essential that the IRS's presidential audit program remain free of interference.' 

The New York Times said it declined to provide Garten with the tax filings in order to protect its sources, but it said its sources had legal access to the records.

During his first general election debate against Democrat Hillary Clinton in 2016, Clinton said that perhaps Trump wasn't releasing his tax returns because he had paid nothing in federal taxes.

Trump interrupted her to say, 'That makes me smart.'

KEY FINDINGS FROM THE REPORT ON TRUMP'S TAX RETURNS

TRUMP PAID JUST $750 IN TAXES IN BOTH 2016 and 2017.

The newspaper said Trump initially paid $95 million in taxes over the 18 years it studied. But he managed to recover most of that money by claiming — and receiving — a stunning $72.9 million federal tax refund. According to the Times, Trump also pocketed $21.2 million in state and local refunds, which are typically based on federal filings.

Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. The audit was widely known. Trump has claimed it was the very reason why he cannot release his returns. But the Times report is the first to identify the issue that was mainly in dispute.

As a result of the refund, Trump paid an average $1.4 million in federal taxes from 2000 to 2017, the Times reported. By contrast, the average U.S. taxpayer in the top .001% of earners paid about $25 million annually over the same timeframe.

TRUMP HAS FINANCED AN EXTRAVAGANT LIFESTYLE WITH THE USE OF BUSINESS EXPENSES

From his homes, his aircraft — and $70,000 on hair styling during his television show “The Apprentice” — Trump has capitalized on cost incurred from his businesses to finance a luxurious lifestyle.

The Times noted that Trump’s homes, planes and golf courses are part of the Trump family business and, as such, Trump classified them as business expenses as well. Because companies can write off business expenses as deductions, all such expenses have helped reduce Trump’s tax liability.

MANY OF HIS BEST-KNOWN BUSINESSES ARE MONEY-LOSERS

The president has frequently pointed to his far-flung hotels, golf courses and resorts as evidence of his success as a developer and businessman. Yet these properties have been been draining money.

The Times reported that Trump has claimed $315 million in losses since 2000 on his golf courses, including the Trump National Doral near Miami, which Trump has portrayed as a crown jewel in his business empire. Likewise, his Trump International Hotel in Washington has lost $55 million, the Times reported.

FOREIGN VISITORS HAVE HELPED SUPPORT TRUMP’S PROPERTIES

Since Trump began his presidential run, lobbyists, foreign governments and politicians have lavished significant sums of money on his properties, a spending spree that raised questions about its propriety and legality.

The Times report illustrates just how much that spending has been: Since 2015, his Mar-a-Lago resort in Florida has taken in $5 million more a year from a surge in membership. The Billy Graham Evangelistic Association spent at least $397,602 in 2017 at Trump’s Washington hotel. Overseas projects have produced millions more for Trump — $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.

TRUMP WILL FACE FINANCIAL PRESSURE AS DEBTS COME DUE

Trump seems sure to face heavy financial pressures from the enormous pile of debt he has absorbed. The Times said the president appears to be responsible for $421 million in loans, most of which will come due within four years. On top of that, a $100 million mortgage on Trump Tower in New York will come due in 2022.

Reporting by the Associated Press


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Comment by goliaph2020 on January 25, 2021 at 10:36am

Anna wrote:

"OMG! The most hilarious part was about Trump’s 70K off his haircuts. But seriously, I don’t like when multibillionaires try to pretend that they do not have any cash, and all their money is just borrowings from different banks. I have my own business, and I try to be more or less an honest player on the market. Besides, I don’t want to have any trouble with tax authorities and our government. I try to avoid any mistakes when I fill the tax declaration form. Luckily, recently I found an organization on https://taxfyle.com/ that helps me with my taxes. I even found out that sometimes I can apply for some benefits and pay lower taxes."

I'm glad that some people try to do their business honestly. Still, it drives me crazy when I have to submit my tax declaration form. They always find a mistake there.

Comment by Anna on January 25, 2021 at 8:58am

OMG! The most hilarious part was about Trump’s 70K off his haircuts. But seriously, I don’t like when multibillionaires try to pretend that they do not have any cash, and all their money is just borrowings from different banks. I have my own business, and I try to be more or less an honest player on the market. Besides, I don’t want to have any trouble with tax authorities and our government. I try to avoid any mistakes when I fill the tax declaration form. Luckily, recently I found an organization on https://taxfyle.com/ that helps me with my taxes. I even found out that sometimes I can apply for some benefits and pay lower taxes.

Comment by mr1stroke on October 2, 2020 at 1:43am

If you dumb niggers stop handing over your w2 form to unqualify mufuckers just may be you can learn how to take advantage of the tax benefits, Biden admitted it the other night at the debate because of the tax laws he and obama put aside people like Trump can use the system, as a small business person i take advantage of it every year, i start to gather my tax receipts as of july and keep them in order and categories for my preparer if i dont do it my self, the IRS is more impress when your lawyer submit your receipt expenses with explanation, every year the tax laws change, you can get a book from the irs or these days its right on their websites, poor people stay poor because they are lazy and accept poverty, if rich people cant do it they pay someone to do it, so how about you dumb mufuckers wake up and start getting involve in your own investment, if someone charge you $300 to prepare your taxes, why is your return the same as some one who gets it done for free at the community center? You dumb mufuckers, poverty is a cursed why not break the spell, youre reading the news, you dont think the irs know how much he makes and how much tax he paid, lol dumb niggers always fall for the bull and repeat what they hear on the white media, you niggers had 3 years to learn about his business, oh hell you niggers are voting for biden and dont know one thing about him, you niggers couldnt post one bill that he passed in your favor, but you can sure argue and run with the mouth and sound like fools, sad niggers 

Comment by vaughn mitchell on October 1, 2020 at 11:02pm
Let me get this straight. Wesley Snipes went to jail over his taxes, Red Fox, lost all his business and went bankrupt due to taxes, so did Richard Pryor, but racist , con man Trump get back Over 72 mill in taxes, and owe over 421, mill in loans and debts. Damn
Comment by stephen myers on September 29, 2020 at 6:44pm

'Black Power' fart idol Trump the white supremacist racist can kill his mother and he would still be like......we sick Boss?

Comment by vaughn mitchell on September 29, 2020 at 1:29pm
So this crooked, stealing ass con man, want to privatice our social security, did away with Obamacare, but have nothing else to replace it with. Now that some of his income statement has come out, let's see if the crooked Repubs, and his cronies still back him? They still will. The only reason he want to remain in power is because he knows he will go to jail when they view his tax records. All the crooked s*** he did in office will come to light.
Comment by vaughn mitchell on September 29, 2020 at 12:41pm
The Democrats, screw us because we do not threaten them, withhold our votes, and they lose, the Republicans, Don't do s*** for us, they have a racist agenda, back by bigots, and racist, helping the rich and F, over the poor. The Democrats are the leaser of two evils. This is a white man's country. They do not fear the black women like Oprah, but they fear a rich white man. They are jealous of our music, our culture, our looks, and our body. A rich black man is a danger to them, in order for that rich black man to survive he has to play both sides. Donate money to Republicans, and Democrats.
Comment by Jeffrey L Donovan on September 29, 2020 at 7:28am

Excellent points kiarra alvarez.  The Democrats screw us from infront, and the Republicans screws us from behind.  Black people need to change how we spend our money. We go into white resorts and spend money like a drunken sailor, as we try to impress White people.  Black men and women buy overprices handbags for our women, in an attempt to prove that we got it like that, while we go  to our apartment that is owned by a White person, and costing us thousands of dollars a month; we also buy 60 thousand+ vehicles to impress, even though we have to pay the White man hundreds of dollars a month in carnotes and insurance, then we wonder why we all have to run back to the White man for a few dollars to survive.

Comment by kiarra alvarez on September 29, 2020 at 1:18am
Comment by rhethe etntehrt on September 28, 2020 at 6:27pm

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