What Did We Learn from Trump’s Tax Returns?
The New York Times released a bombshell report (below) revealing Trump’s tax returns. In 2016, Trump shocked many with his refusal to disclose his tax returns, a common norm for presidential candidates. Throughout his presidency, ongoing pressure and legal attempts have failed to get him to hand over the returns. Here’s what we’ve learned from the NYT’s reveal:
Donald J. Trump paid $750 in federal income taxes the year he won the presidency. 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.
A large part of the reason why Trump and the Trump Organization were purportedly able to minimize tax payments was by claiming that substantial personal expenses, including Trump’s lavish use of multiple residences, personal aircraft, and even hairstyling for his television appearances, should offset income. The reporting also shows a longtime strategy of tax avoidance using purported losses from Trump Organization entities as a bulwark against paying taxes.
One eye-catching takeaway from the deep look into Trump’s strenuously shielded tax filings is that Trump loses a lot of money. Like, a lot. He loses millions at his prized foreign and U.S. golf properties, the Trump International Hotel in Washington, D.C., and many of the roughly 500 entities that make up the Trump Organization.