After four long years, we finally know why Trump didn’t want to release his tax returns: abominably, he thought his terrible haircuts and adult age children were worthy of write-offs. Oh yeah… and the year he was elected he only paid $750.00.
Long before his 2016 presidential election bid, Trump dodged calls to reveal his tax returns. At the time of his bid, however, he refused to take part in a 40-year tradition carried out by presidential nominees to release tax returns to the public. During his initial run, Trump falsely claimed that he was unable to release his returns publicly while they were under audit, and throughout his presidency, he has avoided sharing them despite grand jury subpoenas. Fortunately, thanks to a piece published by The New York Times, they’re finally getting a chance to see the light of day.
On Sunday, The New York Times published the first of several reports examining Trump’s tax information.
In 2016, Trump became the first president since 1976 to not release his tax records. The decision promptly roused dismay and questions about whether the records carried “undisclosed conflicts of interest that may impair his ability to make impartial policy decisions.”
According to NYT’s latest exposé, Trump (a man who has long boasted about his wealth and has also claimed a net worth of billions of which he has also declared to be self-acquired) paid a mere total of $750 in federal income taxes in 2016 and 2017.
While the Times report did not cover 2018 and 2019 tax filings, the newspaper looked into 18 years of Trump’s tax returns. They also looked into his business dealings as far back as 2000 and found that in 10 of those years, the president of the United States failed to pay any income taxes “largely because he reported losing much more money than he made.”
The Times also revealed that Trump “racks up chronic losses that he aggressively employs to avoid paying taxes” despite millions in income and property. In a statement for the piece, Alan Garten an attorney for the Trump Organization claimed to the Times that “most, if not all, of the facts, appear to be inaccurate.” NoteL the Times underlined that Garten appeared to be “conflating income taxes with other federal taxes.”
According to the article, beginning in 2010, Trump had been given a $72.9 million tax refund from the IRS.
The Times article explains in detail how Trump has managed to handle his business and categorize his wealth. The paper found that most often, Trump claimed his expenses as deductions from his tax bill chalking them up to business expenses. These include nearly $70,000 in hairstyling costs for his time on NBC’s “The Apprentice” over $300,000 for landscaping of the Mar-a-Lago Club and $95,000 written off for hair and makeup done for his daughter Ivanka. That’s right, the president wrote off his own adult children.
Addressing the report, the Times noted that they would not include the actual tax documents in its coverage to avoid outing its sources.
“We are publishing this report because we believe citizens should understand as much as possible about their leaders and representatives — their priorities, their experiences and also their finances,” Times editor Dean Baquet wrote in an editor’s note. “Every president since the mid-1970s has made his tax information public. The tradition ensures that an official with the power to shake markets and change policy does not seek to benefit financially from his actions.”
In response to the reports, Trump called the story “fake news” during a White House press conference on Sunday.
Speaking about the piece, Trump bemoaned that the IRS “does not treat me well.” “It’s totally fake news. Made-up, fake,” he continued. “We went through the same stories, people you could’ve asked me the same questions four years ago. I had to litigate this and talk about it. Totally fake news… Actually, I paid tax, and you’ll see that as soon as my tax returns — it’s under audit,” Trump went onto explain. “They’ve been under audit for a long time. The IRS does not treat me well. … They don’t treat me well; they treat me very badly. You have people in the IRS, they treat me very, very badly…But they’re under audit. And when they’re not, I would be proud to show you, but that’s just fake news.”
It’s important to note that even an audit could not prevent Trump from releasing his tax records to the public.
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