The president reportedly paid just $750 in federal income taxes in 2016
Photo: Chip Somodevilla/Getty Images On Sunday, the New York Times published a massive investigation into President Trump’s tax returns, revealing years of aggressive write-offs, tax avoidance, and staggering losses. The report comes at an inopportune time for a president facing an uphill reelection battle and a potential investigation for tax fraud by the Manhattan District Attorney.
The amount he paid in U.S. taxes in 2017 was also far less than his businesses paid to some other countries overseas. Per the Times, Trump’s companies paid more than $145,000 in taxes to India that year, more than $156,000 to the Philippines, and more than $15,000 to Panama. A new look at how Trump and his businesses may be profiting from his presidency According to the Times, monthly credit card receipts reported to the IRS by third party firms point to how consumer interest in some of his companies spiked during his campaign and presidency. Cautioning that the data does not reveal total revenue, the Times reports that monthly receipts at the Trump International Hotel in Washington D.C. “grew from $3.7 million in December 2016 shortly after it opened, to $5.
The IRS is auditing a $72.9 million tax refund Because of the suspect ways he has reduced his tax responsibility, the Times reports that Trump is currently subject to an Internal Revenue Service audit of a $72.9 million tax refund. According to the investigation, Trump claimed a total loss from one of his disastrous casinos, despite getting a 5 percent stake in the company that emerged from the bankruptcy.
The majority of the losses came from the Trump National Doral resort in Miami, which he bought for $150 million in 2012 — and where he attempted a cash injection last year by proposing the G7 be held there. By 2018, despite putting $213 million into that resort, Trump had reported losses from it totally more than $162 million. Trump also reported a total of $63.6 million in losses from his family’s three European golf courses .
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