Trump paid $750 in taxes during his first year in office
The New York Times obtained 18 years of the president's tax returns, revealing years of tax avoidance and looming financial pressures for the sitting president.
Trump Tower in New York City. President Donald Trump’s tax returns were released to the New York Times, who published a gigantic exposé. (Photo by Tyler Tornberg via Pexels)
A massive New York Times investigation into President Donald Trump’s tax returns was published this week. It quickly became one of the most viral investigative news stories on social media during the Trump era. Here are the highlights:
Trump paid a total of $750 in taxes 2016 when he was running for president and in his first year in office in 2017. In contrast, the National Association of College Stores found students spent $942 on average on course materials, technology and supplies in 2018-19.
In 10 of the past 15 years, Trump paid no federal income taxes at all. Of the 18 years the New York Times investigation team had access to, Trump paid federal income tax in only seven of those years.
Trump paid nearly $95 million in taxes over that time period but was able to recoup much of that money in the form of a $72.9 million refund he applied for and received starting in 2010. This refund is currently being audited by the Internal Revenue Service.
Trump was able to lower his taxable income through a series of declared losses at his major businesses. Some expenses were personal expenditures he declared as business charges, including:
$2.2 million in property taxes for the Trump family’s Seven Springs estate in Bedford, New York, by listing it as an investment property despite it being labeled as a “retreat” on the Trump Organization’s website.
$70,000 in personal hair care during the taping of “The Apprentice.”
$100,000 to a hair and makeup artist for his daughter Ivanka Trump.
A series of consulting fees on business deals, totaling around $26 million. The Times connected about $750,000 of those consulting fees to a company owned by Ivanka Trump, despite the fact the president’s daughter is already a high-ranking executive in the Trump Organization.
The $100 million mortgage on Trump Tower is due in 2022, of which Trump has not paid any of the principal. It could result in Trump owing the government in excess of $100 million, should he lose his IRS audit case as well.
Trump is also personally responsible for $421 million in other loans he guaranteed.
Trump has not been charged tax fraud or any other crime. During the presidential debate on September 29, Trump said he has “paid millions of dollars in taxes.” Trump has previously argued his tax avoidance is a product of him being “smart.”