3. “Trump could face a huge tax bill”
Mr Trump received a $ 72.9 million tax refund from the Internal Revenue Service (IRS) after declaring huge business losses – but an audit now questions the legitimacy of the rebate, according to the New York Times.
If the audit rules long against Mr. Trump, he could be forced to repay the repayment of $ 72.9 million with interest and possible penalties that could total more than $ 100 million.
Mr Trump cited the audit as a ground for refusing to disclose his tax returns to the public and appeared to refer to the audit when he recently said the IRS was “treating me horribly.”
4. “Trump wrote off the consultation fee”
The New York Times also claims that the president’s tax returns show he reduced his taxable income by setting aside huge sums in consulting fees. According to the newspaper, between 2010 and 2018, Mr. Trump waived some $ 26 million in “consulting fees” as a business expense for his projects.
In almost all of his projects, Mr. Trump’s companies have allocated about 20% of their revenue to “consulting fees,” according to the newspaper’s analysis.
5. “Ivanka Trump also received ‘consulting fees'”
Mr Trump’s daughter, Ivanka Trump, appears to have received some of these “consulting fees” – despite being a senior executive in the Trump organization.
The newspaper says some of the charges listed in Mr. Trump’s files – namely $ 747,622 in fees to an unnamed consultant for hotel projects in Hawaii and Vancouver, B.C. – match exactly the income Ms. Trump listed in public disclosures.
6. “Trump wrote off $ 70.0000 on the hairstyle”
According to the New York Times, Mr. Trump’s career as a television presenter has been lucrative with The Apprentice show and sponsorship deals grossing him nearly $ 430 million.
But TV appearances also reportedly allowed her to deduct lavish business expenses from her taxes – including more than $ 70,000 paid to do her hair during The Apprentice and $ 95,000 paid to a favorite hairstylist and makeup artist of her daughter Ivanka Trump. according to the paper.
Mr. Trump’s homes, planes and golf courses are part of the Trump family business, and as such also classified them as business expenses, according to the Times.
7. “Trump received more money from foreign sources than previously known”
Mr. Trump received significantly more income from foreign sources than previously known, according to the New York Times. The newspaper’s analysis of his overseas holdings revealed that his income from overseas amounted to $ 73 million in his first two years in office.
Part of that would come from licensing deals in countries with authoritarian rulers.
The newspaper claimed that Mr. Trump’s income included $ 5 million from a hotel deal in Azerbaijan, $ 3 million from the Philippines, $ 2.3 million from India and $ 1 million from Turkey.
8. “Trump paid more taxes abroad than in the United States”
According to the documents, Mr. Trump’s significant sources of income from foreign countries also meant that he had reported paying more taxes abroad than he did in federal income taxes in the United States.
For example, in 2017, he or his companies paid $ 15,598 in Panama, $ 145,400 in India, and $ 156,824 in the Philippines. In the same year, he paid only $ 750 in US federal income taxes.
9. “Trump faces debts totaling $ 421 million”
The constant theme of the New York Times analysis of Mr. Trump’s tax information is that the president’s finances are in dire straits, with some of his companies losing millions of dollars. There are also large debts that he has personally guaranteed.
In total, Mr. Trump is personally responsible for loans and other debts totaling $ 421 million, most of which is due within the next four years, according to the newspaper. On top of that, a mortgage of $ 100 million on Trump Tower in New York will be due in 2022.
If Mr. Trump were to be re-elected in November, the president and his lenders could be placed in an unprecedented position.
10. “Foreign interests and American lobbyists spend a lot on Trump”
American lobbyists, foreign governments and politicians have all helped prop up Mr. Trump’s properties by pouring large sums into his hotels, private club, and golf resorts.
Since 2015, its resort town of Mar-a-Lago in Palm Beach, Florida has received an additional $ 5 million a year thanks to an increase in membership, according to the New York Times. Meanwhile, US lobby groups and foreign officials have spent large sums of money at the Trump Hotel in Washington DC in hopes of winning the love of the US president.
This has raised conflict of interest concerns given Mr. Trump’s refusal to divest himself of his business interests during his tenure.