Trump's BIG tax dodge. $750 for 2 years? $0 for other years

Rathdrum ID

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Before becoming president, Mr Trump was known as a celebrity businessman and property mogul, building an image of a hugely successful self-made billionaire which could be dented by the latest revelations, observers say. But the newspaper says his reports to the IRS "portray a businessman who takes in hundreds of millions of dollars a year yet racks up chronic losses that he aggressively employs to avoid paying taxes". In an annual financial disclosure that he is required to make as president, President Trump said he made at least $434.9m in 2018. The newspaper disputes this, alleging that his tax returns show the president had instead gone into the red, with $47.4m in losses "Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015," he said. By using the term "personal taxes", the New York Times points out, Mr Garten appears to be conflating other federal taxes paid by Mr Trump - such as social security, Medicare and taxes for people who work in his household - with federal income tax. The newspaper also claims that "most" of Mr Trump's biggest businesses - such as his golf courses and hotels - "report losing millions, if not tens of millions, of dollars year after year". "That equation is a key element of the alchemy of Mr Trump's finances: using the proceeds of his celebrity to purchase and prop up risky businesses, then wielding their losses to avoid taxes," it says. It adds that the president is personally responsible for more than $300m in loans, which will come due in the next four years. The newspaper also alleges that some of President Trump's businesses have received money from "lobbyists, foreign officials and others seeking face time, access or favour" from the ex-president.