The losses are very real - and some are very large. Trump has once again been able to claim annual losses that wash away much of his taxable income. With the addition of money-losing golf resorts in the United States and Europe, as well as a hotel in the Old Post Office in Washington, Mr. Trump used a bold financial move to turn the tables on the I.R.S. After a brief period of indebtedness to the I.R.S., he was able to return to tax avoidance by claiming losses on the businesses he owned and operated.Īs his businesses bled money yet again, Mr. They were some of the biggest tax bills of his life and were far more than anything he would owe over the next decade, which would see him pay no taxes at all for five years and only $750 during his first year as president. But that option was largely used up by the time his “Apprentice” and licensing profits kicked in, and over a three-year period starting in 2005, he paid over $70 million to the Internal Revenue Service. Trump had long managed to sidestep taxes in part because of nearly $1 billion in business losses he incurred in the 1990s and could carry forward to cancel out income in future years.
Trump suddenly found himself having to pay income taxes for the first time in years. With so much money pouring in from his newfound celebrity and the branding associated with it, Mr. Trump, but it also left him with something unfamiliar: a large tax bill. Trump during a presidential debate in 2016 of not paying federal taxes, he quipped, “That makes me smart.Fame brought a windfall to Mr. When Democrat Hillary Clinton accused Mr. But the size of his losses could lead to more questions about how he managed to keep his empire afloat.Īnd the lack of paying federal income taxes for an extended period is certain to be raised by Democrats as a campaign issue in 2020. Trump had suffered business setbacks during the period in question. Trump made money by suggesting he was about to take over companies, making millions of dollars off soaring stocks - then losing those gains “after investors stopped taking his takeover talk seriously,” the paper said. Some years it was dominated by stock earnings, while one year he claimed more than $67.1 million in salary, and another time showed what the paper called a “mysterious $52.9 million windfall in interest income.” Trump’s income stream, which it said changed year to year. The Times said it obtained other data from its source concerning Fred Trump, the president’s father, and those records matched up with the elder Trump’s tax information which the paper had already obtained. The president’s team questioned the paper’s numbers, suggesting IRS transcripts from that period were unreliable. The Times said it didn’t obtain the president’s actual returns, but did see information contained in the returns, which came from “someone who had legal access to it.” He didn’t pay taxes for years and lost over one billion dollars - how is that possible? How did he keep getting more money and where on earth was it all going? We need to know now.” “As these records make clear, Trump was perhaps the worst businessman in the world,” the lawmaker said. Pascrell said the report shows that “Donald Trump’s entire tenure is built upon the most colossal fraud in American political history.” Office of Government Ethics and a frequent Trump critic. “The businessman has no clothes,” tweeted Walter Shaub, former director of the U.S. Over the 10 years, he reported $1.17 billion in losses. Trump reported losses of $46.1 million from what the Times called his core businesses of casinos, hotels and retail space in apartment buildings. It said he may have lost more than any other American during that period.įor example, in 1985 Mr. Trump was actually piling up losses, the newspaper said.
Though he portrayed himself as a wildly successful businessman, Mr. “We will continue to demand them pursuant to Congress’s clear power” under the tax code, Mr. Bill Pascrell Jr., New Jersey Democrat and a member of the House Ways and Means Committee, said the new information makes it imperative for Congress to obtain Mr.
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