The New York Times has obtained tax-return data extending over more than two decades for Mr. Trump and the hundreds of companies that make up his business organization, including detailed information from his first two years in office. It does not include his personal returns for 2018 or 2019. This article offers an overview of The Times’s findings; additional articles will be published in the coming weeks.
Based on the financial disclosures, which report much of his income in broad ranges, Mr. Trump’s earnings from the Istanbul towers could have been as low as $3.2 million. In the Philippines, where he licensed his name to a Manila tower nearly a decade ago, the low end of the range was $4.1 million — less than half of the $9.3 million he actually made. In Azerbaijan, he collected more than $5 million for the failed hotel project, about twice what appeared on his public filings.
It did not take long for conflicts to emerge when Mr. Trump ran for president and won. The Philippines’ strongman leader, Rodrigo Duterte, chose as a special trade envoy to Washington the businessman behind the Trump tower in Manila. In Argentina, a key person who had been involved in a Uruguayan licensing deal that earned Mr. Trump $2.3 million was appointed to a cabinet post.
The president’s conflicts have been most evident with Turkey, where the business community and the authoritarian government of President Recep Tayyip Erdogan have not hesitated to leverage various Trump enterprises to their advantage. When Turkish-American relations were at a low point, a Turkish business group canceled a conference at Mr. Trump’s Washington hotel; six months later, when the two countries were on better terms, the rescheduled event was attended by Turkish government officials. Turkish Airlines also chose the Trump National Golf Club in suburban Virginia to host an event.
More broadly, the tax records suggest other ways in which Mr. Trump’s presidency has propped up his sagging bottom line. Monthly credit card receipts, reported to the I.R.S. by third-party card processing firms, reflect the way certain of his resorts, golf courses and hotels became favored stamping grounds, if not venues for influence-trading, beginning in 2015 and continuing into his time in the White House.
What’s more, the tax records show that Mr. Trump has once again done what he says he regrets, looking back on his early 1990s meltdown: personally guaranteed hundreds of millions of dollars in loans, a decision that led his lenders to threaten to force him into personal bankruptcy.
This time around, he is personally responsible for loans and other debts totaling $421 million, with most of it coming due within four years. Should he win re-election, his lenders could be placed in the unprecedented position of weighing whether to foreclose on a sitting president.
According to the Times, Trump has about $421 million in debts which he has personally guaranteed and which are coming due over the next several years. This is consistent with earlier reporting about how much debt he carries, a chunk of which could be gleaned from the personal financial disclosures he is required to file with the federal government. But Trump’s overall indebtedness is greater than the Times tally, I believe.
Russ Choma reported in Mother Jones last summer that Trump’s debts were nearly $500 million and would come due in relatively short order, pressuring the president’s finances. But Trump’s debts are even bigger than that, and he’s worked hard to keep them hidden for decades. Dan Alexander, a senior editor at Forbes, has been covering Trump’s business interests since 2016 and has a new book out about the president’s financial conflicts of interest, “White House Inc.†Alexander, in a helpful tally he shared Sunday evening, estimates Trump’s total indebtedness to be about $1.1 billion. Now that’s more like it.
In 2017, when Trump paid $750 in taxes, @JoeBiden paid $3.7 million.
— Courtney Martin (@courtwrites) September 28, 2020
And Biden gave $1 million to charity. Trump gave $0.
Quote by wickedpam:
Morning![]()
How does a person OWE $450+ MILLION and still sleep at night! I freaked out when I go into debt for my house and car.
Quote by wickedpam:
Morning![]()
How does a person OWE $450+ MILLION and still sleep at night! I freaked out when I go into debt for my house and car.
Quote by Raine:Quote by wickedpam:
Morning![]()
How does a person OWE $450+ MILLION and still sleep at night! I freaked out when I go into debt for my house and car.
He's no conscience at all.
Quote by livingonli:Quote by wickedpam:
Morning![]()
How does a person OWE $450+ MILLION and still sleep at night! I freaked out when I go into debt for my house and car.
Remember his claim that he was worth $10 billion?
Trump apparently wrote off $2.2 million in property taxes for his family compound, “Seven Springs,†in Westchester County, New York, as a business expense. But the property has been a family home since Trump bought it in the mid 1990s. Donald Trump Jr. and Eric Trump have talked about spending their summers there, doing whatever Trump kids do. Even the Trump organization’s website lists Seven Springs as “a retreat for the Trump family.†Calling a home a “business†solely for the purposes of your tax returns is fraud. Just think of all the people “working from home†during the pandemic who still cannot write off their property taxes as business expenses, because their house is still primarily a residence. And as a Westchester resident myself, I cannot square Trump writing off one of his homes with Trump’s 2017 Tax Cut and Jobs Act, which capped the amount of property taxes I could deduct on my actual home at $10,000.
I shouldn’t have to let the Trump boys summer at my home and hunt my dog in order to claim the same business tax benefits as the president.
Quote by Raine:In 2017, when Trump paid $750 in taxes, @JoeBiden paid $3.7 million.
— Courtney Martin (@courtwrites) September 28, 2020
And Biden gave $1 million to charity. Trump gave $0.
Quote by BobR:Quote by Raine:In 2017, when Trump paid $750 in taxes, @JoeBiden paid $3.7 million.
— Courtney Martin (@courtwrites) September 28, 2020
And Biden gave $1 million to charity. Trump gave $0.
worse - tRump STOLE from a charity (his own)
This was a couple of minutes ago. What are they wheeling into the front door of the White House? pic.twitter.com/sda9eXp7WC
— Mystery Solvent (@MysterySolvent) September 28, 2020
Quote by Raine:
I meant to post this bit of strangeness earlier:This was a couple of minutes ago. What are they wheeling into the front door of the White House? pic.twitter.com/sda9eXp7WC
— Mystery Solvent (@MysterySolvent) September 28, 2020