Trump May Owe IRS $100 Million After Audit
The New York Times released information from an investigation into President Donald Trump‘s tax returns from the last 15 years on Sunday. This initial report included information on Trump’s write-offs, tax avoidance and a shocking number of financial losses. This report is not ideal timing for the president as he is currently trailing Democratic candidate Joe Biden in the polls, and is possibly facing a tax fraud investigation by the Manhattan district attorney.
Among Trump’s many financial crises is an Internal Revenue Service audit of Trump over a $72.9 million tax refund. Trump claimed this amount in a total loss from one of his casinos, but because he had a 5% stake in the company, and federal law states that investors can only claim a loss if they earn nothing, the entire refund amount could be at risk and is now under investigation by the IRS.
Trump infamously declared that he nothing to hide regarding his tax returns during his 2016 presidential race, claiming, “They are great!” However, the Times found in their investigation that he has not only failed to pay federal income tax more than 11 times in the last 18 years, but he only paid $750 in federal taxes in 2016, the year he was elected.
In 2015, Trump had reportedly $100 million in losses over the past two years from his main businesses. This was the same year he announced his candidacy for president. Since Trump has been in office, the Trump International Hotel opened in Washington, D.C., which grew from $3.7 million to $6 million in worth over the course of about a year and a half (December 2016-May 2018). Several of his other businesses, including Trump National Doral in Miami and Mar-a-Lago Club, have flourished, with credit-card revenue doubling at Trump National Doral and Mar-a-Lago earning $26 million from 2015-2018. He also increased rent at the 40 Wall Street building he owns by more than $12 million from 2014-2018.
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The report continues into several different financial areas where Trump has failed spectacularly. He owes the Deutsche Bank hundreds of millions, he has failed to repay $287 million to those who lent him money for his various businesses since 2010, and has tens of millions of dollars in write offs from the past ten years where details are not identified in his tax records, and therefore are suspect to speculation about their legitimacy.
Trump has responded to the Times report, and has stated that “it’s totally fake news,” and that “the IRS treats (him) very badly.” He defended himself in a thread of tweets on Sunday night.
With the upcoming presidential debate on Tuesday night, and early voting beginning in many states over the next few weeks, the Times report could not have come at a more unfortunate time for Trump. The Biden-Harris campaign is currently raising money by selling stickers that read “I Paid More Income Taxes Than Donald Trump.”
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