September 27, 2020

AG IS THE PLUM JOB IN THE BIDEN ADMINISTRATION:

Trump Paid Just $750 in Income Taxes the Year He Was Elected, Report Says (Will Sommer, Sep. 27, 2020, Daily Beast)

Donald Trump paid just $750 in annual federal income taxes in 2016 and 2017, according to tax records obtained by The New York Times.

But even that low sum is more than Trump paid the government in other recent years, according to the Times. In 10 out of the last 15 years, Trump paid no federal income tax, citing mammoth losses. The bombshell report offers new insight into Trump's tax returns, which Trump has bucked presidential candidate tradition by refusing to release. [...]

The tax data also portrays Trump as financially pressed by loans and a tax dispute. Trump is personally liable for over $300 million in loans that have to be paid off over the next four years, according to the report, including a $100 million on Trump Tower in New York City. Trump is also embroiled in a tax refund fight with the IRS that could force him to pay more than $100 million.

The tax data also suggests that Trump has lowered his tax liability by paying daughter Ivanka Trump as a consultant for his businesses. The Times report flags $26 million in mysterious "consulting fees" made between 2010 and 2018, noting that some of the payments match payments Ivanka Trump has publicly disclosed.

Posted by at September 27, 2020 6:36 PM

  

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