The film about the process, titled “The Family Business: Trump and Taxes,” will differ from “The Fourth Estate” in several ways. Overseas projects have produced millions more for Trump - $3 million from the Philippines, $2.3 million from India and $1 million from Turkey.Ben Affleck and Matt Damon Did Not ‘Consent’ to Donald Trump Using ‘Air’ for Propaganda The Billy Graham Evangelistic Association spent at least $397,602 in 2017 at Trump’s Washington hotel. The Times report illustrates just how much that spending has been: Since 2015, his Mar-a-Lago resort in Florida has taken in $5 million more a year from a surge in membership. Since Trump began his presidential run, lobbyists, foreign governments and politicians have lavished significant sums of money on his properties, a spending spree that raised questions about its propriety and legality. FOREIGN VISITORS HAVE HELPED SUPPORT TRUMP’S PROPERTIES Likewise, his Trump International Hotel in Washington has lost $55 million, the Times reported. The Times reported that Trump has claimed $315 million in losses since 2000 on his golf courses, including the Trump National Doral near Miami, which Trump has portrayed as a crown jewel in his business empire. Yet these properties have been been draining money. The president has frequently pointed to his far-flung hotels, golf courses and resorts as evidence of his success as a developer and businessman. MANY OF HIS BEST-KNOWN BUSINESSES ARE MONEY-LOSERS Because companies can write off business expenses as deductions, all such expenses have helped reduce Trump’s tax liability. The Times noted that Trump’s homes, planes and golf courses are part of the Trump family business and, as such, Trump classified them as business expenses as well. TRUMP HAS FINANCED AN EXTRAVAGANT LIFESTYLE WITH THE USE OF BUSINESS EXPENSES.įrom his homes, his aircraft - and $70,000 on hair styling during his television show “The Apprentice” - Trump has capitalized on cost incurred from his businesses to finance a luxurious lifestyle. 001% of earners paid about $25 million annually over the same timeframe. But the Times report is the first to identify the issue that was mainly in dispute.Īs a result of the refund, Trump paid an average $1.4 million in federal taxes from 2000 to 2017, the Times reported. Trump has claimed it was the very reason why he cannot release his returns. Trump’s outsize refund became the subject of a now-long-standing Internal Revenue Service audit of his finances. It reported that many of Trump’s top businesses are losing money, even as those losses have helped him shrink his federal tax bill to essentially nothing. The Times report suggests why that might have been so. Since entering the White House, Trump has broken with tradition set by his predecessors by not only refusing to release his tax returns but by waging a legal battle to keep them hidden. The Times’ report deepens the uncertainty surrounding a tumultuous presidential campaign set against the backdrop of a viral pandemic, racial unrest in American cities and a ferocious battle over the Supreme Court seat left vacant by the death of Justice Ruth Bader Ginsburg. That Sunday’s report came just weeks before Trump’s re-election bid served to intensify the spotlight on Trump the businessman - an identity that he has spent decades cultivating and that helped him capture the presidency four years ago in his first run for political office. WASHINGTON (AP) - A New York Times report that President Donald Trump paid just $750 in federal income tax the year he entered the White House - and, thanks to colossal losses, no income tax at all in 11 of the 18 years that the Times reviewed - served to raise doubts about Trump’s self-image as a shrewd and successful businessman.
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