Donald Trump has been the first president in the country’s recent history to have broken with the tradition of publishing his tax documents.
It is important to note that the documents were prepared by Trump companies in order to file them with the Internal Revenue Service (IRS) and are not an impartial recount. However, they provide the most complete picture of their financial statements that has been seen so far.
Here are the 10 most significant revelations about Trump
1) Between 2016 and 2017, when Trump won the election and during his first year at the White House he paid only $1,500, in total, of federal income taxes, despite managing a seemingly multibillion-dollar organization. He rejected this discovery and assured that he paid “a lot,” referencing state taxes.
2) Report more losses than profits. This has been one of your Organization’s most visible strategies. In 10 of the last 15 years he has not had to pay federal taxes due to recorded million-dollar losses.
3) An ostentatious lifestyle. Despite reports of losses, the representative has managed to benefit from tax deductions for items that would appear to belong to personal expenses. For example, deducting $70,000 spent on haircuts to appear on television.
4) Trump has a formidable fiscal battle going on: the IRS has been auditing a $72.9 million refund for a decade to see if it really deserved it; if it is proven to have been irregular, it could cost you more than 100 million.
5) At the same time as Ivanka Trump, the president’s daughter, worked as an employee of her father’s organization, appearing to have received “consulting fees” that were later deduced from paying taxes.
6) The presidency has helped Trump make money. It received more payments from lobbyists, politicians and foreign officials than was known until now, through its hotels and golf clubs. At Mar-A-Lago’s Property in South Florida alone, it earned $5 million from new members.
7) He obtained millionaire contracts in other countries during his first two years at the White House. The Philippines awarded him $3 million; India, 2.3 million and Turkey 1 million.
8) Made his biggest fortune selling his personal image: between 2004 and 2018, Trump earned more than $427 million. With the proceeds from his participation in the television series The Apprentice (2004 – 2017 on NBC), Trump bought more than 10 golf courses.
9) You have large outstanding debts. In addition to the $100 million it could owe the IRS, it has a $100 million mortgage outstanding that expires in 2022. In total, it could owe about $421 million.
10) A bankrupt president? If he wins re-election in November and fails to get a way to pay his creditors, many of them would find themselves in the unlished position of having to sew the assets of a functioning representative. In the event that you lose, you must find a way to pay off your debts or expose yourself to the consequences of defaulting.