Meanwhile profits at Mar-a-Lago (which has remained a profitable business for Trump) grew dramatically thanks to a significant influx of new members amid and after Trump’s presidential campaign. In addition, credit-card revenue at Trump National Doral in Miami more than doubled over the three months after he announced his candidacy in 2015. Cautioning that the data does not reveal total revenue, the Times reports that monthly receipts at the Trump International Hotel in Washington, D.C., “grew from $3.7 million in December 2016 shortly after it opened, to $5.4 million in January 2017 and $6 million by May 2018.” Trump’s presidential bid may have been a ploy to bolster his flagging empireĪs the Times points out, Trump decided to run for president in 2015 after - and perhaps, in part, because - his core businesses had reported more than $100 million in losses over the previous two years, or as the report put it, a point in which “the river of celebrity-driven income that had long buoyed was running dry.”Ī new look at how Trump and his businesses may be profiting from his presidencyĪccording to the Times, monthly credit-card receipts reported to the IRS by third-party firms point to how consumer interest in some of his companies spiked during his campaign and presidency. Abraham Lincoln paid more income tax in 1864 ($1,279.13) than “billionaire” Donald Trump did in 2016 ($750). In 2016, Trump paid $129,250 more to Stormy Daniels than to the USA government.- Jeet Heer September 27, 2020Īnd here’s an interesting historical comparison: Per the Times, Trump’s companies paid more than $145,000 in taxes to India that year, more than $156,000 to the Philippines, and more than $15,000 to Panama.Īs The Nation correspondent Jeet Heer notes, Trump’s 2016 tax responsibility was dwarfed by other concerns: taxes in 2017 was also far less than his businesses paid to some other countries overseas. For a little context, Vox’s Dylan Matthews notes that “a single adult would only need to make $17,900” to pay $750 in federal income taxes. In addition, according to the Times, that seems to only have happened because “his accountants appear to have carved out an allowance for a small tax liability” in those years, since Trump had enough tax credits to owe no taxes at all. taxes in 2016, the year he ran for president, then paid the same paltry sum in the first year of his presidency. Trump reported losing more money than he made in the years he did not pay, a detail that undermines his already-spurious claim that he is a business guru.įederal taxes paid 2016 & 2017, Trump (via NYT):įederal taxes paid, average US taxpayer (via IRS) Though the president has claimed that he has nothing to hide in the tax returns that he has refused to release to the American public, he probably won’t be thrilled by the Times’ disclosure that he has paid no federal income tax in ten of the last 15 years - and only 11 times in the last 18 years. Trump paid $0 in federal income taxes in ten of the last 15 years It won’t be the last one, either: The Times notes that the report just “offers an overview of findings additional articles will be published in the coming weeks.”īelow are the most important takeaways from the Times’ reporting into Trump’s financial stress and expansive debt. The report comes at an inopportune time for a president facing an uphill reelection battle and a potential investigation for tax fraud by the Manhattan district attorney. On Sunday, the New York Times published a massive investigation into President Trump’s tax returns, revealing years of aggressive write-offs, tax avoidance, and staggering losses.
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